Description
Write a 1,200 word paper that:
- Explains the performance budgeting process.
- Include a discussion on the various types of government revenue sources that are utilized to operate the functions of the entity.
- Explains the various types of government revenue sources and explain which revenue sources are most reliable.
Format the paper consistent with APA guidelines.
Explanation & Answer
Attached.
Running head: REVENUE AND BUDGETING
Revenue and Budgeting
Name
Institution
Date
1
REVENUE AND BUDGETING
Budgeting Process
The budgeting process describes the way an organization plans for allocation of
financial resources and where they will be used. The budgeting process is conducted by
the financial experts in a company with the help of heads of different departments to
ensure that each section of the business is included when finances are being allocated.
The finance committee and the senior staff members involved have to be given enough
time to conduct research, review the use of funds in every department, getting feedback
from the employees such as on the areas they need improvements, revisions on the
previous financial allocations and other processes involving the way funds will be used.
After the indicated activities are done, the business committee will them review
everything which helps establish if finances were allocated correctly. In most companies,
the budgeting process takes place after every year, and it should be documented,
including the tasks that will be undertaken, assignments and who they are assigned to as
well as clearly stated deadlines (Cokins & Dybvig, 2018). The budgeting process also has
to include the initiatives of strategic planning and the stipulating the income is budgeted
for before the expenses are covered. The finance committee has to identify the fixed cost
and relate it to revenue. The decisions made concerning budgeting are driven by the
mission priorities as well as fiscal accountability.
To develop...
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