Copy of ESP Chapter 15 - Questions - Sheet1 Flashcards
ffective Supervisory Practices
governments most important financial responsibility
annual budget
ffective Supervisory Practices
what establishes plans and priorities for service
annual budget
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budget process takes __ to __ months
3 to 6
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budget serves 3 functions
control, management, planning
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response time is a __ __ - indicator used to track performance
performance measure
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budget reflects major __ and __ objectives set by elected officials
program and policy
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management uses budget to
manage and control
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__ gives you authority to operate
budget
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all gov’t has 2 separate budgets
operating and capital
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operating budget
revenue estimates and planned expenditures
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capital budget
revenue sources and planned expenditures for capital items
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capital items
more costly, nonrecurring, useful life longer than 1 yr
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line item budget has 2 expenditure categories
salaries and other expenses
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most traditional form of budgeting
line item budget
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budget widely used by smaller government
line item budget
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budget organized by major activities
program budget
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program budget focuses on __ rather than what gov’t is buying
what gov’t is trying to achieve by providing services
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__ budget used when have grant funded activities that cross department lines
program
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__ budget is organized according to work to be accomplished in each program and cost
performance budget
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__ budget is similar to program budget but lists costs for amount of work done
performance
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least common type of budget
zero based budget
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budget that ranks each service level and costs
zero based budget
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zero based budget negatives
staff and time commitment to prepare
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capital budget is drawn from
capital improvement plan
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is capital budget separate/included in operating budget
included as section of operating budget
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capital improvement plan
multiyear plan for purchasing and financing of major equipment/facilities
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how often is capital budget published
each year - explains spending for 1st year of CIP
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Capital Outlay
section in budget where capital items listed - if don’t have CIP
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what’s in budget document
budget message, revenue estimates, program expenditures, mission statements and goals
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revenue estimates - include info from __ preceding years for __
1-2 years, for trends
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who outlines standardized budget terms
Government Finance Officers Association
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budget planning starts when
5 months before beginning of fiscal year
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who defines broad goals and guiding principles for dept budget
government manager
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__ months before new fiscal year, departmental budget is submitted
4 months
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3 guidelines for preparing budget requests
keep simple, provide detail, separate capital from operating
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capital items are used more than __ yr, and usually __ or more years
1 yr, 3 yrs
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for capital items, you should differentiate between __ vs __
replacement vs new
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for new capital items, it should be related to __ or __ of service
new or expansion
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is preliminary budget balanced
no - expenditures usually exceed revenues
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after the __ __ __, the budget is sent to elected officias
internal budget review
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you receive a monthly or quarterly budget report, to help you…
monitor how much you spent so far
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budget is a tool used to__ __ __ how tax money is spent
control, manage, plan
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budget helps dept meet __ and __
goals and objectives
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use the budget process to…
highlight accomplishments of unit
