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Financial Aspects of Educational Planning
Financial Aspects of Educational Planning
A. Budgeting
I. Definition and Functions
Budgeting is the translation of programs, projects and activities into their resource requirements which are expressed in monetary financial terms. It allocates resources to specific actions deemed necessary to achieve predetermined objectives. Additionally, a time element is introduced within which resources are made available and activities are to be carried out.
Line-Item Budgeting This used to be most widely used budgeting system. This system is not goaloriented. The budget merely consists of a listing of items every agency of the government to be funded. It also contains statements of estimated receipts and expenditures for the fiscal year for which it is intended based on the results of operation during the preceding year.
Major Types..
2. Performance Budgeting Performance budgeting is a management-oriented system of budgeting which measures actual or estimated results in terms of benefits accruing to the public and their unit costs. In contrast to the linesystem of budgeting, performance budgeting is based on receipts and expenditures but also includes brief description of what is to be achieved after each item of expenditure. It is a goal-oriented design.
B. Budget Authorization
Congress discusses the budget with focus on policy, budget levels, thrusts and strategy. The legislative body is prohibited from increasing the total appropriations submitted by the President in the budget proposal
C. Budget Execution
Authorized appropriations can only be available after complying with established guidelines or procedures.
D. Budget Accountability
The concept of accountability in budgeting gives emphasis to the results of expenditures allocated and incurred. It refers to the evaluation of the quantitative and qualitative measures of an agency performance as reflected in the units of work measurement and other indicators of agency performance
Budget Accountability..
1.The Commission on Audit (COA) conducts a continuing review of the budgetary program and project structure of each agency or ministry.2.
2.Heads of ministries or agencies of the government submit a semi-annual report of their accomplishments to the Secretary of Budget and to COA on both work and financial results. These reports will be used for the following:
a. Monitoring the efficiency and effectiveness with which the fund are being utilized, and. b. Verifying the attainment of goals established in the budget.3. 3.Accountability constitutes: a. a. Periodic reporting by agencies of performance under their approved budget
b Top management review of government activities and the fiscal and policy limitations thereof;
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