Public Sector Auditing Essay

1268 words - 6 pages

UNIVERSITY FOR DEVELOPMENT STUDIES
SCHOOL OF BUSINESS AND LAW
DEPARTMENT MANAGEMENT AND ADMINISTRATION


COURSE CODE: IBS 411

COURSE: PUBLIC SECTOR ACCOUNTING
GROUP 10

28TH NOVERMBER, 2014
GROUP 10
ID NUMBER SIGNATURE
IBS/1562/11 ……………………….
IBS/1528/11 ……………………….
IBS/1593/11 ……………………….
IBS/1552/11 ……………………….
IBS/1538/11 ……………………….
IBS/1487/11 ……………………….
IBS/1592/11 ……………………….
IBS/1450/11 ...view middle of the document...

Although local governments and school districts will differ on their exact method for budget preparation, there are steps that are typical to most budget processes.
Thomas P. DiNapoli suggested eight processes in the preparation of Local Government budget this includes:
* The budget preparation process starts with the setting forth of the budget calendar. Budget calendar is a simple, yet powerful, tool to suit all your home budget and payment planning needs at an affordable price. Take control of your finances with this easy to use, intuitive software that shows all transactions in an easy to understand calendar format, it also allows unique icons for each payment type and the ability to move transactions to fit your needs. Budget calendar helps the local government to know where they are spending their money and it can help by easily adjusting their balances when needed.
* The budget officer distributes budget forms and instructions to all the department heads of the local government or school district. The forms should include all revenue and expenditure account codes used in the previous two years along with the actual and budgeted estimates for the previous fiscal year and year-to-date totals for the current year. The form should also contain space for the department head to explain or justify new types of proposed revenues or expenditures or to further explain large increases or decreases in the amounts proposed for the following year.
* Department heads submit their estimates and discuss their requests with the budget officer.
* The budget officer uses the information from the budget forms to prepare the tentative/proposed budget. This will generally involve assessing whether the total departmental estimates of appropriations are greater than the estimated financial resources and then developing a tentative/proposed budget that provides necessary appropriations within the limits of those resources. The budget officer should also ensure that the tentative/proposed budget meets all legal requirements, consulting with the local government or school district’s legal counsel as necessary.
* The budget officer presents the tentative/proposed budget to the governing board for its consideration and approval. At this time, it may be necessary for the budget officer to provide backup documentation for some of the estimated appropriation and revenue figures. Alterations and revisions may be necessary before approving the budget. The budget that is finally approved needs to be balanced: the total financing sources from estimated revenues, appropriated fund balance, and appropriated reserves equaling the amount of appropriations for expenditures.
* The local government or school district publishes a notice, and a public hearing on the budget is held. Again, alterations and revisions to the budget may be necessary after completion of the public hearing.
* The governing board adopts the final budget by...

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