functional budget

functional budget

a BUDGET which relates to a specific function of a business organization e.g., marketing, production, research and development, purchasing etc.
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By the time we release students into the real world, they are fully equipped to handle high-stakes jobs, but less able to do simpler tasks- make a functional budget, change a flat tire, or make a healthy, tasty dinner.
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 N1.3 billion Needs Assessment Revitalisation Fund released to the University in 2013, both of which was a product of the collective struggle of our Union; implement the Earned Academic Allowances component of the ASUU-FGN 2009 Agreement; domesticate the Universities (Miscellaneous Provision) (Amendment) Act on single term of five years for the Principal Officers of the University; reverse the violation of Governing Council decisions; and adhere to the University rules and regulations.
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.
Managers will take on greater responsibility and ownership of an activity budget as compared to a typical functional budget. Their performance will improve as they focus on activities that have a positive long-term effect on the bottom line.
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 utilization of N1.3 billion Needs Assessment Revitalization Fund released to the University in 2013, both of which was a product of the collective struggle of our Union; implement the Earned Academic Allowances component of the ASUU-FGN 2009 Agreement; domesticate the Universities (Miscellaneous Provision) (Amendment) Act on a single term of five years for the Principal Officers of the University; reverse the violation of Governing Council decisions; and adhere to the University rules and regulations.
As program or functional budgets have become more accepted, libraries have begun to look at the concept of cost centers.

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