100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
Summary WK5Assgn.extension.docx MMPA 6431 Application: Evaluating Budget Documents Master of Public Administration, Walden University MMPA 6431: Finance and Budgeting for the Public Sector Application: Evaluating Budget Documents The Government Finance Of$7.49
Add to cart
Summary WK5Assgn.extension.docx MMPA 6431 Application: Evaluating Budget Documents Master of Public Administration, Walden University MMPA 6431: Finance and Budgeting for the Public Sector Application: Evaluating Budget Documents The Government Finance Of
8 views 0 purchase
Course
Purdue
Institution
Purdue University
WK5A MMPA 6431 Application: Evaluating Budget Documents Master of Public Administration, Walden University MMPA 6431: Finance and Budgeting for the Public Sector Application: Evaluating Budget Documents The Government Finance Officers Association (GFOA) evaluates the planning, financing, an...
Master of Public Administration, Walden University MMPA
6431: Finance and Budgeting for the Public Sector
Application: Evaluating Budget Documents
The Government Finance Officers Association (GFOA) evaluates the planning, financing,
and implementation of government operations throughout the United States and Canada. The
GFOA also awards organizations for their exemplary budgetary practices using criteria
established in its Distinguished Budget Presentation Award Program. This paper will apply the
criteria set forth by the GFOA to analyze the Illinois Municipal Retirement Fund (IMRF) annual
budget. The purpose of this application is to evaluate the IMRF’s budget against the criteria and
determine whether the budget documents best serve the organizations’ stakeholders and
constituents.
Illinois Municipal Retirement Fund
Mikesell (2014) defines a budget as a financial plan that “performs the same functions for
choice making, management, and control for governments, businesses, and nonprofit
organizations” (p. 154). A budget outlines funds at the beginning of the fiscal year, estimated
operating and service costs, and projected revenue. The adopted budget guides decision-making
throughout the fiscal year, summaries legal obligations of the organization, and determines
expenditures throughout the fiscal year for specific programs and services that the organization is
responsible for providing.
The IMRF was established in 1939 by the Illinois General Assembly and began operating
in 1941. The fund was created to provide retirement, death, and disability benefits to local
government employers across Illinois. The plan includes cities, villages, townships, and special
districts which include parks, preserves, and sanitary districts. Currently, the Fund serves 2,997
local governments, 420,000 members and retirees, and has assets of about $45 billion dollars.
, The IMRF is separate from the Illinois state government and is funded by local governments by
contributing money for member pensions. The Illinois Pension Code determines how the IMRF
operates and administers services, i.e., benefit plans. The IMRF also operates under the Illinois
Insurance Code which oversees the healthcare continuation privileges granted to retirees. The
pension code requires the organization to have an eight-member Board of Trustees and outlines
the qualifications, granted powers, and administrative responsibilities of the Board.
The Board consists of four Executive Trustees whom are elected by participating
government units, three Employee Trustees elected by IMRF members, and one Annuitant
Trustee elected by IMRF annuitants. Each member of the Board is elected to serve five-year
terms without compensation. Within their term, each member will have had a chance to hold
each officer position. The Board members must meet at least four times a year, but schedules
additional meetings if need be, to ensure the successful continuation of the fund. The Board has
powers to appoint an Executive Director who is responsible for all of the administrative
functions of the organization and supervises the staff. Additionally, the Board appoints medical
and investment consultants as well as an actuary and external auditor (IMRF, n.d.).
The IMRF mission statement reads, “To efficiently and impartially develop, implement,
and administer programs that provide income protection to the members and beneficiaries on
behalf of participating employers, in a prudent manner” (IMRF, 1991). Furthermore, the
organization’s vision states, “To provide the highest quality retirement services to our members,
their beneficiaries, and employers” (IMRF, 2007).
IMRF Funding
The IMRF receives funding from three sources: investment earnings, employer
contributions, and member contributions. The IMRF is considered a fiduciary fund which is
defined as “an account for assets held by a government as a trustee for others”. The fund includes
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller helperatsof1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.49. You're not tied to anything after your purchase.
