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Six Principles of Public Financial Management
Transcript of Six Principles of Public Financial Management
What is the Six Principles of Public Financial Management?
American system of public financial management which is a democratic process and voted on when it comes to collecting and spending funds. (Shafritz, Russell, & Borick, 2013)
Principle #1 Democratic Consent
No taxation without representation!
This action built the 1st process when it
comes to the government taxation and
spending must go through a democratic
In other words, it must follow the will
the people. (consent of the governed)
Government Source and Expenditures
Individual Income Taxes 29% National Defense 23%
Borrowing 33% Social Security 19%
Social Security and Social Insurance 24% Medicare/Medicaid 21%
Corporate Income Taxes 8% Other Discretionary Spending 14%
Excise Taxes 2% Interest on the Federal Debt 7%
Other Taxes i.e. Estate and gifts 4% Other Mandatory Spending 16%
Governments should be equitable (treat people in similar circumstances in raising and spending taxes).
What governments do in raising and spending funds should be open to public knowledge and scrutiny.
? Do you know exactly what your politician is spending in his or her area?
Is my money being handled correctly?
There must be scrupulous honesty when dealing with Public Funds. Legislators and Administrators are the stewards NOT the owners.
Stewards should not take undue risks with the funds
Those who deals with public funds should be regularly called to account for their stewardship through legislative review and audit process.
? Do you feel that this is happening? If not, what is the one department of program where its unfair?
Source: Budget of the United States fiscal year 2011 figures. http://www.cbo.gov
Presented by Mr. Anibal Vega
PPA-500 Foundations of Public Policy & Administration
Professor Matthew Maronick