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Financial Management of Courts

This document discusses financial management in the public sector. It begins by outlining the key objectives of relevant legislation as modernizing the financial management system, enabling accountability, ensuring timely quality information, and eliminating waste and corruption. It then examines financial policies, regulations, and accounting practices that form the basis for better management. Specific components of financial management are defined, including planning, budgeting, accounting, analysis, decision-making, and evaluation. The financial management cycle of planning and budgeting, resource allocation, in-year management, and evaluation is depicted. Budgeting processes and challenges of executing financial management tasks are also summarized.

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96 views23 pages

Financial Management of Courts

This document discusses financial management in the public sector. It begins by outlining the key objectives of relevant legislation as modernizing the financial management system, enabling accountability, ensuring timely quality information, and eliminating waste and corruption. It then examines financial policies, regulations, and accounting practices that form the basis for better management. Specific components of financial management are defined, including planning, budgeting, accounting, analysis, decision-making, and evaluation. The financial management cycle of planning and budgeting, resource allocation, in-year management, and evaluation is depicted. Budgeting processes and challenges of executing financial management tasks are also summarized.

Uploaded by

mamimomasheshe
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPS, PDF, TXT or read online on Scribd
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By V Misser

INTRODUCTION
•financial record management;
•monitoring and evaluating
spending trends;
•financial management systems;
•financial risk management;
•the compilation of budgets; and
•managing virements.
The key objectives of the Act may
be summarized as being to:
• Modernize the system of financial
management in the public sector;
• Enable public sector managers to manage,
but at the same time be held more
accountable;
• Ensure the timely provision of quality
information; and
• Eliminate the waste and corruption in the
use of public assets.
FINANCIAL POLICIES AND
REGULATORY COMPLIANCES:
THE BASIS FOR BETTER
FINANCIAL MANAGEMENT
FINANCIAL
ACCOUNTABILITY
This requires national legislation to
"establish a national treasury and
prescribes measures to ensure
transparency and expenditure
control in each sphere of
government, by introducing:
• generally recognized accounting practice;
• uniform expenditure classifications; and
• uniform treasury norms and standards.
UNDERSTANDING THE
DYNAMICS OF FINANCIAL
MANAGEMENT
Financial management includes:

• financial planning and budgeting;


• financial accounting;
• financial analysis;
• financial decision-making; and
• action.
Financial Planning Is About:

• Making sure that the organisation can survive;


• making sure the money is being spent in the
most efficient and effective way (value for
money);
• making sure that the money is being spent to
fulfil the objectives of the organisation; and
• being able to plan for the future of the
organisation in a realistic way.
UNDERSTANDING FINANCIAL
MANAGEMENT
Process Description

Assessing the current resources position, linking resources to operational plans and determining
Financial Planning
a budget
 Budgeting  Drawing up a budget which will guide how money is spent in order to achieve the goals set.
 Setting targets for  Setting targets for revenue and expenditure
monitoring and evaluation
 Setting targets for efficiency and equity.

Resource allocation Allocating resources across sections or divisions within an organization

In-year management  Ensuring that funds are spend according to financial plan and according to norms and
Operating, monitoring, standards set by Treasury or Government Regulations and Prescripts.
safeguarding  Making sure that there are good internal measures and monitoring that these are applied.

 Linking expenditure to service outputs and analyzing with respect to equity, efficiency and
Evaluation: sustainability.
Reviewing and reporting  Drawing up an annual report
 Identifying key strategic issues for next annual Strategic/Business Plan
THE FINANCIAL
MANAGEMENT
CYCLE
THE FINANCIAL MANAGEMENT
CYCLE
Planning and
Budgeting

Evaluation and Recourse


reporting Allocation

In-year
management:
Operating,
monitoring,
•Where funds are spent
(Responsibility area)
•Why funds are spend
(programme)
•What the money is being
spend on (The objective)
•What item the money is being
spend on.
BUDGETING
Financial management includes

• financial planning and budgeting,


• financial accounting
• financial analysis,
• financial decision-making and action
• Who is responsible for the process?
• Who will draft the budget?
• Who will be consulted in drawing
up the budget?
• When should the budget process
start?
• Who will approve the budget?
• How will the budget be monitored
and controlled?
THE PLANNING AND BUDGET
CYCLE
1: Planning and
setting objectives
What will be done,
by whom and
when?
2: Identifying
3: Implementation
resource needs
of plans, and
what resources
monitoring the
(exactly) are
implementation
needed to carry out
the plans? What
will this cost?
Budgets are useful for the following
reasons:
• It forces management to plan thereby
reducing the number of opportunities for
“off the cuff” decision.
• If the budget process is effective, staff
may feel motivated to work hard to
achieve both strategic and operational
objectives.
• It allows managers to control business
activities by comparing actual outcome to
the budget.
• It provides a basis by which performance
can be measured.
CHALLENGES
THAT WE FACE
IN EXECUTING
OUR TASKS
CONCLUSION
BIBLIOGRAPHY
Thank You

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