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- These workers play the primary role in the development, analysis, and execution of budgets, which are used to allocate current resources and estimate future financial requirements.
- Without effective budget analysis and feedback about budgetary problems, many private and public organizations could become bankrupt.
- Budget analysts primary task is providing advice and technical assistance in the preparation of annual budgets. At the beginning of each budget cycle, managers and department heads submit proposed operational and financial plans to budget analysts for review. These plans outline prospective programs, including proposed funding increases and new initiatives, estimated costs and expenses, and capital expenditures needed to finance these programs.
- Analysts examine the budget estimates or proposals for completeness; accuracy; and conformance with established procedures, regulations, and organizational objectives.
- They also examine past and current budgets and research economic and financial developments that affect the organization’s spending.
- After the initial review process, budget analysts consolidate individual departmental budgets into operating and capital budget summaries which are then submitted to senior management, or State governments.
- The final decision to approve the budget, however, usually is made by the organization head in a private firm or by elected officials in government, such as the State legislature.
