2

Fiscal Management

It refers to the administrative machinery and operations

to request funds, make them available to areas and
individuals, and then exercise control to see that they
are used in a right and efficient manner.
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The process of keeping

an organization running
efficiently within its
allotted budget.
 Importance of Fiscal Management

• Educators should know the procedures for

handling the integrity such funds, the basic
purposes for which the educational program
exists and the school regulations concerning
fiscal management.
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“
• Funds should be secured from the proper sources be
expended in the best interests of the children and the
people concerned can the large outlay of
monies/moneys be justifies.
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Purposes of Financial Management

▫ To ensure the wise utilization of the

monies/moneys allocated to physical
education.
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▫ To utilize the allocated funds to physical

education based upon a careful analysis of
the present conditions that influence such a
process.

▫ To insure that the right directions are taken

through an involvement of the entire staff in
the formulation of policies and procedures in
the budget preparation.
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 To guarantee that the entire financial process

has integrity and purpose.

 To make the greatest use of personnel,

facilities, supplies, equipment, and other factors
involved in the accomplishment of the
educational objectives.
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Areas of Fiscal Management

 The procurement of funds

 Allocation of funds
 Monitoring their use in the interest of
accountability
 Producing financial reports for the relevant
stakeholders
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Budgeting
• The formulation of plans for a
giving future period in
numerical term.
• The long-term planning of
organization with the
estimated costs of needs to fit
the estimated income in the
realistic planning of the
program.
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Two Types of Budget

Short-term Budget- Long-term Budget-is

usually the annual for a longer period such
budget which usually as for a period of five to
runs through a period of ten years.
twelve months.
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Criteria for a Good Budget

1. The financial needs of the entire program is
presented in relation to the objectives of the
program.

2. A realistic estimate of income balances

anticipated expenditures.
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3. Flexibility in the financial plan provides for

possible emergencies.

4. Prepared well in advance of the fiscal year

for a thorough analysis, criticism, and review.

5. Realistic prepared without padding.

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General Steps in Budget Planning

Budget preparation
The chairman of the department
and his staff list the various estimated
receipts expenditures, and any other
information that needs to be included.
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Budget presentation and

adoption
The prepared budget is
presented to the principal or
dean, or the funds person or
group authorized to review it.
Requests for should be
justifiable.
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Budget administration
After the approval of the
budget it is used as a guide for
its management and
administration. It should be
followed as closely as possible
with periodic checks upon
expenditures to make sure that
they fall within the budget
appropriations that have been
provided.
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Budget appraisal
The budget should be
periodically appraised to
determine its effectiveness in
meeting educational needs
and to be used for future
reference.
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Budget Organization

All budgets give an

itemized account of
receipts and expenditures
and these can be
organized in different
ways.
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Pattern One suggests four

sections or headings:

Introduction. This is an introductory message

for the administrator to present and discuss for
the administrator to present and discuss some
aspects of the program in lay terms and some of
the directions that need to be taken in order to
provide for the health and physical fitness of the
students.
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Supporting
schedules or
An over-all view of the A detailed estimate of
documentation. In
budget. This includes receipts and
order to support
expenditures and expenditures. This will
some items to be
anticipated revenues enable any interested
assured of its
arranged in a clear and person to understand
approval, the budget
systematic manner such the specifics and to
should provide
that these two aspects can follow up any item of
additional evidence
easily be compared. cost.
for the items
included.
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Pattern Two consists of three parts:

Introduction. This Proposed Financial Plan. This

includes the expenditures. This is is the plan for
objectives, policies the interpretation of the meeting the
and program of the objectives, policies, and educational needs
physical education program of physical during the fiscal
department. education. period.
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Sources of
Income
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At the elementary and secondary levels, the

physical education program is supported usually
entirely, or to a large extent, through general
school funds. At the college and university levels
an athletic fee is collected from every student to
be added to the amount set aside by the
institution from the general fund.
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Provide a record of
receipts and
expenditures for all
transactions, some
procedure for evaluating,
to see that funds are
dealt with honesty, and
proper management in
respect to control,
analysis of costs, and
reporting.
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Principles and Policies for Financial

Accounting

1. The department head has the final

responsibility for the accountability for all
equipment and supplies in his department.

2. There should be a uniform and accurate system

of record keeping.
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3. A systematic procedure for the distribution of

equipment and supplies should be established.

4. Accurate inventories are an essential to proper

financial accounting.

5. Policies that will guarantee the proper use and

care of equipment and supplies should be
developed.
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6. Policies covering loss, damage, theft,

misappropriation, or destruction of equipment
and supplies should be established and
enforced.

7. There should be established procedures with

regard to the discarding of equipment and
supplies.
Accounting for Receipts and Expenditures

All receipts and expenditures should be

recorded in the ledger in the proper manner,
providing such information as the fund in
which it has been deposited, or from which it
was withdrawn, and the source or payment of
the money. Supporting vouchers should also
be at hand. All accounts should be properly
audited at proper intervals.
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Thank you
for
Listening
 Brenna Rose S. Malbas
BSED 4B2