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Chapter 10

Chapter 10. FISCAL MANAGEMENT. FISCAL MANAGEMENT. DEALS WITH GOAL SETTING, DESIGNING A BUDGET THAT IS TARGETED TO ACHIEVE THOSE GOALS, THE PROCESS OF BUDGET REVIEW AND APPROVAL, AND THE ACTUAL MANAGEMENT OF THE PROGRAM. IMPORTANCE AND FUNCTION OF FISCAL MANAGEMENT.

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Chapter 10

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  1. Chapter 10 FISCAL MANAGEMENT

  2. FISCAL MANAGEMENT • DEALS WITH GOAL SETTING, • DESIGNING A BUDGET THAT IS TARGETED TO ACHIEVE THOSE GOALS, • THE PROCESS OF BUDGET REVIEW AND APPROVAL, • AND THE ACTUAL MANAGEMENT OF THE PROGRAM

  3. IMPORTANCE AND FUNCTION OF FISCAL MANAGEMENT • ENSURE THE WISE AND EFFICIENT USE OF RESOURCES • PREVENT MISUSE AND WASTE • FOCUS ON ACHIEVING OBJECTIVES • ALLOCATE FUNDING TO NEEDS • ENGAGE ENTIRE STAFF IN PLANNING • GUARANTEE INTEGRITY & PURPOSE

  4. BUDGETING FORMULATION OF A FINANCIAL PLAN . . . • IN TERMS OF WORK TO BE ACCOMPLISHED AND SERVICES TO BE PERFORMED • BASED ON PROJECTED EXPENDITURES AND ESTIMATED INCOME TO BE GENERATED

  5. TYPES OF BUDGETS • SHORT TERM AND LONG TERM • CLASSIFIED IN VARIOUS WAYS: • ORGANIZATIONAL UNIT OR FUND • FUNCTION (E.G., TECHNOLOGY) • OPERATIONAL • EQUIPMENT AND SUPPLY • CAPITAL OUTLAY • HUMAN RESOURCE

  6. CRITERIA FORA SOUND BUDGET • CLEARLY PRESENTS FINANCIAL NEEDS • KEY PERSONS IN THE UNIT CONSULTED • IS A REALISTIC ESTIMATE OF INCOME • REFLECTS EQUITABLE ALLOCATIONS • FLEXIBILITY TO MEET EMERGENCIES • PREPARED WELL IN ADVANCE • REQUESTS ARE RALISTIC, NOT PADDED • MEETS ALL ESSENTIAL REQUIREMENTS

  7. THE PROCESS OF BUDGET PREPARATION • PLANNING • COORDINATING • INTERPRETING • PRESENTING • APPROVING • ADMINISTERING • APPRAISING

  8. INVOLVEMENT OFSTAFF MEMBERS • MAINTAIN INVENTORY RECORDS • KEEP RECEIPTS OF EXPENDITURE • IDENTIFY UNADDRESSED NEEDS • GO OVER INITIAL BUDGET TO ENSURE CORRECTNESS • ENGAGE IN DISCUSSIONS TO HELP PRIORITIZE NEEDS

  9. BUDGET ORGANIZATION • CLEAR INTRODUCTORY MESSAGE • OVERALL GRAPHIC PROJECTION OF ANTICIPATED INCOME & EXPENSES • DETAILED ESTIMATE OF RECEIPTS AND ITEMIZED EXPENDITURES • SUPPORTING DOCUMENTATION IF NEEDED TO CLARIFY ANY REQUESTS

  10. REVENUE SOURCES FOR SPORT AND PHYSICAL EDUCATION • STATE (STATE UNIVERSITIES) • LOCAL (PUBLIC SCHOOLS) • GATE RECEIPTS • CONCESSIONS • ACTIVITY FEES • BOOSTER CLUBS • FUNDRAISING

  11. PAY-TO-PLAY POLICIES • FEE ASSESSED TO PARTICIPANTS • SUPPLEMENTS SCHOOL REVENUES • PREVENTS ELIMINATING SPORTS • MORE FAIR TO NONPARTICIPANTS • FEES MUST FAIRLY ADDRESS SPORT COSTS AND GENDER EQUITY • DISADVANTAGED STUDENTS NEED ASSISTANCE OR EXEMPTION

  12. ZERO-BASED BUDGETING • INTRODUCED IN 1969 BY TEXAS INSTRUMENTS COMPANY • REQUIRES JUSTIFICATION FOR EACH EXPENDITURE IN THE BUDGET • EXPENDITURES ARE DETAILED AS LINE ITEMS • PROMOTES MORE FAIR AND EQUITABLE FUNDING

  13. STEPS IN THE PROCESS OF ZERO BASED BUDGETING • IDENTIFY GOALS • GATHER DATA • PLAN PROGRAM TO MEET GOALS • IDENTIFY ALTERNATIVE WAYS TO ACHIEVE GOALS • DO COST ANALYSIS OF ALTERNATIVES • MAKE DECISION AS TO FUNDING

  14. PPBES STANDS FOR: • PLANNING -- PROGRAMMING -- BUDGETING -- EVALUATION -- SYSTEM • HOOVER COMMISSION (1949) • FORD MOTOR COMPANY (1950s) • DEPARTMENT OF DEFENSE (1960s)

  15. GOALS AND OBJECTIVE STATEMENT OF NEEDS EXPECTED SATISFACTION CONSTRAINTS IDENTIFY ALTERNATIVES RESOURCEREQUIREMENTS ESTIMATE OF BENEFITS OPERATING PLAN IMPLEMENTATION EVALUATION FEEDBACK ANALYSIS THE PPBES CYCLE

  16. COST ANALYSIS • NEEDED TO EVALUATE PRESENT OPERATIONS AND THE PROJECTIONS IN FUTURE BUDGETS • LIMITED BY THE ACCOUNTING SYSTEM AND SOFTWARE USED • VERY APPLICABLE TO BUDGETS OF SCHOOLS, COLLEGES, AND UNIVERSITIES

  17. BUSINESS MANAGERS AND FINANCIAL OFFICERS IN SCHOOLS AND COLLEGES • FUNCTION • OBJECTIVE – OBTAIN GREATEST EDUCATIONAL VALUE FROM EACH DOLLAR SPENT • RESPONSIBILITES – next slide

  18. RESPONSIBILITIES OF FINANCIAL OFFICERS AND MANAGERS • BUDGET AND FINANCIAL PLANNING • PURCHASE & SUPPLY MANAGEMENT • PLANNING FACILITY EXPANSION, RENOVATION, & CONSTRUCTION • HUMAN RESOURCE FINANCING • STAFF DEVELOPMENT • COMMUNITY RELATIONS

  19. RESPONSIBILITIES OF FINANCIAL OFFICERS (continued) • TRANSPORTATION • FOOD SERVICES • ACCOUNTING AND REPORTING • DEBT SERVICE • INSURANCE • LEGAL MATTERS • GRANTS AND FINANCIAL AID • SYSTEMS ANALYSIS

  20. FINANCIAL ACCOUNTABILITY • MANAGEMENT POLICIES FOR FINANCIAL ACCOUNTABILITY • ACCOUNTING FOR RECEIPTS AND EXPENDITURES • REASONS FOR FINANCIAL ACCOUNTING

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