local public finance Flashcards
(24 cards)
refers to the conduct and management of financial affairs, transactions, and operations of provinces, cities, municipalities and barangays
Local Public Finance
Local Public Finance is referred to as
local fiscal administration
local public finance is about?
- generation of resources and revenues
- allocation and utilization of resources and revenues
- management and control over 1 and 2
the town or city mayor and the provincial governor
local chief executives
officials tasked with the responsibility of raising, spending and managing local public funds and resources
local finance committees & local development councils
main responsibility for ensuring that funds are available to implement programs, policies and rules made by the local chief executive and the local deliberative bodies
treasurer
budget officer
accountant
assessor
local administrator
Collects taxes, fees, charges, and other impositions of the LGU.
Takes custody and exercises proper management of the funds of the LGU.
Is responsible for dispersing all LGU funds and any other funds entrusted to them by law or other competent authority.
Treasurer
Exercises the functions of appraisal and assessment primarily for taxation purposes of all real properties in the LGU concerned.
Assessor
Takes charge of the accounting and internal audit services of the LGU.
Accountant
Provides budget administration services to the LGU.
Budget Officer
Analyzes income and expenditure patterns, formulates, and recommends physical plans and policies for consideration by the finance committee of the LGU.
Planning and Development Officer
ultimately responsible for the collection, custody disbursement, and proper utilization of government funds.
The Local Chief Executive (LCE)
He or she provides overall direction and control
The Local Chief Executive (LCE)
He or she is the chief development and budget planner and is responsible for issuing all licenses and permits
The Local Chief Executive (LCE)
approves the Annual Budget and supplemental budgets of the LGU.
The Local Sanggunian
approves the local government’s development and investment plans, which serve as guidelines in the preparation of the annual budget.
The Local Sanggunian
local government’s sole taxing authority. All policies on revenue generating measures such as taxes, fees, and charges
The Local Sanggunian
prescribes the rates for such levies and has the power to grant exemptions, incentives or reliefs.
The Local Sanggunian
cannot sign any loan agreement or enter into any contract without the approval of the Local Sanggunian.
The Local Chief Executive
comes up with the estimates and targets for both income and expenditures that go into the preparation of the draft local government budget that is debated and approved by the Local Sanggunian.
The Local Finance Committee (LFC)
It plays such an important role that the Local Government Code mandated all LGUs to create a local finance committee
The Local Finance Committee (LFC)
also helps the local sanggunian in evaluating the budgets of lower level LGUs and conducts semi-annual reviews of costs and accomplishments in undertaking development projects.
The Local Finance Committee (LFC)
government agencies that issue policies and regulations that govern how public funds are managed at the local level
COA
DOF
DBM
DILG
OP
