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The New Zealand Railways Magazine, Volume 13, Issue 3 (June 1, 1938.)

The Budget Plan

The Budget Plan.

“Look before you leap” is a proverb which is never out of mind in the Accountancy Branch. There is no issue of “guessers’ licenses.” The budget system, which is advocated by leading accountants in England, is in operation at the Railways Head Office. Budgets are prepared by District Officers four-weekly for their anticipated expenditure for the ensuing four weeks. These budgets are submitted to the respective heads of Branches for perusal and revision, if necessary. A Committee consisting of the heads of the operating Branches and the Chief Accountant then meets and the various estimates of increases and decreases are discussed. If the Committee is satisfied that the budget is reasonable, it is passed for submission to the General Manager for approval. The great benefit of the budget is that District Officers and heads of Branches are kept constantly in touch with the many items of expenditure and are in a position to reduce any proposed expenditure which is not considered essential. The actual results are also reviewed by the Budget Committee.