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CITY COUNCIL COMMUNICATION AGENDA ITEM 8B SUBJECT:ADOPTION OF 2018 BUDGET 1. RESOLUTION NO. 63, SERIES 2017 A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR

How to fill out summarizing expenditures and revenues

How to fill out summarizing expenditures and revenues

1. To fill out summarizing expenditures and revenues, follow these steps:
2. Start by listing all the expenditures incurred during a specific period, such as a month or a year.
3. Categorize the expenditures into different types, such as operating expenses, capital expenditures, and overhead costs.
4. Calculate the total amount spent under each category and record it.
5. Next, list all the revenues generated during the same period.
6. Categorize the revenues into different sources, such as product sales, service fees, or investments.
7. Calculate the total revenue earned from each source and record it.
8. Finally, subtract the total expenditures from the total revenues to determine the net profit or loss for the given period.
9. Present the summarized expenditures and revenues in a clear and organized format, such as a spreadsheet or financial statement.
10. Review and analyze the data to gain insights into the financial performance of the business.
11. Use the information to make informed decisions, identify areas of improvement, and plan for future financial goals.

Who needs summarizing expenditures and revenues?

1. Summarizing expenditures and revenues is crucial for various individuals and entities, including:
2. - Business owners: They need to understand the financial health of their business, monitor expenses, and assess profitability.
3. - Accountants: They use the summarized data to prepare financial statements, calculate tax obligations, and provide advisory services.
4. - Investors: They rely on summarized financial information to evaluate the performance and profitability of a company before making investment decisions.
5. - Financial analysts: They analyze summarized expenditures and revenues to assess the viability and sustainability of a business.
6. - Regulatory authorities: They require businesses to submit summarized financial statements for compliance and oversight purposes.
7. - Financial institutions: They assess the financial stability of borrowers by reviewing summarized financial data.
8. - Government agencies: They use summarized financial information to monitor economic trends, plan budgets, and formulate policies.
9. - Non-profit organizations: They summarize expenditures and revenues to ensure financial transparency and accountability.

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What is summarizing expenditures and revenues?

Summarizing expenditures and revenues is the process of compiling and consolidating all financial transactions related to expenses and income.

Who is required to file summarizing expenditures and revenues?

All businesses and organizations are required to file summarizing expenditures and revenues.

How to fill out summarizing expenditures and revenues?

Summarizing expenditures and revenues can be filled out by recording all financial transactions in a designated format or software.

What is the purpose of summarizing expenditures and revenues?

The purpose of summarizing expenditures and revenues is to track and analyze the financial performance of a business or organization.

What information must be reported on summarizing expenditures and revenues?

The information reported on summarizing expenditures and revenues includes details of all expenses incurred and income generated during a specific period.