Key Concepts
What is budgeting?
Planning how money will be spent.
What is the first step of the financial management cycle?
Planning.
What is the goal of public financial management?
To use taxpayer money effectively.
What does financial reporting show?
How money was used or spent.
What happens during budgeting?
Money is assigned to programs or departments.
Name one challenge in managing public money.
Limited budgets or political pressure.
What is fiscal accountability about?
Using money honestly and responsibly.
What does implementation mean?
Using the budget/money as planned.
What city used results-based budgeting?
Phoenix.
What does performance-based budgeting link?
Spending to results or outcomes.
What does reporting do?
Shares results and tracks spending.
When did Phoenix start results-based budgeting?
2013/After the 2008 Recession
Why is financial management important?
It helps governments use money wisely and build trust.
What is the goal of evaluation?
To see what worked and what needs improvement.
What did the results-based budgeting system help improve?
Transparency and accountability.