Description
Assignment 4: Implementing the Budget
Due Week 9 and worth 125 points
Refer the Scenario for Assignments 1–5. Prepare a variance report for the selected agency. Refer to Table 8.4 in Chapter 8 (page 133).
Write a three to four (3-4) page paper addressing the criteria below. (Note: Change the title of the report to reflect the selected agency’s name and the years to 2013-2014.)
- Find the variances for both the revenue and expenditures sides and then discuss two to three (2-3) problematic areas for the agency. Provide the results of the variances in a table (Excel or Word).
- Recommend two (2) policy actions for each problematic area discussed in criterion 1. Justify the recommendations.
Your assignment must follow these formatting requirements:
- Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA. Check with your professor for any additional instructions.
- Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
- Recommend appropriate policy actions based on the evaluation.
- Evaluate a budgeting system at any governmental level.
- Analyze the scope and sequence of budgeting in terms of sources of revenues, purpose of government expenditures, budget cycles, budget preparation, and debt administration.
- Analyze the requirements for implementing a budget.
- Develop various budget charts that represent segments of the budgeting process.
- Write clearly and concisely about public budgeting and finance using proper writing mechanics.
Explanation & Answer
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Running Head: VARIANCE ANALYSIS
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Variance Analysis
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VARIANCE ANALYSIS
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Variance Analysis
Financial Planning is a critical part of any organization. From time to time budgeting are
used as a tool to forecast the future of the business. It is very important to prepare a budget and
do an implementation in order to achieve desired goals. This tool is very useful in making future
decisions as it can give an overview of the potential of the organization (Santa, Rand 1985).
When certain strategies and policies are implemented budgets is used to project the income and
expenditure that will arise. This forecasting tool is also important when it comes to monitoring of
businesses performance, the shareholders or stakeholders would be interested in knowing if their
expectations are met either in the long or short run.
Variance Report shows the difference between planned income and the actual income
earned or received. The variance can be an over or under budget. An over budget income will
indicate that the organization received more income above expectation which is favorable while
an under budget will give an idea that income received was lower than expected no...