Flexible budget research

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Flexible budget research

National Conference of State Legislatures, Traditional Limits Traditional limits refer to revenue, expenditure or appropriation limits. The features and restrictiveness of these limits vary considerably. Such variations make it difficult to categorize state TELs, but generally, they fall into one of the categories described below: Revenue limits tie allowable yearly increases in revenue to personal income or some other type of index such as inflation or population.

The limit provides for the refund of excess revenues to taxpayers. This is the most common type of state TEL.

Flexible budget research

Expenditure limits, like revenue limits, are typically tied to personal income or a growth index. The impact of expenditure limits depends upon the limit parameters. In many states, the limit is tied to a growth index related to the expansion of the economy.

Somewhat more restrictive are expenditure limits with refund provisions if revenues exceed the authorized spending level. Appropriations limited to a percentage of revenue estimates. This variation of a spending limit simply ties appropriations to the revenue forecast, typically ranging from 95 percent to 99 percent of expected revenues.

It does not establish an absolute limit or tie growth to a measurable index. Delaware, Iowa, Mississippi, Oklahoma and Rhode Island have this type of appropriation limit in place. States also have combined components of various limits. For example, Oregon has a state spending limit tied to personal income growth, and a provision requiring refunds if revenues are more than 2 percent above the revenue forecast.

Flexible budget research

This law limits spending and, in a sense, limits revenues by tying them to the forecasted amount. Colorado is another hybrid state. Other Tax and Expenditure Limitations A number of states operate under voter approval or supermajority requirements that are not tax or expenditure limitations in the traditional sense; however, they can limit state revenue and expenditure options.

Therefore, they are discussed here as a type of limitation. Often these measures are more restrictive than traditional limits. This is the most restrictive type of limit since all tax increases or tax increases over a specified amount must receive voter approval.

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Only three states have adopted voter approval requirements. Currently Colorado requires voter approval for all tax increases, and Missouri and Washington require voter approval for tax increases over a certain amount.

Fifteen states now require supermajority votes to pass tax increases. Supermajority requirements dictate either a three-fifths, two-thirds or three-fourths majority vote in both chambers to pass tax increases or impose new taxes.

The effectiveness of supermajority requirements depends upon the political makeup of the legislature. In states with one predominant party, the majority party may have enough votes to increase taxes or block tax proposals.

Formulas for Fiscal Restraint Generally, two camps have developed regarding the formulas used in fiscal limits: Why are certain economic indicators contained in these formulas viewed as having such impacts?

Population growth is generally a steady, if not slow or stagnant, demographic indicator in a state.(a) Prepare a flexible budget for activity levels of , , and direct labor hours.

(b) Explain why the flexible budget is more informative than the static budget. (c) Calculate the total cost per direct labor hour at each of the activity levels specified in . Oregon Health Plan (OHP) members must update their information to make sure they still qualify for health coverage.

Members are usually asked to renew their information once a . Box and Cox () developed the transformation. Estimation of any Box-Cox parameters is by maximum likelihood. Box and Cox () offered an example in which the data had the form of survival times but the underlying biological structure was of hazard rates, and the transformation identified this.

What is a static budget? A static budget is a budget that does not change as volume changes. If a company's annual master budget is a static budget, the budget for sales commissions expense will be one amount such as $, for the year.

In the flexible budget, the sales commissions expense budget might be expressed as 5% of sales. . A budget is a financial plan for a defined period, often one year.

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It may also include planned sales volumes and revenues, resource quantities, costs and expenses, assets, liabilities and cash flows.

Companies, governments, families and other organizations use it to express strategic plans of activities or events in measurable terms. Our proven approach of combining flexible service offerings, a customer-centric philosophy, complete transparency and a commitment to quality enhance and advance the success of your clinical program.

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