Ch 5. Financial Management Flashcards
There are several different budget procedures used in the field of fire and EMS. While each has its strengths and weaknesses, the most commonly used procedure
is the _____. (57)
Line-item Budget
Checking for adherence to a legal or policy mandate is called a _____. (69)
Compliance audit
_____ is the process of translating financial resources into services while providing fiscal accountability. (57)
Financial management
One of the main criteria government officials and the public use to measure an organization’s success is its ability to ____. (57)
achieve its goals within its allotted budget
____ is responsible for planning and tracking the agency’s budget- its revenues and expenditures. (57)
An administrator
____ are useful for monitoring expenditures and tracking financial accounts, although they are generally not as effective as other methods for measuring outcomes. (57)
Line-item budgets
Line-item budgets are essentially a statement of used and available funds broken down into ____. (57)
categories
The fiscal year, which is a full year period, starts on ____ for the federal government. (57)
October 1st
When market forces fail to bring a demand for the public good, this becomes a justification for ____. (58)
government regulation
Some elements [of the general budget process] might start ____. (58)
years in advance
4 phases of the budgetary cycle: (58)
1) Planning
2) Submission
3) Review and approval
4) Management
The process of budget ____ may begin with the selection of a task force made up of representatives from the agency, the public, other agency heads, and elected and appointed officials. (58)
planning
Consider _____; this can help the administrator submit a request that has the best chance of being approved. (58)
reviewing successful budget increase requests from previous years
After the budget has been reviewed and approved by the municipal executive officer and the budget agency, the budget goes to the ____ for approval. (59)
legislative body
After the budget passes ____, it is officially adopted. (59)
legislative review
In what budgetary phase does the manager monitor revenues and expenses over time and revise the budget if necessary? (59)
Management
While administrators are busy with the never-ending budgetary cycles, the must rely on ____ to alert them to any potential problems that may interfere with the agency’s budget plan. (59)
a financial manager
Public fire protection and EMS are fortunate to have ____ for their service levels, which are not held by police and education. (60)
national standards
3 areas covered in national standards: (60)
1) Training for firefighting and EMS personnel
2) Safety of personnel
3) Deployment and staffing of fire and EMS units
The more chief officers rely on ___, ___, or ___, the better chance there is to convince elected officials to support new and existing programs. (60)
national standards, a formal planning process, or cost-benefit analysis
Without ____, governments do not always do what is right, efficient, and in the best interests of citizens. (60)
valid guidance
It is assumed that when all else is equal, voters vote according to ____. (60)
their pocketbooks
____ help convince the public and elected officials that the department is looking for budget solutions that consider all costs. (61)
Regional approaches
Remember, ____ may be the best way to demonstrate the benefits of existing service levels and the impact of reductions. (61)
statistics
The main sources of revenue for most fire and EMS agencies are _____. (61)
government taxes, such as property tax, income tax and sales tax
_____ is the most common funding source for local government programs, particularly in states that do not have a state income tax. (61)
Property tax (or real estate tax)
This tax is assessed as a percentage of the total value of property and improvements, or in some cases as a rate based on income for commercial property. (61)
property tax
Residential property taxes are assessed at a flat rate based on ____. (61)
the value of the property
____ is the federal government’s leading source of funds, followed closely by the ____. (61)
Income tax; payroll tax (social security and medicare)