According to Gabriel Silvestre (2009), the hosting of mega events has been actively pursued by some of the world’s major countries as a way to fast track their urban regeneration agenda and stand out among the global competition for international capital. It has never been more important for cities to express the group of values and signs that form their personality as in the present days of global economic competition. The combined effect of declining industrial activity, government reduction, and mobile capital investment produced a scenario where cities looked inward as a form to retain its economic vitality. Image creation is one of the processes fostered by an entrepreneurial alliance formed by progressive politicians and local elites to address the effects of globalisation. It relies on the enhancement of local features that makes the city stand out among competitors by revitalising strategic areas with perceived economic significance. One of the tools used to increase the city visibility and at the same time provide the financial resources necessary for urban regeneration is the hosting of mega events. Payday Loans Online
According to Brown and Howard of Management Accountant a budget is a predetermined statement of managerial policy during the given period which provides a standard for comparison with the results actually achieved.
A budget, therefore, be taken as a document which is closely related to both the managerial as well as accounting functions of an organization.
Forecast is mainly concerned with an assessment of probable future events and it precedes preparation of a budget as it is an important part of the budgeting process. A budget is both a mechanism for profit planning and technique of operating cost control.
P. Periasamy (2013) defines Budgetary Control as a process of establishment of budgets relating to various activities and comparing the budgeted figures with the actual performance for arriving at deviations, if any. Budgetary Control is a system which uses budgets as a means of planning and controlling. According to I.C.M.A. England, Budgetary control is defined by Terminology as the establishment of budgets relating to the responsibilities of executives to the requirements of a policy and the continuous comparison of actual with the budgeted results, either to secure by individual actions the objectives of that policy or to provide a basis for its revision.