Fiscal Management In Public Sector

• Main Author: Ch. Karamat Ali
• Format: Article
• Language: English
• Published: The University of Lahore 2019-08-01
• Series: Pakistan Journal of Engineering & Technology
• Subjects: accounts classifications; financial management; fiscal prudency; budgetary transaction and disbursements; accounting element; drawing and disbursement officers (ddos).
• Online Access: https://sites2.uol.edu.pk/journals/index.php/pakjet/article/view/77
• ISSN: 2664-2042; 2664-2050

Fiscal management and financial discipline are the key indicators of the resource utilization, economic development and sustained investment. It is a proven reality that the investment cannot be productive and sustainable, till the same is utilized economically, efficiently and prudently. The research paper under consideration, differs from routine and is not much engineering oriented rather it mainly focused on financial and fiscal management in the Government Departments. How professional and competent an engineer may be, but he cannot be a good financial manager and administrator, till he has a command over latest financial rules, codes and the management tools. However, generally the engineers lack in this area, depends upon the subordinate and resultantly face serious consequences. Their ignorance in the financial matter leads to misclassification, embezzlement and doubtful expenditure. The paper deliberates in detail, different accounts parameters, derived from New Accounting Model (NAM) introduced by World Bank to enforce strict financial management in the government departments. Detailed framework of account classifications and different elements of New Accounting Model have been deliberated and coding of different transactions presented through examples for guidance/ understanding of financial managers. The paper will be particularly helpful for the SDOs and the DDOs (XENs) to exercise and implement these latest financial tools within their jurisdictions. Implementation of this latest coding technique will ensure strict financial discipline and transparency in disbursements. This fiscal prudency will not only lead to satisfaction among DDOs but they will also feel protected against any subsequent implications and embarrassment before auditing authorities/ donner agencies. The paper will be equally helpful for the functionaries working in the private sector/organization.