New York City Project Part 1 Essay Example | Topics and Well Written Essays - 750 words

New York City Project Part 1 - Essay Example Due to lack of adequate money to do it all, the budget reflects the priorities of the city’s elected representatives. And I consider the city council of New York City has a comprehensive plan because that the New York City Charter ("the Charter") vests the responsibility for preparing an annual expense and capital budget with the mayor. The mayor must then submit the expense and capital budget to the City Council for its review and adoption. It shows that the process of making a budget has to be rigorous enough to be implemented (Christine, 2013). Besides, each budget must consist of several parts: the expense budget, which sets forth proposed appropriations for the operating expenditures for municipal services including debt service; the capital budget and program, which sets forth proposed appropriations for capital projects for the ensuing fiscal year and the three succeeding fiscal years; and the revenue budget, which shall set forth the estimated revenues and receipts of the city. In addition, the expense budget is further broken down into a contract budget, which can be viewed as a detailed portion of each agencies' other than personal services expenditures for contractual services that are personal service in nature (Christine, 2013). ... Private employment rose by 9,000 in August 2013 after an increase of 13,000 in July. The unemployment rate rose to 8.6 percent in August from 8.4 percent in July. House market is a significant factor in the New York City’s economy. Some of the most expensive office space in the United States is located in New York City. For example, the world’s third expensive office building-Bank of America tower was value $1 billion in New York City. Department of building’s Fiscal 2014 Preliminary Budget is $93.7 million, which is approximately $2.6 million less than the $96.4 million Fiscal 2013 Adopted Budget (Christine, 2013). This is primarily due to revenue increases from construction related fees. Budgeting Methods Budgeting is a very important management tool in every organization. New York City plays a very important role in the economy of United State. The constitution of United State gives the city council of New York the power to make budget. This budget ensure that the city continue to support the economy. The city is headed by a mayor who manages the city with the assist of a council, which is commonly called city council (Clarke, 1978). The city council of New York uses a master budget in running the activities of the city. The city council uses this approach because it can project all the activities that need a budget allocation. The line items in the master budget include transport expenses, salaries and allowances. The performance of the city’s budget is monitored on monthly bases by its chief financial officer to ensure accountability. The city has various departments such as health, education and waste management (Eltis, 1993). Expenditure is distributed as per the departments'

Innovation policy Essay Example | Topics and Well Written Essays - 2500 words

Innovation policy - Essay Example 3). "In addition to the industrial policies that governments pursue in line with their political philosophies and models of economic growth, some governments develop public policies with varying degrees of explicitness, intended to encourage innovation" (Dodgson and Bessant 1996, p.23). To illustrate the role of government in the process of innovation, Shonfield (1981) postulated as his point of entry that public policy-makers need not, or more strongly should not, be concerned with economic innovation, and the to ask what conditions have to be fulfilled by market processes to secure an optimum outcome. This was his first step in his argument: even if it could be shown that the market process was deficient, it would not follow that intervention by public authorities would produce a better answer. Shonfield goes on saying that if markets were to go on their own without intervention from the government as to how they would manage the scientific environment, markets should be able to provide innovators the necessary environment for them to carry their work. This would include the necessary perks to encourage people to innovate. As discussed by Shonfield (1981, p.4), another problem is the measurement: calculating social preference. Social preference here means which projects the society wants to prioritize and those types of innovations that the society wants to set aside for the moment This is partly because market signals are necessarily limited to expressing the preferences of contemporaries. Shonfield's third requirement is that markets must be able to regulate the effects of economic innovation on public goods. On the other hand, Branscomb and Florida (1999) cited the importance of the government's role in support of science and technology on regulating the two kinds of so-called "spillovers." "Knowledge spillovers (italics mine) derive from the public good nature of knowledge, combined with the difficulty of keeping economically useful knowledge secret when it is profitably exploited. Such spillovers can be derived from reverse engineering, when some aspects of a competitor's technology may be discovered by examining how the product is made. Even negative information, the abandonment of a line of work by a respected competitor, for example, can be a useful spillover of his decision" (Branscomb and Florida 1999, p. 30). Branscomb and Florida's second type of spillover is the consumer surplus spillover, which results from the creation of new goods or the improvement of existing ones. "The innovator captures only part of the consumer value in the sales price; there may be a social surplus that exceeds the innovator's profit. Research tends to generate more knowledge spillovers, which is a reason for government support, but research, by itself, cannot generate more knowledge spillovers. Private firms have inadequate incentives (to varying degrees, depending on market structure and other considerations) to take new ideas to market. Furthermore, the transfer of potential useful ideas from the government or university