BUDGETING

Budgeting

Budgeting

The choice of budgeting process may vary with differing conditions such as the financial situation of the organization, the political situation, the expertise of stakeholders, and leadership style (Hartman, 2008, 89). The process may also change with whether the projections are for revenues or expenditures or if there is a need to balance the budget through raising revenues and/or decreasing expenditures (Thompson, 2008, 78).

Revenues for the government come from three major sources: local tax (usually property) levies, state funding based on complex formulas, and federal funding targeted at specific populations (Rubin, 2007, 68). The estimation of these revenues is a highly ...