The OPERATING BUDGET
Added on -2019-09-25
Student [Company name] [Company address] The OPERATING BUDGET Student [Company name] [Company address] The OPERATING BUDGET Introduction 2 About the agency 2 Mission Goals 2 Objectives 2 Departments 2 Strategic plan 2 Budget of the agency 3 Financial summary 3 Department budgets 3 Funding 4 Capital projects 4 Debt administration 4 Cost analysis 5 Fixed costs 5 Step-fixed costs 5 Variable costs 5 Challenges for managing the budget 6 Strategies for reviewing 6 References 8 Appendix 9 Existing financial
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Student[COMPANY NAME] [Company address]THE OPERATING BUDGET
Table of ContentsIntroduction.................................................................................................................................................2About the agency....................................................................................................................................2Mission Goals..........................................................................................................................................2Objectives................................................................................................................................................2Departments............................................................................................................................................2Strategic plan...........................................................................................................................................2Budget of the agency...................................................................................................................................3Financial summary...................................................................................................................................3Department budgets...............................................................................................................................3Funding....................................................................................................................................................4Capital projects........................................................................................................................................4Debt administration.................................................................................................................................4Cost analysis................................................................................................................................................5Fixed costs...............................................................................................................................................5Step-fixed costs.......................................................................................................................................5Variable costs..........................................................................................................................................5Challenges for managing the budget...........................................................................................................6Strategies for reviewing...............................................................................................................................6References...................................................................................................................................................8Appendix.....................................................................................................................................................9Existing financial plan..............................................................................................................................9
IntroductionIn the present paper, the operating budget of local government agency is prepared. Theoperating budget is organized by addressing the financial summary, budget of differentdepartments, sources of funding, capital projects, and debt administration. The cost analysis isalso done which includes fixed costs, step-fixed costs, and variable costs. It also explains thestrategies, challenges faced while managing the budget and the existing financial plan. Theagency selected for preparing operating budget is City of London, UK.The main idea behind this paper is to examine, proposing and preparing an operating budget for the next five years.About the agencyThe city of London is a distinct diverse organization and it plays an important role and wide remittance which is beyond an ordinary local authority. The corporation is older than the parliament and it is a key provider of the services. It is headed by Lord Mayor.Mission GoalsThe mission of an organization includes mainly three aims. Firstly, to support and promote the country as the world’s leading financial and business Centre. Secondly, to increase an employment, opportunities and skills through working in a partnership. Thirdly, to enhance the culture, green spaces and its history.ObjectivesThe objective of the company includes: promoting opportunities, working with the community, enhancing, protecting and promoting an environment, vibrant and culture rich city, and a safer and strong city.DepartmentsThe city of London in headed under three departments namely: corporate department, service department, institutional department. The chamberlains of corporate department is Peter kane, the service department is directed by Ade adetosoye and the institutional department is managed by Nicholas Kenyon.Strategic planThe plans and policies set their vision and strategy to shape the square mile. The local plan which includes schedule of modification added to the notice. The planning strategy in the period of 2026 which includes policies map which swaps the core London strategy of 2011 and unitary development plan 2002. The London strategic housing land availability assessment strategy is
used for new local plan. The equality and inclusion strategy is adopted by the company which aims to provide respectful, inclusive, and without partiality environment.Budget of the agencyThe budget of the agency includes the information of statements of accounts, annual audit letters,summary budget and annual statement of governance.Financial summaryThe financial summary is described as the summarization report of the company which shows the how the funds used by the company is entrusted to the owners and creditors. It reflects the financial position of the company.Following is the financial summary of the city of London:Financial summaryParticulars2014-152014-152015-16City fundGross expenditure363.5394.7372.6Net expenditure before government104.7107.3101.6Grants and taxesGovernment grants and taxes110.4110.7101.8Surplus to reserves5.73.40.2City cashGross revenue expenditure167.1182.6175.4Net revenue income159170.5166Operating deficit8.112.19.4Profit on assets sales2.011.4Deficit from reserves6.10.72.6Budget housing estatesGross expenditure38.345.140.8Gross income41.143.544.4Deficit from reserves(2.8)1.6(3.6)Department budgetsFollowing is the department budget:Particulars2014-152014-152015-16City fund
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