The Public Budget Cycle
The public budget cycle is applicable to organizations that operate based on a budget. There are four phases related to a budget cycle and each step is valuable. For example, with preparation, approval, execution, and evaluation of each step involved becomes a living document towards better understanding and helping to achieve the organization goals. The preparing of a budget is the first step, approving of the budget is the second step, executing the budget is the third step and lastly, the evaluation of the budget.
Preparing of the budget is a process that generates the budget. It must be done correctly in order to identify what is needed and what are the new initiatives that should be implemented. Leadership …show more content…
Chief executives for the organization, if chosen, can impound funds to prevent any wasteful spending. However, the department can reprogram in order to provide them with additional funding if there is a need. Oftentimes, monies are spent in accordance of the budget therefore, a good budget is a financial embodiment of the organization’s strategy and tactics for that year. Lastly, evaluating the budget ensures that funds are being spent in accordance in the law. With auditing and evaluating of the budget primarily focuses on how effective the funding is being spent. Thus, the importance o f the government and organization is where the funding will generate a return.
The U.S. Department of Education budget process begins in May, no later than the first Monday in February and by law, the President is responsible for submitting a budget to Congress. According to Lee & Johnson (2008), “For instance, the president may have recommended a major increase in educational programs that would significantly increase funds flowing to the states, but considerable doubt will exist as to whether congress will accept the recommendation” (p. 65). Thus, Congress reviews over the President’s plan and adopts a budget resolution and sets forth its own …show more content…
In essence, the reprogramming action shifts the funds within an appropriation account in order to be used for a different purpose. Reprogramming should be requested if the funds are excessive of 10 percent or up to $500,000 whichever, is less. In addition, reprogramming request that comes from Congress must be prepared by the Department’s Budget Service and then submitted in a letter signed by the Secretary to the House. Overall, when dealing with the reprogramming process, the request must include where the funds would be taken, what would be use of those funds, and thorough discussion of the reasons for the request.
Lastly, when supplemental are involved, it responds to change in the law or economic conditions within the fiscal year. According to Pitsvada (1983), “Notwithstanding Congressional efforts to reform the budgetary system, one continuing source of tension remains between the executive and Congress and that is the extent to which agencies should have flexibility or discretion in executing public programs funded by Congress (p. 83). Congress usually takes on Supplementals and the supplemental bill is considered in September whereas, it generally is the one that include any necessary emergency
The public budget cycle is applicable to organizations that operate based on a budget. There are four phases related to a budget cycle and each step is valuable. For example, with preparation, approval, execution, and evaluation of each step involved becomes a living document towards better understanding and helping to achieve the organization goals. The preparing of a budget is the first step, approving of the budget is the second step, executing the budget is the third step and lastly, the evaluation of the budget.
Preparing of the budget is a process that generates the budget. It must be done correctly in order to identify what is needed and what are the new initiatives that should be implemented. Leadership …show more content…
Chief executives for the organization, if chosen, can impound funds to prevent any wasteful spending. However, the department can reprogram in order to provide them with additional funding if there is a need. Oftentimes, monies are spent in accordance of the budget therefore, a good budget is a financial embodiment of the organization’s strategy and tactics for that year. Lastly, evaluating the budget ensures that funds are being spent in accordance in the law. With auditing and evaluating of the budget primarily focuses on how effective the funding is being spent. Thus, the importance o f the government and organization is where the funding will generate a return.
The U.S. Department of Education budget process begins in May, no later than the first Monday in February and by law, the President is responsible for submitting a budget to Congress. According to Lee & Johnson (2008), “For instance, the president may have recommended a major increase in educational programs that would significantly increase funds flowing to the states, but considerable doubt will exist as to whether congress will accept the recommendation” (p. 65). Thus, Congress reviews over the President’s plan and adopts a budget resolution and sets forth its own …show more content…
In essence, the reprogramming action shifts the funds within an appropriation account in order to be used for a different purpose. Reprogramming should be requested if the funds are excessive of 10 percent or up to $500,000 whichever, is less. In addition, reprogramming request that comes from Congress must be prepared by the Department’s Budget Service and then submitted in a letter signed by the Secretary to the House. Overall, when dealing with the reprogramming process, the request must include where the funds would be taken, what would be use of those funds, and thorough discussion of the reasons for the request.
Lastly, when supplemental are involved, it responds to change in the law or economic conditions within the fiscal year. According to Pitsvada (1983), “Notwithstanding Congressional efforts to reform the budgetary system, one continuing source of tension remains between the executive and Congress and that is the extent to which agencies should have flexibility or discretion in executing public programs funded by Congress (p. 83). Congress usually takes on Supplementals and the supplemental bill is considered in September whereas, it generally is the one that include any necessary emergency