Revenue Generation in Local Government Councils in Nigeria

This memo is to serve as description of how the economy can impact projections related to revenues and expenditures in regards to the city budget. Several examples will be provided including explanations on why these items can have a tumultuous effect on the city budget. These examples include the effect property taxes and income taxes had on our fiscal stability as well as how even with proper accounting and financial reporting, the budget still fell victim to the economy.

Review provincial ministries and properties to ensure best services are provided and where possible consolidate ministries into one building to reduce wasteful spending on properties etc. and combine Municipal and Provincial buildings and properties to eliminate duplicated or excessive spending by both.

The main ingredient for a local government bankruptcy to happen is structural weaknesses in the systems and policies of the local government unit (LGU) coupled with political facilitators within the LGU. These weaknesses may refer to rules that are not being followed when issuing licenses or permits, say on building permit or excavation permit in order to favor a friend or a political ally. Poor financial management is another trigger for LGU bankruptcy when an elected official pressures the certain officers and staff in the unit in releasing funds to his/her ambitious project because election time is nearing. This can only be done with the cooperation or collusion of people within the bureaucracy because in return they may also get some paybacks from the elected official. The check-and-balance systems should be in place to prevent getting into the "red". There should be transparency. Periodic audits should be done by an independent party.

Introduction: In this report I will be speaking about how managing the resources of an organisation and effective budgetary control can lead to improved performance of a business.

Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and

1b. In the space below, explain the purpose of controlling budgets in relation to both income and expenditure. Make reference to the advantages of doing this and the consequences of not doing this when you give your answer. Provide some examples to support your answer. [3.1]

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

2003). The individuals who run for these state and local offices heavily rely on their political parties, volunteers, and money (Singh, R. 2003). Each state has its own levels of government and elected officials. These range from state governors and representatives to local city council members, local and county law enforcement officials such as sheriffs (Singh, R. 2003). Most state and local officials handle serious issues such as setting laws for crimes, school policies, as well as the responsibility of protecting the people (Singh, R. 2003). As opposed to larger government, local government is more likely to make effort to handle situations that may arise (Ellis, E.

Historically, property taxes have been the primary source of the local government’s income. In fact, approximately 70% of the local governments’ revenue stems from property taxes (Lee, Johnson, and Joyce,

In Today’s society, Public Administrators have faced many challenges and also many obstacles in order to manage, create and also to bring forth many opportunities that will better shape the present day and also that will better shape the future. It is the Public Administrators duty to ensure that the Government plans and also goals are running smoothly. However; it is also the Public Administrators duty to assist the public service to make sure that the goals are running smoothly and appropriately as planned. Not only that, but it is also the Public Administrators and Public Officials duty to take into consideration of the concerns the citizens might have and create plans and goals that will be in the best interest of the citizens. If challenges arise, it is the Public Administrators duty to come up with possible solutions

However, budget management is a tool which forces the management to look ahead, to set out detailed plans for achieving the target for each department and operations. Therefore, the following techniques should be used to manage the budget that is set good budget in the first place, Monitor expenditure and identify patterns, assess the financial consequences of trends and new actions, identify reduction strategies and keep the foot on the brake to monitor over spending (MW Dirsmith, 2008).

Having knowledge about the advantages and the disadvantages, and also the revenues it possibly generate, we recommend that:

Corruption can be defined as the use of entrusted power to accumulate public wealthy for personal benefit. Corruption is not peculiar to any country, continent or state; it is sure a global issue which is an endemic to all government all over the world. However, corruption is prevalent in the Niger delta region of Nigeria; public officers in this oil producing state of Nigeria are corrupt. Consequently, it has defied the Niger delta from developing politically and economically which has left the states reputation in a mess. Radicalization of youths, abject poverty and -political instability are the three leading effects of corruption in the Niger delta region of Nigeria.

Budgetary control is part of overall organisation control and is concerned primarily with the control of performance. The use of budgetary control in performance management has of late taken on greater importance especially as a more integrative control mechanism for the organisation. Discuss.

This project seeks to bring out the budgeting and budgetary control practices of UT financial institution, Koforidua, and how they can make sure their budgeting practices are done in such a way as to incur minimal or less cost for the organization