CGFO Budget 2

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Author:
shark522
ID:
133850
Filename:
CGFO Budget 2
Updated:
2012-02-08 20:07:16
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CGFO Budget
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Description:
Budget 2
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  1. BUDGETING MEASURES
    • @Performance measures should be linked to specific program goals and objectives
    • @Give priority where goals are achieved
    • @Measures should be valid, reliable and verifiable (quantified assessment)
    • @Performance budgeting (outcome) links the budget by establishing performance measures agreed upon by managers and decision makers
  2. BUDGETING MEASURES (CONTINUED
    • @Measures efficiency (outcome per unit resource) and effectiveness (within specific time frames) of program goals
    • @Assesses level of productivity in providing goods and services (workload)
    • @Workload should emphasize purpose and accomplishments of agency/department
    • @Measure program outcomes (intended results achieved)
  3. PROGRAM COMPONENTS
    • @Clearly defined service area
    • @Processes
    • @Activities and tasks
    • @Planned outcomes or achieved results
    • @Link expenditures and revenues to goals, objectives and outcome
    • @Expenditures and revenues are related to specific functions
  4. GOOD OBJECTIVES
    • @SMART
    • Specific
    • Measurable
    • Attainable
    • Results oriented
    • Toward goal
  5. PERFORMANCE MEASURES
    • @Effectiveness-the degree that goals and objectives are met within deadlines
    • @Efficiency-the amount of outcomes per unit of resources allocated to an objective
    • @Workload- the level of productivity of staff in providing goods and services to customers
  6. PERFORMANCE BENCHMARKS
    • @Should be developed to aid in assessing how well a function, program or activity meets needs or purpose
    • @Comparative standards that prove a frame of reference for evaluating program/service quality or effectiveness
    • @Should be consistently defined and measurable
  7. FORECASTING REVENUE
    • @Estimating revenue is the first step in determining the level of resources that will be available for budget appropriations
    • @Influenced by
    • •Administrative factors
    • •Political factors
    • •Economic factors
    • •Policy factors
  8. FORECASTING REVENUE (CONTINUED)
    • Uses analytical techniques to estimate
    • @Should be decentralized with process to achieve on the forecast
    • @Establishes a spending target
    • @Projects the overall future financial condition-capital spending and debt
    • @Should extend over a period of at least 3 years
  9. QUALITATIVE METHODS
    • @Consensus, judgmental and expert •Expert-uses economists and social scientists to study trends
    • @Best judgment-informed decision based on history and general economic conditions. Used for revenues that have a high degree of uncertainty
    • @Weaknesses
    • •Responds to political pressures
    • •Focus on current issues/events
    • •Lack of comparability overtime
  10. QUANTITATIVE METHODS
    • @Relies on numerical data enabling testing to see if underlying data assumptions are met
    • @Requires extensive amounts of historical data to generate dependable projections
    • @40 data points
  11. FORECASTING REVENUE METHODS (CONTINUED)
    • @Econometric modeling uses economists and social scientists to study trends forecast revenue using equations that include values for multiple variables that influence the amount of revenue to be realized (example: permit fees)
    • @Simultaneous equations modeling is a more complex econometric model, which forecasts revenue by using a system of equations
  12. FORECASTING REVENUE METHODS (CONTINUED)
    • @Economic factors that influence
    • @Utilities predict stable stream
    • @Value vs. consumption
    • @Number of customers
    • @Cost
    • @Typical stats
  13. CALCULATE NET PRESENT VALUE
    • @Based on future benefit
    • @Price deflators
    • • US Department of Commerce publishes a number of price deflators
    • • Deflated budget figures are only useful for making comparisons of buying power for different years when they are adjusted for inflation
    • • PI is based on a mix of goods purchased by individuals
  14. REVENUE RESTRICTIONS
    @Florida Statute 218.25 constrains the use of State Revenue Sharing for debt service in excess of guaranteed entitlement amount

    @Deductive method of impact fee determination uses cost of providing the service in a specific location instead of averages or benchmarks
  15. CGFO AWARD REQUIREMENTS FOR AWARD
    • @Budget as a policy document
    • @Budget as a financial plan
    • @Budget as an operations guide
    • @Budget as a communications device
    • •Reviewed by three judges
    • •Provide comments
    • •Mandatory requirements
  16. BUDGET AS A POLICY DOCUMENT
    • @Statement of entity-wide long-term financial policies
    • @Budget message that articulates priorities and issues for the budget for the current year only
  17. BUDGET AS A FINANCIAL PLAN
    • @Summary of major revenues and expenditures, as well as other financing sources and uses to provide an overview for all total resources
    • @Summaries of revenues and other financing sources and uses for the prior year actual, current year budget andlor estimated current year actual and proposed budget year
    • @Describe major revenue sources (75% of them), explain the underlying assumptions for the revenue estimates and discuss significant revenue trends
  18. FINANCIAL PLAN (CONTINUED
    • @Projected changes in fund balances, as defined by the entity in the budget document
    • @Discussion of the causes and/or consequences of any change in fund equity greater than 10%
    • @Budgeted capital expenditures
    • @Financial data on current debt obligations and description of the relationship between current debt levels and legal debt limits
  19. BUDGET AS AN OPERATIONS GUIDE
    • @Describe activities, services or functions carried out by organizational units
    • @Include an organizational chart
    • @Schedule or table summary of personnel or position counts for prior, current and budgeted years
  20. BUDGET AS A COMMUNICATIONS DEVICE
    • @Description of processes for preparing, reviewing and adopting the current year's budget and procedures for amending the budget after its adoption
    • @Use charts and graphs to highlight financial and statistical information
    • @Include a table of contents

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