Solved by Expert Tutors
Solved by Expert Tutors
Question

Reading the Operating and Capital Budget Operating Budget Document

The Operating Budget Document is comprised of several major sections. The first section is the Manager's Message. It highlights the significant changes from the current year, the city's priorities and issues for funding in the upcoming fiscal year, the short-term financial goals and operational policies guiding the development of the budget, and the assumptions used in developing revenue estimates for the upcoming year.

The second section, the Overview, describes the city's organization, the Operating Budget document, and the process for developing the Operating and Capital budgets. It also documents the city's short and long term financial and budget policies, summarizes the city's debt management policies, highlights the city's strategic goals and objectives, and explains the city's financial structure.

The third section, the Summaries, includes charts and tables, which provide an overview of all of the revenues and appropriations included in the Operating Budget.

The fourth section, Revenue, provides information on economic considerations, a description of the funds, and revenues by each fund.

Capital Budget Summary

The Capital Budget Summary provides an overview of the city's Capital Improvement Budget (CIB). This overview includes the city's debt management policy, a statement of the city's indebtedness, the amount of debt service appropriated in the Operating Budget, and an estimate of the Operating Budget impact of the projects upon completion. However, the CIB is a separate document. Greater detail about the CIB and specific projects is included in a separate capital budget document.

In the current Capital Budget Summary document, three years of data are included for both revenue and expenditure detail. The approved budget amount, the prior year budget as amended, and the most recent fiscal year actual data are also included.

Use the information presented above to answer questions 41 through 43.

41. Which of the following is a true statement according to the passage?

A. The second section of the Operating Budget Document describes the process for developing the Operating and Capital budgets.

B. The current Capital Budget Summary document includes five years of revenue and expenditure data.

C. The fourth section of the Operating Budget Document contains an overview of the city's organization.

D. The Manager's Message section of the Operating Budget Document contains a statement of the city's obligation.

Mark to review later...

42. In which section would you expect to find an overview of all revenues included in the Operating Budget?

A. First section.

B. Second section.

C. Third section.

D. Fourth section

Mark to review later...

43. Which of the following is NOT part of the Manager's Message section of the Operating Budget Document?

A. The city's priorities for funding in the upcoming fiscal year.

B. The assumptions used to develop revenue estimates in the document.

C. The explanation of the city's financial structure and its effect on the budget.

D. The short term financial goals guiding the development of the budget.

Step-by-step answer

ec facilisis. Pellentesque dapibus efficitur laoreet. Nam risus ante, dapibus a molestie consequat, ultrices ac magna. Fusce dui l

m ipsum dolor sit ame

congue vel laoreet ac, dictum vitae odio. Donec aliquet. Lorem ipsum dolor sit amet,

acinia pulvi

rem ipsum dolor sit amet, consectetur adipiscing elit. Nam lacinia pulvinar tortor nec facilisis. P

Subscribe to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question