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Managing financial resources to deliver public services

Author : Great Britain: National Audit Office

Publisher : The Stationery Office

Page : 52 pages

File Size : 17,54 MB

Release : 2008-02-20

Category : Business & Economics

ISBN : 9780102952926

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Book Description

This report examines the management of financial resources to deliver better public services effectively. Divided into four parts, with appendices, it looks at the following areas: Part 1: The importance of managing financial resources; Part 2: Developing the skills and awareness necessary for effective financial resource management; Part 3: Improving departments' use of techniques and practices for managing financial resources; Part 4: The impact of improved management and financial resources. Financial rsource management is relevant to every aspect of a Government department's business. By 2010-11, central government spending is forecast to grow to £678 billion, which represents £11,000 for every person in the UK. The NAO has set out a number of findings and recommendations, including: that the lack of financial skills and awareness amongst non-finance staff remains a significant barrier to improving the management of financial resources across government; that some departments lack a qualified Finance Director at Board level; that senior managers in many departments are not provided with incentives to promote sound management of financial resources; that Departments could do more to improve their forecasting capabilities; that some Departments are not sufficiently well placed to integrate financial and operational performance information; that many Departments do not always ensure the full assessment of the financial implications of policy proposals.



Guidelines for Public Expenditure Management

Author : Mr.Jack Diamond

Publisher : International Monetary Fund

Page : 84 pages

File Size : 30,2 MB

Release : 1999-07-01

Category : Business & Economics

ISBN : 9781557757876

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Book Description

Traditionally, economics training in public finances has focused more on tax than public expenditure issues, and within expenditure, more on policy considerations than the more mundane matters of public expenditure management. For many years, the IMF's Public Expenditure Management Division has answered specific questions raised by fiscal economists on such missions. Based on this experience, these guidelines arose from the need to provide a general overview of the principles and practices observed in three key aspects of public expenditure management: budget preparation, budget execution, and cash planning. For each aspect of public expenditure management, the guidelines identify separately the differing practices in four groups of countries - the francophone systems, the Commonwealth systems, Latin America, and those in the transition economies. Edited by Barry H. Potter and Jack Diamond, this publication is intended for a general fiscal, or a general budget, advisor interested in the macroeconomic dimension of public expenditure management.



Financial Planning and Management in Public Organizations

Author : Alan W. Steiss

Publisher : CRC Press

Page : 426 pages

File Size : 10,39 MB

Release : 2001-08-17

Category : Political Science

ISBN : 9780824705831

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Book Description

This work focuses on the theory and practice of financial management in public organizations and local government, highlighting the planning, analysis, and control skills necessary to navigate a future of change in technology, society, politics and economics. It details three fundamental areas of responsibility in the annual financial management cycle - cash management, financial planning, and management control. The authors discuss the financial planning-control continuum, cash management and investment strategies, and techniques of financial and managerial cost accounting to assist financial managers and public administrators in their daily efforts to promote more efficient and effective use of financial resources.



Public Financial Management and Its Emerging Architecture

Author : Mr. M. Cangiano

Publisher : International Monetary Fund

Page : 468 pages

File Size : 38,18 MB

Release : 2013-04-05

Category : Business & Economics

ISBN : 1475512198

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Book Description

The first two decades of the twenty-first century have witnessed an influx of innovations and reforms in public financial management. The current wave of reforms is markedly different from those in the past, owing to the sheer number of innovations, their widespread adoption, and the sense that they add up to a fundamental change in the way governments manage public money. This book takes stock of the most important innovations that have emerged over the past two decades, including fiscal responsibility legislation, fiscal rules, medium-term budget frameworks, fiscal councils, fiscal risk management techniques, performance budgeting, and accrual reporting and accounting. Not merely a handbook or manual describing practices in the field, the volume instead poses critical questions about innovations; the issues and challenges that have appeared along the way, including those associated with the global economic crisis; and how the ground can be prepared for the next generation of public financial management reforms. Watch Video of Book Launch



Managing Public Money

Author : Great Britain. Treasury

Publisher : Stationery Office Books (TSO)

Page : 69 pages

File Size : 47,38 MB

Release : 2007

Category : Finance, Public

ISBN : 9780115601262

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Book Description

Dated October 2007. The publication is effective from October 2007, when it replaces "Government accounting". Annexes to this document may be viewed at www.hm-treasury.gov.uk



Managing Financial Resources to Deliver Better Public Services

Author : Great Britain. Parliament. House of Commons. Committee of Public Accounts

Publisher : The Stationery Office

Page : 48 pages

File Size : 23,79 MB

Release : 2008

Category : Business & Economics

ISBN : 9780215523549

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Book Description

Annually, central government spends some £558 billion, and this is forecast to increase to £678 billion by 2010-11. Strong and competent financial resources management is central to departments meeting their objectives cost effectively and delivering public services which represent value for money. Since the Committee's last report on this topic (HC 181, 25th report of session 2003-04, ISBN 9780215023636) the number of qualified finance directors with a seat on the departmental board has increased, enhancing the focus on financial performance at senior management level, but the lack of financial skills and awareness amongst non-finance staff remains a barrier to improving financial management more generally across government. Accruals-based accounting and budgeting systems are helping some departments identify under-utilised assets and dispose of those no longer required. Departments need to improve their forecasting capabilities to strengthen budgetary control and to avoid underspends not being identified early enough to reallocate resources to other priorities. Departments are continuing to spend less money than they forecast, particularly on capital projects, increasing the risk that resources are not being allocated across government in the most effective way. Few departmental boards are presented with accurate, timely and integrated financial and operational performance information to enable them to take sufficiently informed decisions on the use of resources and to review performance. Although the Treasury and Cabinet Office have a number of initiative to improve resource management, there is some way to go before financial management is fully embedded within departmental cultures.



PEFA, Public Financial Management, and Good Governance

Author : Jens Kromann Kristensen

Publisher : World Bank Publications

Page : 168 pages

File Size : 37,23 MB

Release : 2019-11-24

Category : Business & Economics

ISBN : 146481466X

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Book Description

This project, based on the Public Expenditure and Financial Accountability (PEFA) data set, researched how PEFA can be used to shape policy development in public financial management (PFM) and other major relevant policy areas such as anticorruption, revenue mobilization, political economy analysis, and fragile states. The report explores what shapes the PFM system in low- and middle-income countries by examining the relationship between political institutions and the quality of the PFM system. Although the report finds some evidence that multiple political parties in control of the legislature is associated with better PFM performance, the report finds the need to further refine and test the theories on the relationship between political institutions and PFM. The report addresses the question of the outcomes of PFM systems, distinguishing between fragile and nonfragile states. It finds that better PFM performance is associated with more reliable budgets in terms of expenditure composition in fragile states, but not aggregate budget credibility. Moreover, in contrast to existing studies, it finds no evidence that PFM quality matters for deficit and debt ratios, irrespective of whether a country is fragile or not. The report also explores the relationship between perceptions of corruption and PFM performance. It finds strong evidence of a relationship between better PFM performance and improvements in perceptions of corruption. It also finds that PFM reforms associated with better controls have a stronger relationship with improvements in perceptions of corruption compared to PFM reforms associated with more transparency. The last chapter looks at the relationship between PEFA indicators for revenue administration and domestic resource mobilization. It focuses on the credible use of penalties for noncompliance as a proxy for the type of political commitment required to improve tax performance. The analysis shows that countries that credibly enforce penalties for noncompliance collect more taxes on average.





Local Public Financial Management

Author : Anwar Shah

Publisher : World Bank Publications

Page : 290 pages

File Size : 38,28 MB

Release : 2007

Category : Political Science

ISBN : 0821369385

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Book Description

Transparent and prudent local financial management has come to be recognized as critical to the integrity of local public sector and to gaining and retaining trust of local residents. Such integrity and trust is sometimes lacking in some local governments in developing countries, especially in the Africa region. This volume attempts to provide practical guidance to local governments interested in establishing sound financial management systems. Leading international experts have contributed to all relevant aspects of local public financial management - cash management, internal controls, accounts, audits, and debt management.



Financial Strategy for Public Managers

Author : Sharon Kioko

Publisher :

Page : pages

File Size : 21,69 MB

Release : 2017-09-07

Category :

ISBN : 9781927472590

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Book Description

Financial Strategy for Public Managers is a new generation textbook for financial management in the public sector. It offers a thorough, applied, and concise introduction to the essential financial concepts and analytical tools that today's effective public servants need to know. It starts "at the beginning" and assumes no prior knowledge or experience in financial management. Throughout the text, Kioko and Marlowe emphasize how financial information can and should inform every aspect of public sector strategy, from routine procurement decisions to budget preparation to program design to major new policy initiatives. They draw upon dozens of real-world examples, cases, and applied problems to bring that relationship between information and strategy to life. Unlike other public financial management texts, the authors also integrate foundational principles across the government, non-profit, and "hybrid/for-benefit" sectors. Coverage includes basic principles of accounting and financial reporting, preparing and analyzing financial statements, cost analysis, and the process and politics of budget preparation. The text also includes several large case studies appropriate for class discussion and/or graded assignments.