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Wednesday, August 29, Financial Administration: Monetary and fiscal policies; Public borrowings and public debt; Budgets - types and forms; Budgetary process; Financial accountability; Accounts and audit. Today we are to talk about Financial Administration which is the fuel for all Administrative activities. As Kautilya said famously in his renowned book ' Arthashastra' that all undertakings depend on finance and so foremost attention should be paid to the treasury.
Therefore, one can very well understand the immense value attached to this aspect of Public Administration. Includes central agencies for accounting, auditing, and budgeting; the supervision of local government finances; tax administration; collection, custody, and disbursement of funds; administration of employee-retirement systems; debt and investment administration; and the like. And these functions are collectively performed by the Executive asks for funds ,Legislature that has the sole power to grant those funds ,Finance Ministry controls those funds and the Auditor to audit whether the funds were used for what they were demanded.
The steps involved are preparation of the budget for the ensuing financial year,getting it passed by the legislature,executing the budget and collecting the funds for it,managing those funds via the treasury and the audit of the Centre and State executive accounts by the Audit authority. So one can understand the importance of Financial Administration in its element. A balanced and precise financial administration is the base as well as the means to attain successfully all goals of development as well as growth of a country.
MONETARY POLICY: Monetary Policy is the process by which monetary authority an authority that controls all matters relating to money of a country, generally a central bank controls the supply of money in the economy by exercising its control over interest rates in order to maintain price stability,reduce inflation and achieve high economic growth. It provides the basis to the fiscal policy and the fiscal policy influences the monetary policy and gives it a direction to proceed in.
Monetary policy helps in keeping the money supply and economy of a nation stable whereas the fiscal policy is more involved in development and infrastructural work and policy making and enactment of budget. A monetary policy is changed from time to time to combat inflation,deflation,price rise,imbalance in demand and supply,etc by mopping up excess money or infusing money in the market as the requirement may be.
A sound monetary policy helps the government determine its fiscal policy and how much it will collect as revenue and spend as expenditure. The fiscal policy helps bring money into the market whereas the monetary policy helps in managing that money supply and keeping it stable. In India the monetary policy is managed by the RBI which is the central bank as well as monetary authority of the country.
It is is the rate of interest charged by the RBI for providing funds or loans to the banking system. This is done when the priority sectors need assistance support is given to limited sectors. It saves up funds for priority sector funding of government. An increase in repo rate means that the banks have to pay more interest on loans taken from the RBI and thus excess liquidity is mopped up and a decrease in the repo rate means more money at a cheaper rate of interest to the banks.
An increase in reverse repo infuses liquidity into the banks for the RBI pays a higher interest to the banks upon borrowing loans from them and a decrease in reverse repo rate ensures the opposite of the former. FISCAL POLICY: It is the policy taken out by the government regarding the use of revenue taxation and expenditure among various sectors to influence the country's economy and achieve welfare objectives like economic growth and development full employment,price stability and balanced demand and supply system within and outside.
The fiscal policy is a statement of the same. And the most visible tool of the fiscal policy in action is the 'Budget'. Monetary policy and Fiscal Policy are complementary and equally necessary in managing a nation's economy as is already explained above under Monetary Policy. It is usually associated with a budget surplus remaining with the govt. Public borrowing also helps in curbing inflation and seize away the excessive and unnecessary purchasing power from the public during an inflationary period.
However,when even that is exhausted to an extent then the government borrows from the Reserve Bank Of India when it wants to meet the remaining part of deficit in the budget and thus it is also known as deficit financing. Deficit financing helps the government meet their resource crunch expeditiously and also the interest that the government pays back to the RBI upon returning those borrowings actually come back to them in the form of profits so it is a beneficial tool for the government.
However,deficit financing involves printing of new currency through RBI to give to the government and that leads to infusion of excess money supply into the market through government activities leading to money getting concentrated in the hands of a few who can afford and thus consumption increases leading to less supply and so prices rise which in short is inflation.
Therefore deficit financing leads to inflation. It has been on a constant rise in developing countries since a long time due to haphazard budgets and unforeseen circumstances that lead to a not so proper implementation of even a proper budget. Public debt can be both internal as well as external. Internal has been discussed above. External debt is when the government of a country borrows from global institutions like the World Bank and International Monetary Fund,etc.
On the other hand unreproductive debt refers to those borrowings that are done for meeting expenditures like war,etc which will not yield any direct revenue upon completion. It is the detailed implementation plan of the fiscal policy of the State in hard figures and facts and activities to be pursued for executing and implementing the same for socio-economic development of a country by the executive.
It is defined as a series of goals with price tags attached. Proposal for a year is classified as an Annual Budget and proposals for more than a year are classified as long term budgets. A balanced budget is that where both the sides are equal. And a deficit budget is one where the expenditures for the year exceed the revenue for that year. It is in practice in India,U. K and USA. Under this type of budget there is a 'rule of lapse' which means that once the validity of the budget appropriation is over,all remaining or unutilised funds will lapse and a fresh proposal will have to be put forward to the legislation for receiving further grants.
This kind of budget is considered suitable because it allows re-prioritization of activities of the executive and is a more comprehensive format. Revenue budget refers to that form of budgeting where proposals are based on accruals and appropriation for their authorization are linked to the completion of the activities and not the validity or life cycle of the budget.
It is that technique of budgeting where every item has a dedicated separate line and column for its complete description along with its rate and the total quantity required as well as the funds required for it are clearly specified. It helps in more accountability of the executive as well.
The drawback of this technique is that it fails to link expenditure with performance after such expenditure as the focus is totally on the expenditure and all the detailing goes into that. It is not comprehensive in its outlook. It is a technique under which allocation of funds are based on functional classification.
It specifies the demands with the heading as well as the objective it sets out to achieve. Thus the legislature has total control over the executive actions and knows what it is to expect at the end of the Budget life cycle and can evaluate it and hold them accountable. This type of budget shows a clear relation between inputs and outputs. It helps the legislature hold the executive accountable in a better manner,helps head of departments of administration as communication for activities is clear from top to bottom and they find it easier to direct subordinates and achieve the specified goals,it helps the auditor as well as he has a clear idea of each and every detail as mentioned above.
This technique was first recommended by the Estimates Committee in ,however,it was introduced in Parliament for the first time in on recommendation of the first Administrative Reforms Commission. The limitations to this technique are: i Difficult to measure performance of various activities of govt. Impressed by the results it was first introduced into political fray for Federal budgeting in by President Johnson of USA as a replacement for the shortcomings of the Performance Budget system.
It incorporates planning function where basic goals of the organisation are determined along with the selection of programmes that are best suitable to achieve them. Programming encompasses the scheduling and execution of those programmes efficiently through clearly defined projects. Budgeting then takes over to convert the goals,programmes and projects into monetary estimates for a review of the administrative heads and then to be presented to the legislature for appropriation.
Limitations of this technique are : i Tries to incorporate different departments and agencies work together thus making the process cumbersome. Evaluation of operational activities are done in terms of costs and benefits. It is based on a comprehensive analysis of priorities,goals and objectives making it more realistic and practical.
Targets are specified through efficient planning and control functions. It helps enable better communication and personnel development in organisations. Limitations are: i Effective administration and communication is necessary to implement this technique. They were separated in to preserve the business approach to the railway policy and after paying the annual contribution the Railway can keep their profit and keep the profit for their development.
Once requisite data is collected from all ministries and departments and scrutinized in tandem by the controlling officers and the Accountant-General and the administrative departments,it is then reviewed by the Finance Ministry and again the same process is followed by the Union Cabinet. That is why there is collective responsibility of the cabinet for the budget in Parliament. The budget is then framed by the Finance ministry in the proper format after consulting the Planning Commission for including the Plan priorities and the help of CAG is also taken for getting previous years data of accounts.
All this work begins in September of the current year for preparation of budget for the next financial year beginning on April 1st. The States have their own budget and the same procedure is followed but done by the State Finance Department following the same procedure as in the Centre and has to be approved by the respective State Legislature. After compiling the budget then the Finance Minister presents the same in the Lok Sabha for the Parliament approval. Whether this much fund is actually required or not once put in front of the parliament for passing is sent to the Estimates Committee to do the scientific financial assessment of the same and report to the legislature whether funds demanded are estimated precisely or not.
The Finance Ministry then takes over as it has the charge of the treasury of funds. Regular check is kept on them from them on to ensure accountability. If a Finance Bill is rejected in the House then the whole cabinet has to resign based on the principle of Collective Responsibility. It is a means of the legislature as well as executive to exercise financial control over funds granted.
It gives the details of the financial health of the government and also provides a clear account of loss as well as profit to the exchequer and whether the funds granted by the legislature were utilised for the same purpose as demanded and whether the goal was accomplished or not. It is prepared after years of actual funding and is so formatted to be easily comprehensible for public viewing. Under the CAG there is an Accountant General appointed in each state who keeps that particular state's records in his office and then it is passed on to the CAG at the time of auditing.
Railway accounts are maintained separately under the Financial Commissioner of Railways and the Defence accounts are maintained by the Finance ministry through the Financial Adviser Defense and Military Accountant-General. It is done in real time. AUDIT : Audit is a Union subject and it refers to the systematic examination of accounts carried out for the objective of verifying validity of the financial transactions carried about by the administrative depts under the executive to determine the correctness of its process as specified in the budget approved by the legislature.
The audit function is performed by the CAG which is an autonomous constitutional body under the govt. At presents receipts of Income tax collected are not open to audit by the CAG,rest all are. Once the CAG compiles the Audit reports it then presents it to the President and the Governor of respective States to be presented before the Parliament and State legislatures via the two respectively.
Once that is received by the legislature it is then sent for another audit and review to the Standing committee called Parliamentary Accounts Committee consisting of both the houses representatives,the same committee is present in each state legislature and performs the same function.
Once that is done then its recommendations and findings are then presented back to the House for debate and suitable action to be taken. This article ends here. Unknown May 5, at AM. Unknown July 17, at PM. Hosne August 7, at PM. Sonia December 6, at PM.
Anonymous January 9, at PM. Daniel Offor January 12, at PM. Unknown April 4, at PM. The need for Funds. Every company, when it needs funds to finance the asset and thus be able to continue with normal operations, faces the dilemma of selecting between two basic types of financing, internal and external. Hello everyone!
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A financial administrator oversees the fiscal activities of a business or government entity. Financial administrator duties vary based on the needs and structure of the organization that employs them. Most candidates seeking to attain a financial administrator job need at least a bachelor's degree or its equivalent; some employers also require an advanced degree and experience working in finance or accounting.
An individual looking for a financial administrator job can expect to work long hours, but at a salary that exceeds the median average for most workers. A typical financial administrator is tasked with managing the cash flow of the organization she works for. Creating a budget and allocating funds for various departments or investments are common duties performed by a financial administrator.
Generating financial reports may also be required of financial administrators working for businesses. Financial administrators may also be expected to present budget reports on an organization's financial health to owners or directors. Some financial administrators may also handle the investing of excess capital and manage the associated risks. Some organizations may also require candidates to have a master's degree in finance, business administration, or economics.
Certain business sectors that employ financial administrators, like banks, tend to promote financial administrators from within their own organizations and consequently place a high priority on the experience of a potential hire. Financial administrators are expected to have knowledge of the accounting laws and practices of the state, region, or country where they are employed.
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