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

Public Sector Budgeting - Assignment Example It is majorly done by the executive and should not be made a secretive process. The first important step of this stage is to set a fiscal policy and it involves estimation of the resources available for spending. The treasury department will then issue a directive of spending to all the departments based on the policy framework (Khan & Hildreth, 2002). Negotiations will follow between the spending departments and the treasury with a bid to allocate the resources. The process then ends with the development of a consolidated draft budget that is approved by the cabinet or a higher political authority that will deliberate on the contentious issues before moving to the next budget stage. After drafting a comprehensive budget, the document will be laid before the legislature for approval. Government regulations bar the executive from making expenditures without obtaining sanction from the legislature. Parliament will closely scrutinize the draft budget and has the option of approving, rej ecting, amending or in some cases substituting the draft that is presented by the executive (Khan & Hildreth, 2002). The legislature will also have the mandate of approving the relevant laws on taxation before they take effect. It is important to notice that the period taken by the legislature in approving the budget varies from country to counter. Once approved, the budget process enters the implementation stage, which marks the commencement of a fiscal year. The implementation process is in the hands of the executive, which allocates the resources to the departments in line with the approved estimates. The legislature however may monitor the executive in the process to ensure that they don’t deflect t from the estimates. In the developing economies, the executive may have to cut on some approved expenditures to take care of emerging circumstances. Where the emergency requires substantial amounts, the legislature will have to approve the new estimates to protect the minority rights. The final stage is the accounting and financial reporting stage. At this stage an independent auditor is vested with the mandate of analyzing the government accounts and government reports with the objective of giving an opinion on whether the implementation has been done in a desirable manner. The report should be made in a timely manner and with recommendations that will be reflected in future budgets in order to improve future public accounting and budgeting. Reports should be made in a timely manner to ensure that the official who might be responsible for loss of public resources are convicted for their actions before their retirement or after they had left public service. The budget process is not an event and is an ongoing process that is interconnected. Legislature participation should not be limited to approval and review of the audit findings. Parliament should be empowered to ensure that they make the executive responsible for proper implementation of the budget. B The public sector and private sector budgeting have similarities and differences in some ways. Private sector budgeting is driven by the market and that of the public sector is constrained by resources from taxation. It therefore means that both the public and private 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 while public budgeting is service to the serve the

You are an entrepreneur Essay Example | Topics and Well Written Essays - 1500 words

You are an entrepreneur - Essay Example r would consist of the customer contact staffs that would take care of the customers and would be involved in a variety of activities like the serving of the ice creams, billing of the products as well as the general activities that need to be undertaken to run an ice cream store. There would also be a set of back end staffs who would be engaged in preparation of the products in the freezer and for maintenance of the machines and equipments. The floor managers would be required for ensuring that the activities of the shop are undertaken in a proper manner (Blythe, 2001). There would be requirement of a marketing manager who would be responsible for the branding and promotion of Sweet Taste (Pinson and Jinnett, 2009). The company would cater to the fast food market and would see a rise in the sales especially during the period when the classes would be going on in the schools and colleges. This kind of business would be a popular one because especially during the summer months the sales would go up. The pastries and the cookies are expected to sell in the winter months. Since the business is a start up, it would prefer to focus on one particular outlet of the ice cream shop. There would be a number of products in the product line of the business. First of all, there would be a number of flavors in the ice cream section of the store, which includes chocolate, strawberry, mango, black current, butterscotch and many more. There would also be a low fat section in the product line which would be offered in a variety of flavors (Farris, 2006). Finally there would be pastries which would also be of different types to provide the customers with a variety to choose from. Chocà ³ chip cookies would also be sold in the shop. The assets of the company would be the freezer and the machines that would be used for running the business. These would form a part of the fixed assets of the business. The other tangible assets of the company would be the furniture and the cutlery