CPRP- Chapter 2- Budget and Finance, Rated A. latest updates.

CPRP- Chapter 2- Budget and Finance, Rated A. latest updates. Budget - -a prepared plan for financing the work of an organization for a given period of time Who is responsible for monitoring a budget? - -managers, CEO and board, but also employees and staff. A fiscally sound budget... - -balances revenue and expenditures, is inclusive of all financial obligations, serves as a guide to decision making, and use of financial resources available to accomplish the goals of the agency. Three stages of the budget process - -1. Preparation 2. adoption or authorization 3. execution or implementation Budget documents vary from agency to agency but should detail... - -anticipated revenues and expenditures for the fiscal year as well as make clear the agency goals and objectives to be achieved. Revenue - -The money coming into the organization Revenues comes for five sources... - -compulsory income, gratuitous income, earned income, investment income, and contractual receipts Expenditure - -a disbursement, expense, or cost related to doing business Most agencies largest expense - -Personnel most widely used budgeting system for P&R - -line-item-based object classification system "object" in line-item-object classification means... - -the item of financial cost such as personnel, supplies, and equipment. "Classification" in line-item-object classification means.. - -refers to the uniform method of grouping like things together Cost control center - -any organizational unit that is administered by a staff person who is responsible for the activities of that unit including its budget. Fees are set to... - -recover costs, create new resources for other programs, establish value of the program offered, and to influence user behavior. differential pricing - -charge different prices for the same activity based on the desirability of the facility used, its location, prime- or non-prime-time hours of service, and customer characteristics such