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Budgeting is the Essence of Good Management
Pedro Guedes Carvalho, Professor, Portugal, Member
25 years ago I ran a public school knowing I had a certain amount for 1 year. If there was some money left, I could use it the next year with the constraint I should use it just for investment.
Although the money was delivered monthly. Today it is delivered each 4 trimesters but the remaining money (if there is) goes back to the central administration.
To me annual budget is a useful guideline for planning and a tool coming from basic economics: how much resources do we have to achieve our goals: the essence of good management....
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Beyond Budgeting
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