Framework For Effective Framework For Effective Local Government FinanceLocal Government Finance

World Bank – Public Sector World Bank – Public Sector Management Thematic GroupManagement Thematic Group

Michael SchaefferMichael Schaeffer

March 2005March 2005

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The ‘Quick Start’ FrameworkThe ‘Quick Start’ Framework

• Components of Effective Local Government Components of Effective Local Government FinanceFinance

• A Shift in the Nature of Local Government A Shift in the Nature of Local Government BudgetingBudgeting

• The Capital BudgetThe Capital Budget

• The Role of Financial Reporting and The Role of Financial Reporting and AccountingAccounting

• The Treasury SystemThe Treasury System

• Sequencing of Management ReformsSequencing of Management Reforms

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Essential Components:Essential Components:

• Control Structure Derived From Legislative Control Structure Derived From Legislative FrameworkFramework

• A Standardized Chart of Accounts / A Standardized Chart of Accounts / Accounting SystemAccounting System

• An Effective Treasury and Cash An Effective Treasury and Cash Management SystemManagement System

• Internal / External ReportingInternal / External Reporting

• Effective [Timely] Budget and Reporting Effective [Timely] Budget and Reporting SystemSystem

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An Effective Financial An Effective Financial Management SystemManagement System

Components of an Effective Financial Management System

Community Driven Performance Measurements

Community Ownership

Budget Policies Formulation and Execution

Community (Participation) Driven

Effective Treasury and Cash

Management Systems

Standardized Transparent/ Accountable Chart of Accounts (External / Internal Audits)

Accounting Systems

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Shift in the Nature of Local Shift in the Nature of Local Government BudgetingGovernment Budgeting

“New Public Expenditure

Management:”Budget

Policies/InstitutionsIncentives

Outputs/OutcomesPerformance Orientation

Decentralized Responsibilities

Transparency and Accountability

“Conventional Budgeting:”Budget Process

RulesInputs

ComplianceHierarchal/Centralized

Control

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Framing Local Government Framing Local Government PolicyPolicy

Budgets are Fundamental for Meeting Budgets are Fundamental for Meeting Three Important Policy Objectives:Three Important Policy Objectives:

1.1. Aggregate Fiscal Discipline;Aggregate Fiscal Discipline;

2.2. Allocation of Resources [Consistent Allocation of Resources [Consistent with Strategic Policy and Priorities]; with Strategic Policy and Priorities]; And,And,

3.3. Efficiency and EffectivenessEfficiency and Effectiveness

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Local Government Budgets:In Theory and Practice

Good Budget Practices Poor Budget Practices

ComprehensiveComprehensiveDisciplinedDisciplinedLegitimateLegitimateFlexibleFlexiblePredictablePredictableContestable: Subject to review and Contestable: Subject to review and evaluationevaluationHonestHonestInformation must be accurate and timely.Information must be accurate and timely.Transparent: Information about budget Transparent: Information about budget practices must be accessible and practices must be accessible and communicated to a wider audience.communicated to a wider audience.Accountable: Decision makers must be Accountable: Decision makers must be held responsible for the exercise of held responsible for the exercise of authority provided to them.authority provided to them.Source: Public Expenditure Management Handbook (1998) World Source: Public Expenditure Management Handbook (1998) World BankBank

Unrealistic Planning and budgetingShort-term budgeting with no medium or long-term implicationsNumerous budget revisions throughout the yearGovernment spends as cash becomes available not according to preset prioritiesDeferred budgeting: Arrears build-up as expenditures are pushed into subsequent years.Distorted priorities.Informal management: Extralegal behavior dictates how government operates with respect to hiring and procurement etc.,Corruption: Lack of enforcement of formal rules breeds illegal behavior (corruption).Source: A. Shick (1998) A Contemporary Approach to Public Expenditure Management. World Bank Institute.

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Effective Financial Effective Financial Management and BudgetingManagement and Budgeting

• Set of Activities Where Intentions of Local Set of Activities Where Intentions of Local Government Managers and Politicians Becomes Government Managers and Politicians Becomes OperationalOperational

• One Mechanism to Determine Local Government One Mechanism to Determine Local Government Performance is AuditPerformance is Audit

• Performance Based Local Government Unit [LGU] Performance Based Local Government Unit [LGU] Financial Management Necessitates a Change in Financial Management Necessitates a Change in Local Government Financial Management and Local Government Financial Management and OrganizationOrganization

• Must Produce Information in an Integrated Must Produce Information in an Integrated Manner – Budgeting, Accounting, Cash (Treasury) Manner – Budgeting, Accounting, Cash (Treasury) and Debt Management Must be Linked and Debt Management Must be Linked

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Working Within Proper Legal Working Within Proper Legal EnvironmentEnvironment• Detailed Rules with Respect to Local Detailed Rules with Respect to Local

Government Budgeting, Accounting, Cash Government Budgeting, Accounting, Cash And Debt ManagementAnd Debt Management

• Internal / External Audit Responsibilities Internal / External Audit Responsibilities Should be DesignatedShould be Designated

• Role of Any Oversight Agency Should be Role of Any Oversight Agency Should be DefinedDefined

• Jurisdictions, Level of Autonomy, and the Jurisdictions, Level of Autonomy, and the Components of Local Government Financial Components of Local Government Financial Management Systems Should be Spelled OutManagement Systems Should be Spelled Out

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Perspective on BudgetingPerspective on Budgeting

• Establish Clear Operating Procedures Establish Clear Operating Procedures Between Management Sections of Each Between Management Sections of Each Implementing DepartmentImplementing Department

• Limit Programmatic Classifications to Only Limit Programmatic Classifications to Only What is Necessary for Effective Decision-What is Necessary for Effective Decision-makingmaking

• Simplify and Limit Account ClassificationsSimplify and Limit Account Classifications• Match Budget Authority with Operating LevelMatch Budget Authority with Operating Level• Codify Budget Procedures in a ManualCodify Budget Procedures in a Manual• Develop Performance Measurements that Can Develop Performance Measurements that Can

Be Used to Measure Efficiency / EffectivenessBe Used to Measure Efficiency / Effectiveness

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Budget Formulation and Budget Formulation and AdoptionAdoption

• Local Government Budget Should Local Government Budget Should include the Following:include the Following:– Program Elements Should Be Limited / Program Elements Should Be Limited /

MeaningfulMeaningful– Present Multi-Year Data to Include Prior, Present Multi-Year Data to Include Prior,

Current and ForecastCurrent and Forecast– Include all Units that Require Government Include all Units that Require Government

Resources in the Budget Formulation Resources in the Budget Formulation ProcessProcess

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Revenue Mobilization and Revenue Mobilization and Forecasting:Forecasting:• Two Principles:Two Principles:

1.1. Own-source Revenues Should Be Sufficient to Enable Own-source Revenues Should Be Sufficient to Enable LGUs to Finance all Locally Provided Services From LGUs to Finance all Locally Provided Services From Own ResourcesOwn Resources

2.2. To Extent Possible, LGU Revenues Should Be Collected To Extent Possible, LGU Revenues Should Be Collected at the Local Government Levelat the Local Government Level

• Most Basic Forecast – Use Revenues From Most Basic Forecast – Use Revenues From Current Year Increased By a Growth FactorCurrent Year Increased By a Growth Factor

• Better to Use Information on Forecasted Tax Better to Use Information on Forecasted Tax Bases and Planned Rates to Explicitly Calculate Bases and Planned Rates to Explicitly Calculate What is Legally Collectible What is Legally Collectible

• Should Use Information on Tax Compliance Should Use Information on Tax Compliance Levels to Determine Likely LGU RevenuesLevels to Determine Likely LGU Revenues

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Expenditure Forecast and Expenditure Forecast and ControlControl• LGU Budgets Should Be Examined For LGU Budgets Should Be Examined For

Conservative CharacteristicsConservative Characteristics• Appropriations Should Be Fixed at Levels Appropriations Should Be Fixed at Levels

Determined By Best Estimates of Available Determined By Best Estimates of Available Work, Services, and Price Levels For the Work, Services, and Price Levels For the YearYear

• Local Population [and, Legislature] Have Local Population [and, Legislature] Have Right to Know LGU Policy Objectives and Right to Know LGU Policy Objectives and TargetsTargets

• Informing General Public Increases Informing General Public Increases Transparency, Accountability, and Allows For Transparency, Accountability, and Allows For a General Consensus to Be Reacheda General Consensus to Be Reached

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Budget Execution and Budget Execution and Expenditure ControlExpenditure Control• Key Elements For Consideration in The Financial Key Elements For Consideration in The Financial

Management of Budget Implementation:Management of Budget Implementation:– Provide Guidelines For Re-programming Budget Line Provide Guidelines For Re-programming Budget Line

ItemsItems– Re-programming Requiring Higher Level Approval Re-programming Requiring Higher Level Approval

Should Only Be For Shifts Between Major Line ItemsShould Only Be For Shifts Between Major Line Items– Establish Clear Procedures for Committing FundsEstablish Clear Procedures for Committing Funds– Establish Clear Procedures for Distributing Allotted Establish Clear Procedures for Distributing Allotted

Budget Authority on a Quarterly [Monthly] BasisBudget Authority on a Quarterly [Monthly] Basis– Quarterly Budget Allocations Must Be Made in Quarterly Budget Allocations Must Be Made in

Conjunction With Aggressive Cash ManagementConjunction With Aggressive Cash Management

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Factors Influencing Escalating Factors Influencing Escalating ExpendituresExpenditures

• Soft Budget ConstraintsSoft Budget Constraints

• Fragmented Approaches to BudgetingFragmented Approaches to Budgeting

• Creating Future Expenditure Creating Future Expenditure Commitments By Under provisioningCommitments By Under provisioning

• Lack of TransparencyLack of Transparency

• Systematic Errors in Budget Systematic Errors in Budget ForecastingForecasting

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The Capital BudgetThe Capital Budget

• Concerned With Creation of Long-Term Concerned With Creation of Long-Term AssetsAssets

• Organized Along Multi-Year (5-Year) Organized Along Multi-Year (5-Year) Capital Investment PlanCapital Investment Plan

• Financing of Investments Often Requires a Financing of Investments Often Requires a Different [More Complex] Set of CapacitiesDifferent [More Complex] Set of Capacities

• Officials Also Need Skills to Procure Officials Also Need Skills to Procure Construction Services in a Cost-Effective, Construction Services in a Cost-Effective, Open MannerOpen Manner

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Structure of Capital BudgetStructure of Capital Budget

• Inventory of Capital AssetsInventory of Capital Assets

• Multi-Year Capital Investment Plan Multi-Year Capital Investment Plan (CIP)(CIP)

• Financing PlanFinancing Plan

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Structure of a Capital BudgetRevenue (Receipts) Expenditures

I. Taxes and Property Earmarked for Capital Projects

I. Acquisition of Existing AssetsPlant, Property, EquipmentFinancial

II. Surpluses from the Current Account

II. Acquisition of New AssetsPlant, Property, EquipmentFinancial (Other than capital transfers)

III. Proceeds from BorrowingDomesticAccounts Maintained by the GovernmentExternal Repayment of Loans

III. Capital TransfersTransfers to Other Levels of GovernmentTransfers to Public Sector Enterprises

IV. Depreciation Allowances IV. Repayment of Loans

V. Sale of Property

VI. Capital Grants

Source: A. Premchand (2000) “Capital Budgets: Theory and Practice.”

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Determining Capital Determining Capital Expenditure Resource Expenditure Resource AllocationAllocation• Used in the Production [Supply] of Used in the Production [Supply] of

Goods and Services [Productivity Goods and Services [Productivity Criteria]Criteria]

• Life Extends Beyond a Fiscal YearLife Extends Beyond a Fiscal Year

• Not Intended For Resale in the Not Intended For Resale in the Ordinary Course of OperationsOrdinary Course of Operations

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Number of Capital Projects that Number of Capital Projects that LGU Can Finance, Depends On:LGU Can Finance, Depends On:

• Level of Recurring Future Operating Level of Recurring Future Operating ExpendituresExpenditures

• Cost Recovery ElementsCost Recovery Elements

• Availability of Cost Sharing By Availability of Cost Sharing By Different Tiers of Government [or Different Tiers of Government [or PPP]PPP]

• Debt Structures and InstrumentsDebt Structures and Instruments

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Capital Budget IssuesFunctional Area Issues

I. Project and Investment Appraisal1.Need to apply uniform and consistent guidelines

•Analysis techniques in many countries are qualitatively deficient.•Analysis studies may lend themselves to manipulation and often become studies designed to support decisions already undertaken.

II. Funding Arrangements1.Centralized Borrowing

Centralized borrowing may lead to resource fungibility and the loss of project identity. In the case of India (State and Local Governments) it may be difficult to measure loan performance effectiveness

III. Budget Formulation1.Medium Term Rolling Plans2.Contingent Liability and Associated Risk Management Should be Part of the Budget Decision Making Process3.Risk Assessment

1.Possibility of Contributing to Budgetary Rigidity2.Most Local (State) Budget Systems Have no Mechanism For this Purpose. Some Countries Have Initiated Efforts to Pass Legislation and Associated Regulations. 3.Changes in Interest, Inflation (and, Exchange Rates) Pose Serious Implications for the Financing of Self-Financing and Self-Liquidating Projects. In Many Cases, These Costs Are Borne by the General Budget. In Order to Understand the Risks, These Transactions need to be More Transparent.

IV. Budget Implementation1.Release of Funds2.Underfunding3.Payment

1.Capital Projects Have Their Own Seasonality of Expenditure Flows. Each Project May Have Its Own Distinctive Requirements. Funding, Budgetary Authority, and Cash Management Must be Synchronized in Conformity with Project Requirements and Implementation Schedule.2.Projects are in Many Cases Underfunded. Even the Amounts Estimated in the Budget May not be Released in a Timely Manner. 3.Project Payments are Generally Decentralized. There may be delays in payments. Arrears in Payments are Common and Reveal A Failure of Cash (Expenditure) Management System.

Source: A. Premchand (2000) Capital Budgets: Theory and Practice, and Schaeffer et al Croatia: Investment Packaging Manual (2004)

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Role of Accounting and Role of Accounting and Financial ReportingFinancial Reporting

• Accounting is Systematic Gathering Accounting is Systematic Gathering of Financial Transactionsof Financial Transactions

• Compiling and Reporting of Compiling and Reporting of Transactions in a Meaningful and Transactions in a Meaningful and Systematic MannerSystematic Manner

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Unified Chart of Accounts Unified Chart of Accounts

• Represents Basic Structure of Represents Basic Structure of Municipal Financial AccountingMunicipal Financial Accounting

• Must Include all Categories of Assets, Must Include all Categories of Assets, Liabilities, Revenue and Liabilities, Revenue and Expenditures, And Equity AccountsExpenditures, And Equity Accounts

• Provides a Logical Structure For Provides a Logical Structure For Classifying TransactionsClassifying Transactions

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Accounting Treatments:Accounting Treatments:

• Cash:Cash:– Simplest of All Accounting ProceduresSimplest of All Accounting Procedures– Records How Much is ReceivedRecords How Much is Received– Records How Much is Paid OutRecords How Much is Paid Out– Records How Much is in the BankRecords How Much is in the Bank– Simplest to ImplementSimplest to Implement– However, May not Provide for Adequate However, May not Provide for Adequate

Controls on LGU TransactionsControls on LGU Transactions

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Cash Accounting: Not Cash Accounting: Not Recommended By GAAPRecommended By GAAP• Cash Received as Loan Illustrated as Revenue on Operating Cash Received as Loan Illustrated as Revenue on Operating

Statement not as Liability on Balance SheetStatement not as Liability on Balance Sheet• To Correct: Most Cash Accounting Systems Recognize not only To Correct: Most Cash Accounting Systems Recognize not only

Cash, But Other Assets and Liabilities Arising Through Prior Cash Cash, But Other Assets and Liabilities Arising Through Prior Cash Transactions. Transactions.

• Does Not Alter Fact that Outstanding Obligations In the Form of Does Not Alter Fact that Outstanding Obligations In the Form of Contract or Purchase Orders are Not Immediately Reflected In Contract or Purchase Orders are Not Immediately Reflected In Accounting Records records. Accounting Records records.

• Available Balance May Be Overstated Available Balance May Be Overstated • Can Lead to Unwise LGU Expenditures and Potential Overspending Can Lead to Unwise LGU Expenditures and Potential Overspending • LGUs Operating on A Cash Basis May Ignore Obligations to LGUs Operating on A Cash Basis May Ignore Obligations to

Vendors For Services Received [But Not Yet Paid] Vendors For Services Received [But Not Yet Paid] • This Type of Action Creates A Floating Debt Outside the Normal This Type of Action Creates A Floating Debt Outside the Normal

Financial Management SystemFinancial Management System• Cash Basis Accounting Does Not Adequately Record Liabilities Cash Basis Accounting Does Not Adequately Record Liabilities

Either to Provide Future Services or In Recognition of Services or Either to Provide Future Services or In Recognition of Services or Goods Received For Which the Bill Has Not Been Paid.Goods Received For Which the Bill Has Not Been Paid.

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Accrual AccountingAccrual Accounting

• Relates Revenues and Expenditures Not to the Relates Revenues and Expenditures Not to the Time in Which the Cash is Received or Time in Which the Cash is Received or Disbursement Made, But To the Period For Whose Disbursement Made, But To the Period For Whose Benefit The Transaction OccursBenefit The Transaction Occurs

• Involves Shifting Existing Financial Features of Involves Shifting Existing Financial Features of Current LGU Financial OperationsCurrent LGU Financial Operations– Shifting the Recording Basis From Cash To CommitmentShifting the Recording Basis From Cash To Commitment– Separation of Financial Activities into Current and CapitalSeparation of Financial Activities into Current and Capital– Include Full Depreciation Allowances that Permit Include Full Depreciation Allowances that Permit

Allocation of Costs over the Life of The Asset Rather Than Allocation of Costs over the Life of The Asset Rather Than Recording Expenses When they are IncurredRecording Expenses When they are Incurred

– Preparation of Financial Statements in Conformity with Preparation of Financial Statements in Conformity with International Accounting Standards (IAS) or Generally International Accounting Standards (IAS) or Generally Accepted Accounting Principles (GAAP)Accepted Accounting Principles (GAAP)

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Modified AccrualModified Accrual

• Most Transactions are Accrued in the Period in Most Transactions are Accrued in the Period in Which Benefit ReceivedWhich Benefit Received

• Other Transactions – Especially Revenue are Other Transactions – Especially Revenue are Accrued on a Cash BasisAccrued on a Cash Basis

• General Rule:General Rule:– Expenses are AccruedExpenses are Accrued– Income From Taxes, Fees, and Other Sources are Income From Taxes, Fees, and Other Sources are

Recorded only When Collected (Cash Basis)Recorded only When Collected (Cash Basis)• Net Effect: Net Effect:

1.1. Bring Income in Line With Actual Cash Available to Pay Bring Income in Line With Actual Cash Available to Pay BillsBills

2.2. Ensuring the Recording of Expenses cannot be Ensuring the Recording of Expenses cannot be Manipulated by Delaying Until the Bill is PaidManipulated by Delaying Until the Bill is Paid

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Deciding On An Accounting Deciding On An Accounting SystemSystem

• Moving From Cash to Modified, Accrual Moving From Cash to Modified, Accrual Systems Requires Changes in the Systems Requires Changes in the Organization Flow of Local Government Organization Flow of Local Government Institutions and Increase in LGU Institutions and Increase in LGU CapacityCapacity

• Primary Importance of LGU Accounting Primary Importance of LGU Accounting System is that Financial Information System is that Financial Information Should be Timely, Transparent and Should be Timely, Transparent and CompleteComplete

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Universal Features of Universal Features of Accounting SystemsAccounting Systems• Common Denominator:Common Denominator:

– All Systems Should Track AppropriationsAll Systems Should Track Appropriations– Supplementary EstimatesSupplementary Estimates– Use of Appropriations Use of Appropriations

• Release of FundsRelease of Funds• CommitmentsCommitments• Expenditures at Verification StageExpenditures at Verification Stage• PaymentsPayments

• May be More Effective to Assist LGUs in May be More Effective to Assist LGUs in Improving Cash Basis Accounting First – Improving Cash Basis Accounting First – Rather than Shifting to Other Accounting Rather than Shifting to Other Accounting SystemsSystems

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Financial ReportingFinancial Reporting

• Process of Compiling and Organizing Process of Compiling and Organizing Financial Information Into Meaningful Financial Information Into Meaningful ReportsReports

• Financial Reports Should [In General] Financial Reports Should [In General] Include: Include: – Balance Sheet [Not with Cash] – {However Can Balance Sheet [Not with Cash] – {However Can

Use Simple Balance Sheet Recording Assets / Use Simple Balance Sheet Recording Assets / Liabilities}Liabilities}

– Income StatementIncome Statement– Cash Flow StatementCash Flow Statement

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AuditingAuditing

• Audit Report Should:Audit Report Should:– Analyze the Financial Position of the Local Analyze the Financial Position of the Local

GovernmentGovernment• Include TrendsInclude Trends

• Quality of Receipts [Revenues]Quality of Receipts [Revenues]

• Expenditure AnalysisExpenditure Analysis

– Evaluate Performance of Government on Evaluate Performance of Government on Various Financial Management and Accounting Various Financial Management and Accounting IssuesIssues

– Include Audit ObservationsInclude Audit Observations

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Auditing and Local Auditing and Local GovernmentGovernment

• Audit Function of Local Government Audit Function of Local Government Found at Three LevelsFound at Three Levels– The Local Government Itself (Internal)The Local Government Itself (Internal)– Central [Supreme] Audit OfficeCentral [Supreme] Audit Office– External Private Auditing CompaniesExternal Private Auditing Companies

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Shortcomings In LGU AuditsShortcomings In LGU Audits

• Audit Oriented Toward Reviewing Audit Oriented Toward Reviewing Transactions Rather than PerformanceTransactions Rather than Performance

• Do Not Focus on Systematic Review of Do Not Focus on Systematic Review of the Effectiveness of Internal Control the Effectiveness of Internal Control SystemsSystems

• In Some Cases, Appropriate In Some Cases, Appropriate Certification of Financial Reports Certification of Financial Reports [Annual Accounts] Not Provided[Annual Accounts] Not Provided

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Treasury SystemTreasury System

• Treasury Function Covers the Following:Treasury Function Covers the Following:– Cash ManagementCash Management– Management of Bank AccountsManagement of Bank Accounts– Financial Planning and Cash Flow Financial Planning and Cash Flow

ForecastingForecasting– Public Debt ManagementPublic Debt Management– Administration of Grants and TransfersAdministration of Grants and Transfers– Financial Asset ManagementFinancial Asset Management

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What is Cash Management?What is Cash Management?

• Controls Aggregate Local Controls Aggregate Local Government SpendingGovernment Spending

• Implements the Budget EfficientlyImplements the Budget Efficiently

• Minimizes the Cost of BorrowingMinimizes the Cost of Borrowing

• Maximizes Opportunities for Using Maximizes Opportunities for Using Government ResourcesGovernment Resources

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Controlling Cash FlowsControlling Cash Flows

• Minimizing the Interval Time When Cash is Minimizing the Interval Time When Cash is Received and the Time Available For Financing Received and the Time Available For Financing Expenditure ProgramsExpenditure Programs

• Excess Cash Resources Should Not Be IdleExcess Cash Resources Should Not Be Idle• LGU Treasurer Should LGU Treasurer Should

– Establish Written Procedures for Certifying Payments and Establish Written Procedures for Certifying Payments and Transferring Payment Requests to Cash ManagementTransferring Payment Requests to Cash Management

– Continuously Update Cash Flow ProjectionsContinuously Update Cash Flow Projections– Develop Payment Schedules that Allow Individual Develop Payment Schedules that Allow Individual

Departments to Track Payment RequestsDepartments to Track Payment Requests– Establish Standards and Procedures to Assure that Establish Standards and Procedures to Assure that

Expenditures are Paid Within a Stipulated Time FrameExpenditures are Paid Within a Stipulated Time Frame

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Core Financial FunctionsFunds ManagementGeneral Ledger ManagementCost ManagementPayment ManagementReceivable ManagementReporting

Service Delivery

Chart of Account /Accounting

Chart of Account /AccountingData Mining and

Mapping

Data Mining and Mapping

Feeders: Local Government Information SystemsHR & PayrollBenefitsTravelAcquisitionProperty ManagementInventoryRevenueGrantsLoansInsuranceOthers

Feeders: Local Government Information SystemsHR & PayrollBenefitsTravelAcquisitionProperty ManagementInventoryRevenueGrantsLoansInsuranceOthers

Management Information and Decision SupportFinancial Information:Financial StatementsFinancial ReportsBudgetingBudget and Performance IntegrationHuman Capital ManagementProgram ManagementPerformance MeasurementResource Cost AccountingLife Cycle ManagementPlanning and Decisions SupportStrategic PlanningAnnual Performance ReportFee SettingCompetitive Sourcing

Framework For LGU Financial ManagementFramework For LGU Financial Management

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SequencingSequencing

• Chart of AccountsChart of Accounts

• AccountingAccounting

• Local Government Fiscal DisciplineLocal Government Fiscal Discipline

• Treasury and Budget SystemsTreasury and Budget Systems