Fiscal-Management. A POWERPOINT PRESENTATION

FISCAL MANAGEMENT

1. Local Fiscal Management Reporter: PERLA D. MAGHUYOP

2. What is Fiscal Management? Is the process of planning, directing and controlling financial resources of an organization. Refers to money within a government entity It is the process of keeping an organization running efficiently within its allotted budget.

3. GOALS To maintain fiscal records and procedures that provides protection for the resources as well as records which generate economy, effectiveness and efficiency of the operation that relate to the budget of the agency. To improve the way agency operates by properly planning, recording and performing procedures that relate to the budget.

4. Areas of Fiscal Management Procurement of Funds It is the process of finding and acquiring goods, services or works from an external source. Allocation Funds The process of fair distribution of funds assigned to a particular item. Monitoring their use in the interest of accountability To be responsible for their actions and decisions, and having the obligation to report about it anytime. Producing financial reports for the relevant stakeholders - refers to an openness with regards to finance matters.

5. FISCAL MANAGEMENT PROCESS Planning the budget Formal review and approval of the budget Implementing the budget Monitoring and evaluating the expenditure of funds Communication with the public about how funds are used

6. What is the importance of Fiscal Management? Helps organizations in financial planning Assist organizations in planning Assist organizations in making critical financial decisions Increases the overall value of the organization Provides economic stability

7. Characteristics of Fiscal Management Poor Fiscal Management Indicated by a lack of record keeping and unnecessary or unplanned expenditures that can cause a department to go over budget or fail to meet its objectives Good Fiscal Management - Involves recording all fiscal transactions in checks – and – balances system that reduces mistakes or omissions that might lead to surprise budget overages

8. PRINCIPLES Transparency Competitiveness Procurement process System of accountability Public monitoring