What method is identified as a primary approach for achieving long-term budget balance?

The correct answer identifies the elimination of core functions and activities as a primary approach for achieving long-term budget balance. This method entails critically assessing the functions and services provided by an organization or government entity and determining which are essential for mission fulfillment. By cutting or significantly reducing services that are less critical or redundant, resources can be reallocated to areas that directly impact the overall financial health and effectiveness of the organization.

This approach aligns with strategic financial management principles, which emphasize the efficient use of limited resources and the importance of sustainability in budgeting. Often, maintaining a balanced budget requires tough decisions, where certain activities are deemed non-essential, allowing for a focus on core services that better serve the needs of the community or organization.

Other methods, such as increasing salaries across the board, may strain budgets further and are not sustainable long-term. Continuously postponing expenditures can lead to deferred maintenance and issues that compound over time, adversely affecting service delivery. Meanwhile, sticking to the status quo without making necessary changes or improvements fails to address budget imbalances and may result in financial challenges persisting well into the future.