New York State Comptroller Local Government Capital Project
Government agencies involve a part that is devoted to capital projects. In most cases, there are residual effects and practices of budgeting in the future on a budget despite how well it is planned for. The local governments' infrastructure in these projects is a significant investment to the residents since it directly impacts them. The major projects are primarily complex and costly and require work with impact to be performed by the local governments. Having capital projects and investments that are successfully delivered is an excellent way of having quality services provided by the local governments. Long-term costs are reduced due to the overall efficiency of the local governments; hence long-lasting effects are experienced. The success is due to proper planning to avoid negative consequences on communities receiving these services. Therefore, these governments need to invest in significant resources to account for the constructions correctly. Planning for the budget is a primary component in ensuring that the projects cover substantial improvements and developments. This paper provides an overview of a government agency project and includes its effects on its budget. Support of accurate reports about the project should be considered by using the correct requirements and practices. It will involve researching local or state government capital projects, such as building new structures or adding a municipal building. The assignment should also provide the agency responsible for the project and the budget for the project.
The budgets involving capital projects of a local government since they are oriented to the projects are usually taken separately from the annual formal budget seen in the other government funds (Afonso, 2014). The journal entries below include budgeting involving the costs authorized for the capital project to build a municipal office. The journal shows how it was financed, and the project required approximately $2,175,000.
Account
Credit
Debit
Subsidiary Account
H510 Estimated Revenues $2,175,000
H5710 Serial Bonds
$2,000,000
H5031 Interfund Transfer*
$25,000
H3097 State Aid, Capital Projects
$150,000
H960 Appropriations $2,175,000
H1620.21 Engineering Fees
$23,000
H1620.22 Legal Fees
$13,500
H1620.23 Use of Municipal Equipment and Personnel
$34,800
H1620.24 Building Construction
$2,076,200
H1620.25 Interest Expense
$27,500
An overview of the above project by the local government of New York State Comptroller is that a municipal agency oversaw the project with a board responsible for providing control of the budget. The panel's purpose was to use the budget modifications to avoid over the appropriation of the available funds (Afonso, 2014). The other purpose of the board is to the status reports of the budget to ensure compliance with the procedures of the required funding. In addition, compliance with the local policies is another role the board had, for example, in matters like; management of cash, procurement, and...
…Law, federal grants, and New York State.The agency did not include training in their budget; therefore, the recommendations to propose how it should have addressed training in their budget are discussed below. First, the agency needed to help the board involved identify and evaluate potential opportunities (Kelly, 2015). Then allow the board to estimate the operating and implementation costs, count the cash benefits, help the committee assess risks, and help the project's performance through a plan. All these would be viable by use of training. The agency, however, had accurate reporting practices for this municipal project. This was seen in how the report was thorough; the project report guide provided the details of the capital project, giving information on the purpose of the funds and the required accounting records. The report also included the critical monitoring and the reporting activities carried out by the officials of local governments.
In conclusion, it is clear that capital projects require a budget; this budget should have its records in the accounting section. The allocation of the project should be amended when the budgeted amount changes when the project is in progress. The board was chosen for these projects, and the agencies help oversee the budgets' funding. The board uses the budget reports to modify the over-appropriation of the available funds. It gives the budget…
References
Afonso, W. B. (2014). Local government capital spending during and after recessions: a cause for concern?. International Journal of Public Administration, 37(8), 494-505. https://www.tandfonline.com/doi/abs/10.1080/01900692.2013.865646
Kelly, J. M. (2015). Performance budgeting for state and local government. Me sharpe. https://books.google.com/books?hl=en&lr=&id=mrXrstccSrsC&oi=fnd&pg=PR3&dq=a+state+or+local+government+capital+project,++the+operating+budget+for+the+agency.&ots=UQbN9GZWAB&sig=_QF9tzlq2z-q9b9zodLBlzOkOAg
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