Ryder System Inc.'s use of zero-based budgeting to manage its monthly spending has helped it navigate the economic downturn caused by the coronavirus pandemic.
The Miami-based truck leasing and fleet management business cut discretionary expenditures through moves including furloughs in its back-office function and a reduction in its travel budget. That should lead to discretionary spending savings of $20 million in the second quarter, according to finance chief Scott Parker.
Other things to check out:
Google Slashes Its Marketing Budget: What Does This Mean?
Augusta CVB facing budget deficit from COVID-19 - Business - The Augusta Chronicle - Augusta, GA
Falling hotel occupancy rates and a postponed Masters Tournament has the city’s tourism bureau forecasting a nearly $700,000 budget deficit.
A plummet in hotel occupancy rates and an inability to collect Masters Tournament revenue until early next year has left the city's tourism-marketing organization facing a nearly $700,000 budget deficit.
CVB President Bennish Brown said the group has cut its expenses for the year by 34% – cuts that include salary reductions for all staff though September, the indefinite furlough of seven part-time employees and the elimination of two full-time positions.
Budget forecasting in the COVID-19 era | INTHEBLACK
In the volatile and challenging times brought about by COVID-19, changing the thinking on traditional budget forecasting can make planning ahead easier.
The place to start, according to Prabhu Sivabalan , professor of accounting and associate dean – external engagement, at Sydney’s UTS Business School, is to rethink the budgeting process.
Sivabalan believes most organisations struggle with budgeting because the future is always hard to predict, and managers generally don’t want to make firm on-the- record forecasts, particularly in times of frequent change.
While you're here, how about this:
Experts say tighten your budget now as recession looms | king5.com
The American economy relies heavily on consumption. If people are not consuming, the Gross Domestic Product goes down. If the GDP is down two quarters in a row, then economists will officially label the time as a recession. That won't happen until late summer, but it's clear that people are not spending money. Many say they do not plan on spending, especially on big-ticket items.
The head of credit card company Discover Financial Services offered a glimpse of what spending looks like. During a recent earnings call, Discover CEO Roger Hochschild reported discretionary spending down 33%, mostly driven by travel. Travel, he said, was down 99%, although it accounts for just 8% of cardholder spending.
News | Argus Media
COVID-19 affecting Town of Williston's budget - News - The Augusta Chronicle - Augusta, GA
Councilman Scott Valentine asked Town Administrator Kenny Cook how the pandemic is affecting this year’s budget. Cook explained that the longer and deeper the recession is will affect this year’s budget but right now he is not sure how or to what extent. However, the pandemic is already affecting next year’s budget, but again, Cook is not yet sure to what extent.
Council was also advised to apply for a USDA grant to use for the purchase of a pick-up truck. The truck will be for the Williston Public Works Department. Due to the budget being affected by COVID-19, grant applications are suspended at this time. More details to come later.
Xiaomi announces new budget and gaming phones for Europe | South China Morning Post
The Mi Note 10 Lite, Redmi Note 9 and Note 9 Pro, and the Black Shark 3 and 3 Pro will all soon be available in Europe
No comments:
Post a Comment