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VOL. 4 NO. 26Inside:SOMERVILLE, MASS. WEDNESDAY, JUNE 29, 2016TWENTYFIVE CENTSBudget for coming year finalized By Amy SwainGiving up our unwanted arms page 3This week the Board of Aldermen officially
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Start by listing all sources of income for the upcoming year.
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Government agencies that require budgeting for public projects and programs.
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The budget for the coming year is a financial plan that outlines the expected revenues and expenditures for that year, serving as a guideline for financial management and resource allocation.
Typically, government entities, non-profit organizations, and businesses are required to file a budget for the coming year to ensure financial accountability and compliance with regulations.
To fill out a budget for the coming year, identify all sources of income, estimate anticipated expenses, categorize the budget items (fixed, variable, discretionary), and ensure that the total income equals total expenses.
The purpose of the budget for the coming year is to provide a financial plan that helps organizations allocate resources effectively, manage cash flow, and make informed financial decisions.
Information that must be reported on the budget for the coming year includes projected revenues, anticipated expenses, funding sources, and any financial assumptions or variances from previous budgets.
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