While a cut down in budgets is inevitable, however, libraries should also try to increase their revenues. This can be achieved by promoting more subscriptions and grants through increasing dependency on technology (Budd 2005). A library might be able to attract grants if it goes digital. The director or management can make a presentation to convince the relevant authorities about how their grant will increase the library's productivity. This will in turn also attract more members as the accessibility to libraries resources will become easier. Subscription to electronic resources may also help in reducing expenditures such as postage. This will make circumstances even easier if the respective library has an institutional affiliation, as the internet costs are generally incurred by the institution.
Merits and Limitations
When the economic situation is not ideal, the library management is left with little choice. However, as allocation of scarce resource involves opportunity cost, the ideal budget cut would be one that incurs minimum opportunity cost. However, since a budget is an estimate of future fiscal environment, it needs to be more pragmatic then ideal
Firstly, the proposed budget should be clear enough so that all the relevant stakeholders can understand what is being represented. Secondly, accuracy of budget is very important. Discrepancies in reported figures and too much variation between budgeted and actual figures may lead to severe financial mismanagement. As budgetary records are used for comparing trends in different periods, consistency in the budget format must be ensured. Lastly, the proposed budget should be comprehensive and detailed enough to cover all necessary fiscal areas. Again, failure to do so may result in misleading the decision makers.
As mentioned earlier, a practical budget should be balanced to justify the yield of resources invested. Although,...
Economies of the UAE Economics of the UAE Current analysis of UAE Economy Historical economic aspects Discussion of basic economic indicators GDP: per capita GDP; growth rate of GDP Inflation rate Budget Trade balance Natural / Human resources & Infrastructure Exchange Rate Behavior and Forecasting Demographics (age distribution) Short-term and long-term prospects/forecasts for UAE Economy Current analysis of UAE Economy: The Persian Gulf states including Abu Dhabi, 'Ajman, Al Fujayrah, Ash Shariqah, Dubayy, Umm al Qaywayn, and Ra's al Qaywan are represented as UAE.
For the period of the late 1960s and early 1970s, West Germany strived to assist the dollar. The United States and many other nations pushed West Germany to reassess so as to make up for the dollar excess. (Germany in the World Economy) At last, after escalating waves of conjectures, the Bretton Woods system had a collapse in August 1971. All through the post-Bretton Woods period, the deutsche mark stayed
This "crippled operations" not only in local businesses but in companies located in the most affected regions that supplied materials for manufacturing. In other words, Japan suffered from a shutdown of many companies that provided certain parts for cars and electronics. For example, the area that was slammed by the tsunami was a "supplier hub" where companies like Hitachi produced special parts -- including a "…$2 sensor that is
In other words, these companies expand their business, reach a peak in their business activity, and then go through a period of recession, followed by a period of business expansion, and so on. It is important that companies understand that the economic sector they represent follows the same business cycle. Therefore, it is difficult for companies to expand their business during periods of recession in the economic sector they represent.
Accounting Budgeting The traditional role of budgeting combines the need for planning and the development of a framework which can be used for control. This is achieved through the gathering of figures for the expected or desired revenue generation and the expected or desired outgoings associated with the generation of that revenue (de Waal et al., 2011). Two major forms of budget exist for commercial organizations; capital budgeting and operating budgets, the
The article concedes, however, that declining business confidence is an absolute danger that must be dealt with and the government not being an active partner with businesses and in favor of the recovery will just make things worse (Pollin, 2010). A similar point is made in a different article that states that the role of fiscal policy in pushing an economy towards recovery cannot be over-estimated or over-analyzed because of
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now