Agents and Representatives in Budgeting Process Research Proposal

Agents and Representatives in Budgeting Process - Research Proposal Example The role of agents in budgeting is of great significance and, hence, should not be overlooked. During the preparations of the annual budgets and reports from all the state organs, profit, and non-profit enterprises, all the stakeholders are represented via agents. The representing agents should be individuals with deep understanding of finance and knowledgeable in accounting. It is the participation of all the agents representing the relevant institutions in the budgetary process that is commonly referred to as departmental agency budgeting (Goodman and Clynch, 2004). This process entails four major stages, namely: i. Comprehensive Fiscal Policy Formulation Under this umbrella, the overarching institutional objectives are formulated and determined. It is these policies that regulates the decision making process regarding aggregate expenditure and revenue of the firm. ii. Preparation and Enactment of the Budget It is in this stage that the government decides on proportions of financia l allocation to be advanced to each agent, and also the government outlines the purpose for which the funds are allocated to a given agent. The guiding principles relating to these are set out clearly by the legislations enacted by the state. iii. Budgetary Execution This is the actual stage in budgeting. It involves carrying out the stipulated expenditure as developed in the budget plan. It is in this stage that contractual agreements are signed between the budgetary committee and the contractors (Goodman and Clynch, 2004). iv. Accounting, Auditing, and Reporting This being the final stage in budgeting, it is the post-ante process of preparing the accounting records regarding revenues and expenditures executed by the organization within a given fiscal period. These records must have been audited by both internal and hired external experts/auditors to ensure that they meet the international accounting and auditing standards. The final reports (audited reports) are then presented to the financers, government agencies, ministers, the public and the parliament. Objectives of Budgeting The following are the key objectives of budgeting: Sound Macro-Fiscal Result: This forms the backbone to aggregate fiscal policy objective in budgeting. To ensure fiscal sustainability, sound fiscal policies must be put in place to regulate financial operations and to ensure that organization short-term debts are paid when they fall due. This policy also acts as macro-stabilizer to the economy by regulating taxation policies during boom and recession. Appropriate Expenditure Prioritization: This policy advocates for effective allocation of resources to those projects that are deemed socially profitable. The corollary under this objective is to avoid misallocation of resources especially to least priority sectors of the economy, but instead to maximize on the social gains. Service Efficiency and Effectiveness: This implies that the state services delivery is made more efficient and e ffective in a manner that is socially justifiable and acceptable by all the stakeholders. 1. Budget Overview Taking an example of HIV/AIDS funding program, during the financial allocation process, all the departments involved must have their representative on board.

Resoures needed Essay Example | Topics and Well Written Essays - 750 words

Resoures needed - Essay Example The energy released is usually in heat form. After heat is emitted, the coolant lifts it out of the reactor. Coolant used in most instances is plain water. After the coolant has heated up, it proceeds to the turbine chamber where it drives a shaft. This makes nuclear reactors be exotic heat sources (Hargraves 45). The reactor core The reactor core generates heat and stores all nuclear fuel. It has uranium (low enriched, not less than 5% U-235). The coolant Material passing through the core is called the coolant. It also transfers heat usually from fuel to turbine. A coolant can be the normal water, liquid sodium, or heavy water. The turbine The turbine receives heat from the coolant then generates it to electricity. This takes the same method as it happens in fossil fuel plant. Containment This is the general high-density steel structure-separating reactor from environment. Most are dome shaped and usually reinforced in concrete. Cooling towers These are used in Plants to dump excess ive heat that have not been transformed to energy. They only emit vapor and clean water commonly referred to as hyperbolic icons. Different types of nuclear reactors There exists a variety of nuclear reactors usually of different pursposes, fuel cycles, coolants, and different fuels. Some of them include; Pressurized water reactor This is the most prevalent type of nuclear reactor. It uses the normal regular water as coolant. The cooling water is kept at very high pressures to keep it from boiling. It transfers heat to the secondary coolant loop after passing through heat exchanger. This then keeps turbine in motion. This type of reactor uses oxide fuel pellets compressed in zirconium tubes (Frog 40). This type of reactor has its pros and cons depending on circumstances. On the positive site, it has the void coefficient, which is strong and negative. Reactor easily cools down when water begins to bubble. Secondly, the secondary loop prevents radioactive materials from reaching the t urbines, which eases maintenance. Procedures have been optimized due to accumulated operating experiences. On the other side, coolants under heavy pressure have a high likely hood of escaping in the eventuality a pipe breaks. This reactor is not able to breed new fuel as result of it being susceptible concerning uranium shortage (Weston 56-58). Canada Deuterium-Uranium Reactors (CANDUs) First used in Canada, they usually contain heavy water with extra neutron in hydrogen. This therefore results to Deuterium taking place of pure hydrogen. Since Deuterium has limited capacity in absorbing neutrons compared to hydrogen, CANDUs operate strictly on natural uranium and not enriched. Its advantages are that it needs limited uranium enrichment .For this reason, it can usually be refueled when in operation which keeps capacity factors high. They possess the flexibility nature and uses different types of fuel. Its demerits are based on safety concerns since some variants posse’s positi ve coolant coefficients. Sodium Cooled Reactor Sodium metal, which is liquid in nature, cools down these types of reactors. Since sodium is heavier than hydrogen, it enables neutrons to move at higher speed. These types of reactors use oxide or metal fuels and have the potential to burn everything thrown at them (Uranium, higher actinides, plutonium and thorium). The advantage of these reactors is that they have the capability to breed their own