
Public financial Management-Research paper
Public financial Management
Public officials play a critical role in budget allocations. The main aim of a public official is to allocate available funds in a manner such that the general public receives the greatest benefits from the application of the funds. The public sector must ensure that scarce resources are allocated in a manner that optimizes their usefulness. It is imperative for public officials to take into consideration the preferences of the local citizens while making budget allocation decisions. In order for growth to be achieved at the local city levels, fiscal resources must be managed in a prudent manner so as to support market-led growth. Budget allocation plans should satisfy three key elements: responsiveness, responsibility, and accountability. Responsiveness of budgets relates to the level in which the allocation of budgets matches the publics’ expectations. Responsibility is achieved when budget allocation is conducted in an efficient and equitable manner, with minimal risks being involved. Accountability relates to the level in...