Accounting, Finance and Budgeting

Best Practice in Public Sector Budgeting

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Best Practice in Public Sector Budgeting Course

Introduction:

Budgeting in local government is a critical responsibility for public administrators, demanding a blend of financial acumen and political savvy. Throughout the budgeting process, administrators must navigate financial constraints and constituents' interests, while upholding accountability and transparency in the final budget document.

The essence of public sector budgeting lies in making sound expenditure choices that best serve the public in terms of service delivery and infrastructure development.

This comprehensive course encompasses all facets of the budget process, starting from formulation and extending to implementation, with a focus on budget monitoring and control.

By attending this course, delegates will gain the necessary skills and knowledge to develop robust budgets that yield favorable outcomes for the public. They will become proficient in balancing fiscal limitations, public needs, and stakeholder expectations. Additionally, participants will learn techniques for effectively monitoring and controlling budgets to ensure efficient resource allocation and alignment with strategic objectives.

Equipped with these newfound abilities, delegates will be well-prepared to navigate the complexities of local government budgeting. They will contribute to the creation of budgets that optimize the delivery of public services and facilitate sustainable infrastructure development. Ultimately, this course empowers participants to be effective stewards of public funds, fostering the well-being and prosperity of the communities they serve.

Course Objectives:

At the end of the Best Practice in Public Sector Budgeting Course you will be able to:

Understand the role of financial accounting in public sector management
Prepare accounts in accordance with IPSASB framework
Analyze and interpret public sector financial reports
Use forecasting techniques to plan for income and expenses
Understand and actively participate in the budget process
Understand apply capital investment appraisal methods

Who Should Attend?

This Best Practice in Public Sector Budgeting Course Ideal for:

This training course would be relevant to all of those involved in the preparation, presentation and interpretation of corporate financial statements from both the private and public sector where compliance with the IASB and IFRS framework is required; both in commercial businesses, government and not-for-profit organizations.

Course Outlines:

Fundamentals of Public Sector Finance

Basic Principles of Macroeconomic and Fiscal Policy
Types of Public Sector Financial Decision-Making
Purpose of Public Sector Accounting and Budgeting
The Dimensions of New Public Management (NPM)

Financial Accounting Basics

Basic Concepts in Financial Accounting
Cash versus Accruals Accounting
Qualitative Characteristics of Financial Statements

Financial Reporting in the Public Sector

The IPSASB compared to the IASB Framework
Distinctive characteristics of Public Sector Financial Accounts
The Five Elements of Financial Statements
Reporting Standards relevant to Public Sector Financial Reports
Assets and Liabilities: Principles for Recognition and Measurement
Nature and Classification of Public Sector Income and Expenses
Principles of Public Sector Financial Management

Financial Analysis of Public Sector Accounts

Understanding and Analyzing Cost Behavior
The Cost-Volume-Profit Relationship
Why Analyze Financial Statements
The Financial Analyst’s Toolkit
Interpreting Financial Ratio Analysis of Public Sector Reports
Managing and Improving Spending Deficits

Public Sector Budgeting

Setting Goals and Outcome Requirements
Financial and Non-Financial Performance Measures
Objectives of Public Sector Budgets
Outcome focused Budgeting in the Public Sector
Budget Layers
Techniques for Forecasting Income and Costs
Human Aspects and Dysfunctional Budgeting
Principles of Capital Budgeting

Capital Investment Decision-Making

Characteristics and Decision-Making Process
Investment Appraisal Techniques
Principles of Discounted Cash Flow Analysis
Understanding Net Present Value (NPV)
Outsourcing Services: Objectives and Decision Criteria
PPI and PFI: Objectives and Decision Criteria

Public Sector Financial Management Reforms

Understanding Public Sector Management Reforms
The Need and Purpose of Financial Reforms
Key Issues for the Future of the Public Sector

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