Credit Management Essay

2034 words - 9 pages

Responsibilities of
Local Government Unit
* the giving of allotments and grants by the national government (NG) to local government units (LGUs)
* sharing of taxing powers between the NG and the LGUs, and among LGUs units
* policy on tax rates and structure
* revenue and expenditure planning
* revenue utilization and expenditure allocation
* monitoring and approval of budgets, tax ordinances and other fiscal measures
* policy on borrowing and borrowing instruments
* appointment and supervision of local fiscal officers

Fundamental Principle
* No money shall be paid out of the local treasury except in pursuance of an appropriations ordinance or law
...view middle of the document...

 Elective Officials- The fiscal administration is performed by its elected officials who
have 3-year terms as provided for by Section 8 Article X of the
Constitution, to wit:
The term of office of elective local officials, except barangayofficials, which shall be determined by law, shall be three years and no such official shall serve for more than three consecutive terms.Voluntary renunciation of the office for any length of time shall notbe considered as an interruption in the continuity of his service forthe full term for which he was elected.
This broad definition comprehends five major elements as the scope of
local fiscal administration.These are:

Systems;

Structures;

Processes;

Official/personnel; and

Policy environment governing inter-governmental and inter-local
fiscal relations.
The first four elements can be interpreted as comprising the internalenvironment of local fiscal administration, while the policy environment ispart of the larger external environment of local fiscal administration.
The definition likewise underscores inter-governmental and inter-localfiscal relations that transpire between national and local governments andamong the latter (e.g. giving and receipt of allotments/grants, sharing oftaxing powers between central government and LGUs, among the latter,allotment sharing among LGUs).
All definitions have common areas.All of them refer to revenuegeneration and revenue allocation/utilization as part of the scope of localfiscal administration.
Local fiscal administration refers to the rational, effective and efficientconduct of the fiscal functions and operations of local government unitswhich embrace the systems, structures, processes and human resourcesinvolved in revenue generation, revenue allocation and utilization.Inaddition, such conduct of fiscal affairs is governed by laws and is affectedby the fiscal policy environment, which defines central-local and inter-LGUfiscal relations.
Local Fiscal Administration involves revenue generation, the rationalallocation, utilization and control of resources through the concept ofperformance budgeting by the local government units (LGU) to optimizethe use of public funds for the benefit of the greatest number of people. Itdraws strength and rationality from the Constitutional provision of grantinglocal government the power to create their own sources of revenuethrough local taxation.
In public administration, local fiscal administration is commonly referred toas the formulation, implementation, and evaluation of local fiscal policiesby local governments.
Among others, these fiscal policies set the framework and procedures onlocal revenue generation that includes property tax administration, revenueordinance codification as well as the operations of local economic enterprises.
It also deals on the national government allotments, shares and subsidiestogether with the availment of credit financing through domestic andforeign institutions.
Local...

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