Budgeting and Managing Resources 1)List the financial/budget competencies required of nurse leaders 2)Read a financial statement...

Budgeting and Managing Resources

1)List the financial/budget competencies required of nurse leaders

2)Read a financial statement

3)Develop a business plan

4)Describe the budgeting process

5)Apply budgeting principles to Leadership in Action vignettes

6)Discuss the principles of three different types of budgets

Expert Solution

Nurse managers set goals and design the budget for their own responsibility center, or nursing unit. After the budget has been developed and updated, it is submitted to administration and ultimately to the board of directors for approval. After the budget is approved and the fiscal year begins, the organization must deliver the planned services and programs.

The budget-development work flow involves the following steps like Collecting relevant data, Planning services Planning activities, Implementing the plan and Monitoring the budget.

Nursing is aware of what types of services will be rendered in the next fiscal year. Finance may be aware if it is a large project that the organization has been involved with, but many times finance is not aware of every type of service that will be rendered.

The three types of budget are as follows:

BALANCED BUDGET
A balanced budget is equal to expected government receipts in a particular financial year.This type of budget is based on the principle of living within means. The expenditure should not exceed the revenue.

SURPLUS BUDGET
A surplus budget is the expected revenues exceed the estimated expenditure in a particular financial year. This means that the earnings from taxes levied are greater than the expense. A surplus budget denotes the financial affluence of a country. Such a budget can be implemented at times of inflation to reduce aggregate demand.

DEFICIT BUDGET
A deficit budget is the estimated expenditure exceeds the expected revenue in a particular financial year. This type of budget is best suited for developing economies, such as India. Especially helpful at times of recession, a deficit budget helps generate additional demand and boost the rate of economic growth.

ekkarill92 answered 2 years ago

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