10 Million Fund Allocation Budget Plan Research Paper

Length: 15 pages Sources: 5 Subject: Healthcare Type: Research Paper Paper: #61902064 Related Topics: Budget Planning, Federal Budget, Capital Budgeting, Break Even Analysis
Excerpt from Research Paper :

Budget Plan for $10 Million Fund Allocation

Positive economic development in any city in the United States relies on the provision of effective, efficient, and strong infrastructures that will attract investment to generate job opportunities in the city. A central goal of any city is also to improve health outcomes for the residents to improve their health outcomes. City public officials should also provide safety and securities, and improve students achievements to enhance quality of human developments . However, a city officials are required to keep proper accounts of all income and expenditures to deliver high quality financial resources.

As a newly elected public official of the city of between 50,000 and 250,000 population, our goal is to attract investment opportunities in the city through effective use of budgetary control to meet the economic and health needs of the residents in order to enjoy 100% federal funds. Our goal is to also to use our allocated funds to improve the economic activities of the city to enhance economic growth and job opportunities.

Objectives

Objective of this project is to design the budget plan for the $10 million allocated by the city manager in order to enjoy 100% matching federal funds. The paper also discusses the method of allocating the budget to meet the needs of the community. The allocation covers the method the budget will support the operating requirements, capital requirements as well as subsidizing the non-profit organizations. Moreover, the paper discusses method of using the budget for the economic incentives in order to attract private incentives into the city. The paper also provides the strategy that will be employed in implementing fund accounting and financial control in order to enjoy financial benefits from the budget.

Additionally, the paper discusses the strategy to manage and control the public expenditures. The project also discusses the method of meeting financial reporting requirements for the public expenditures, analyzing financial statements and budgets to make appropriate administrative decisions, and applying budgets as disciplinary process.

Start-up Funding

The $10 Million will be used to start fund of our budgetary plan. The table 1 below reveals the breakdown of the financial plan.

Table 1 . Start-up Funding

Start-up Expenses to Fund

$500, 000

Start-up Fund

$9,500,000

Total Funding Required

$10,000,000

Assets

Non-cash Assets to Start-up

$0

Cash Requirements to Start-up

$9,500,000

Additional Cash Raised

$0

Cash Balance on the Starting Date

$9,500,000

Total Assets

$9,500,000

Liabilities and Capital

Liabilities

Current Borrowing

$0

Long-term Liabilities

$0

Accounts Payable ( the Outstanding Bills)

$0

Current Liabilities (interest-free)

$0

Total Liabilities

$0

Capital

Planned Investment

Medicaid

$4, 000,000

Recreation and Parks

$3,000,000

Affordable Housing Development

$3,000,000

Total Planned Investment

$10,000,000

Start-up Expenses

($500,000)

Total Capital

$9,500,000

Total Capital and Liabilities

$5,000,000

Total Funding

$10,000,000

Start-up

Requirements

Start-up Expenses

Legal

$100,000

Stationery etc.

$100,000

Brochures

$100,000

Consultants

$0

Insurance

$0

Rent

$200,000

Research and Development

$0

Expensed Equipment

$0

Other

$0

Total Start-up Expenses

$500,000

Start-up Assets

Cash Required

$10,000,000

Other Current Assets

$0

Long-term Assets

$0

Total Assets

$9,500,000

Total Requirements

$10,000,000

Implementation of Budget Plan

This section discusses different sectors that we should allocate the $10 Million in order to enhance economic growth, increase job opportunities as well as qualifying for 100% federal government funds. The paper identifies Medicaid as a program that can assist our public officials to enjoy 100% federal government funds. The paper also identifies the development of recreation and parks as an effective method to promote health benefits; enhance economic growth and generate employment opportunities in the city. Finally, the project selects the development of housing units for the low income earners.

Fund Allocation to Promote Health

The city can use several strategies to allocate the $10 million budget to enjoy 100% federal government funding and improve economic activities. One of the strategies is to invest part of the budget in the non-profit organizations such as healthcare organizations. The city should invest in Medicaid to enjoy 100% federal government funds. Medicaid is jointly sponsored by the federal and state governments to provide health benefits to certain classes of people earning low income with no insurance coverage. Created under SSA (Social Security Act) 1965, Medicaid is administered through the U.S. Department of Health & Human Services. (Nkuah, Tanyeh, & Asante...

...

The CBO (Congressional Budget Office) indicates that the federal government will refund nearly 100% that a state uses for funding of the Medicaid. One of the goals of the Medicaid is to assist state and local governments to reduce the costs of implementing the Medicaid program. The Medicaid is under the ACA (Affordable Care Act) aimed to provide the health insurance coverage for non-elderly individuals earning income less than 133% of poverty line or family of four earning

$30, 700. ACA health reform estimates that the federal government will bear the costs that the state or local governments spend on Medicaid in the first 9 years. Since the inception of Medicaid, the state and federal governments have jointly financed the program while the federal government assuming the 57% of the costs. However, in 2012, the ACA took different approach in order to minimize the state financial burden. Typically, the federal government assumes the responsibility of paying 100% of the Medicaid costs between 2014 and 2016.

The report suggests that our city should allocate 40% of the budget for the Medicaid implementation since the Federal government will assume 100% responsibilities of all the costs allocated to the program. As being discussed earlier on, the federal government is ready to refund 100% of the Medicaid costs between 2014 and 2016. Since this $10 Million allocation is for the budget of the 2015 and 2016 fiscal year, our city will have an advantage of claiming 100% federal government funding if we allocate 40% of the budget to the Medicaid. In essence, we will have the opportunity of claiming $4 Million of the federal government fund if we spend 40% ($4 Million) of the budget on the Medicaid. ( (Glied, & Ma 2013).

Our city will derive several benefits from allocating 40% of the budget to the Medicaid program. First, the budget allocation to Medicaid will deliver a broader economic implication. The Medicaid expenditure will generate economic activities such as creating the job opportunities. Medicaid spending will also provide tax revenue for our city because the spending will increase job opportunities within the healthcare sector, which will consequently provide tax revenue for our city. Medicaid's economic impact is intensified because small amount of Medicaid spending will enhance a significant flow of federal matching dollars into the city. (Holahan, Buettgens Carroll, et al.2012).

Broaddus, & Angeles, (2012) support this argument by pointing out that Medicaid program will assist our city to reduce the costs that we spend on insured people since the federal government will bear all the costs incurred in the health reform. In essence, our city will be able to reduce a significant cost that we incur on health insurance, which assist us in allocating our funding in other economic development ventures. (Jack, et al.2008). Apart from the economic benefit that out city will derive from allocating part of the budget to the Medicaid, the program will also provide health benefits to millions of people in the city. For example, the Medicaid program will protect the residents against different preventable illness, which will consequently promote healthier workforce in the city. (Holahan, Buettgens, Carroll, et al.2012).

Our city will also be able to boost employment opportunities for our community with the expansion of Medicaid. Through the Medicaid program, our hospitals will be able to reduce the hospital uncompensated costs by 21%. Moreover, there will be a reduction in the volume of self pay and uncompensated admissions in out hospital emergency departments. Apart from 100% free fund that we will receive from the federal government, our hospitals will also be able to boost their revenues through a reduction of uncompensated costs, which will ultimately generate employment opportunities within the healthcare sectors. A report by the Department of Health & Human Services provides reveal the impact of the Medicaid over the past 10 years. The findings reveal that Medicaid has assisted in enhancing positive economic outcomes and boost job growth within states and cities that implement the program over the past 10 years. (HHS, 2015). Essentially, the Medicaid program will enhance health outcomes of our workers, which will consequently boost productivity. Malloy, & Merkowitz, (2015) point out that economic benefits of healthy workers from the Medicaid program are very clear because healthy workers will be more productive than non-healthy workers. For example, workers suffering from illness or disability are less likely to be productive. The authors further argue that improved health outcomes are the robust predictors of productivity and economic growth. It is essential to realize that quality health insurance is an effective strategy to prevent illness from…

Sources Used in Documents:

Sources of Payment, and Incremental Costs, Health Affairs.

Lunenburg, F.C. (2010). Financial Controls: A Safeguard Against Misuse of Public Funds. National Forum of Educational Administration & Supervision Journal. 27(4).

Nkuah, J.F. Tanyeh, J.P. & Asante, J.(2013). The Relationship between Financial Control Systems and Public Sector Efficiency in Ghana. International Journal of Advanced Research in Management and Social Sciences.2(7):209-235.

Malloy, L.C & Merkowitz, S.P. (2015). The Economic Impact of Expanding Medicaid. Healthy Economy.

Popovcic-Avric, S. Mizdrakovic, V. & Djenic, M.(2014). Budget Control and Fund Accounting. International Conference: XIV International Symposium .


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