Abstract This paper examines the functioning of the federalbudget process and explores the barriers involved. The paper explains that federalbudgeting can also be split up into its basic standards of activity and measurement. The expenditure process involves three different stages of budget authorization, obligation, and outlays. The paper discusses the various parties involved in decision-making regarding the federalbudget from Congress to the president. The laws pertinent to the federalbudget process are presented in the paper. The paper contends that the federal budgetary procedure is required to endorse specific and apparent information on budgetary alternatives, to provide the lawmakers with a structure for arriving at agreeable conclusions on expenditure and receipt strategies, and to facilitate those policies to be implemented.
From the Paper "As is with any complicated strategy, the federal budgeting can also be split up into its basic standards of activity and measurement. The expenditure process involves three different stages of budget authorization, obligation and outlays. The Budget authority is bestowed by the Congress and President within the legal framework. It generates the legal base for federal units to make the financial responsibilities enforceable in terms of the obligations. The activities of the federal agencies in form of executing contracts, appointment of personnel and executing orders for goods and services give rise to generation of such obligations. The outlays follow when the obligations are settled down. The outlays are normally in shape of the checks, electronic fund transfers and other payments effected to by the Treasury Branch. The budget authorities mostly are provided to the agencies every year being excerpted from the legislations made during the previous Congresses. The funds are provided without the legislation by the Congress. (Keith, 1996)"
Abstract This paper, using Pennsylvania as a model, demonstrates the differences between state budgeting policies and federalbudgeting policies. It shows how the budgeting techniques in the federal government have some major differences, when compared to those in the Pennsylvania State government; these differences include a lack of a separate capital budget, different budget cycles and timelines, and budgetary policy differences.
From the Paper "The federal government uses only one budget to lay out its financial obligations, whereas Pennsylvania uses two separate budgets. The single operating budget used by the federal government is required to outline federal expenditures from purchases to service contracts. Pennsylvania, however, has one budget that outlines services, entitlements and education expenses, and a different budget to make new purchases on capital improvements. The former is called the General Fund, and the latter is the Capital budget. Pennsylvania uses two budgets because the General Fund is used for purchases and contracts that will take place within that fiscal year, and the Capital budget is used to forecast capital purchases in the next five years. In this manner, Pennsylvania can keep better track of its assets and have a tighter grip on where its money is spent. The biggest advantage to having a separate budget for capital improvements is it allows the possibility of change. When funding is appropriated on the federal level, the department gets its money all at once and builds whatever it needs. For a state, though, a program may be feasible at the time of its announcement, but may have to be restricted due to extenuating circumstances (i.e. September 11th and the economic downfall.) "
Abstract In this paper the author examines the US FederalBudget during the Clinton administration and how he reduced the deficit to a surplus amount in 1998. He moves on to discuss the changing American economy and provides examples of why he considers that there are times in a nation's life when deficits are necessary and even beneficial. The author suggests that use of debt spending during wars and times of recession help to boost the economy but can be detrimental to the Stock Market. He further examines levels of taxation and compares the effect that different administrations have had on the federal deficit.
From the paper:
?Determining the correct, or economically benign, level of deficit and debt is a subject for endless debate. Economies do not operate by a simple law of cause and effect, of plus and minus, of deficit and surplus. They are complex interweaving of many economic and psychological factors, both domestic and international. Although a huge deficit is never to be praised, there are times in a nation's life when deficits are necessary and even beneficial.?
Tags: Clinton, Regan, Bush, Terrorism, War, Federal, Budget, Deficit, Tax, Stock, Market, America
Abstract This paper discusses the federalbudget deficit and various strategies that can be formulated to address it. Particularly important are several budgetary techniques employed at the state level, specifically Georgia, that are effective at controlling spending without increasing taxation. Private research institutes, such as the Cato Institute, often propose more radical solutions but these are indicative of the importance of controlling the deficit.
From the Paper "Most analysts readily admit that the federal budget deficit is bordering on the unmanageable. Between geopolitical events such as the Iraq War, numerous petrochemical industry developments, and natural disasters such as Hurricane Katrina, increasing deficits at the federal level have been the modus operandi of the current administration: "The nonpartisan Congressional Budget Office (CBO) announced on August 26th that the fiscal year 2004 federal budget deficit will be an estimated $480 billion, and that deficits could total $5 trillion over the next 10 years" (Budget par.1). While certainly state budgets are not of the same magnitude as the federal government's budget, they are similarly devised and the federal government would be well-advised to appropriate some of the fiscal controls that many states have adopted. Georgia, for example, utilizes a revenue shortfall reserve program that is mandated by law (Georgia). Essentially, this fund is created..."
Abstract This paper discusses the federalbudget surplus and presents each side of the debate over what to do with it. The Republican plan is presented first, and then the Democratic. The paper then concludes with a personal opinion of the issue which favors the Republican position.
Abstract This paper explains that the budget deficit, defined as the amount the government borrows in order to fulfill the budgetary allocations in the federalbudget, is at an all-time high, which is not that concerning because most often expenditures exceed revenues and the bridging of the gap between the two requires government borrowing from foreign or private entities. The author points out that, if the deficit increases 2.5% in one year, but GDP also increases by this same amount, the deficit as a portion of the federalbudget has remained the same. The paper concludes that the examples show that the vast majority of current federalbudget programs demonstrates that increased operating deficits do not necessarily mean poorer performance; in fact, the percentage of debt as a portion of GDP is a much better predictor of effectiveness in the federalbudget mechanism.
From the Paper "With these criteria in mind, we will turn attention to the current federal budget, which has been in deficit status since 2002, and seems destined to remain so for the next several years. The FY2006 proposed budget includes a $390 billion deficit, not including potential expenditures in Iraq and Afghanistan or any social security reform measures undertaken-a seemingly huge discrepancy between government revenue and spending. President Bush has vowed to reduce deficit spending by half in the next five years-and appears to be holding true to that promise, as the 2006 deficit is smaller than the $427 billion deficit in the FY2005 budget."
Abstract This paper examines the soft budget constraint (SBC) as a commitment problem under socialism, presents the Dewatripont and Maskin basic model of the theory behind the SBC, and explains how the SBC can be hardened. Additionally, it closely follows the transition processes in China, as well as several Central and Eastern European Countries by focusing on efficient markets, federalism, demonopolization. The paper ends with a summary of the efficiency outcomes of a hard budget constraint.
From the Paper "The soft budget constraint syndrome is an incentive dilemma that has been primarily observed in socialist centrally planned economies, and has created major problems in their transition to the market. The term "soft budget constraint" was coined by Kornai in 1980, and can be summed up as follows: ?If the firm acts as a price maker, if the tax system it faces is soft, if it can rely on access to free state grants, if it can get credits and external financial investment on soft terms, then the budget constraint is soft; that is it will not bind the ex ante choices of the firm.? Ambrus-Lakatos (1997)"
Abstract The paper discusses how a change in state spending and income has alarmed tax-payers and businessmen alike. The paper relates that the Iraq war and public services sector seem to have dominated New Hampshire's budget for the past few years. The paper notes that state government programs have decreased, which include highways and state employees, while federal funds are decreasing or have essentially become non-existent. The paper includes the category totals for the 2006 - 2007 biennial state operating budget.
From the Paper "During the General Court's annual sessions and throughout the year, the Office of Legislative Budget Assistant (LBA) Budget Division provides technical staff assistance in the areas of finance, accounting, and budgeting to members of the Legislature and its committees. It also assists in preparing the operating and capital budgets. The LBA staff provides aid and information to special study committees and commissions. It also reviews all programs or activities of state government which are required by statute to determine discretionary and non-discretionary State spending (State p 2)."
Abstract The paper looks at important court cases pertaining to the budget. The paper explores the role of the government in the budget, congressional spending and efforts to control and regulate federal spending. The paper shows how the separation of power between the executive and legislative branches is important to ensure that the "checks and balances" set up for the United States government remain effective.
From the Paper "Congress has been given the power to control the federal budget. "Budgeting" has been imparted to this, the legislative branch, yet, the president and his executive branch (in charge of leading and executing law) have been known to try and "share" this power. However, both the constitution and the courts-operated by the judicial branch- see the necessity for a "separation of power," between these two branches, and thus, the court rules consistently in favor of the separation of the two branch's tasks. There is no "sharing of budgetary powers," rather it is a constant battle-the executive branch attempts to gain budgeting power from the legislative branch, and the judicial tries feverishly to maintain the separation of power."
Tags:federal, spending, legislative, executive, Congress
This paper discusses the relationship between the Retirement Trust Funds and the federalbudget deficit: Actuarial status of funds, income change for retirees, deficit and Social Security.
2,700 words (approx. 10.8 pages), 3 sources, 1990, $ 95.95
From the Paper "In the summer of 1990, the federal government's budget deficit once again appears to be an uncontrollable beast, and, as usual, (1) the two major political parties attempt to blame one another for the problem, and (2) the Bush Administration and the Congress each attempts to cast the other in the role of villain. In the midst of the fight over the budget, a controversy has arisen over the retirement trust funds administered by the Social Security Administration. Somewhat inexplicably, the federal budget deficit and the retirement trust funds are, unfortunately, interrelated. It is this interrelationship which is examined in this research."
Abstract An analysis of the current budget deficit and its causes--a slow economy, tremendous spending on the Iraq war and tax cuts. The paper also addresses the economic effect of a deficit on the economy and the desirable and adverse effects caused by a deficit. This essay concludes that spending would be more productive if directed to structural elements of the economy.
From the Paper "Budget deficits occur when government expenditure is greater than revenue, forcing the government to borrow to meet its requirements. There are many potential economic effects of a deficit; the most apparent is an expansionary effect on the economy caused by injections of money being greater than withdrawals. Fiscal policy, among many other mechanisms is used to manipulate the economy. However, budget deficits should be used as to not adversely affect the economy. The federal budget deficit set the new record of $374 billion in 2003, doubling last year's efforts (Fram). The record deficit has been caused by the slow economy, tremendous spending on the Iraq war and tax cuts for the rich. This indicates that the great America does not know how to balance the checkbook, and certainly does not know how to spend wisely."
Abstract This paper discusses the commonalities and differences between the budgets of individual, for-profit, non-profit and public-sector entities. This paper explains how the budget process is similar and different between all of these entities. Budgeting is a critical element in financial planning, explains the author--whether the budget applies to an individual, a company or public entity, the budgeting process, its application and execution forecast the expected future.
From the Paper "One of the most essential ingredients for a manager to effectively run an organization is the ability to develop and implement a good budget. The main objective of a budget is to establish a method of allocating limited resources in order to achieve the best return on their dollars. Furthermore a budget also outlines the various sources of revenue and the anticipated amount of money that will be derived from each source. Individuals, governments, non-profit organizations and profit making businesses commonly use this financial planning process. Each of these entity's budgets have many similarities and differences."
Abstract Supporting the activities and operations of churches and religious organizations is a complicated and serious financial challenge. The activities of these organizations, combined with their limited financial resources, result in a need for careful attention to financial management. Further, as a result of occasional media reports of financial irregularities in some religious organizations, there is an increasing call for financial accountability in almost all organizations today. This paper shows that diocese members want to know, and have a right to know, how and where church funds are spent. Beyond accountability and financial reporting, there is a need for assistance in all aspects of financial management. The diocese, therefore, provides a unique environment in which to contextualize the study of accounting and budgeting. The paper shows that many dioceses are supported by professional accountants and bookkeepers, some as paid employees, others as volunteers. Because the number of clergy is decreasing, financial management functions are being spread thin, and there is less control; therefore, there will likely be increasing pressure from parishes for improved budgeting functions. The base of this research project is extended to all Roman Catholic Church dioceses in the United Kingdom, but concentrates on the budgeting process as it exists within a representative sampling of these religious organizations. Finally, this research project identifies who is involved in the budgeting process and whether structures interfere with budgetary process. An examination of how budgeting is done is followed by an assessment of its contribution in terms of population.
Table of Contents
Abstract
Review of the Relevant Literature
Methodology
Conclusion
From the Paper "The first major component of internal accounting systems for management's use is the company's system for establishing budgetary plans and setting performance standards. The establishment of these performance standards also requires a company to develop a system for measuring actual results and reporting the differences between actual performance and the established standards. This budgeting process leads to the establishment of specific organizational plans which are then translated into action with varying degrees of efficiency. Statistical analysis, quality controls, and trended data are typically provided to management for assessment and determination of need for corrective action, or by preparing revised plans. While these plans can be either broad, strategic outlines of the company's future or specific and detailed schedules of the inputs and outputs associated with specific independent programs, most business plans are periodic plans; in other words, these plans refer to company operations for a specified period of time. It is these periodic plans which are summarized in a series of projected financial statements, or budgets (Shillinglaw 2004)."
Abstract This paper examines the budgeting process, budgeting, and the role of budgets in organizations. The actual budget and the financial activities of an organization are explored as well as forecasting of the requirements upon which a budget is based.
Abstract The paper discusses a fixed budget proposal. This proposal as reviewed by the paper, is specifically designed for a company named 'Agile Software Development.' The paper states that when developing software programs, details should be provided on the different elements, and compares and contrasts four principles of proposal design. The paper concludes suggesting that a fixed budget proposal with a variable element provides the most flexibility when designing and developing software programs for a company.
Outline:
Introduction
Fixed Budget - "Agile on a Fixed Budget" Proposal
Conclusion
From the Paper "A fixed budget typically entails many restrictions, meaning a defined amount of money is available for defined purposes. This amount should not vary much on a fixed budget proposal. Ambler reviews three factors of "resources, schedule, and scope" noting that even in a fixed budget, "at least one must vary" because if it does not quality production will "suffer" (Ambler, p. 1). Why is this? Quality will often decrease because technical staff may have to conform to "budgetary constraints" typically introduced by a fixed budget. This may lead according to Ambler (2007) the technology team to taking shortcuts which will also sacrifice quality. In any other type of budget, like a flexible budge, all three factors (resources, schedule and scope) could vary in terms of funding. This allows more flexibility for management (Ambler, 2003). However, Ambler (2007) notes that rarely in the technology field do software applications or development teams utilize a flexible budget fully (Ambler, 2003). Some resources, especially funding when considering the fixed budget, can vary (Ambler, 2007). Typically when someone is using a fixed budget, all financing options are fixed. However, one may provide a fixed estimate at the start of a project which allows the stakeholders to "minimize" their perceived risk; then stakeholders can treat an IT investment like "a true investment" by increasing the amount of money they provide to effective teams and decreasing funding to inefficient or ineffective teams. "
