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All agency action can be classified in three categories: quasi-adjudication: order making, judicial quasi-legislation: rulemaking executive
Posted On: Oct. 31, 2017
Author: Shipra

Fiscal Management As a business manager of a sports program, what aspects of fiscal management would involve you and the management of that sports program? Be sure to define the level in the program you choose for context. Fiscal management is defined as a process of keeping an organization running within its allotted budget. The word fiscal is invariably used and interchanged with the word financial. Fiscal management refers to the act of money management within a government entity. The objective of any department is to improve the way it operates by properly planning, recording and performing procedures that relate to the budget. This exercise involved use of a variety of tools such as budget spreadsheets, accounting software and other guiding procedures as specified by the government or department itself. Poor fiscal management is indicated by a lack of record-keeping and unnecessary or unplanned expenditures that can cause a department to go over budget or fail to meet its objectives. Normally fiscal planning is done on a yearly basis, which usually coincides with the fiscal year under which the department operates. A fiscal is a 12 month period which may not always be the same as a calendar year. The types of expenditures accounted for in fiscal budget may differ, depending on the organization. For a sports program, a fiscal management would consist of buying and maintaining the facilities provided for its clients. It would also consist of educating and employing the right trainers for the sports program. Budget expenditures at an emergency services department might be used for buying and upkeep of equipment for maintaining the same, uniforms for the sports person, and specialized training for the service professionals. A well-designed management plan can supply a guide upon which department members base financial decisions. Detailed budgets can help prevent financial emergencies by planning recurring expenditures that an organization regularly faces, but which might come as a surprise to managers operating without proper planning. For instance, if a department has already budgeted for the cost of cleaning uniforms, the cleaning cost will not come as a surprise that costs an organization more than its budget can afford. Budgeting for this type of cost can also give a fiscal manager sufficient time to find out solutions that are less expensive for costs placed within the budget. It definitely helps in saving money on avoidable last-minute emergency expenditures that might cost more than they would if they were properly planned in advance. . Generally, a good fiscal management involves recording all fiscal transactions in a checks-and-balances system that reduces mistakes or omissions that might lead to surprise budget overages. After financial transactions are recorded, they must also be reconciled on a regular basis, usually monthly, to help a fiscal manager identify any discrepancies between the financial records and the available remaining budget. Without proper and regular reconciliation, a small error in recording financial transactions can become a large deficit over time that may create serious budget shortfalls. The level of program chosen for fiscal management in this discussion is at top level, which helps in guiding the people at lower level to budget accordingly and carry out expenditures. Reference Gentile D. (2011) Teaching Sport Management: A Practical Guide Jones & Bartlett Publisher