Financial Management Report
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Financial Management Report

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Financial Management Report Financial Management Report Presentation Transcript

  • Financial Management Report
  • Periodic Progress Reports
    • Projects typically produce 3 types of reports:
      • “ ad hoc”
      • regular periodical progress reports
      • annual reports
    • Fund-financed projects are required to submit to the Fund at regular intervals, not more than 6 months, periodic progress reports, FMR
    • FMR stands for Financial Monitoring Reports
  • Characteristics of FMR
    • The distinguishing characteristics of FMR are:
      • Distinction between project management (by Borrower) and project monitoring (by lender)
      • New emphasis on maximum reliance on borrower’s Accounting/reporting systems/format
      • Format, content, and frequency more flexible
      • Reflecting project size, sector, and complexity
  • Guiding Principles of FMR
    • The overall objective is to provide regular information that gives necessary fiduciary assurance to the Fund
    • FMR will be less detailed than the report prepared for project management
    • Borrower’s own system should be used as far as possible in producing FMRs  
  • Guiding Principles of FMR (cont.)
    • The same structure of financial information should normally be used for project planning, monitoring reports and annual audited financial statements, and Implementation Completion Reports (ICRs) 
    • As far as possible, borrowers should not be required to provide the Fund with information already available to the Fund
    • The requirements for financial and procurement monitoring should, as far as possible, be aligned with other Fund requirements for project progress reporting and monitoring  
  • Guiding Principles of FMR (cont.)
    • While the reports to be submitted to the Fund should meet certain minimum requirements, they should be flexible and customized to each project or where possible, to each country and/or sector
    • Monitoring expenditures in relation to physical progress is a key aspect of ensuring that the project is under proper financial control
    • Wherever possible, common reporting and monitoring arrangements should be agreed with other donors involved in the project
  • Structure of the FMR
    • The FMR should normally include:
      •        Financial reports
      •        Physical progress reports, and
      •        Procurement reports
  • FMR – Financial Reports
    • Financial reports should show:
    • Cash inflows and outflows for the period (e.g., quarter), and cumulatively for the project life
    • Expenditures should be reported according to project activities, not according to procurement/disbursement categories (although this may be reported as an addition)
  • Physical Progress Report
    • Physical progress reports should link physical outputs or implementation progress to costs of achieving them
    • Indicators of physical progress and outputs should be selected during project preparation, stated in the Project Implementation Plan (PIP)
  • Procurement Report
    • The procurement report:
    • shows the status of procurement of goods, works, services, and consultants
    • compares the actual procurement performance with the plan agreed with the Fund at negotiations or in a subsequent review
    • highlights specific problems (e.g., staffing or training needs)
  • Matters to be agreed at negotiations
    • Explains deviations from plan, and proposes solutions to problems identified
    • Format, content, frequency, and currency of reports
    • Project outputs and other indicators for monitoring physical or other progress toward achieving project results       
    • How to deal with multiple implementation agencies, scattered project locations, and community-based project activities