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Posted: July 24th, 2022
Budget is an essential aspect of any organization
Introduction
Budget is an essential aspect of any organization. Keeping records of all items necessary for the proper functioning of the organization. Budgeting helps the organization to allocate funds for particular activities to meet the set goals. However, there are two types of budgeting, depending on the needs of an organization. That will result from either because the organization is public or private as each organization’s aim varies.
Differences between private and public budgets
Private budgeting deals in maximizing profit. That is the main purpose where the organization can make investments in various areas to increase profit gain within a short period. However, the public budget has does not deal with the need for profit gain. A public budget is meant to improve things such as infrastructure, schools, and even hospitals to better people’s living standards in that region.
Private budgeting will have to generate revenue from a prospective business, which is meant to maximize profit gained and minimize the total expenditure for an organization’s effective running. Public budgeting depends on the need of an organization. The funding for the budget is attained through revenue tax collected from every individual within that region or even in the whole country.
Types of criminal justice agencies
There are different types of criminal justice agencies depends on the type of organization. For the public organization, the local police department ensures that revenue is collected within a region where the organization operates and the boundaries where the organization takes charge. In terms of the private sector, private contractors help maintain law and foreign and even domestic threats, which may damage various tools in the organization, which might hinder the organization’s proper functioning. The criminal justice agencies are meant to provide enough security to the organization for effective budgeting.
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