Managing Budjets

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Manage limited budgets and financial accountabilities

1 The impact of the financial management and accountability act/regulations 1997 has as the role as a budget manager is it requires us to manage public resourses efficiently, effectively and ethically. We are required to keep proper accounts and records of the receipts and expenditure of public money and we are to undertake fraud risk assessments every two years. Some other legal requirements that might impact are annual and other reports, audit processes, insurance, taxation and superannuation and acquittal of funds 2 The aim of the National reporting framework is financial accountability and showing taxpayers that resources are being spent efficiently and effectively. Co operative relationships, reflecting the fact that successful operation of community care system depends on both service providers and program managers working together. Risk management, which recognizes that one size does not fit all and that limited capacity available should not be diverted un necessarily to key areas for reform. 3 Negotiation is the step taken in which you can reach an agreement or arrangement by discussion. Negotiations role in establishing and controlling a budget is it allows management to communicate and secure changes to budgets when needed, as well as keep team members informed of changes. Negotiating changes in a timely manner can prevent crisis management. 4 What place does mentoring have in establishing ethical practice in employees? As a role model, the mentor can be a living example of the values, ethics and professional practices of the organization. Most mentees, in time imitate their mentors. Teaching by example, may be a mentors most effective tool, as a result a mentor needs to strive for high standards of professionalism, solid work ethics and a positive attitude. 5 What is the debit and credit formula for each account type? Assets are always debit, Liabilities are always credit, owners...
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