Entity: BUDGET-ARC
BUDGET-ARC is a financial projection model used to estimate the effect on state agency budgets of changes in salaries and benefit costs, combining elements of budgeting and architectural services.
BUDGET-ARC
Etymology
The term BUDGET-ARC combines elements of 'budget' and 'arc', representing a financial projection model that integrates budgeting and architectural services.
Definition
BUDGET-ARC is a specialized financial projection model used by the Office of Financial Management (OFM) to estimate the impact on state agency budgets resulting from changes in salaries and benefit costs.
Historical Context
The development of BUDGET-ARC reflects the need for accurate financial forecasting in government agencies, particularly in response to fluctuating economic conditions and evolving budgetary requirements.
Cultural Significance
BUDGET-ARC plays a crucial role in ensuring effective financial planning and resource allocation within state agencies, enhancing transparency and accountability in budget management.
Related Concepts
BUDGET-ARC shares similarities with traditional budgeting models but distinguishes itself through its integration of architectural services to provide comprehensive budget estimates.
See Also
A unique financial projection model combining budgeting and architectural services to estimate budget impacts.