View
215
Download
0
Category
Preview:
Citation preview
8/17/2019 ICP 813-Report Structure
1/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
STRATEGIC BUDGETTING: A CASE STUDY of A CONSTRUCTION CONSTRACTOR
COMPANY
UNIVERSITI TEKNOLOGI MARA UITM
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
Prepre! for:
Dr. Intan Rohani Endutintan@salam.itm.!".m#
Prepre! "#:
Abdullah Muslim Bin Ahmad A Rasyid Bin Gani
Marliyana Binti Muhaiyuddin Nor Aina Izati Binti Ayob
D$e S%"'$$e! April 2016
8/17/2019 ICP 813-Report Structure
2/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
TABLE OF CONTENTS
1.0 INTRODUCTION
1.1 Background………………………………………………………………………………….1.2 Overview of Construction Industry in Malaysia………………………………………………
1.3 Objective of tudy…………………………………………………………………………..
2.0 LITERATURE REVIEW
2.1 Introduction2.2 Overview of Budgeting …………………………………………………………………………
2.2.1 Budgeting !rinci"le ……………………………………………………………………2.2.2 Budgeting #ools $ #ec%ni&ue…………………………………………………………
2.3 'actors (eading to 'inancial !erfor)ance
………………………………………………………2.3.1 *efinition 'inancial !roble)s………………………………………………………….
2.3.2 'actors of 'inancial !roble)s…………………………………………………………
2.+ Major 'inancial *ecision………………………………………………………………..………2.+.1 #y"e of 'inancial *ecision...………………………………………………………….
2.+.2 'inancial olution………………………………………………………………………
3.0 CASE STUDY: GSSB
3.1 Introduction
3.2 Co)"any Background…………………………………………….……………………………3.2.1 Overview of ,B…………………………………………………………………….
3.2.2 Core Business of ,B………………………………………………………………
3.3 -ow to develo" budget for ,B……………………………………………………………….3.1.1 Current 'inancial !roble)……………………………………………………………..
3.1.2 'inancial olution #owards 'inancial !roble) …………...……………………………
3.1.3 Budgeting !ro"osal for ,B………………………………………………………….
4.0 CONCLUSIONS AND RECOMMENDATION
+.1 Introduction+.2 Co)"any Background…………………………………………….……………………………
4.0 REFERENCES…………..……………………………………………………………….
8/17/2019 ICP 813-Report Structure
3/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
1.0 INTRODUCTION
1.1 BACKGROUND
owadays/ it can be said t%at )ost of co)"anies are striving in a c%allenge environ)ents/ w%ic%
often are illustrated by uncertainties and ra"id c%anges suc% elasticity of a financial conditions
es"ecially in t%e construction sectors and industries. 0nd still/ budget %as been t%e )ost effective
o"eration tool )ost co)"anies use to govern t%eir activities for ac%ieving sustainable and stable
financial structure.
Budgeting is t%e %eart of )anage)ent tool for an organiation to "lan/ )onitor and control t%e
finance of t%e organiation or "roject. Budgeting is a "ur"ose to esti)ates t%e inco)e and
e"enditures for a set of "eriod for t%e "roject or organiation. In order to )ake a successful budget/ everyone w%o works for an organiation or "roject s%ould work toget%er to for)ulate t%e
budget. #%is budget are need to be based on t%e objectives/ action "lans and )ust be refers to t%e
resources. 0ll t%is are very i)"ortant to develo" a clear actionable budgeting and can %el"
organiation to identify every e"enses %ave been o)itted and draws on t%e financial state)ents.
8/17/2019 ICP 813-Report Structure
4/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
1.2 OBJECTIVE OF STUDY
#%is "a"er intends to en%ance our understanding of budgeting and financial )anage)ent and its
relation towards construction related co)"any in Malaysia. #%e "a"er will discuss on t%e
&uestions of w%at and %ow a selected contractor co)"any facing/ dealing/ res"ond to financial
"roble)s and strategiing budgeting. 0t t%e end/ t%e writers will structures and develo" a better
budgeting fra)ework for t%e selected construction co)"any so it can beco)e a reference for
readers and ot%er budgeting studies. #%e following are t%e overall objective of t%is "a"er
i. #o identify and understand t%e conce"t of budgeting "rinci"le/ tools and tec%ni&ues
used for budgeting a "roject and co)"any
ii. #o identify factors leading to financial "roble) and financial decisions taken for a
construction co)"any
iii. #o develo" budget for t%e selected construction co)"any
1.3 OVERVIEW OF FINANCIAL PROBLEMS AMONG MALAYSIAN
CONTRACTORS
#%is "a"er intends to en%ance our understanding of budgeting and financial )anage)ent and its
relation towards
8/17/2019 ICP 813-Report Structure
5/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
2.0 LITERARTURE REVIEW
2.1 INTRODUCTION
2.2.1 BUDGETING PRINCIPLES
Based on researc% and references/ different organiations %ave different "rinci"les. #%ese
"rinci"les are created and used si)ultaneously. #%erefore/ t%ere are a few co))on budgeting
"rinci"les t%at can be a""lied to ac%ieve t%e co)"any4s objective.
- ustainability
Budget "lans "ur"ose is to ac%ieve co)"any4s goal. It )ust carries t%e value of
sustainability t%at is t%e ability to be )aintained at a certain rate or level 5Oford
0dvanced (earners *ictionary/ 26178. #%is )eans t%at budget to be created )ust %ave t%e
ability to be u"%eld or fit t%e "ur"ose. uttenfield 5261+8 recognied t%e actions t%at
s%ould be taken to ensure sustainability of budget "lan t%roug% focusing on custo)ary
financial ratios and "erfor)ance )etric/ observed organiations4 co)"etitive "osition and
)ake consideration of o""ortunity costs/ in addition to e"licit costs. O9C* 5261+8
)entioned t%at longer:ter) sustainability and ot%er fiscal risks s%ould be identified/
assessed and )anaged "rudently. Ot%er ways to ensure sustainability is to evaluate
"erfor)ance and )ake adjust)ents "rogra) and financial "erfor)ance s%ould becontinually evaluated/ and adjust)ents )ade/ to encourage "rogress toward ac%ieving
goals 5,overn)ent 'inance Officers 0ssociations/ 1;;;8
- 0lign)ent
uttenfield 5261+8 stated t%at a budget )ust be aligned wit% t%e vision/ )ission/ values
and strategic goals. O9C* 5261+8 su""orted t%is. -e stated t%at budgets s%ould be closely
aligned wit% t%e )ediu):ter) strategic "riorities of govern)ents4. #%ese s%owed t%at
budget )ust be aligned wit% t%e organiations4 goals and targets. #%e ,overn)ent
'inance Officers 0ssociation 51;;;8 in 0)erica also stated t%at t%ere )ust be broad goals
t%at "rovide direction and serve as a basis for decision )aking. #%erefore t%ey s%ould
also be aligned wit% goals t%at serve as a guideline w%en )aking a decision in "re"aring
budget
8/17/2019 ICP 813-Report Structure
6/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
- Clarity
8/17/2019 ICP 813-Report Structure
7/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
"erfor)ances w%et%er it increase or decrease wit% only one fied budget and t%ey can
analye t%e "erfor)ance based on ot%er justification.
- C&%#&''$%! Bu($%"(( C&(#(
0 static budget does not adjust its volu)e during t%e year regardless of sales figures or
co)"any "erfor)ance. #%e original budget will re)ain t%e sa)e even if your sales break
sales records. It will %el" your business control its costs and "rovides a level of certainty
for your finances. #%is allows you to )ai)ie your savings and ensure your co)"any is
s"ending every )oney as wisely as "ossible.
DISADVANTAGES
-N& I%#""(# & &" /u!"##$%! 5(#""% B((620127
@it% t%e certainty of budget to be used every year/ t%e co)"anies tend to re"eat t%e sa)e
"attern of allocation and it will lead to no budget "lanning at all. #%e co)"any will feel
co)fortable and secure wit% t%e budget "attern for every year and t%ey will find t%at
budgeting is not really i)"ortant.
- L*8 & F'"9$/$'$#
it is not fleible and so it cannot be c%anged to take advantage of c%anges in revenue or
e"enses as t%e year "roceeds. @it% a static budget/ co)"anies cannot )anage t%e i)"act
of c%anges 5(isa Magloff /*e)and Media8
2.2.2.2 INCREMENTAL BUDGETING.
- Most co))on )et%od and based on %istorical infor)ation wit% t%e )arginal
adjust)ents. 5I0/Aanuary 26168
C-ARACTERISTICS
- Co)bines t%e costs identified fro) t%e "revious accounting "eriod wit% t%e "ercentage
additions. 5Brown/ B. 5266;8 uccessful 'inance urrey Cri)son8- Budgeting syste) t%at take t%e current year as a starting "oint for "re"aring net year
budgeting5ntut%elo/2668
- #%is )eans t%at eisting o"erations and t%e current budgeted allowance for eisting
activities are taken as t%e starting "oint for "re"aring t%e net annual budget. It is
relatively straig%tforward. It is called incre)ental budgeting since t%e "rocess is )ainly
8/17/2019 ICP 813-Report Structure
8/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
concerned wit% t%e incre)ent in o"erations or e"enditure t%at will be incurred during
t%e net budget "eriod.- ?sed widely in "ublic and also "rivate sector
ADVANTAGES
- E($' u%"(#&&
#%e conce"ts of Incre)ental are very straig%tforward and understandable/ based on
"revious data and )ake )arginal c%anges t%roug% so)e discussion and negotiation
between t%e )anagerial and establis% it as t%e budget for t%e net "articular year.
- S#/'" % S"*u"5CMI 6201;7
@it% t%e knowledge fro) t%e %istorical data and "rediction of t%e condition of business
for t%e net year/ t%is ty"e of budgeting is )ore stable and secure. More or less t%e
co)"anies will not stray too far fro) t%e "redicted )argin because it was "lanned based
on convincing data 5"revious data8.
- I"$#" $*# & *+%!"
#%e result of t%e budgeting can be seen fast. @%et%er t%e budget is successful or not can
be seen for net year/ in only one year ti)e/ so t%e co)"any will %ave very i))ediate
"lans and an action to i)"rove and develo" t%eir co)"any in s%ort duration.
DISADVANTAGES
- B*8
8/17/2019 ICP 813-Report Structure
9/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
2.2.2.3 @ERO BASE BUDGETING
- In ero based budgets/ "ast figures are not used as t%e starting "oint. #%e budgeting
"rocess starts fro) =scratc%> wit% t%e "ro"osed activities for t%e year.-
C-ARACTERISTICS
- Because it is start fro) t%e scratc% t%e result is a )ore detailed and accurate budget/ but it
takes )ore ti)e and energy to "re"are a budget in t%is way.
-#%is tec%ni&ue is essential for new organiations and "rojects/ but it is also "robably t%e
best route to go in a dyna)ic organiation t%at is "roactive in taking on new c%allenges.
0 budgeting "rocess t%at allocates funding based on "rogra) efficiency and necessity
rat%er t%an budget %istory 5*eloitte/26178
ADVANTAGES
R"(u'#$%! /u!"# $(
8/17/2019 ICP 813-Report Structure
10/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
DISADVANTAGES
- C&(#'6 *&'"96 % #$" *&%(u$%! 5D"'&$##"6201;7
Because t%is ty"e of budget is rebuilt fro) scratc% annually so all t%e data s%ould gat%er
fro) t%e start and all t%e "rocess s%ould be fres% start. It also re&uires s"ecialied training
or "ersonnel to acco)"lis%/ and re&uires )ore resources in general so it will c%allenged
by budget cycle ti)ing constraints take ti)e and cost to "re"are all t%e re&uired data.
2.2.2.4 PERFOMANCE BASED BUDGETTING
!erfor)ance:Based Budgeting 5!BB8 is an effort to turn funding into results/ by outlining
a general c%ain of cause:and:effect.5!!M Conference/26128
Connect "erfor)ance infor)ation wit% t%e allocation and )anage)ent of resources. It is
'ocusing )ore on result rat%er t%an )oney s"ent. It "resents t%e )ajor "ur"ose for w%ic%
funds are allocated and sets )easurable objectives.
Mostly used in "ublic sector.
ADVANTAGES- I&" "9"%$#u" $&$#$#$&% 5R&/$%(&% ) Du%*% 62007
#%e co)"any )anage)ent can decide w%ic% "roject or events t%at need to be "rioritie
based on t%e "erfor)ance or benefit t%at need to be ac%ieved.
- E%*&u!" #& ("% &" "$*$"%#' % ""*#$"' 5R&/$%(&% ) Du%*% 62007
#%e )anage)ent can know and decide w%ic% area t%at t%ey need to s"end )ore
efficiently so t%at it can be wort% wit% t%e "erfor)ance t%at t%ey e"ected to ac%ieve.
- S""( ( (##"!$* '%%$%! #&& 5N$%620037
It can i)"rove t%e clarity/ and consistency of "roject designs/ facilitating a co))on
understanding and better co))unication between different de"art)ents and staff in
general of t%e desired results of "rojects
DISADVANTAGES
8/17/2019 ICP 813-Report Structure
11/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
#%e )anage)ent )ay %ave different ideas regarding w%at is i)"ortant about t%e
co)"anyDs work 5C(/261E8. Because of t%e "erfor)ance e"ected result is too
subjective/ t%e )anage)ent )ig%t %ave differences ideas and o"inion in "rioritie t%eir
budgeting.
8/17/2019 ICP 813-Report Structure
12/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
3.0 CASE STUDY: GREAT SUBSTANCE SDN B-B 5GSSB7
3.1 COMPANY BACKGROUND
3.1.1.OVERVIEW OF GSSB
GREAT SUBSTANCE SDN B-D 5GSSB7 co)"any no 76667:F was incor"orated in 2666
as a builder in construction industry. It %as been active o"eration since its ince"tion wit% t%e
effort of a tea) of well:e"erienced "ersonnel. 'ro) its for)ation in Marc% 2666/ ,B %as
co)"leted and its "resently carrying out "rojects )ainly for "rivate sector. #%ese include Civil/
Building and Infra:structural engineering "rojects/
COMPANY INFORMATION
REGISTERED NAME ,90# ?B#0C9 * B-*
5COM!0G O 76667:F8DATE OF
INCORPARATION
13#- M0C- 2666
AUT-ORI@ED CAPITAL M 1/666/666.66
PAID UP CAPITAL: M H76/666.66
BOARD OF DIRECTORS M C-?0- 0- 9,
M -9@ @9 C-O,
ADDRESS: C#:6+:21/ CO!O0#9 #O@9/
?B0, ?09/ A0(0 17J+,
+H766/ ?B0, A0G0/ 9(0,O *0?( 9-0
#9( 63:7E3H612E
'0F 63:7E3H612;
COMPANY>S LOGO
@e decided to select t%is co)"any because we %ave enoug% infor)ation regarding t%is co)"any
and also its financial infor)ation. @e also felt t%at t%is co)"any is suitable as it is a construction
co)"any wit% )any years e"erience and also )atc%ed wit% t%e re&uire)ent of t%is task.
8/17/2019 ICP 813-Report Structure
13/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
3.1.2 C&" /u($%"(( & GSSB
,B %as built u" a tea) of co)"etence "ersonnel and associate co)"anies to undertake t%e
following activities.
18 Civil engineering @orks/ Building @orks/ 0rc%itectural @orks and Construction works
28 'ull range of Mec%anical and electrical ervices inclusive of - 0ir Conditioning $
8/17/2019 ICP 813-Report Structure
14/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
(ower debt ratio is )ore favorable t%an a %ig%er ratio. 0 lower debt ratio s%ows a )ore stable
business because a co)"any wit% lower ratio %as lower total debt. 9very industry %as different
benc%)arks for debt/ but overall 6.7 is acce"table ratio. atio of 6.7 is less risky. atio of 1
s%ow t%at total liabilities e&uals to total assets. ,B debt ratio is slig%tly above 6.7 but still
under 1.6. #%is "roves t%at ,B can )anage t%eir debt wit%out drastic financial c%anges.
0 lower debt e&uity ratio s%ows a )ore financially stable business. Co)"anies wit% a %ig%er debt
e&uity ratio are considered )ore risky to creditors and investors. ,B %as a very %ig% debt
e&uity ratio due to its nature of business t%at are ca"ital intensive t%an ot%er sectors. Co)"anies
in construction industry easily attract e&uity invest)ents t%an using stake%olders funding.
Overall/ t%e co)"any4s financial situation s%ows t%at t%e co)"any is well establis%ed and stable
financially even t%oug% t%ey are involved in risky financial conditions.
3.2.2 GSSB P$%*$'"( 6T&&'( % T"*+%$,u" $% ""'&$%! /u!"#
Budgeting !rinci"les
'ro) t%e annual re"ort of ,B/ s%ows t%at t%is co)"any %as all "rinci"les w%ic% are t%e
financial state)ent are in line wit% t%e )ission of t%e co)"any. 0s stated by uttenfield 5261+8/
t%e budget "lan )ust be aligned wit% t%e vision/ )ission/ values and strategic goals. #%eir annual
re"orts are "re"ared in in detailed and very clear to understand. #%eir annual re"ort also s%owed
sustainability. #%eir budget "lan %ad created t%e ability to be u"%eld or fit t%e "ur"ose. O9C*
5261+8 )entioned t%at longer:ter) sustainability and ot%er fiscal risks s%ould be identified/
assessed and )anaged "rudently. #%eir budget also s%ows clarity. Based on uttenfield 5261+8/
clarity can be ac%ieved by co))unicating about financial "olicy and budget decisions in easily
understood and re)e)bered ter)s.
#ools and #ec%ni&ue in develo"ing budget
,B %ad used t%e incre)ental a""roac%. #%e incre)ental cost of ca"ital refers to t%e average
cost a co)"any incurs to issue one additional unit of debt or e&uity. 'ro) t%e reading of "revious
annual re"ort s%ows t%at ,B are )ostly involved in t%e sa)e ty"e of activities and "rojects in
t%e construction industry. #%erefore t%eir "attern of e"enses every year is si)ilar. #%ey adjust
t%e a)ount t%ey s"ent based on t%eir "revious activities and "rojects.
3.2.3 FINANCIAL PROBLEMS FACED BY GSSB
8/17/2019 ICP 813-Report Structure
15/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
3.2.4 MAJOR FINANCIAL DECISION BY GSSB
8/17/2019 ICP 813-Report Structure
16/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
3.2.; BUDGETING PROPOSAL
8/17/2019 ICP 813-Report Structure
17/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
4.0 CONCLUSION ) RECOMMENDATION
4.1 SUMMARY OF PAPER
#%e "ur"ose of t%e study was to identify t%e syste) of budgeting and budgetary control "ractice
ado"ted in 9rnest C%e)ist and analye %ow effective it is for t%e co)"any. In addressing t%e
"ur"ose of t%e study/ t%e )ajor to"ics on w%ic% t%e literature was reviewed includeK nature of
budget/ et%ical issues and budgeting functions of budget/ "ersons involved in budgeting/
a""roac%es to budgeting/ ty"es of budgets and budgetary control. #%e instru)ent used in
collecting t%e data for t%e study was a self:designed &uestionnaire. #%e researc% reveals t%at/ a
budget co))ittee under t%e control of t%e budget director )ostly does t%e "re"aration of
budgets. It is "re"ared )ostly every year and it is "resented to t%e board of directors for
a""roval. 0s a result of t%e fre&uent control )easures in "lace/ t%e co)"any is able to avoidc%allenges like inflation and waste.
4.1 CONCLUSIONS AND RECOMENDATION
'ro) t%e findings of t%e study/ it was concluded t%at t%e a""ro"riate syste) of budgeting and
budgetary control %as been ado"ted and used to "re"are t%e "%ar)acyLs budgets. 0nd t%is %as
stated clearly t%e various levels t%e budget "re"aration %as to go t%roug%. #%is syste) %as also
"rovided guidelines for )anagers and su"ervisors to ensure t%at t%ey t%ink well a%ead of ti)e to
foster effective utiliation of li)ited resources of t%e organiation. Because budget "re"aration
"lans are )ade a%ead of ti)e/ t%e targets w%ic% )anage)ent of t%e "%ar)acy %o"es to ac%ieve
are )ost often easily recognied. #%e "re"aration of budget %el"s in designing or clarifying t%e
lines of %oriontal or vertical co))unication wit%in t%e organiation. #%e res"ondent also gave
%is general i)"ressions on budgetary control at 9rnest C%e)istK %e said t%e budgetary control
syste) w%ic% is currently in use is )ore a""ro"riate for t%e co)"any since t%e syste) involves
co)"arison of actual levels of "erfor)ance against budgets and re"orts all variances wit% "ro"er
analysis to "rovide a basis for future courses of action. Based on t%is %e t%inks t%e current
budgetary control %as intensively i)"roved as co)"ared to t%e "ast years and %e %o"es t%at it
will be better for t%e years to co)e. On t%e ot%er %and/ t%oug% t%e a""ro"riate syste) is ado"ted
and is in use/ t%ere are still "roble)s wit% its effectiveness. #%ese "roble)s are associated wit%
t%e et%ical issues )entioned earlier/ for ea)"le t%e lack of true integrity in t%e budgets. #%is
stands to back t%e state)ent )ade by Ma%er and *eakin 51;;+8/ w%ic% suggests t%at co)"anies
8/17/2019 ICP 813-Report Structure
18/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
s%ould "rovide incentives for "eo"le to re"ort trut%fully/ )eaning t%e co)"any )ust reward bot%
for %onest esti)ate and good "erfor)ance. #%e true integrity of t%e budgets can be c%ecked for
t%is "ur"ose using t%e co)"anyLs eisting budgetary control syste). But t%e reality is t%at/ )any
co)"anies "ut considerable "ressure on e)"loyees to ac%ieve increasingly difficult targets
wit%out any for) of incentives. #%e findings of t%e study indicate t%at as a result of t%ese
"roble)s/ t%e cas% budgets are so)eti)es overstated. 'ollowing t%e findings fro) t%e researc% I
reco))end t%at t%e to" eecutives s%ould )ake "rovisions to give so)e for) of incentives to
)otivate )anagers and budgeting staff so t%at t%ey can "re"are a good budget for individual
de"art)ent wit% ade&uate infor)ation w%ic% are reliable.
8/17/2019 ICP 813-Report Structure
19/19
ICP 813: BUDGETTING CONTROL & FINANCIAL MANAGEMENT
;.0 REFERENCES
1) ZER !"#E$ !%$&ETT'(& *ero or ZER+,$eloitte -ublications 10) 2ublic 2erformance 3easurement 4 Re-orting (et5or6 )223R( Conference
1
7) 3ethods of !udgeting,Research and library ser8ices (orthen 'reland
"ssembly,9anuary 1
(ational conference of state legislati8es (C#:,1; rom traditional budget -lanning to ?ero@based budgeting
Rele8ant to 2!E 2a-er '' 3anagement "ccounting and >inance)
$r >ong Chun Cheong, #te8e, #chool of !usiness, 3acao 2olytechnic 'nstitute
Chartered management institute C3') 10
A) >leBible !udgets and 8erhead "nalysis 3c&ra5@*ill Ryerson,1)) Dey "d8antages 4 $isad8antages of %sing a #tatic !udget ,:isa 3agloff of
$emand 3edia
) &uide to 2erformance based !udgeting@C&& Collected For6ing 2a-ers 7‐
G Holume $r !. (a8in)
10) O9C*. 5261+8. The -rinci-les of budgetary go8ernance. !aris O9C*
!ublis%ing.
11) uttenfield/ . 5261+8. &uiding 2rinci-les for "nnual !udgets and 3ulti =ear
>inancial 2lanning. Illinois.
12) !ress/ O. ?. 526178. Bford "d8anced :earners $ictionary. etrieved
%tt"JJwww.ofordlearnersdictionaries.co)J
Recommended