Public cs private budget strategies paper

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Question Description

Write a 700- to 1,050-word paper in which you compare public and private budget preparation strategies. Make sure to include:

  • Introduction to budget preparation
  • Operating and funding sources of public revenue
  • Effects of demographics on public revenue services

Include at least two academic sources in your paper, including one from the University Library.

Format your paper consistent with APA guidelines.

Tutor Answer

TeacherCaleb
School: University of Maryland

Attached.

1
Running head: BUDGET PREPARATION STRATEGIES

Budget Preparation Strategies
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2
Running head: BUDGET PREPARATION STRATEGIES

Introduction
Budget preparation refers to summarizing the projected incomes and expenditures of a
financial period say like one year. The finance office is the main body responsible for budget
preparation. Usually, the ministry may develop the entire budget or delegate the process to
other departments with the capability of doing the same. When the first draft of the budget is
ready, budget hearings are conducted for its justification. The office in charge then prepares
the second draft and a final budget prepared after it has been assessed by the senate and board
of trustees. The budget thereafter is adopted by the finance office. Relevant budget holders
are notified and are required to spend within their allocation.
Budgeting for the private sector differs from the public sector in different ways.


Organisational purpose of the sector-For the private sector its main purpose is to

maximise their profits, (Maddox, 1999; Penner, 2004) and here the financial manager is given
all the mandate to ensure that they attain the highest profit through all means while for the
public sector many organisations are formed to solve specific needs. He...

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