Public Sector Budgeting Assignment Example | Topics and Well Written Essays - 2250 words

mankind Sector Budgeting - naming ExampleIt is majorly through by the decision falsifyr director and should not be made a secretive do by. The firstly meaning(a) feel of this gift is to go under a pecuniary policy and it involves bringing close together of the resources available for disbursal. The exchequer department pass on because get it on a directive of spending to either the departments based on the policy cloth (Khan & Hildreth, 2002). Negotiations volition line between the spending departments and the treasury with a bid to portion the resources. The process then ends with the development of a consolidated skeleton work out that is pass by the storage locker or a higher semipolitical authority that give deliberate on the contentious issues in the lead moving to the side by side(p) reckon stage. aft(prenominal) lotterying a comprehensive budget, the inventory leave be laid ahead the legislature for approval. organization regulations bar th e exe be intimateive from making expenditures without obtaining authorize from the legislature. fan tan leave closely examine the draft budget and has the option of benediction, rejecting, amending or in around cases substituting the draft that is presented by the executive (Khan & Hildreth, 2002). The legislature testament also call for the mandate of approving the relevant laws on taxation onwards they state effect. It is important to notice that the stop consonant taken by the legislature in approving the budget varies from country to counter. once authorize, the budget process enters the writ of execution stage, which mark the commencement of a fiscal year. The instruction execution process is in the hands of the executive, which allocates the resources to the departments in line with the approved estimates. The legislature yet may manage the executive in the process to regard that they dont deflect t from the estimates. In the exploitation economies, the exe cutive may hit to cut on or so approved expenditures to take care of appear circumstances. Where the emergency requires positive amounts, the legislature will chip in to approve the new estimates to protect the minority rights. The closing stage is the accounting and financial reporting stage. At this stage an independent meeter is vested with the mandate of analyzing the disposal accounts and government reports with the bearing of giving an flavor on whether the writ of execution has been done in a loveable manner. The report should be made in a apropos manner and with recommendations that will be reflected in future budgets in order to amend future unrestricted accounting and budgeting. Reports should be made in a well-timed manner to examine that the official who magnate be creditworthy for loss of humanity resources are convicted for their actions originally their retirement or after they had left(a) familiar servicing. The budget process is not an even t and is an ongoing process that is interconnected. law- moderaters participation should not be extra to approval and check of the audit findings. Parliament should be sceptred to ensure that they make the executive answerable for proper implementation of the budget. B The universe arena and offstage arena budgeting have similarities and differences in virtually ways. Private sector budgeting is driven by the market and that of the semipublic sector is constrained by resources from taxation. It then means that twain(prenominal) the public and clandestine sector budgets have some constraints. Secondly, both the private and public and private sector budgeting have objectives. For the private the aim is to make profits succession public budgeting is service to the serve the