Expenditures and Revenues Matrix and Summary

Topics: Federal government of the United States, Tax, Value added tax Pages: 4 (919 words) Published: April 22, 2012
Expenditures and Revenues Matrix and Summary
Amber Pickett
April 16, 2012
Park Atatah

Expenditures and Revenues Matrix and Summary
Budgets are significant in the budget formulation process. Budgeting as a tool is the make-up of public policy (Smith & Lynch, 2004). Budgets exist at all levels of government, local, state, and federal. When describing revenue sources in public budgeting, it is important to describe the source of revenue, the source of the funding, importance of informed financial decisions, financial analysis tools used, and organizational financial analysis alternatives (University of Phoenix, 2012). What is a Budget?

A budget is a plan of allocation of resources to accomplish and organizations’ objectives and goals for a specific amount of time (Ganapati, n.d.). The budget gives a detailed analysis of how an organization will spend and receive money in a fiscal period. Why is a Budget Required?

Accountability and prioritization are two reasons for a budget requirement. Accountability refers to the taxation of the public, which means that the government cannot tax more than required for government purposes (Ganapati, n.d.). Prioritization refers to allocating funds and resources to areas that require priority over another area (Ganapati, n.d.). Public Budgets

There are different budget cycles at the local, state, and federal levels; however, the major components of any budget, regardless of government level are revenues and expenditures. Revenues
Revenues are funds raised through various entities. “Revenue estimation is very important in local and state government, particularly in the planning and analysis phase because elected leaders must balance their budgets” (Smith & Lynch, 2004, p. 47). Federal Government Revenues

Granted, the federal government collects the most amount of tax, state and local governments have more options on taxing. For example, the federal government taxes individual and corporate taxes,...

References: American Management Association. (n.d.). Financial decision-making. Retrieved from http://www.flexstudy.com/catalog/schpdf.cfm?coursenum=96088
City of Milwaukee. (2012). Retrieved from http://city.milwaukee.gov/ImageLibrary/User/crystali/2012budget/2012proposedbook.pdf
U.S. Department of Justice. (2012). Federal Bureau of Investigation financial report fiscal year 2011. Retrieved from http://www.justice.gov/oig/reports/2012/a1216.pdf
Ganapati, N. (n.d.). Budgeting. Retrieved from http://www2.fiu.edu/~ganapati/3003/budget.html
Smith, R. W.; and Lynch, T.D. (2004). Public budgeting in America, (5th ed.). Upper Saddle River, NJ. Pearson/Prentice Hall.
University of Phoenix. (2012). Course design guide. Retrieved from University of Phoenix, AJS522 – Finance and Budgeting in Justice and Security
Wisconsin Department of Public Instruction. (2010). Wisconsin Department of Public Instruction. Retrieved from http://dpi.state.wi.us/pb/pdf/combinedfair.pdf
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Capital Expenditure and Revenue Expenditure Essay
  • Expenditures and Revenues Summary Essay
  • Essay on Ajs 522 Expenditures and Revenue Matrix
  • Expenditures and Revenues Matrix Research Paper
  • Revenue and Expenditures Essay
  • Expenditure and Revenue Research Paper
  • Essay on Expenditures, Revenues, and Budgets
  • Design Process Matrix and Summary Essay

Become a StudyMode Member

Sign Up - It's Free