1.1 BACKGROUND OF STUDY
One on the ultimate means of evaluating the performance of a public sector can be attributed to budget or budgetary control. Most managers planning and control to determine the goals and objectives of an organization is geared towards accomplishing all activities of the organization to achieve its desired goals. In other words, to ensure that the company will make a projection of its cost and revenue (budget) while (control) is the cost of ensuring that corrective actions are taken whenever cost/expenses incurred are not of the same tune with what is budgeted by means of the management performance evaluation. Budget, when cost exceeds the expenditure (Surplus) and expenses may exceed cost (Deficit). It is balanced when cost equals to expenses. Budgeting is universal and can be applied in private and public sectors, since it has the sole aim of achieving its organizational goals.According to Wildavsky (1964), budgeting could serve as a planning purpose. Planning is very vital, that’s why all business embraces the planning actions to achieve corporate goals. It’s the process of establishing goals and objectives and courses of action to attain it. Planning does not really guarantee the success of an organization, because plans may be futile sometimes due to the faulty performance of the functions of organizing, motivating and controlling. In budgeting, the budgets must know the company’s areas of excellence, areas of monopolistic power, areas of competence and weakness as well as applying ‘SWOT ANALYSIS’. To ensure that a realistic budgeting is produced, the company should know the existing and foreseeable threats and opportunities in their operating environments. This project is centered on budgeting as a means of performance evaluation in public sector, using Lagos State University (LASU) Ojo as a case study. Investigations will be carried out on how the institution prepares and executes its budget and how variances are reported for control purpose.The setting of this study is Lagos State University (LASU) located at Ojo local government area of Lagos State. A bill passed by the Lagos State House of Assembly and assented by the state government on the 22nd of April, 1983 established the institution. There (3) committees were involved and they recommended the followings: (i) Agbalajobi committee (April 1981) University of Technology.(ii) Sobowale review committee (June 1982) conventional university. (iii) Dele Fagbemirokun review committee (Feb. 1984) continued with the University project and recommended a main campus at Ojo and Law and Humanities (Administrative Record, Lasu 2004). Lagos State University took 342 students in 1984, in 1989 the number of students increased to 4459, while in 1994, it increased with 968 staffs made up of 300 academic, 176 administrative technical staff and 492 junior staff, about 60% of the academic were professors (Administrative Records, LASU 2004). Presently, the institution have about Eleven (11) campuses, both Part-Time and Full-Time with satellite campus, amongst are; Ojo, Epe, LASU Comm, School of Communication, Anthony, Agege, Jibowu, Isolo. Ojo is the main campus, located at Badagry Expressway, Ojo Lagos while Epe is the mini campus for Engineering and Pre-science degree programme. Ikeja is the Medical school, while the rest are satellites campuses. Hence, in all, the institution now have about Eight Faculties, comprising of Arts, Science, Social Science, Management Sciences, Law, Education and Engineering. The institution runs diplomas, degree and postgraduate programme. The following professors served as Vice Chancellor of Lagos State University: (i) Professor Folabi Olumide (1983-1989) (ii) Professor (Mrs) Jadesola Akande (1989-1993) (iii) Professor Enitan A. Bababunmi (1993-1995) (iv) Professor Fatiu Akesode (1996-2001) (v) Professor Abisogun Leigh (2001-2005) (vi) Professor Lateef Akande Husein (2005 to date) With the relevance to the focus of this study, administrative records, Lagos State budget allocation record, and other Financial documents like Education Trust Fund (ETF) will be used.
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