Evaluation of agency budgeting and cumulative report

Evaluation of agency budgeting and cumulative report

Introduction

Basically, the agencies expenses takes into account among others,; the supplies, consultants, salary expenses  communications, equipment, travel, audit, training, education, medical care and space. On the other hand, the agency’s budgeting include training, education, employment and the social services function under the fiscal year 2012 budget (Dometrius et al, 2013). In addition to that, the agencies budgeting proceeds ahead to fall on the category of sub classification and social services. Literally, budgeting is an activity whose mandate is dedicated mainly to the finance department. However, the set standards provides that anybody at the micro level can take the initiative of agency budgeting.

An agency budgeting is monitored by the financial analysts but this is only possible if they collect data and information about the expenses costs from all departments because normally, all departments of an organization have to make costs associated with expenses over the trading period (Lauth, 2014). Therefore, it is upon the organization to install competed managers who are soundly aware of the occurrence of the agency’s costs and the other miscellaneous coats involved in the day to day business activities about them. The purpose of the competed managers and their subordinates is to be directly involved in the proper budgeting regarding the agents.

One more stakes member in the agency budgeting is the consultants. The purpose of consultants in this case is to actively analyze the trends in the market about the effects on the general expenditure and giving the appropriate pieces of advice on the steps to undertake to iron out the associated agencies problems ( Prahler, et al. 2013). Significantly, the consultants also help the managers in determining the costs to include and the costs that they should not incur in the whole process. They help to back up and remind about the law to all the stakeholders involved in each activity of the agency budgeting process. In connection, they give out the recommendations about the requirements they might have overlooked earlier and on how this might crop up in the future to avoid incurring related costs.

Agencies executive

According to the FBE/0175, the role of CFO is to collaborate with the members of all departments in the organization and the other key members in the organizations in Europe to ensure that all the objectives are set into position (Sanger, 2013). In addition, the CFO in the agencies budgeting executive position travels to almost all other branches in the continent to coordinates activities and guarantee full right performance.

Key duties of executive budgeting authority

• Ensuring appropriate budgeting formulation together with the P&L and balance sheet analysis and reporting.
• Prepare the annual budgeting of finance and to forecast on the future
• The executive performs the duty of analyzing the available investment options and gives out the appropriate step to be undertaken ahead.
• Analyzes the monthly reports on the financial statements such as the statement of the financial position and the profitability statement for the ready submission to the management.
• Executive budgeting evaluates in loan administration process involved in loan closing document and loan agreements.

Competencies and the skills recommended

For one to run as an executive in budgeting process, he or she must possess various qualification skills. They include

• High level of personal integrity and a driven and result-oriented personality.
• Flexibility in job operation that is, someone ready to adapt the current changes in business activities.
• Good communication skills and a smart mind in handling and sorting out the ideas.
• Readiness to take initiative and eagerness to completely iron out the pending issues in the business operations.

Generally, the budget agency facilitates the process of financial analysts, loan assessment process, revenue forecasting and implementation. In addition, the process cuts across checking the fiscal and policies impacts in legislative proposals and making the information available to the decision makers (Sanger, 2013).. Using US as an example, the Administration of Children and Families is the second largest agency in the Health and Human services sector. Apparently, budgeting of this agency becomes very essential and lat the same time challenging because the processes involved are very complicated. Notably, this agency takes the initiative of ensuring and promoting the academic, social and the economic well being of children and families countrywide. This in turn facilitates clean budgeting by the management. For instance, to add to the budgeting, the Administration of Children and Families Agency has taken a significant step in setting a prime example to introduce and actively implement the Early Childhood Education.

The Executive budgeting team declares that overall expenditure on the early Childhood Development service is approaching $8 billion yearly. This is a relevant value of data upon summing up expenditure on other agencies in the organization or the same department in another particular organization (Sanger, 2013).. The reforms ahead are; targeting on increasing investment on Head start and early start head. Secondly, it dedicates funds to the health care enforcements. Additionally, the budget ahead dedicates funds to enhance improvised method of increasing enrolments to the early childhood development specifically from poor background rounds and low income earners. This is said to be absolutely applicable if the parents are taught the essence of the early childhood by teaching the standards of health and safety.

Budget overview

The ACF is administered in a mature federal alternative whereby its exercises simply fall under the management of Assistance Secretary. It is this secretary who supervises the Principle Assistance Secretary of the HHS. In other words, the overall administration of the Administration for children and Families falls under the jurisdiction of the of the Assistance secretaries office.  As stated by the secretary body, the trading value of all the ACF programs is $49 billion (Steinzo, 2014). This goes to the 60m programs in total for the children and the families groups only. However, the general target of the ACF workload measures is to make sure that the required and appropriate work performance by the executive is budgeted strategically.

The ACF budget accounts to the executive budget that the president has the mandate to take to the summit in the United State House of the subcommittee on Health, labor and other related agencies (Steinzor, 2014).  The ACF budget authority falls under the Division of Budgets. The purpose of this division is to necessarily take an initiative in determining the expenditure, outlay and authority needs in recommended spending and watching the spending patterns. The proposed outlays for the Administration and Child and Families have the following proposed outlays

• Child care development Fund
• Foster care and adoption funds
• Child Support Enforcement
• Home Income Home assistance
• And the TANF

Financially, the budget for the ACF in FY2012 was about $50 billion. For TANF outlays, the budget was $16.5 billion.

Analysis of budgeting expenditure and plans

Generally, international budgeting has considerable impact on the individual states over the following aspects; decision making process, inflation, the balance of payment and the entire exchange rates. The effect on the above aspects is either increase or the decrease over the same. The effects of budgets extend to include the personal income tax and the corporate tax revenues.

Implication of foreign policy

The agencies in general can improve the budget for fiscal years through;

• Getting the competent staff, who can realize the costs occurring and who can recommend to the management some of the ways in which to improve performance policies
• The administration of the agencies can help to improve the performance and devastating conditions caused by the foreign policies by setting a good budget the includes all the set goals as recommended by the executive budgeting authority.

Budget request and recommendation

Interviews about the agency administration and operations have been conducted over a number of scenarios. The results shows that by getting fully competed personnel to run the agencies, an agency is likely to appear on top of the other organizations. This takes the perspectives financial budgetary on inflation avoidance and exchange rates balance. Secondly, the interviews conducted shows that by putting into action the given objectives by the management, the high performance is likely to be realized.

References

Dometrius, N. C., Bowling, C., Ferguson, M. R., & Wright, D. S. (2013). State-Level Measures    of Institutional Budgetary Influence from the American State Administrators         Project 1964–98. State Politics & Policy             Quarterly,13(1), 107-120.

Lauth, T. P. (2014). Zero‐Base Budgeting Redux in Georgia: Efficiency or Ideology?. Public       Budgeting &             Finance, 34(1), 1-17.

Prahler, E. E., Reiter, S. M., Bennett, M., & Erickson, A. L. (2013). It all adds up: enhancing        ocean health by improving cumulative impacts analyses in environmental review      documents. Stan. Envtl. LJ, 33, 351.

Sanger, M. B. (2013). Does measuring performance lead to better performance?. Journal of           Policy Analysis and      Management, 32(1), 185-203.

Steinzor, R., Glicksman, R. L., & Havemann, A. (2014). EPA’s retreat from enforcement will       harm Chesapeake             Bay. Centre for Progressive Reform. Accessed June, 17, 2014.