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The budget-maximizing model is a stream of public choice theory and rational choice analysis in public administration inaugurated by William Niskanen. Niskanen first presented the idea in 1968, [ 1 ] and later developed it into a book published in 1971. [ 2 ]
Performance-based budgeting is an approach in which funding for an institution "depends on performing in certain ways and meeting certain expectations". [10] " Historically, many colleges have received state funding based on how many full-time equivalent students are enrolled at the beginning of the semester". [ 9 ]
The department then creates a draft budget, which is reviewed and revised as needed. Budget Hearings: These are meetings where the governing body, departments, sections, the executive, and the public can discuss changes in the budget. These meetings are an opportunity for stakeholders to provide feedback and offer suggestions for improvements.
An increasing percentage of the federal budget became devoted to mandatory spending. [3] In 1947, Social Security accounted for just under five percent of the federal budget and less than one-half of one percent of GDP. [8] By 1962, 13 percent of the federal budget and half of all mandatory spending was committed to Social Security. [3]
Budget Call issued to outline the presentation form, recommend certain goals. Budget Formulation reflecting on the past, set goals for the future and reconcile the difference. Budget Hearings can include departments, sections, the executive, and the public to discuss changes in the budget. Budget Adoption final approval by the legislative body.
3. Pay-yourself-first budget: Best for saving and building wealth. As the name suggests, the pay-yourself-first budget emphasizes saving and investing before spending money on other things.
Changes in one constraint necessitate changes in others to compensate or quality will suffer. For example, a project can be completed faster by increasing budget or cutting scope. Similarly, increasing scope may require equivalent increases in budget and schedule. Cutting budget without adjusting schedule or scope will lead to lower quality.
Zero-based budgeting (ZBB) is a budgeting method that requires all expenses to be justified and approved in each new budget period, typically each year. It was developed by Peter Pyhrr in the 1970s. This budgeting method analyzes an organization's needs and costs by starting from a "zero base" (meaning no funding allocation) at the beginning of ...