FISCAL MANAGEMENT: MEANING AND IMPORTANCE & OTHER BASIC CONCEPTS ON FISCAL

MANAGEMENT

PREPARED BY: NEILFREN P. VILLAS

FISCAL MANAGEMENT

-is the process of keeping an organization running efficiently within its allotted budget.

“seeing to it that the school has funds it requires to meet its goals and that such funds are used for the
purposes for which they were meant.

Goals:

To improve the way the department operates by properly planning, recording, and performing
procedures that relate to the budget.

AREAS OF FISCAL MANAGEMENT

 The procurement of funds

 Allocation of funds

 Monitoring their use in the interest of accountability

School Managers should ensure that:

• Producing financial reports for the relevant stakeholders

• All financial regulations and procedures are complied with

• All financial transactions are recorded accurately

• Adequate controls are in place to ensure that expenditures do not exceed income

• Only authorized expenditures are incurred

Overnment Procurement Reform Act – RA9184

 Principles:

1. Transparency

2. Competitiveness

3. Procurement Process

4. System of Accountability

5. Public Monitoring

MOOE – Maintenance and Other Operating Expenses

 PRIORITY EXPENDITURES
 1. BASIC UTILITIES

2. OFFICE/SCHOOL SUPPLIES

3. MINOR REPAIRS

4. OTHER SUPPLIES

5. SALARIES FOR JANITORIAL AND SECURITY SERVICES

EXPENSES FOR THE FOLLOWING IS NOT ALLOWED:

1. PROCUREMENT OF TEXTBOOKS

2. OTHER INSTRUCTIONAL MATERIALS

3. SCHOOL FURNITURE

4. EQUIPMENT