Budget Class

Front 1

Operating Budget

Back 1

The portion of a budget that deals with recurring expenditures such as salaries, electric bills, postage, printing and duplicating etc.. The operating budget may be a separate document from the capital budget, or a consolidated document may be prepared that has one section devoted to operating expenditures and another dedicated to capital expenditures. Taken together, the operating and capital budgets should equal the total amount of spending for the fiscal period

Front 2

Capital Budget

Back 2

– A spending plan for improvements to or acquisition of land facilities, and infrastructure. The capital budget (1) balances revenues and expenditures (2) specifies the sources of revenues, (3) lists each project or acquisition and (4) must ordinarily be approved by the legislative body

Front 3

Comprehensive Annual Financial Report – CAFR

Back 3

This report summarizes financial data for the previous fiscal year in a standardized format. The CAFR is organized by fund and contains two basic types of information: a balance sheet that compares assets with liabilities and fund balance and an operating statement that compares revenues with expenditures

Front 4

Fiscal Year

Back 4

A designated twelve month period for budgeting and record-keeping purposes

Front 5

Budget Year

Back 5

goes beyond 12 mo, includes late payments (???)-multi-year appropriations

Front 6

Executive Budget Hearings

Back 6

Hearings that occur after an initial review by the budget office and that provide an opportunity for departments to explain their requests to the chief executive and the budget staff

Front 7

Legislative Budget Hearings

Back 7

hearings on the budget proposal. The term is applied to two different types of hearings: (1) work sessions in which staff present the proposed budget to the concil and (2) formal public hearings

Front 8

Budget Director

Back 8

Responsible (along with the CEO) for educating citizens about the budget process
(a)Responsible for training by preparing a budget manual and holding individual and group meetings
(b)Moderate conflict over information by – making clear what information is essential to decision making, recruiting professional budget examiners who have good interpersonal as well as analytical skills, promoting automation of the budget preparation process, annually reviewing the budget manual’s instructions to the depts. and budget request forms for unnecessary or duplicative requests.

Front 9

Budget analysts

Back 9

job description – thorough and accurate, creative, innovative, organized, mutitaskable, sound judgment, strong people skills, able to think analytically, knowledge of the process and financial structure of the government, familiar with alternative budget formats.
Push factors – poor work environments,
Pull factors – skilled, higher paying jobs within private industry

Front 10

Budget Calendar

Back 10

A timetable showing when particular tasks must be completed in order for the council to approve the spending plan before the beginning of the next fiscal year.
(1) when budget must be delivered
(2) when budget office must receive spending proposals
(3) when departments must receive forms or guidelines

Front 11

Budget Guidelines

Back 11

Guidelines developed by the chief executive, in consultation with the concil, that describe the budget environment – i.e.. revenue expectations and policy emphasis for the forthcoming year; departments make their budge requests, and description of the budget process

Front 12

Budget analysts

Back 12

job description – thorough and accurate, creative, innovative, organized, mutitaskable, sound judgment, strong people skills, able to think analytically, knowledge of the process and financial structure of the government, familiar with alternative budget formats.

Front 13

Internal Auditor

Back 13

a firm that reviews the CAFR and compares it with a sample of financial transactions and certify that the report represents accurately the fiscal condition of the govt. unit.
Inspector General – Federal level internal auditor

Front 14

Independent Auditor

Back 14

– An accounting firm who review the CAFR and compares it with a sample of financial transactions in certify that the report represents accurately the fiscal condition of the governmental unit.

Front 15

Financial management

Back 15

Financial management: includes funds management (???)
-everything the finance department does