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Procedures, Challenges and Accountability

Hello, I would appreciate assistance with the following questions:

1. Explain why and how state and local governments should install procedures to prevent loss of public funds.

2. A first-time budget analyst faces challenges in the new role. Identify and discuss three (3) strategies you may use to ensure that you are effective in the role.

3. The private sector is accountable to both the government as well as stakeholders/shareholders. Who is the government accountable to?

Mikesell, J. L. (2010). Fiscal administration: Analysis and applications for the
public sector (8th ed.: 2010 custom edition). Mason, Ohio: Cengage Learning.

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1. Explain why and how state and local governments should install procedures to prevent loss of public funds.

Governments have a responsibility to the people and to the other governments and agencies that fund state and local governments to protect those funds from mismanagement or misappropriation. The funds are gained through programs that often have stipulations as to their use when funded by other government agencies. Taxes provide funds from people. People therefore expect the funds to be handled carefully and in the best interest of the population. Misappropriation or theft of funds can mean the difference between not only jail and freedom, but future political careers and jobs of those who directly handle these funds.

The first thing a government should do is look at the incoming funds and the disbursements to find how the money is to be managed. Any funding that is stipulated for specific uses, should be handled by creating the proper accounts and programs for the fund disbursement. For example, if the federal government provides funds for new roads and improvements within a specific area, such as a park or education facility, the local and state governments would set up the accounts on paper to track the money and its use. The government would then set up appropriate evaluations and controls and schedules for the funds to be used. Complying with reporting is enhanced when the controls match the requirements of compliance.

Every government should formulate a strategic plan for fund uses. The strategic plan is then turned over to the professionals to create the actual implementation plan, funding sources, projects, and assessment ...

Solution Summary

The expert examines the procedures, challenges and accountability.