My Budget Variance

In 1996 the city of Cleveland began a $750 million Plant Enhancement Program. The program’s goal was to renovate and modernize the city’s four water treatment facilities, which are among the 10 largest in the US, and were built in 1856; over 500 million gallons of water are pumped to Cleveland residents daily. In the following paper I attempt to provide with an overview of the Baldwin

With the increasing ramification of economic changes and complex business functioning, each and every company has to implement budget variance analysis to identify the fluctuation in projected amount. In this report, Peyton Approved Company has been taken into consideration to evaluate the effectiveness of business functioning and plant’s operation in determined approach. It reviews the efficiencies and effectiveness of their plant’s operations. With the help of budget variance, it could be easily determined whether Peyton Approved Company has been performing its business throughout the time. Budget variance is the technique which is used by Peyton Approved Company to identify the fluctuation and variability in the set budget and implemented project. Budget variance is defined as differences between the actual amounts of expense incurred by Peyton Approved Company. It is evaluated that when Peyton Approved Company has positive cash flow in its planned budget. For instance, if amount of expenses incurred by company is less than its planned or estimated budget expenses then company has positive budget variance and vice-versa. This could be defined with the estimation of cost budget variance. The formula for the same has been given as below (Steffan, 2008).

Planning is a function that is employed by every organization in projecting the future outcome of the firm. Successful firms achieve their goals through the use of different types of budgets. These budgets include, production budget, sales budget, labor budget and expenses budget. These budgets also show the targets that should be achieved by the firm within the budgeted time plan.

Horry County Schools uses two separate software programs designed to make the accounting process easier. PeopleSoft is a program that is designed for overall budget accounts and purchase requisitions and is used to coordinate with the district procurement office. Infospan is a computer program that is specifically designed to account for the use of credit card expenditures, which are eventually maintained in the PeopleSoft program as well. Individual teachers are assigned receipt books for various activities such as fundraising and teachers must complete a Purchase Requisition Request Form prior to receiving approval from the school administrator to spend assigned or collected funds (S. Furr, personal communication, October 9, 2005).

If a daily cash budget is required, some additional assumptions about volume and collections are required. More specifically, it should be assumed that the clinic operates 7 days a week, that the patient volume is more or less constant throughout the month, so the daily billings forecast will be 1/(# of days in the month) multiplied by the billings forecast for that month and that the daily billings follow the 20%, 20%, 60% collection breakdown based on monthly billings. Furthermore, it should be presumed that the patient payments occur on the day of billing and “early” payers are assumed to pay 30 days after billing, and “late” payers are

A strong operating and capital budget should align with the strategic goals of Creekside Community Hospital, as well as ensure operational efficiencies and financial longevity. Planning capital purchases continually and for future years will allow Creekside to be competitive, which is a crucial factor in capital budgeting (Gapenski & Reiter, 2016). Vianueva (2011) suggests an inadequate capital budget process leads to a key problem area for hospitals. Cost allocation is a vital component of the capital budget process. Costs must be allocated to the appropriate departments or areas where they are incurred, as well as where revenues are generated. With Creekside Community Hospital exhibiting higher inpatient costs than outpatient costs, the hospital leadership should ensure accuracy so that managers have the information necessary to make sound, financial decisions currently and in the future related to staff support, equipment and supply purchase to name a few.

Breakfast =$3, Gas+ $24, Lunch= $8, Pharmacy expenses = $12, Dinner +$10. Total = $67

Two weeks before surgery I became extremely sick with Influenza. I never get the flu shot because I get the flu every year with or without it. This is the worst it has ever been and I lost fifteen pounds in three days from it being able to eat. I was terrified my surgery would be cancelled because I was sick and rescheduled for months later. Thankfully, I went into the walk in clinic the night before my surgery to get retested for the flu. If I had it still, no surgery in the morning. If I didn't have it, surgery! Thankfully, I was done with the flu and was allowed to have

A variance is “the difference between an actual amount and the budgeted amount; labeled as favorable if it increases operating income and unfavorable if it decreases operating income” (Nobles et al., 2014). Budgeted variances are critical to a business, such as Peyton Approved, due to the issues that are causing them. If a business does not take the time to try and figuring out why the variances have occurred then the problems will never be solved and could potential hurt the success of the company. An unfavorable or favorable variance is an honest outcome deriving from the contrast in the actual results and what was budgeted, so business need to take the time and actually ask why the variance is unfavorable. There could be many different reasons ranging from the

On January 14, 2015 the Local Finance Board (LFB), which is part of the Division of Local Government Services, adopted regulations that require municipalities in the State of New Jersey to complete on an annual basis a User-Friendly Budget document. As a result of this requirement, as of fiscal year 2015, New Jersey municipalities must submit to the Division of Local Government Services a User-Friendly Budget as part of their annual budget package. Due this requirement, as a member of the Department of Local Government Services, I am developing a strategic research plan for determining whether or not the new requirement to create a User-Friendly Budget is having a positive impact on local government. The proposed research project will analyze

The results of my Personal Monthly Budget demonstrated that my income does exceed my monthly expenses. Monthly, it is between 100 and 400 dollars because I am a student and I work part time at my minimum wage job. I am mainly supported by my parents who put me on a strict budget and require me to stick to it. It is not enough to live by because costs of living, food, and utilities are more than $400. If there is anything I want to purchase for leisure, I must pay for it myself and that causes my savings to decrease.

You are correct Trena before anyone can perform a variance analysis that person needs to know what the definition of variance analysis is. It is the direct correlation of standard and actual prices in relation to quantities as you stated in your post. The variance is the change that actually occurred from the beginning to the end and what specifically caused the change.There are three basic types of variance analysis that can be used in this process. Each analysis allows for a different type of process to take place as you stated in your post. In health care variance analysis is not commonly use yet it can be used when trying to determine what the planned work to perform ends up being different than the actual work performed. The analysis

Personal Budget Exercise – Excel Creating a spreadsheet track personal business expenses is an excellent use of Microsoft Excel. For this exercise, you will create a spreadsheet to enter a personal budget and track actual expenses for the year. You may choose to use real data or create a fictitious budget using a monthly income amount of $2,500. Here are suggested budget categories if you are not using a real budget. At a minimum, you must have 9 budget categories: Housing (mortgage or rent) Utilities Car payment Insurance Student Loans Food Misc. Entertainment Gas Savings

The purpose of the budget variance report is to analyze the results for the budget prepared for Peyton approved. I will also be describing what the operating budget and variance analysis are and the difference between using each one.

A budget refers to a financial plan that represents the allocation of the income to various expenditure channels such as expenses, savings, and debt repayment. A personal budget is important because avoiding financial surprises and keeping financial stress down helps avoid a crisis and allows you to focus on your overall goals. You cannot avoid all risks in life but if you plan your finances to live within your means, you can avoid being kicked out of your home, losing your car and other terrible things that a solid budget would help you avoid. Knowing what you can afford is a central life skill. Unfortunately, many do not budget even though they know they should (Wagoner, 2012).