Theories and Concepts to Help Understand Budgeting and Finance

Theories and Concepts to Help Understand Budgeting and Finance

The three traditional sectors of the United States economy—government, non-profit organizations (NPOs), and for-profit organizations—are similar in terms of financial and fiscal responsibilities. While financial functions (e.g., strategic financial planning, accounting, etc.) largely are the same in these organizations, the public sector has unique characteristics that impact finance and budget administration. For example, public organizations are accountable to citizens and, sometimes, to higher levels of government. Therefore, the budget process includes and involves these two sets of stakeholders.

In this Discussion, you consider how finance and budgeting theories and concepts apply to a specific public organization. Review this week’s Learning Resources and focus on the fundamental concepts of finance and budgeting in public organizations.

With these thoughts in mind:

Post a brief description of a government or non-profit organization with which you are familiar within your state or nation. Then, explain how you might apply at least two basic finance and/or budgeting concepts or theories to the organization. Be sure to provide brief descriptions of each concept or theory and specific examples of how you might apply them.

Be sure to support your posting and responses with specific references to the Learning Resources using APA formatting.

Note: Throughout the course, you apply concepts, theories, and principles of finance and budgeting to an organization with which you are familiar. This could be a government or non-profit organization for which you currently work or have worked, know about from others, or have learned about through academic resources and/or the media.

References / Readings
Mikesell, J. L. (2014). Fiscal administration: Analysis and applications for the public sector (9th ed.). Boston, MA: Wadsworth.
Preface (pp. vii–ix)
Chapter 1, “Fundamental Principles of Public Finance” (pp. 1–34)
Chapter 3, “Federal Budget Structures and Institutions” (pp. 90–143)
Chapter 4, “State and Local Budgets” (pp. 152–173)

Becker-Medina, E. (2013). Annual survey of public pensions: State- and locally-administered defined benefit data summary report: 2011. Retrieved http://www2.census.gov/govs/retire/2011summaryreport.pdf

Chantrill, C. (2014). Government spending in the US. Retrieved from 
http://www.usgovernmentspending.com/local_spending_2010USrn
Document: Final Project Guidelines (PDF
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