Public Sector Budgeting Assignment Example | Topics and Well Written Essays - 2250 words

Public Sector Budgeting - Assignment ExampleIt is majorly done by the executive and should non be make a secretive execute. The first important step of this stage is to set a fiscal policy and it involves estimation of the resources available for spending. The treasury department will then issue a directive of spending to all the departments based on the policy framework (Khan & Hildreth, 2002). Negotiations will follow amidst the spending departments and the treasury with a bid to allocate the resources. The functioning then ends with the development of a merge draft figure that is approved by the cabinet or a higher political part that will deliberate on the contentious issues before moving to the next budget stage. After draught a comprehensive budget, the document will be laid before the legislature for approval. Government regulations finish the executive from making expenditures without obtaining sanction from the legislature. Parliament will closely scrutinize the dr aft budget and has the preference of approving, rejecting, amending or in some cases substituting the draft that is presented by the executive (Khan & Hildreth, 2002). The legislature will excessively cause the mandate of approving the relevant laws on taxation before they take effect. It is important to throwaway that the period taken by the legislature in approving the budget varies from country to counter. Once approved, the budget process enters the implementation stage, which marks the commencement of a fiscal year. The implementation process is in the custody of the executive, which allocates the resources to the departments in line with the approved estimates. The legislature however may monitor the executive in the process to ensure that they dont deflect t from the estimates. In the developing economies, the executive may have to cut on some approved expenditures to take care of emerging circumstances. Where the emergency requires substantial amounts, the legislature w ill have to approve the new estimates to protect the minority rights. The final stage is the accounting and fiscal reporting stage. At this stage an independent auditor is vested with the mandate of analyzing the government accounts and government reports with the objective of give an opinion on whether the implementation has been done in a desirable port. The report should be made in a timely manner and with recommendations that will be reflected in future budgets in entrap to improve future public accounting and budgeting. Reports should be made in a timely manner to ensure that the official who might be responsible for loss of public resources are convicted for their actions before their retreat or after they had left public service. The budget process is not an event and is an ongoing process that is interconnected. Legislature participation should not be limited to approval and review of the audit findings. Parliament should be empowered to ensure that they make the executiv e responsible for proper implementation of the budget. B The public arena and private field budgeting have similarities and differences in some ways. Private sector budgeting is driven by the merchandise and that of the public sector is constrained by resources from taxation. It therefore means that both the public and private sector budgets have some constraints. Secondly, both the private and public and private sector budgeting have objectives. For the private the ingest is to make profits while public budgeting is service to the serve the