What is a budget committee? What is the budget committee’s role in the budgeting process?
A budget committee is group of people that creates and maintains fiscal responsibility for am entity or organisation. In a company thus committee usually consists of the top management and the chief financial officer. Budget committees typically review and approve departmental budgets that are submitted by the various departments heads. The budget committee may also create and edit the budget manual, which is a complex set of instructions used by large organisations to prepare budgets.
Role and functions of budget committee :-
1. The general policies and objectives of an organisation are to be decided by the committee
2. It extends assistance to line managers for forecasting by supplying historical data
3. It recieves and reviews the individual budget estimates and different departments/divisions
4. It recieves instructions from the chief executive and gives instructions to look ne managers
5. It gives suggestions and modifications in budgets in accordance with organisational objectives.
6. It approves the revised budgets.
7. It receives and investigates accomplishments regarding practical implementation of budgets
8. It identifies responsibilities for poor performance and recommend corrective actions of neccesary
9. It gives suggestions to improve efficiency and achieve budgetary goals
10. It co ordinates control program.
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What is a budget committee? What is the budget committee’s role in the budgeting process?
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