Janney Montgomery Scott, a brokerage firm with about 745 financial advisers and $66.2 billion in assets, wants to push data aggregation services further by offering its clients online budgeting and savings tools to align their expenses with their goals. The firm recently partnered with data aggregator Quovo, a move made as more financial firms incorporate held-away assets and accounts into their platforms to offer advisers and their clients a fuller view of their financial picture. In this case, Janney wants to segregate income and growth of assets and apply them to goals tracking, said

Maharashtra government is set to introduce gender budgeting that will ensure 50% benefit of gender neutral schemes to reach women. The women and child development department is scheduled to sign a Memorandum of Understanding (MoU) with the UNICEF women and United Nations Development Programme (UNDP) for working out on the detailed budget plan.

As per sources, to begin with the government is expected to pick up five departments and three of their major schemes for implementation as pilot project. We have not yet decided on departments and schemes. The main aim is to ensure that the benefits of schemes like scholarship, pension or other subsidies which are gender neutral should reach women in as many numbers as men, said a senior officer.

Councilman Costa Constantinides announced the winning Participatory Budgeting capital projects on April 18. Councilman Costa Constantinides announced on April 18 the winning Participatory Budgeting capital projects. From March 28-April 3, neighborhood residents voted for which projects they wanted to receive capital funding from a ballot created by community volunteers.

Voting was held at sites across the district including libraries, community spaces, shopping centers, offices, schools, subway stations, and senior centers.

The winning projects are:

1. Water Fountain Project in Astoria Park ($500,000) received 709 votes to repair or install new water fountains in Astoria Park.

2. Picnic/Gaming Tables Installation in Astoria Park ($250,000) received 704 votes to place permanent gaming/picnic tables in Astoria Park at locations to be determined by the community.

3. Real Time Bus Countdown Clocks ($480,000) received 682 votes to install 24 countdown clocks ($20,000 each) on the following bus lines: M60, Q18, Q19, Q33, Q47, Q69, Q101, Q102, Q103, and Q104.

Constantinides committed to designating part of the Participatory Budgeting funding to projects within Jackson Heights. The two projects on the ballot in Jackson Heights will also receive funding. The full list of projects is online, http://labs.council.nyc/districts/22/

Constantinides said, Im very pleased by the enthusiasm that the community showed during this years Participatory Budgeting process. The district has spoken, and we can see that residents value our parks and green spaces, as well as public transportation. Astoria Park is the jewel of our community, and it will become an even better space for families throughout the neighborhood with these additional amenities. I thank all who volunteered throughout this process and everyone who voted. Seeing all the effort from our budget delegates and volunteers shows that Participatory Budgeting is democracy in action. We will continue to work with city agencies and community stakeholders as these capital projects are implemented.

Participatory Budgeting provides an opportunity for residents to be involved in the city budget cycle. Residents vote for their favorite projects, and all the project proposals on the ballot were created by community volunteers. This past fall, hundreds of proposals were submitted by residents at neighborhood assemblies across the district. Volunteers broke up into groups and transformed the list of ideas into a ballot of fully-formed project proposals with details and costs.

The winning projects will be funded in the upcoming FY lsquo;16-lsquo;17 city budget, the first in many steps towards the projects final completion. As with the winning projects from the previous cycle, city agencies will seek further community input, put together designs, and go through planning stages before construction begins.

Why most planning, budgeting and analysis processes are incomplete and what you can do to change that

There is a common saying that doing the same thing over and over and expecting different results is the definition of insanity. We don't know who came up with this saying, although Albert Einstein, among several other notable individuals have been credited with the origin of it.

I don't entirely agree with this definition and imagine it is inaccurate from a clinical standpoint, but understand well that continually performing the same set of tasks and settling for a limited set of results may often be fruitless and in the case of finance operations a poor way to achieve certain goals and deliver meaningful results to management.

One example that really stands out is the planning and budget process that usually begins several months before the start of a new fiscal year and for many companies ends around the beginning of the new fiscal year. This is a mystery to me since I always believed that this process should be a year-round process, always incorporating periodic analysis of actual results vs. budget with periodic reforecasting as needed following the analysis, as well as a clear forecast of the future financial position of the company, derived from the budget and its periodic re-forecasts.

This means that the planning, budgeting and analysis process should be an integral part of finance operations and never stop when the annual budget is approved and the new fiscal year begins.

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For some reason, perhaps more than one, this is not the case in many organizations. It's like running a race and dropping out before reaching the finish line and not for any medical reason, like exhaustion, but simply because of not realizing that there is a finish line ahead. This analogy may seem strange but helps to illustrate this phenomenon.

I've seen more than a few very skilled financial analysts and finance departments equipped with powerful modeling and planning software solutions, spending an incredible amount of time developing elaborate revenue and expense models, with massive consolidations of dozens of business units' budget worksheets. These were presented in a budget book for management to review and approve, at which time the budget process was complete, with the same type of activity repeating year after year. Some companies used their budgets year round to compare with the actual results but to my mind few of these organizations actually reached the finish line.

Where is the finish line in a finance department's budget process, or more importantly, what is that finish line?

My view on this is that the traditional planning and budgeting process is only one piece, though essential, in the entire process The Benefits of an All Encompassing Budget. Adding periodic analysis of budget and actual data is the next logical step towards a complete and useful process, but one more very important step must exist in order for the finance department to be able to claim that they crossed the finish line.

That step is willing and actually being able to forecast the organization's Balance Sheet and have that statement always synchronized to the forecasted Income Statement and all budget data and assumptions used in building the budget model. This is essential, and only by having an accurate and complete Balance Sheet for every period in the budget, can management assess the future financial position of their company.

With the forecasted Balance Sheet comes the benefit of having a complete and accurate forecasted Statement of Cash Flows, an indispensable tool that no business owner or manager should be without.

Most finance organizations don't cross this finish line, at least not yet. Those that do, rely on the next generation of planning, budgeting and analysis software solutions that are becoming more available to even small and medium size companies. You must, however, be careful when selecting such a software solution, as you must choose an application that is an extension of your actual accounting GL, one that uses its own, independent GL Why Have a General Ledger in a Budgeting Software? where future budget period transactions are automatically made by the system, from your supplied budget data and company business rules entered in the software.

Other solutions that don't have a built-in budget GL will never be able to achieve accuracy and completeness of the Balance Sheet and the Statement of Cash Flows. They may be able to arrive at a rough approximation of account balances through high level formulas but this should not be relied on for critical decision making.

By now you certainly realize that expecting different results from your current process is not going to happen unless you are willing to change your outlook about the process and acquire the right tools in order to be able to affect the change. Only when you do that, can management start to receive the data they urgently need to make more accurate and timely decisions. Only then, can you confidently say you have crossed the finish line.