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Financial management

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  • 1. Zeaphard GV Caelian
  • 2.
    • Inter-Government Relations in Financial Management
  • 3.  
  • 4.  
  • 5.  
  • 6.  
  • 7.  
  • 8.
    • These agencies shall coordinate with each other for the purpose of providing continuous capacity building programs for LGUs whether individually or through a composite team to institutionalize and sustain the synchronization of planning, investment programming, revenue administration, budgeting and expenditure management activities.
  • 9.
    • Revenue generation and collection, fund custody, disbursements and keeping of accounts are functions of the finance department; review of estimates and fiscal policy studies are done by the Department of Budget and Management in close consultation with the National Economic Development Authority; the Central Bank and other economic planning entities of the state to see to it that fiscal plans and programs are geared towards national development. The Commission on Audit conducts fund and performance audit to see to it that expenditures are in accordance with the Appropriation Law approved Congress, above all else, is responsible for revenue and expenditure policies.
  • 10.
    • the Medium-Term Philippine Development Plan (MTPDP), including the formulation of annual and medium-term public investment programs and the monitoring and evaluation of the plan implementation.
    • It is also tasked to integrate the approved plans of the provinces, highly urbanized cities and independent component cities in the Regional Development Plan (RDP) and the MTPDP.
  • 11.
    • the Provincial/Local Planning and Expenditure Management (PLPEM) guidelines for the provinces pursuant to the mandates of the LGC and its IRR.
    • The primary objective of the PLPEM is to help provinces plan effectively as well as identify, prepare, prioritize, and raise and allocate resources to finance critical programs and projects.
  • 12.
    • The DOF, through the BLGF, is mandated to formulate standards, rules and regulations for the proper classification, appraisal and assessment of real property, and in consultation with DBM, provides for simplified disbursement scheme designed for the speedy and effective enforcement of Internal Revenue Allotment (IRA) shares of LGUs.
  • 13.
    • Five (5) Revenue Sources
    • 1. Internal Revenue Allotment
    • 2. Local Taxation and Fees
    • 3. Economic Enterprise
    • 4. Grants and Donations
    • 5. Credit Financing
  • 14.
    • 1. Internal Revenue Allotment
    • - the Internal Revenue Allotment (IRA), these are revenue transfer from the National Government to the LGU.
    • 2. Local Taxation and Fees
    • - locally generated revenue is a range of taxes, fees and charges that the LGC provides authority for local governments to assess and collect.
  • 15.
    • 3. Economic Enterprise
    • -is revenue from local public economic enterprises operated by LGUs
    • 4. Grants and Donations
    • - local governments may obtain other resources from grants and donations from private sector, NGOs or donor assistance. Private sector grants and donations, for example those from foundations, are less complicated a process than sourcing donor financing from multi-lateral institutions or bilateral donors.
  • 16.
    • 5. Credit Financing
    • - credit financing from various sources is used by some local governments to support development of infrastructure or capital investment in development of economic enterprises. Typically, the latter is for capital spending although in some instances the former may contribute to operating expenses, albeit on a very temporary basis. Credit financing may take several forms including bonds, deferred payment schemes and loans; sources may include domestic banks, government financial institutions and loans through the national government from foreign sources.
  • 17.
    • Internal Revenue Allotment
      • 23% - Cities/Provinces
      • 34% - Municipalities
      • 20% - Barangays
      • Within the LGU allocation based on the following criteria:
      • 50% - LGU population
      • 25 %– Based on land Areas
      • 25 % - divided equally among the LGUs
  • 18.
    • Administrative Order 278 of 1992
      • Internal Audit Unit
      • Commission on Audit Observations
      • Lack of Compliance
      • Weak control over fixed assets, lack of recording and inventory
      • Weak control over cash management
      • Weak of control over accounts payable
  • 19.
      • Commission on Audit Observations
      • Weak human resource management
      • Audit findings not implemented
  • 20.
    • a. New Government Procurement System
    • b. New Government Accounting System
    • c. Budget Accountability
  • 21.
    • New Local Government Accounting System
    • 1. ensure correctness, completeness and timely recording of financial transactions
    • 2. production of accurate and relevant financial report
  • 22.
        • The end, thank you!