The comparison of costs in time and benefits from the resources is considered an important step in reducing funding by preparing a local or state budget.
What is a budget?
A budget is a forecasted plan of revenues and expenses. There are various types of budgets like master budget, material budget, expenses budget, etc.
Budgeting is the process that helps the government to reduce its spending and minimize costs with the creation of revenues. A budget enables them to identify where to spend more and where to spend less. It also helps in analyzing where to save money. It helps the government to allocate the funds in the right direction which could reduce the funding and increase the revenues.
Therefore, the reduction in funds can be done by having a planned budget which is an important step in comparing costs and having benefits.
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