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PAD 505 Assignment 1 The Operating Budget NEWAssignment 1 The Operating BudgetDue Week 4 and worth 250 pointsWrite a four to five (4-5) page paper, titled Part I: The Operating Budget for the (Selected Agency) in which you separate the content into sections:1. Provide background information about the agency, mission, goals, objectives, departments, and strategic plan. (Title this section Introduction.)2. Describe the budget of the agency by addressing the following items: (Title this section Budget Overview.)a. Financial Summary, including Revenue and Expendituresb. Department Budgetsc. Fundingd. Capital Projectse. Debt Administration3. Perform a Cost Analysis. (Title this section Cost Analysis.) The costs should include the following:a. Fixed Costsb. Step-fixed Costsc. Variable Costs4. Identify and explain one to two (1-2) challenges you will have in managing the budget. (Title this section Budget Challenges.)5. Recommend two to three (2-3) strategies the agency should review regarding new initiatives and budget cuts over the next five (5) years. (Title this section Budget Recommendations.)6. Include the agency’s most recent budget or financial plan.7. Provide the agency’s Website name, URL, and any other sources used to support the assignment’s criteria.Your assignment must follow these formatting requirements:? Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA. Check with your professor for any additional instructions.? Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are:? Analyze the basic skills and tools needed for budgeting for public sector agencies and / or departments.Please remember to save a copy of all of your work in case there are technical problems.