Discussion: Private and Public Budgets
Private and public budgets may be created with different goals in mind. In public/governmental budgeting, the goal is to be a good steward of tax dollars while addressing societal issues such as public education or public safety. In private budgeting, the focus is more on increasing revenue than it is in public budgeting. Managers in both public and private sectors are legally responsible for their budgets. Therefore, gross negligence in managing a budget can lead to harsh consequences such as job loss, public scrutiny, bankruptcy, and even jail time. Having a solid understanding of how both public and private budgets function and the budgeting process will benefit you throughout the course, as you enter the workforce, and as you begin to manage your own money.
To prepare for this Discussion:
• Review the Course Introduction and think about the aspects of planning and budgeting highlighted. Refer back to the Course Introduction throughout the course for reference.
• Review Chapter 1 of your course text, The Basics of Public Budgeting and Financial Management, and consider functions of budgets and various budget formats.
• Review Chapters 1-3 in the report "Competition in Corrections: Comparing Public and Private Sector Operations." Take note of similarities and differences between public and private budgets.
• Think about each type of budget (public and private) and consider which types of criminal justice agencies might use each.
With these thoughts in mind:
Post an explanation of 2-3 differences between public and private budgets. Then explain which types of criminal justice agencies might use a public budget and which types of criminal justice agencies might use a private budget and why. Be sure to provide detailed examples and be specific in your response.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.