Name: Liu Xiaoye (Cecilia)Institution: Professor: Topic: Manage Budgets and Financial PlansCourse: Date: Adelaide City CouncilAdelaide City Council is a body responsible for managing all activities within the Adelaide City to ensure that it develops into a prosperous future city. The council is committed to ensuring that the city is vibrant in terms of accommodating the country’s residents as well as visitors. This is done through creation of a wide range of communities that actively take part in all sectors of city life (Walmsey & Walmsey, 2009, p. 122). As a result, the main goal of the council is to ensure that residents and visitors alike enjoy the beautiful open spaces and facilities of the Park Lands.
This is meant to show respect for the Australian heritage, shape the future of the country as well as sustain the environment. The Adelaide Park Lands as a section for this discussion are a collection of parks that surround the city. The parklands form the location of public and cultural buildings. In the recent years, the council has drawn focus in redeveloping the parklands to ensure that they meet international standards (McMillan 2010, p.
22). For the purposes of meeting its goals, the council has put in place a number of strategies driven by outcomes that work to achieve the vision of the council. In the first place, the council works with the federal government with the belief of attaining a populous capacity city. On the other hand, the unique heritage, Parklands and the City Design is aimed at ensuring that the current and future populations lead a fulfilling lifestyle. As such, the council works on the improvement of the city transport and communication systems to ensure accessibility and connectedness of the city.
This is in the lieu of finding economic stability of the city as well as maintains the culture of the people living within the city. Looking at the annual report of the Adelaide City Council, there are a number of aspects seen in the balance sheet and the income statement. The income statement has the income, expenses, operating surplus or deficit and other comprehensive income as indicated on the report attached on page 51. Contrary, the balance sheet has current assets, non-current assets, liabilities, and equity.
This information found on the balance sheet and the income statement is important in understanding budget classifications based on the following: The data helps the council to establish the current financial position of the organizationThe amount of money moving in and out of the organizationFuture plans and forecasts on which sector of the organization has to be financedAdelaide City Council has a formal budget policy based on the fact that the city of Adelaide is in the business of offering services to the community.
This implies that there are resources that have to be safeguarded under the Asset Management Policy. This policy has a number of sections that differ in the procedure and timeline. However, it is implemented collectively under the urban service committee. The personnel responsible with its functionality are the Manager Asset Management Services (McMillan 2010, p. 39).