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MEETING DATE: 09/13/2016 ITEM: 5 AGENDA ITEM SUMMARY Subject: Midland GIS Water System Background Summary: During the FY17 budget process we allocated funding to address the geographical informational

How to fill out operating ampamp non-operating budgets

How to fill out operating ampamp non-operating budgets

1. To fill out operating and non-operating budgets, follow these steps:
2. Start by identifying all the revenue sources for your organization. This may include sales, service fees, rental income, etc.
3. Determine the budget period for which you are creating the budgets. It could be monthly, quarterly, or annually.
4. Calculate all the fixed costs or expenses that your organization incurs regularly, such as rent, utilities, salaries, etc.
5. Estimate the variable costs or expenses that vary with the level of activity, such as raw materials, marketing expenses, etc.
6. Take into account any one-time expenses or investments that your organization plans to make during the budget period.
7. Analyze historical financial data and industry trends to forecast revenue and expenses accurately.
8. Break down the budgets into different departments or cost centers if applicable.
9. Consider any inflation or cost escalation factors while projecting future expenses.
10. Review and validate the budgets with key stakeholders, such as department heads, finance team, etc.
11. Document the budgets in a clear and organized manner, ensuring all assumptions and calculations are transparent.
12. Monitor and track actual expenses against the budgets regularly to identify any variances and take necessary corrective actions.
13. Review and update the budgets periodically to accommodate any changes in the business environment or organization's goals.

Who needs operating ampamp non-operating budgets?

1. Operating and non-operating budgets are essential for:
2. - Business organizations of all sizes and industries
3. - Non-profit organizations
4. - Government agencies
5. - Educational institutions
6. - Individuals managing personal finances
7. These budgets help in planning and controlling the financial aspects of an organization or individual's activities. They provide a roadmap for allocating resources, managing cash flow, making informed decisions, and evaluating the financial performance.

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What is operating and non-operating budgets?

Operating budgets detail a company's projected income and expenses for a specific period, focusing on day-to-day operations, while non-operating budgets pertain to revenues and expenses not related to core business activities, such as investment income and costs.

Who is required to file operating and non-operating budgets?

Organizations, including businesses, municipalities, and non-profits, that need to plan and report their financial status are generally required to file operating and non-operating budgets as per regulatory requirements or internal policies.

How to fill out operating and non-operating budgets?

To fill out operating and non-operating budgets, identify all sources of income and expenses, categorize them appropriately, estimate values for each category, and compile the data into a structured budget format that outlines expected financial performance.

What is the purpose of operating and non-operating budgets?

The purpose of operating budgets is to provide a plan for efficient resource allocation to achieve operational goals, while non-operating budgets help in managing and forecasting income and expenditures from non-core activities, aiding in overall financial planning.

What information must be reported on operating and non-operating budgets?

Operating budgets must report projected revenues, operating expenses, and profit or loss, while non-operating budgets should include items like investment income, interest expenses, and other miscellaneous income or expenses.