What is basic budgeting? It can be termed as a microeconomic perception that illustrates the interchange made when one good and is traded for another. The Basic Budgeting Book focuses on the budget process prepared by the Oregon Department of Revenue that will guide you through the budgeting process following Oregon’s local budget law (www.oregon.gov). There are four phases that the book references: Phase One (Preparing the Proposed Budget), Phase Two (Approving the Budget), Phase Three (Adopting the Budget and Certifying), and Phase Four (Changing the adopted Budget). (1) Preparing the Proposed Budget emphasizes who is responsible for the preparation of the proposed budget. The budget office is the individual responsible for preparing
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These details sheets meet the specifications of the statues. Each budget sheet is designed to be used for a specific kind of budget fund. For instance, general fund, special revenue fund or capital project fund. Second is approving the budget. The budget committee is an advisory group established by statue (www.oregon.gov). The committee is comprised of local government and an equivalent number of appointed members. The budget committee plays a large part in imparting communication with the community about the budget process and limits within which the district works. Committee member acquire a moral understanding of the district’s fiscal restrictions and the programs sponsored and can enlighten the citizens with the information throughout the community. SAMPLE OF A PARTIAL BUDGET MESSAGE: The proposed budget contains a reserve fund for equipment purchase. Our financial policy is set aside money each year so that there will be money available to replace or purchase new fire suppression equipment when the need arises. We hope this fund will allow us to keep equipment up-to-date without having to ask our voters for additional tax revenue (www.oregon.gov). Phase Three is Adopting the Budget and Certifying Taxes. This segment …show more content…
Petition input from other members as to valid their confidence in the projections or and their capability to meet the budget goals. Include all parties involved attend the meeting so that they can give involvement on the statistics supplied by other departments that can affect their budget proposals. The last phase is Changing the Adopted Budget. After the budget is adopted cities are allowed to operate with the specific budget. Modifications can be made once the fiscal year begins. In the state of Oregon changes can be made after July 1 once the budget has been adopted (www.oregon.gov). There are two instances when this action can take place: When there is a resolution transfer and supplementary budget. These courses of actions must be taken prior to spending additional money outside of what is assumed in the adopted budget, or previously spent for different determinations than what is assumed in the adopted budget. A resolution transfer is a way to move appropriations from one existing category to another, usually with the same fund, during the fiscal year (www.oregon.gov). It is illegal to spend public money more than the amounts budgeted or for a
These details sheets meet the specifications of the statues. Each budget sheet is designed to be used for a specific kind of budget fund. For instance, general fund, special revenue fund or capital project fund. Second is approving the budget. The budget committee is an advisory group established by statue (www.oregon.gov). The committee is comprised of local government and an equivalent number of appointed members. The budget committee plays a large part in imparting communication with the community about the budget process and limits within which the district works. Committee member acquire a moral understanding of the district’s fiscal restrictions and the programs sponsored and can enlighten the citizens with the information throughout the community. SAMPLE OF A PARTIAL BUDGET MESSAGE: The proposed budget contains a reserve fund for equipment purchase. Our financial policy is set aside money each year so that there will be money available to replace or purchase new fire suppression equipment when the need arises. We hope this fund will allow us to keep equipment up-to-date without having to ask our voters for additional tax revenue (www.oregon.gov). Phase Three is Adopting the Budget and Certifying Taxes. This segment …show more content…
Petition input from other members as to valid their confidence in the projections or and their capability to meet the budget goals. Include all parties involved attend the meeting so that they can give involvement on the statistics supplied by other departments that can affect their budget proposals. The last phase is Changing the Adopted Budget. After the budget is adopted cities are allowed to operate with the specific budget. Modifications can be made once the fiscal year begins. In the state of Oregon changes can be made after July 1 once the budget has been adopted (www.oregon.gov). There are two instances when this action can take place: When there is a resolution transfer and supplementary budget. These courses of actions must be taken prior to spending additional money outside of what is assumed in the adopted budget, or previously spent for different determinations than what is assumed in the adopted budget. A resolution transfer is a way to move appropriations from one existing category to another, usually with the same fund, during the fiscal year (www.oregon.gov). It is illegal to spend public money more than the amounts budgeted or for a