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Essay / Research Paper Abstract
A 10 page paper discussing priorities, planning financial challenges and suggested solutions for New York's financial planning for the future. In facts and figures, the document is useful and demonstrates the need to give the future more attention in the present. Placing the greatest visible burden on city employees is shortsighted, however. Certainly the city needs to change its approach to its highest-cost items, but it also needs to take care not to give the appearance of discounting the importance of the people who make it all work. Bibliography lists 5 sources.
Page Count:
10 pages (~225 words per page)
File: CC6_KSpubAdNYCbud.rtf
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Unformatted sample text from the term paper:
New York Citys annual budget is larger than that of many of the worlds smaller countries. In keeping with standard approaches to budgeting, the citys budget provides far
more than only a view of where it expects its money to come from and go to during a specific period. It also reflects policy; serves as an operation
guide; provides a financial plan for the city; and provides a medium through which the city can communicate with citizens, employees and suppliers. Document Analysis
The budget communicates the information mentioned above, but it also is useful for evaluating performance. Horngren, Sundem and Stratton (2002) state that budgeted "goals and performance are
generally a better basis for judging actual results than is past performance" (p. 271). If a manufacturer had sales of $100 million in a year following sales of $80
million during the previous year, then the increase can appear to be gratifying and positive but "may or may not indicate that the company has been effective and has met
company objectives" (Horngren, Sundem and Stratton, 2002; p. 271). An operations budget can specify efficiency targets - expenditures for the police department will
decline in 2008 from 2007 levels, as example - which the departments management can review for performance after the fact. Horngren, Sundem and Stratton (2002) state that judging performance
on the basis of past performance can mask inefficiencies in processes, but that assessing performance on the basis of a budget may highlight those inefficiencies so that they can be
rectified in the future. Priorities NYCs budget for 2006 not only is balanced, it also forecasts a significant surplus. Projections for 2007
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