Question

You have a $10 million dollar budget allocated to you by the city manager and can get up to 100% matching federal funds if you meet the federal standards. You have been asked by the mayor to determine how to allocate the budget to best support the needs of the city. These include but are not be limited to supporting capital requirements, operational requirements, and subsidizing non-profit organizations or used as economic incentives to bring new private concerns into the city.

Prepare a report for the mayor and city council on your proposed expenditure plan assessing the key course objectives including fund accounting and financial controls, control and management of public expenditures, government financial reporting requirements, analyzing financial statements and budgets to make appropriate administrative decisions, and applying budgets as disciplinary process.

Answer 1

Budget Plan

The city budget plan entails an allocation method in assuring designated funds available for particular initiatives to achieving certain results that improves the overall community at large accordingly. The budget report is to account for the main areas of distribution of funds and designated initiatives with a set time-frames for releasing the monetary funding for sustaining or staring the project initiative. Some key points in designing a sufficient budget report entail the following aspects: –

Budget Report for an Expenditure Plan of Action a.

Financial Controls and Management Public Expenditures

The goal for financial controls and management of public expenditures allows for the city to account for funding only projects that serve the public. For instance, the financial controls prevents over spending on projects that only serve less than 50% of the population that refrains from meeting all communities direct public needs. Moreover, the financial controls within the budget plan detect certain alert mechanism or limitations frameworks for intervention that must have senior level public officials approval of certain expenditures.

Many times, the project is designated as a necessary element of spending due to the safety of the local community even though the financial cost is extremely high, i.e. building a new firehouse station in a smaller populated area of the community. Try and think of the financial controls as a way to frame the allowance of … Solution Summary The role of public official elected local city levels are examined. Mayor and city councils are analyzed. The expert analyzes financial statements and budgets. $2.19