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Fiscal Management:: Meaning and Importance & Other Basic Concepts On Fiscal Management

Fiscal management refers to the process of ensuring an organization operates efficiently within its budget. It involves procuring funds, allocating funds for intended purposes, and monitoring fund use with accountability. Producing financial reports and complying with all regulations are important. Expenditures must be accurately recorded, adequate controls put in place to prevent overspending, and only authorized expenses incurred. Priority expenditures include basic utilities, office supplies, minor repairs, and janitorial/security salaries.

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Neil Villas
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1K views12 pages

Fiscal Management:: Meaning and Importance & Other Basic Concepts On Fiscal Management

Fiscal management refers to the process of ensuring an organization operates efficiently within its budget. It involves procuring funds, allocating funds for intended purposes, and monitoring fund use with accountability. Producing financial reports and complying with all regulations are important. Expenditures must be accurately recorded, adequate controls put in place to prevent overspending, and only authorized expenses incurred. Priority expenditures include basic utilities, office supplies, minor repairs, and janitorial/security salaries.

Uploaded by

Neil Villas
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
  • Introduction: Provides an overview of fiscal management, highlighting its significance and foundational concepts.
  • Fiscal Management Meaning: Explains the process and efficiency aspects of fiscal management within budgetary constraints.
  • Fiscal Management Goals: Discusses the goals of fiscal management focusing on planning, recording, and budget-related procedures.
  • Areas of Fiscal Management: Outlines key areas such as fund procurement, allocation, and accountability measures in fiscal management.
  • School Manager Responsibilities: Details responsibilities of school managers in ensuring compliance with financial reporting and regulations.
  • Financial Transactions: Highlights important aspects of recording financial transactions and maintaining expenditure controls.
  • Government Procurement Reform Act - RA 9184: Describes the principles under the RA 9184 act, focusing on transparency and competitive procurement processes.
  • Priority Expenditures: Lists priority expenditures such as utilities and supplies necessary for operational efficiency in schools.
  • Restricted Expenditures: Outlines expenses that are not allowed, including procurement of certain instructional materials and equipment.

FISCAL MANAGEMENT:

MEANING AND IMPORTANCE


& OTHER BASIC CONCEPTS
ON FISCAL MANAGEMENT

PREPARED BY: NEILFREN P. VILLAS


-is the process of keeping an organization running
efficiently within its allotted budget.

“seeing to it that the school has funds it


requires to meet its goals and that such
funds are used for the purposes for which
they were meant.
To improve the way the
department operates by
properly planning, recording,
and performing procedures
that relate to the budget.
The procurement of funds

Allocation of funds

Monitoring
their use in the interest of
accountability
•Producing financial reports for the
relevant stakeholders
•All financial regulations and
procedures are complied with
 All financial transactions are recorded accurately

 Adequate controls are in place to ensure that


expenditures do not exceed income

 Only authorized expenditures are incurred


 Principles:

1. Transparency
2. Competitiveness
3. Procurement Process
4. System of Accountability
5. Public Monitoring
 PRIORITY EXPENDITURES

1. BASIC UTILITIES
2. OFFICE/SCHOOL SUPPLIES
3. MINOR REPAIRS
4. OTHER SUPPLIES
5. SALARIES FOR JANITORIAL AND SECURITY
SERVICES
EXPENSES FOR THE FOLLOWING IS
NOT ALLOWED:
1. PROCUREMENT OF TEXTBOOKS
2. OTHER INSTRUCTIONAL MATERIALS
3. SCHOOL FURNITURE
4. EQUIPMENT

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