City Budget Summary And Recommendations

---

City Budget Summary and Recommendations

City Budget Summary and Recommendations for FY2022

By data.world's Admin [source]

---

About this dataset

This dataset provides information on the city budget for the fiscal year 2022. It includes various financial data such as actuals for the years 2019 and 2020, budget for 2021, and a recommended budget for 2022. The dataset includes categorical variables such as Fund, Acct-Type, Acct-Div, Acct-Dept, Summ-Acct, and GL-Account which specify different aspects of the accounts in the city's finance system. These variables help categorize and classify accounts based on their type, department, division, summary code, general ledger account code, and fund affiliation. Additionally, there are numeric variables such as actuals for 2019 and 2020 to represent the financial values associated with each account in those years. The dataset also provides budgeted amounts for the years 2021 and forecasted budget amounts for 2023. This information is crucial for analyzing the city's financial situation over time and making informed decisions regarding resource allocation and expenditure planning

How to use the dataset

Introduction:

• Fund:
  The Fund column categorizes each account into specific funding sources or funding types. It provides insights into where the money comes from or which program it is allocated towards.

• Acct-Type:
  The Acct-Type column classifies each account based on its type, such as revenue, expense, assets, liabilities, etc. This classification helps in understanding different financial aspects of various accounts.

• Acct-Div:
  The Acct-Div column identifies the division to which each account belongs within the city's organization structure. It provides a hierarchical view of how accounts are divided based on their functions or responsibilities.

• Acct-Dept:
  The Acct-Dept column specifies the department responsible for managing each account within the city administration. This information helps identify which departments are allocated budgeted amounts and track their finances separately.

• Summ-Acct:
  The Summ-Acct column represents a summary account code that groups multiple related detailed accounts together into broader categories for simplification and analysis purposes.

• GL-Account:
  The GL-Accountcolumn refers to general ledger codes assigned to individual accounts in order to track transactions accurately across various financial statements.

• Actuals (2019-Actual & 2020-Actual):
  These columns present actual financial data for 2019 and 2020 respectively—summarizing income/expenditure details that were recorded during those years.

• Budget (2021-Budget):
  The 2021-Budget column displays the budgeted amount for the year 2021. It represents the city's projected income and expenses for that specific period.

• Recommendations (2022-Recommend):
  The 2022-Recommend column suggests a recommended budget amount for the upcoming fiscal year, which helps in planning and decision-making processes.

• Forecast (2023-Forecast):
  The 2023-Forecast column showcases a projected or forecasted budget amount for the year 2023. This estimation helps anticipate future financial requirements and plan accordingly

Research Ideas

• Financial Analysis: This dataset can be used for financial analysis by comparing the actual financial data for different years (2019 and 2020) with the budgeted amounts for 2021 and recommended amounts for 2022. It can help identify any discrepancies or trends in spending or revenue across different funds, departments, and divisions.
• Budget Planning: The dataset provides information on the budgeted amounts for 2021 and recommended amounts for 2022 and 2023. It can be used to assist in budget planning by analyzing previous actuals, forecasts, and recommendations to determine appropriate funding allocations for different accounts, departments, and divisions.
• Performance Evaluation: By comparing the actual financial data with the budgeted amount and forecasted amount, this dataset can help evaluate the performance of different accounts, departments, or divisions within an organization. It can provide insights into areas where there may have been overspending or underspending compared to initial budgets or forecasts. This information can be valuable in making strategic decisions to improve future financial performance

Acknowledgements

If you use this dataset in your research, please credit the original authors.
Data Source

License

License: Open Database License (ODbL) v1.0

• You are free to:
  • Share - copy and redistribute the material in any medium or format.
  • Adapt - remix, transform, and build upon the material for any purpose, even commercially.
• You must:
  • Give appropriate credit - Provide a link to the license, and indicate if changes were made.
  • ShareAlike - You must distribute your contributions under the same license as the original.
  • Keep intact - all notices that refer to this license, including copyright notices.
  • No Derivatives - If you remix, transform, or build upon the material, you may not distribute the modified material.
  • No additional restrictions - You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.

Columns

File: fy2022-proposed-city-budget-book-1.csv

Acknowledgements

If you use this dataset in your research, please credit the original authors.
If you use this dataset in your research, please credit data.world's Admin.