Budget in the context of "New York City Council"

Play Trivia Questions online!

or

Skip to study material about Budget in the context of "New York City Council"

Ad spacer

⭐ Core Definition: Budget

A budget is a calculation plan, usually but not always financial, for a defined period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including time, costs and expenses, environmental impacts such as greenhouse gas emissions, other impacts, assets, liabilities and cash flows. Companies, governments, families, and other organizations use budgets to express strategic plans of activities in measurable terms.

Preparing a budget allows companies, authorities, private entities or families to establish priorities and evaluate the achievement of their objectives. To achieve these goals it may be necessary to incur a deficit (expenses exceed income) or, on the contrary, it may be possible to save, in which case the budget will present a surplus (income exceed expenses).

↓ Menu

>>>PUT SHARE BUTTONS HERE<<<

πŸ‘‰ Budget in the context of New York City Council

The New York City Council is the lawmaking body of New York City in the United States. It has 51 members from 51 council districts throughout the five boroughs.

The council serves as a check against the mayor in a mayor-council government model, oversees the performance of city agencies' land use decisions, and legislates on a variety of other issues. It also has sole responsibility for approving the city budget. Members elected are limited to two consecutive four-year terms in office but may run again after a four-year respite.

↓ Explore More Topics
In this Dossier

Budget in the context of Balanced budget

A balanced budget (particularly that of a government) is a budget in which revenues are equal to expenditures. Thus, neither a budget deficit nor a budget surplus exists (the accounts "balance"). More generally, it is a budget that has no budget deficit, but could possibly have a budget surplus. A cyclically balanced budget is a budget that is not necessarily balanced year-to-year but is balanced over the economic cycle, running a surplus in boom years and running a deficit in lean years, with these offsetting over time.

Balanced budgets and the associated topic of budget deficits are a contentious point within academic economics and within politics. Some economists argue that moving from a budget deficit to a balanced budget decreases interest rates, increases investment, shrinks trade deficits and helps the economy grow faster in the longer term. Other economists, especially (but not limited to) those associated with Modern Monetary Theory (MMT), downplay the need for balanced budgets among countries that have the power to issue their own currency, and argue that government spending helps boost productivity, innovation and savings in the private sector.

↑ Return to Menu

Budget in the context of Film budgeting

Film budgeting refers to the process by which a line producer, unit production manager, or production accountant prepares a budget for a film production. This document, which could be over 130 pages long, is used to secure financing for and lead to pre-production and production of the film. Multiple drafts of the budget may be required to whittle down costs. A budget is typically divided into four sections: above the line (creative talent), below the line (direct production costs), post-production (editing, visual effects, etc.), and other (insurance, completion bond, etc.). For productions distributed by a third party the budget excludes film promotion and marketing, which is the responsibility of the film distributor. Film financing can be acquired from a private investor, sponsor, product placement, film studio, entertainment company, and/or out-of-pocket funds.

When it comes to reporting the budget of a film, the amount of the budget represents the gross budget, which is the grand total of actual spending to produce the project and not to be confused with net budget, which represents the final out of pocket for the producer after government incentives or rebates ("If you pay $50 for something but have a mail-in coupon for a $10 rebate, your gross spending still amounts to $50."). One of the consequences of the Sony hack was the release of budget information of many films or TV shows, including the 2015 Adam Sandler film Pixels. The actual cost to produce Pixels, or the "grand total", was $129.6 million and the net budget for Sony came to $111 million after they received a government rebate in Canada that covered a portion of their gross spend (cost) in the amount of just over $18 million. Even though Sony's out of pocket for the film was reduced because of the incentive, it does not negate the fact that the actual cost (amount spent during production to make the film) was still $129.6 million.

↑ Return to Menu

Budget in the context of Project management

Project management is the process of supervising the work of a team to achieve all project goals within the given constraints. This information is usually described in project documentation, created at the beginning of the development process. The primary constraints are scope, time and budget. The secondary challenge is to optimize the allocation of necessary inputs and apply them to meet predefined objectives.

The objective of project management is to produce a complete project which complies with the client's objectives. In many cases, the objective of project management is also to shape or reform the client's brief to feasibly address the client's objectives. Once the client's objectives are established, they should influence all decisions made by other people involved in the project– for example, project managers, designers, contractors and subcontractors. Ill-defined or too tightly prescribed project management objectives are detrimental to the decisionmaking process.

↑ Return to Menu

Budget in the context of System administrator

An IT administrator, system administrator, sysadmin, or admin is a person who is responsible for the upkeep, configuration, and reliable operation of computer systems, especially multi-user computers, such as servers. The system administrator seeks to ensure that the uptime, performance, resources, and security of the computers they manage meet the needs of the users, without exceeding a set budget when doing so.

To meet these needs, a system administrator may acquire, install, or upgrade computer components and software; provide routine automation; maintain security policies; troubleshoot; train or supervise staff; or offer technical support for projects.

↑ Return to Menu

Budget in the context of Budget constraint

In economics, a budget constraint represents all the combinations of goods and services that a consumer may purchase given current prices within their given income. Consumer theory uses the concepts of a budget constraint and a preference map as tools to examine the parameters of consumer choices . Both concepts have a ready graphical representation in the two-good case. The consumer can only purchase as much as their income will allow, hence they are constrained by their budget. The equation of a budget constraint is where is the price of good X, and is the price of good Y, and m is income.

↑ Return to Menu

Budget in the context of Film director

A film director or filmmaker is a person who controls a film's artistic and dramatic aspects and visualizes the screenplay (or script) while guiding the film crew and actors in the fulfillment of that vision. The director has a key role in choosing the cast members, production design and all the creative aspects of filmmaking in cooperation with the producer.

The film director gives direction to the cast and crew and creates an overall vision through which a film eventually becomes realized or noticed. Directors need to be able to mediate differences in creative visions and stay within the budget.

↑ Return to Menu

Budget in the context of Appropriation (law)

In law and government, appropriation (from Latin appropriare, "to make one's own", later "to set aside") is the act of setting apart something for its application to a particular usage, to the exclusion of all other uses.

It typically refers to the legislative designation of money for particular uses, in the context of a budget or spending bill.

↑ Return to Menu