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Our Union had only requested the Vice Chancellor, Prof Lanre Adigun Fagbohun, to constitute a functional Budget Monitoring Committee (BMC) in line with the Guidelines for Accessing Needs Assessment Intervention Fund of the Federal Government; provide evidence of proper utilisation of N1.
The LCCI President suggested that to improve the effectiveness of the provincial budget-making process, Provincial Budget Offices (PBOs) should be established to work as a fully functional budget making unit.
A functional budget process should help lawmakers set priorities and separate actual needs from mere desires.
It doesn't matter if you have a functional budget, a program-based budget, or a zero-based budget.
Managers will take on greater responsibility and ownership of an activity budget as compared to a typical functional budget.
As program or functional budgets have become more accepted, libraries have begun to look at the concept of cost centers.
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