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Relationship:
The above graph shows a negative relation exists between a number
of users and user fees; it means that number
of users depends on the user fees and an increase
in user fees decreases the number of users.
Implication:
From the above graph, the implication for the organization is that to increase the number of users of the services, the organization must charge reasonable fees and increases in the user fees should be avoided to earn more revenue.
Relationship:
The above shows no negative or positive relationship exists
between price and quantity and the organization performs in a perfectly competitive environment. Increase or
decrease in quantity is not caused by prices but some other variables impact the increase or decrease in quantity.
Budget
Implications:
From the above graph, this public sector organization should
keep the quantity at a particular level
where the demand meets the supply and price meets the cost of the organization
so that any loss of the organization could be
avoided.
In question 1, negative relation exists between some
users and user fees while in question 2, no negative or positive relationship
exists between price and quantity. It means that some users depend on the user
fees and increase in user fees decreases the number of users while Increase or decrease in quantity is not caused by
prices, but some other variables impact the increase or decrease in quantity. In
question 1, the organization should avoid the increase in user fees while in
question 2, the organization should keep the quantity at a particular level
where cost meets the revenue.
Percentage increase in 2018 - 2019 = 5
Budget Item B in 2018 = $122,000
5% of $122,000 = $122,000 ×5/100
=$6100
Budget Item B in 2019= $122,000+ $6100
=$128100
Percentage increase in 2019 - 2020 = 6
Budget Item B in 2019 = $128100
6% of $128100 = $128100 ×6/100
=$7686
Budget Item B in 2020= $128100+ $7686
=$135786
Percentage increase in 2020 - 2022 = 6.5
Budget Item B in 2020 = $135786
6.5% of $135786 = $135786 ×6.5/100
=$8826.09
Budget Item B in 2021= $135786+ $8826.09
=$144612.09
Similarly,
Budget Item B in 2021=$144612.09
Year 2018 2019 2020 2021 2022
Budget Item B $122,000 $128100 $135786 $144612.09 $144612.09
The purpose of auditing in public budgeting is to make it sure
that public budgeting is prepared accurately representing every transaction. Moreover, auditing in public budgeting assures that financial
statements are in accordance with the principles
and provisions of budget reporting standards. Following are the different types
of audit
·
Compliance audit: this is policies and
procedures examination of the department to check if regulatory standards are being followed.
·
Financial audit: this is the analysis of information’s
fairness contained within financial statements of the entity.
·
Operational audit: operational audit is a
detailed analysis of planning resources, goals,
procedures, and operational results of the business.
·
Public sector audit: it involves the financial
affairs’ scrutiny of the enterprises owned by the state to assess whether its
operation is in the best interest of the public or not.
· Tax audit: these audits are conducted to assess the tax returns’ accuracy filed by the company used to determine any under or over tax liability’s amount assessment.
The budget justifications are proposed costs’ categorical description.
Budget justifications explain the patterns of staffing and service/supply consumption,
the methods used to calculate or estimate the details like lists of items making
up the total cost. Budgeting justifications
are needed in budgeting to justify and explain the expenses that were requested in the budget proposal. The
essential properties for budget justifications are an explanation of the budget, well-conceived project, cost of the
project, and a thoroughly written
justification of proposed costs.
When a proposal or an application is being submitted for
funding, the standard part of this process is inclusion of a budget. Two major
components are involved in creating a budget i.e. the itemized budget and the
budget justification. The budget should be based on actual quotations, informed
estimates, itemized line-by-line expense list, and realistic. If the budget is
too low or too high, the feasibility of the project might be questioned by the reviewers.
The budget should be consistent in the budget presentation such
as decimal points vs. no decimal points, commas vs. no commas, bolding, alignment,
font, and underlying. An adequately and appropriately justified budget is one
of the best ways to assure that the sponsor has made a positive cost analysis. The
justification section in the budget is a critical section because principle investigators
become able to stress upon the importance of necessary costs of the project. The
budget justification is proposed budget’s breakdown that so in a narrative
format used to explain the points needed to achieve the scope of work.
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