Introductory Guide to Local Budgets Vanessa Domingo BPA/311: Principles of Governmental Accounting University of Phoenix Gene Hewett Ph. D June 13, 2022
What is the role of the budget? Why is budget important? 2"Budgeting is the process of allocating scarce resources among unlimited demands, and a legally enacted budget is an official dollars-and-cents plan of operation for a specific period of time. At a minimum, such a plan should contain information about the types and amounts of authorized expenditures, the purposes for which they are to be made, and the planned means of financing them."
Operating Budget How is the current budget different from other types of budgets? Contains proposed expenditures for items such as: Estimates of expendable resources that are available throughout the year Debt service Proposed expenditures for current operations 3Other budgets use forecasting to project future projects and spending while the operating budget only focuses on what is current.
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