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Corporation of the County of Elgin BUDGET COMMITTEE AGENDA For Tuesday, July 12, 2022 11:00 A.M. Masonic Center of Elgin, 42703 Fruit Ridge Line, St. Thomas ON 1stMeeting Called to Order2ndApproval

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What is budget and finances?

A budget is a financial plan that outlines expected income and expenses over a specific period, guiding financial decision-making. Finances refer to the management of money, including investments, savings, and expenditures.

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Typically, individuals, businesses, and organizations that earn income or incur expenses are required to file budget and finances. This includes government entities and non-profits, depending on jurisdiction.

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To fill out budget and finances, gather all necessary financial documents, list all sources of income, categorize expenses, allocate funds accordingly, and complete the required forms as per the guidelines provided by the relevant authorities.

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The purpose of budget and finances is to manage resources effectively, ensure financial responsibility, support planning and goal setting, and provide a framework for tracking financial performance.

What information must be reported on budget and finances?

Information that must be reported includes total income, detailed expenses by category, savings, investments, and any outstanding debts or liabilities.

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