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Understanding Budget Basics

Understanding Budget Basics. From the Recreator’s Prospective. Budget Terminology.

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Understanding Budget Basics

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  1. Understanding Budget Basics From the Recreator’s Prospective

  2. Budget Terminology • Budget – A plan of financial operation, for a set time period, which identifies specific types and levels of service to be provided, proposed appropriations or expenses, and the recommended means of financing them. • Fiscal Year – The 12 month period for recording financial transactions specified by your agency. • General Fund – A fund used to account for resources traditionally associated with government which are not required to be accounted for in another fund.

  3. Budget Terminology continued • CIP – Capital Improvement Project – A financial plan of authorized expenditures for tangible, long-term construction of, or improvements to, public physical facilities. • LLD – Landscape and Lighting Maintenance District – Funds to account for revenues derived from annual assessments used to pay costs incurred for landscape and street lighting maintenance.

  4. Budget Terminology continued • CPI – Consumer Price Index - An index of prices used to measure the change in the cost of basic goods and services in comparison with a fixed base period. Also called cost-of-living index. • Direct Cost – Costs changed easily by manage- ment decisions such as advertising, maintenance, specific supplies or goods needed for the successful operation of an item of service.

  5. Budget Process • Fiscal Year – July through June • 1 year budget cycle • 2 year budget cycle • City Council Budget Workshop • City Council Approval • CPI – Consumer Price Index

  6. Budget Process continued • Mid-year Budget Adjustment • Emergency only • Addition of Facilities • Increasing Original Budget due to: • New Programs/Events/Activities • More Participants • Decrease Original Budget due to: • Unsuccessful Program • Off on Projections

  7. Budget Line Items Sample Budget Line Item Worksheet

  8. Revenue & Expenditure Reports

  9. Cost Recovery • Direct Costs for the City of Brentwood which must be recovered may include: • Part-Time Staff • Referees/Officials • Facility Rental • Lights • Awards/Trophies • Team Uniforms • Activities Guide – (Percentage of cost) • PT Staff Uniforms/Training – (Percentage of cost) • Special Supplies (First Aid, Balls, Scorebooks, Gear, Etc.)

  10. Overhead • Overhead – Indirect expenses of running an organization not directly associated with a particular item of service. • Currently in the City of Brentwood: • Department Overhead – 97.54% • 50% Cost Recovery for Youth Services • 75% Cost Recovery for Adult Services • Citywide Overhead – 33.68% • May or may not be Subsidized.

  11. Pricing Policy • Benefits – Determines a fair, equitable, and simple pricing structure that is based on your agency’s mission and helps you meet your revenue goals. • Considerations – • Costs – Direct or Indirect • Fees – Full, Discounted, Market Rate • Participant Categories – Resident, Non-Resident, Non-Profit, Commercial or Special Groups (Affiliations) • Cost Recovery/Subsidy • Profit or Enterprise

  12. Wrap-Up/Questions

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