The budget setting process is crucial for effective budgetary control. Budgets should accurately reflect the services being provided. There are several budget setting techniques that can be used for both expenditure and income budgets.
To ensure effective budgetary control, budgets must be effectively monitored and managed. The budgetary control process ensures funds are being utilised in accordance with the level and quality of output required from the allocated resources.
Are you responsible for a public-sector budget? If so, you understand the financial pressure on public-sector organisations is increasing. Managers face a variety of public-sector budget problems. This article presents answers to three public-sector budget problems, to help you improve your budget setting skills.