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Financial Management: Budget

Imagine you are a clinical manager of UMGC Health Care primary care services and in charge of developing a
projected annual operating budget.
Your budgetary figures are as follows:
For fiscal year 2017 and 2018, your clinic received $3 million from the government as fee-for-services
reimbursements, as well as $1.1 million from private payers. The clinic has an annual fund-raiser that
historically brings in $180,000 and a grants department that brings in $1.2 million annually.
Your chief financial officer (CFO) has provided you with the following annual expenses:
UMGC Health Care Annual Expenses:
Annual salaries – $1.5 million
Annual benefits – $ 240,000
Annual rent – $ 960,000
Annual insurance – $ 45,000
Annual depreciation – $ 780,000
Annual overhead – $ 180,000
Annual supplies – $60,000
Using the UMGC Health Care Operating Budget template, complete a 12-month operating budget in which you
include the net profit (loss).
Write a 350- to 700-word executive summary that explains to the board of directors how you developed the
budget and its importance.
Include the following in your summary:
Explain the process for creating an operating budget and its importance.
Explain how revenues and expenses are grouped for planning and control in the financial statements.
Explain the differences between cash and accrual financial systems.

Sample Solution

Chinese militarization in the Spratly Islands has proven much more contentious in recent years as they have seen both rapid island reclamation as well as the introduction of unprecedented military capabilities. Moreover, the Spratly Islands are contested by China, Vietnam, Taiwan, the Philippines and Malaysia, and all have established constructions on some of the islands. China has been by far the most active in the expanding and equipping its islands, including the construction of large anti-aircraft guns. Experts also suspect that close-in weapons systems (CIWS) have been introduced to some of the islands to protect against cruise missile strikes. The placement of these defences shows how China is willing to defend these islands and are prepared to respond in the case of an attack. Of the islands China has developed, Fiery Cross, Mischief and Subi Reefs are the by far the most advanced (see Figure 3). Each has enough hangars to accommodate 24 combat aircraft and four larger transport planes, bunkers to house missile launchers, as well as radars that allow for the monitoring of the surrounding area (AMTI 2017). By March 2018, China had verifiably landed military transport aircraft on all three of its main islands in the Spratlys marking a major milestone in developing its military capabilities in the region. According to U.S. intelligence, China also deployed YJ-13B anti-ship cruise missiles and HQ-9B surface to air missiles on the 2nd May. Offensive capabilities such as air power, radars and missiles give China a sizable advantage in the region, causing concern for both the U.S. and other claimant countries. Overall, China’s military capabilities in the SCS are unparalleled, with Admiral Philip Davidson, Head of US Pacific Command stating that “China is now capable of controlling the South China Sea in all scenarios short of war with the United States” (CNN 2018). Figure 4 shows the observed, reported and expected capabilities China has or is likely to have from its four most equipped islands: Woody island in the Paracels and Firey Cross, Mischief and Subi Reef in the Spratlys. Once these capabilities are fully operational, China will have comprehensive control over the region. This military capacity gives China the upper hand in diplomacy and as of present, has granted it immunity from abiding to international arbitration. Further militarization has shown China’s commitment to its sovereignty claims and the lack of commitment it has to abiding by UNCLOS. The long-standing failure to comply with international l
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