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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 ]
Variance analysis, in budgeting or management accounting in general, is a tool of budgetary control and performance evaluation, assessing any variances between the budgeted, planned, or standard amount, and the actual amount realized. Variance analysis can be carried out for both costs and revenues.
A "forecast" is typically a combination of actual performance year-to-date plus expected performance for the remainder of the year, so is generally compared against plan or budget and prior performance. The financial plans accompanying a strategic plan may include three–five years of projected performance.
The CBO forecasts the annual budget surplus or deficit amounts for the next ten years in their annual "Budget and Economic Outlook." Using the forecast from the month of each President's inauguration allows an evaluation of their budgetary performance using laws in place prior to their tenure, against actual results in the CBO historical tables:
Performance budget is a budget that is based on achieving specific outcomes or objectives, rather than simply allocating resources. It emphasizes measuring and evaluating the effectiveness of government programs and services, and allocating resources to achieve the greatest impact.
A financial forecast is an estimate of future financial outcomes for a company or project, usually applied in budgeting, capital budgeting and / or valuation. Depending on context, the term may also refer to listed company (quarterly) earnings guidance. For a country or economy, see Economic forecast.
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.
Baseline budgeting is an accounting method the United States Federal Government uses to develop a budget for future years. Baseline budgeting uses current spending levels as the "baseline" for establishing future funding requirements and assumes future budgets will equal the current budget times the inflation rate times the population growth rate. [1]