Create a 5 pages page paper that discusses budgetary practice in the state and local governments of the us. It has a positive NPV as compared to project A. this means that it is profitable when its NPV is discounted at the opportunity cost of the cost of capital. However, project B does not promise much because its internal rate of return is slightly higher than the opportunity cost of the capital involved (Osborne and Gaebler, 1992). The fact that the internal rate of return is higher than the opportunity cost of capital makes it risky, however, considering the fact that the other two approaches are showing that it has better potential than project A, it is advisable to implement it first, then use the resources it pays back to developed project A (Buck, 2009). Project A should be developed with the return produced by project B.
Public budgeting systems involve the state of budgeting throughout all level of the government. The budgeting systems emphasize the methods by which financial decisions are made within the system, together with the way the various types of information are used in budgetary decision making. A budget may be defined as the government’s plan for the application of public resources to satisfy the needs of the citizens (Lewis, 1988).
Public budgeting has a policy, political, and economic connotations that can be undertaken in a variety of ways such as application in general theory, appraisal of budget innovations, construction of empirical models, case studies, and focus on specific problems or issues pertaining to the public welfare (Buck, 2009).
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