Public Finance Management
Collection of sufficient resources from the economy in an appropriate manner along with allocating and use of these resources efficiently and effectively constitute good financial management. Resource generation, resource allocation and expenditure management (resource utilization) are the essential components of a public financial management system.
Public Finance Management (PFM) basically deals with all aspects of resource mobilization and expenditure management in government. Just as managing finances is a critical function of management in any organization, similarly public finance management is an essential part of the governance process. Public finance management includes resource mobilization, prioritization of programmes, the budgetary process, efficient management of resources and exercising controls. Rising aspirations of people are placing more demands on financial resources. At the same time, the emphasis of the citizenry is on value for money, thus making public finance management increasingly vital.
Read more about this topic: Public Finance
Famous quotes containing the words public, finance and/or management:
“Religious fervor makes the devil a very real personage, and anything awe-inspiring or not easily understood is usually connected with him. Perhaps this explains why, not only in the Ozarks but all over the State, his name crops up so frequently.”
—Administration in the State of Miss, U.S. public relief program (1935-1943)
“A bank is a confidence trick. If you put up the right signs, the wizards of finance themselves will come in and ask you to take their money.”
—Christina Stead (1902–1983)
“The management of fertility is one of the most important functions of adulthood.”
—Germaine Greer (b. 1939)