171x Filetype PPT File size 0.80 MB Source: www.pempal.org
Definitions Public Financial Management System (PFMS) is designed to support all financial operations, collect accurate, timely, complete, reliable and consistent information on all public financial events, provide adequate management reporting, support government-wide and agency policy decisions, produce auditable financial statements. June 2006 PFMS 2 Public Financial Management Cycle Policy Budget Development and Preparation Budget 0 Review Execution 1 8 Audit and Mgmt of 2 Evaluation Budget Authorization s 7 Budget Commitment 3 Review & of Funds Fiscal Rep. F M I S Procurement/ Web Purchasing Publishing 6 Debt and Aid Payments 4 Management and Receipts Mgmt Asset / 5 Inventory Mgmt Cash Payroll Calcs Management HR Mgmt June 2006 PFMS 3 Components Core Treasury System includes the following components: 2 Budget Execution and Monitoring 4 Accounting (general ledger, management of payments and receipts) 5 Cash Management 7 Financial Reporting 8 Purchasing / Commitment 4 Asset / Inventory Management Operational support for Spending Units Other Public Financial Management System components: 1 Macro Economic Forecasting 1 Budget Preparation and Approval 6 Debt and Aid Management 4 HR Management /Payroll Calculations 8 Support for Financial Control and Auditing 7 Web publishing 7 Financial Management Information System The combination of above components is referred to as integrated PFMS June 2006 PFMS 4 Evolution of Treasury Systems Treasury development process: (Treasury Reference Model) 1. Establishment of legal and institutional frameworks 2. Definition of coverage 3. Definition of system functionality 4. Design and implementation of Information Systems June 2006 PFMS 5 Evolution of Treasury Systems 1. Establishment of legal and institutional frameworks Legal : Approval and implementation of the organic budget law Organization : Establishment of a countrywide MoF / Treasury organization Personnel : Allocation of adequate qualified staff for MoF / Treasury management and operations June 2006 PFMS 6
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