Finance department – Open MRTD http://openmrtd.org/ Wed, 22 Jun 2022 16:11:47 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://openmrtd.org/wp-content/uploads/2022/01/icon-2022-01-31T171458.103-150x150.png Finance department – Open MRTD http://openmrtd.org/ 32 32 Slough council approves finance department restructuring plans https://openmrtd.org/slough-council-approves-finance-department-restructuring-plans/ Wed, 22 Jun 2022 14:27:15 +0000 https://openmrtd.org/slough-council-approves-finance-department-restructuring-plans/ Photo: Shutterstock Slough Borough Council has approved plans to restructure its finance department to improve capacity and capability and address a ‘significant weakness’ in the function. The local authority has been heavily dependent on interim staff within its core finance team, as only around 50% of staff in the department are permanent employees of Slough […]]]>

Photo: Shutterstock

Slough Borough Council has approved plans to restructure its finance department to improve capacity and capability and address a ‘significant weakness’ in the function.

The local authority has been heavily dependent on interim staff within its core finance team, as only around 50% of staff in the department are permanent employees of Slough Borough Council.

A finance department restructuring report presented to cabinet on June 20 set out proposals to place staff in more permanent roles.

The report presented proposals for the hiring of six new officers, including two deputy directors – one overseeing financial management and the other (deputy s151) covering strategic and corporate finance. These two assistant director positions will replace the role of assistant director of finance and commerce.

The restructuring was originally recommended in October 2021 by CIPFA in a review of local government finances, which highlighted the need to improve the financial capacity of the authority.

Cllr Rob Anderson, cabinet member responsible for financial oversight and board assets, told the cabinet meeting this week: ‘The CIPFA report and the external auditors all showed that we had a material weakness in our finance function , and we had to fix it as a matter of priority. »

The council is £760m in debt and has been struggling financially for some time. In July, the new (acting) Chief Financial Officer, Steven Mair, issued a Section 114 notice.

The CIPFA report and the external auditors all showed that we had a significant weakness in our finance function, and we needed to address it as a matter of priority.


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Unsustainable workforce

The finance department’s restructuring report said: “Current levels of permanent staffing are unsustainable and potentially impact the health and well-being of the team and the board’s ability to recruit and to retain staff.

The report also pointed out that the recruitment of new employees would “bring more leadership, direction and capability to the (finance) function and organization”.

Anderson added: “The restructuring will not only give us capacity, but also capacity within the finance function, so that the things that we know have gone wrong over the past two years are not repeated.

“To put us in a position where we are no longer fighting fires, but in fact making proactive, sensible decisions to move the council forward.”

£600m asset sales

At the same meeting, the firm discussed a report to sell half of its £1.2 billion in assets to ensure the council’s financial viability in the near future.

The report states: “A staged asset disposal program could deliver capital inflows of approximately £600m over the next five years to fund capitalization orientations, repay external loans and reduce borrowings to sustainable levels by April 1, 2027.”

He outlined plans to set up a new cabinet committee, which would proceed with the sale of any property valued at £1million or more.

Both reports follow an Article 25 report issued in March 2022 and the dismissal of the chief executive for gross misconduct also in March 2022.

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Ajman Finance Department Selects Oracle Cloud to Support Emirate’s Economy https://openmrtd.org/ajman-finance-department-selects-oracle-cloud-to-support-emirates-economy/ Mon, 20 Jun 2022 11:42:18 +0000 https://openmrtd.org/ajman-finance-department-selects-oracle-cloud-to-support-emirates-economy/ The Ajman Ministry of Finance (DoF) has partnered with cloud application and infrastructure provider Oracle to adopt a cloud-based resource management system. The cloud-based system will enable more efficient finance, supply chain and human resource functions across the organization. The department’s migration to Oracle Fusion Cloud Applications – a suite of standards-based technologies that enables […]]]>

The Ajman Ministry of Finance (DoF) has partnered with cloud application and infrastructure provider Oracle to adopt a cloud-based resource management system.

The cloud-based system will enable more efficient finance, supply chain and human resource functions across the organization.

The department’s migration to Oracle Fusion Cloud Applications – a suite of standards-based technologies that enables companies to streamline processes on a single platform – features increased productivity, reduced costs, improved controls, optimized management of supply chain and an improved HR function.

The upgrade is part of the emirate’s commitment to improving operations and services and promoting the emirate’s digital transformation. Oracle will help improve Ajman DoF’s operational efficiency and customer engagement.

Ahmad Salem Madhani, Executive Director of Institutional Support at the Ajman Ministry of Finance, said, “The latest digital developments and technologies are vital in the current era. Our decision reflects the proactivity of the Ministry of Finance in adopting initiatives that contribute to improving the quality and efficiency of work, in line with the vision and directives of the wise leadership of our emirate”.

Ajman’s finance department has adopted an innovation-based strategy that aims to position the emirate as a major contributor to the country’s progress. In 2019, the department launched Ajman Pay, a smart digital payment platform designed to reinvent payment and collect government revenue in a secure way.

“In its digital transformation process, the Ministry of Finance places a high priority on cloud solutions to meet the growing work demands and ever-changing needs of government agencies in the emirate. ‘Oracle will enable us to bring modern innovations to the Ajman government and local authorities by accelerating the progress of businesses through innovative technologies,’ said Abdul Ghaffar Al Khaja, Director of Accounts Department at the Ministry of Finance of Ajman. Ajman.

Late last year, Oracle announced that it had chosen Abu Dhabi to open its second cloud region in the United Arab Emirates.

Read: Oracle announces second cloud region in UAE

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Bilfinger SE – Change in the finance department: Christina Johansson leaves Bilfinger, Matti Jakel is appointed as successor https://openmrtd.org/bilfinger-se-change-in-the-finance-department-christina-johansson-leaves-bilfinger-matti-jakel-is-appointed-as-successor/ Thu, 16 Jun 2022 12:24:30 +0000 https://openmrtd.org/bilfinger-se-change-in-the-finance-department-christina-johansson-leaves-bilfinger-matti-jakel-is-appointed-as-successor/ Outlook for the 2022 financial year again confirmed The supervisory board of Bilfinger SE and the company’s chief financial officer, Christina Johansontoday mutually agreed to comply with by Christina Johansson wishes to end his term of office on the Management Board for personal convenience as of June 30, 2022. Consequently, Christina Johanson announced his resignation […]]]>

Outlook for the 2022 financial year again confirmed

The supervisory board of Bilfinger SE and the company’s chief financial officer, Christina Johansontoday mutually agreed to comply with by Christina Johansson wishes to end his term of office on the Management Board for personal convenience as of June 30, 2022. Consequently, Christina Johanson announced his resignation as a member of the Management Board with effect from June 30, 2022 and withdraw from current affairs.

Sometimes assuming the triple role of CFO, interim CEO and labor director, Christina Johanson performed his duties at Bilfinger with great success and dedication. Thanks to his systematic cost management in 2019 and 2020, Bilfinger was able to more than compensate for the Covid-related crisis in 2020. In 2021, the best result in the recent history of the company was achieved under his leadership. Now that this transition period has been successfully completed with the arrival of Dr. Thomas Schultz as Chairman of the Management Board, she intends to devote herself to new professional challenges.

The supervisory board of Bilfinger SE accepted by Christina Johansson personal decision with great regret, but granted his request by mutual agreement. ‘On behalf of the Supervisory Board and the entire Bilfinger team, I would like to thank Christina Johanson for her strong commitment and highly successful performance in her role as Chief Financial Officer, Interim CEO and Chief Labor Officer,” said Dr. Eckhard Strings, chairman of the supervisory board of Bilfinger. “With his involvement, we have advanced our transformation into a leading international industrial services provider, positioning Bilfinger in a more focused and profitable manner. We wish him all the best for the future.

dr. Thomas SchultzChairman of the Management Board since March, also thanked Christina Johanson for his cooperation over the past few months and his willingness to lead the company on an interim basis. “Bearing a triple responsibility like this is not an easy task. But he laid the groundwork on which new leaders can now build. We intend to remain focused on actively shaping the future path of energy efficiency and sustainability and to further exploit Bilfinger’s growth potential in these areas.

Christina Johanson said: “I would like to thank all colleagues, customers and partners as well as the Supervisor Bilfinger Board of Directors for our very good and confident cooperation over the past four years. My goal was to further strengthen Bilfinger and make it more profitable and competitive again, which we managed to do. I am convinced that we have paved the way for a successful future. The time has now come for me to turn to new professional challenges.

The Supervisory Board has appointed Matti Jakel, currently Executive Chairwoman of Bilfinger’s Other Operations Division, as her successor. He will assume the role of Chief Financial Officer for three years from July, 1st. Matti Jakel worked for Bilfinger in several positions since 1989 and contributed significantly to the progress of the company by combining his skills as a business economist and civil engineer. He has played a key role in developing Bilfinger’s current core business as an industrial service provider since 2010. In addition, Matti Jakel acquired solid experience in finance and management control as Financial Director of the former Industrial Maintenance Division and of the Continental Europe Region.

Chairman of the Supervisory Board of Bilfinger SEdr. Eckhard Stringssaid: “We are pleased to have been able to name Matti Jakel, competent and experienced manager of the company, as financial director. According to the chairman of the board, Dr. Thomas Schultz, Matti Jakel is ‘an ideal addition to the board team, combining the positive traditions of Bilfinger with the drive to achieve continued profitable development like hardly any other.’

FY2022 outlook confirmed by Bilfinger in mid-May 2022, the medium-term objectives for 2024 and the Group’s strategic orientation are confirmed. Bilfinger will release H1 2022 figures as scheduled on August 11, 2022.

Contact:

Anette Weidlich

Boss of External communications

Such. : (0621) 459-2483

Email: anette.weidlich@bilfinger.com

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Slough Borough Council’s finance department to undergo major restructuring https://openmrtd.org/slough-borough-councils-finance-department-to-undergo-major-restructuring/ Wed, 15 Jun 2022 05:03:00 +0000 https://openmrtd.org/slough-borough-councils-finance-department-to-undergo-major-restructuring/ The struggling Slough Borough Council’s finance department is about to undergo a restructuring. The planned move was designed to create a “stronger and more durable base”. The local authority has been heavily dependent on interim staff within the department. And the new plans aim to place staff in more permanent positions and roles. Slough Borough […]]]>

The struggling Slough Borough Council’s finance department is about to undergo a restructuring. The planned move was designed to create a “stronger and more durable base”.

The local authority has been heavily dependent on interim staff within the department. And the new plans aim to place staff in more permanent positions and roles.

Slough Borough Council was effectively declared bankrupt in July. The local authority then brought in chief financial officer Steven Mair and his ‘A-team’ of finance officers on an interim basis to resolve cash flow issues.

READ MORE: Commissioners drafted to set Slough’s financial crisis fee at over £1,000 a day

Due to historic accounting errors, the council has over-borrowed and spent heavily where it needs to sell up to £600m of its assets and save £20m every year until 2029 to stay on track. flow. The Chartered Institute for Public Finance and Accounting and external auditors Grant Thornton reviewed the council’s finance team and recommended that it invest more in the department and build its capacity.

The council has a high number of interim senior staff within the department, costing the council millions of pounds. Between October and December alone, the council spent nearly £2million on temporary financial officers. About 50% of the department’s staff are permanent SBC employees, which creates a “significant risk” if kept that way.

But council bosses now have a plan to invest in the department and add more permanent staff to reduce reliance on agency workers. It is proposed to augment the 61 member board finance team with six additional staff members. The restructuring also adds more senior positions to provide “exceptional leadership, direction and ability” as officers work to stabilize the board over the next three to four years.

Compared to similarly sized local authorities, the city would have more finance officers working for them. Along with this the council has the ‘ambition’ to have one of the ‘best finance functions in local government’ where staff ‘feel proud’ to work for the council. There is also the ambition to “develop” within the department.

The board also plans to add 23 additional permanent employees within its internal audit, commercial and anti-fraud department, bringing the new financial structure to 90 employees. The restructuring is expected to take place this fall and be completed in November, the report of which says the timeline is “challenging but achievable”. Once this reshuffle is complete, it will be reviewed after 2025/26.

The finance department currently costs over £7m, but in 2023/24 it could be reduced to £5.5m to accommodate the new structure. This reduction of £1.6 million used for new structure and transition costs will be funded by funds from the assets sold, as agreed by the Department for Levelling, Housing and Communities.

Senior advisers are due to discuss the restructuring program at a cabinet meeting on Monday June 20.

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Eagle County Department of Finance Recognized for Excellence in Budget Presentation and Financial Reporting https://openmrtd.org/eagle-county-department-of-finance-recognized-for-excellence-in-budget-presentation-and-financial-reporting/ Wed, 15 Jun 2022 01:40:31 +0000 https://openmrtd.org/eagle-county-department-of-finance-recognized-for-excellence-in-budget-presentation-and-financial-reporting/ The Eagle County Department of Finance was recently honored by the Government Finance Officers Association with two distinctions. First, the Distinguished Budget Presentation Award for the County’s 2022 Budget, and second, for the 23rd consecutive year, a Certificate of Excellence in Financial Reporting for its comprehensive annual financial report for the year ended December 31, […]]]>

The Eagle County Department of Finance was recently honored by the Government Finance Officers Association with two distinctions. First, the Distinguished Budget Presentation Award for the County’s 2022 Budget, and second, for the 23rd consecutive year, a Certificate of Excellence in Financial Reporting for its comprehensive annual financial report for the year ended December 31, 2020.

“Transparency and fiscal accountability are of paramount importance to our operations in Eagle County government,” Commissioner Jeanne McQueeney said in a news release. “Our finance team’s budget presentations are always clear, concise and rigorously checked. It’s easy to see the county’s strategic priorities reflected in the budget; we say what we are going to fund and we fund community priorities. Congratulations to our finance department for an even more deserved recognition.

The Budget Presentation Award recognizes best practices in budgeting among government entities. Budget allocations are reviewed by GFOA staff members as well as outside professionals with experience in public sector budgeting. According to the reviewers, the county’s 2022 budget met nationally recognized guidelines for its effectiveness as a policy document, financial plan, operations guide and public communications device.

The Certificate of Excellence in Financial Reporting is the highest form of recognition in the field of government accounting and financial reporting and represents a significant achievement by a government and its management.

For more information, contact Eagle County Chief Financial Officer Jill Klosterman at 970-328-3511 or jill.klosterman@eaglecounty.us.

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Slough Council’s finance department is set to see major changes https://openmrtd.org/slough-councils-finance-department-is-set-to-see-major-changes/ Mon, 13 Jun 2022 15:30:00 +0000 https://openmrtd.org/slough-councils-finance-department-is-set-to-see-major-changes/ A cash-strapped council is set to overhaul its finance department to create a ‘stronger and more sustainable foundation’. Since Slough Borough Council (SBC) effectively declared bankruptcy in July, the local authority has brought in acting chief financial officer Steven Mair and his ‘A-team’ of finance officers to solve its money troubles. Steven Mair, Chief Financial […]]]>

A cash-strapped council is set to overhaul its finance department to create a ‘stronger and more sustainable foundation’.

Since Slough Borough Council (SBC) effectively declared bankruptcy in July, the local authority has brought in acting chief financial officer Steven Mair and his ‘A-team’ of finance officers to solve its money troubles.

Steven Mair, Chief Financial Officer

Due to historical accounting errors, SBC has borrowed too much and overspent as it must sell up to £600m of its assets and save £20m every year until 2029 to stay afloat.

The Chartered Institute for Public Finance and Accounting (CIPFA) and external auditors Grant Thornton reviewed the council’s finance team and recommended that it invest more in the department and build its capacity.

SBC has a high number of interim senior staff in the department, costing the board millions of pounds. Between October and December alone, the council spent nearly £2million on temporary financial officers.

About 50% of the department’s staff are permanent SBC employees, creating a “significant risk” if kept that way.

READ MORE: Tony Blair’s chivalry opposed by protesters outside Windsor Castle

But council bosses now have a plan to invest in the department and add more permanent staff to reduce reliance on agency workers.

It is proposed to augment the 61 member board finance team with six additional staff. The restructuring also adds more senior positions to provide “exceptional leadership, direction and ability” as officers work to stabilize the board over the next three to four years.

Compared to similarly sized local authorities, the city would have more finance officers working for them.

Along with this, SBC has the ‘ambition’ of having one of the ‘best local government finance functions’ where staff ‘feel proud’ to work for the council. There is also the ambition to “develop” within the department.

READ MORE: Sainsbury’s responds to complaints about loud drivers in Slough car park

It will also create two deputy director positions covering financial management and strategic and corporate finance, which could be paid upwards of £100,000.

This includes an assistant to the chief financial officer, known as a Section 151 officer, as part of CIPFA’s recommendation.

SBC also plans to add 23 additional permanent employees within its internal audit, commercial and anti-fraud department, bringing the new financial structure to 90 employees.

The restructuring is expected to take place this fall and be completed in November, the report of which says the timeline is “challenging but achievable”. Once this reshuffle is completed, it will be reviewed after 2025/26.

The finance department currently costs over £7m, but in 2023/24 it could be reduced to £5.5m to accommodate the new structure.

This reduction of £1.6 million used for new structure and transition costs will be funded by funds from the assets sold, as agreed by the Department for Levelling, Housing and Communities.

Senior advisers are due to discuss the restructuring program at a cabinet meeting on Monday June 20.

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Watson asks the finance department to find a way to reduce professional license fees https://openmrtd.org/watson-asks-the-finance-department-to-find-a-way-to-reduce-professional-license-fees/ Wed, 08 Jun 2022 05:16:16 +0000 https://openmrtd.org/watson-asks-the-finance-department-to-find-a-way-to-reduce-professional-license-fees/ Tom Watson | Chart by Owensboro Times Mayor Tom Watson on Tuesday asked the Finance Department to find a way to bring professional license fees and insurance back to where they were when he first took office. In July 2017, the Owensboro City Commission voted to increase the professional license fee rate from 1.39% to […]]]>

Tom Watson | Chart by Owensboro Times

Mayor Tom Watson on Tuesday asked the Finance Department to find a way to bring professional license fees and insurance back to where they were when he first took office. In July 2017, the Owensboro City Commission voted to increase the professional license fee rate from 1.39% to 1.78%.

At Tuesday’s city commission meeting, Watson said now is the time for the application because professional license fees have worked well over time.

“I think it would be a good time, with $4 gas and other things going on, if you could give us a proposal,” Watson told the finance department.

Watson said he also thought it would be beneficial as he “anticipates a worsening economy”.

City Manager Nate Pagan said he can ask the team to research and provide input at the next regularly scheduled meeting on how this will affect the city’s bottom line.

In other cases, commissioners passed an ordinance to close an alley between 408 Frederica Street and 322 West 4th Street. The closure came at the request of Rivercity Trio I LLC, which is building a new apartment building on the former Jerry Ray Davis lot.

Commissioners also voted to annex approximately 53 acres to the city just off Goetz Drive and Coventry Lane, which will house a 177-lot neighborhood in the near future. The commissioners granted the typical annexation incentives that come with development.

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Finance Department tagged for debt burden blame game https://openmrtd.org/finance-department-tagged-for-debt-burden-blame-game/ Mon, 06 Jun 2022 14:53:25 +0000 https://openmrtd.org/finance-department-tagged-for-debt-burden-blame-game/ THE Department of Finance (DOF) said national government debt would have reached 15.4 trillion pesos this year – more than 2.2 trillion pesos – if the Duterte administration had given in to Covid-19 stimulus bills. 19 proposed by legislators and other “income erosion”. prompting an angry retort from a congressional leader. Chief Finance Economist and […]]]>

THE Department of Finance (DOF) said national government debt would have reached 15.4 trillion pesos this year – more than 2.2 trillion pesos – if the Duterte administration had given in to Covid-19 stimulus bills. 19 proposed by legislators and other “income erosion”. prompting an angry retort from a congressional leader.

Chief Finance Economist and former undersecretary Gil Beltran said the government opposes the passage of several stimulus bills because they would further increase the deficit and debt.

The chairman of the House Ways and Means Committee slammed his “aimless finger pointing.”

Debt-to-GDP ratio and deficit wouldn’t be that big, as bigger stimulus bills may even have cushioned the blow of the Covid-19 pandemic on the economy, says Albay Representative Joey Sarte Salceda.

“Every comment the DOF brings to the House Tax Committee is listened to, and if we don’t adopt their recommendation, we at least try to compromise. So hopefully we can avoid pointing fingers aimlessly. The challenge now is to get over the debt, and we have to work together,” Salceda added.

“Frankly, I don’t see the point [in DOF’s seeming credit-seeking at the expense of Congress]. First of all, it was Congress that also decided to pursue the kind of stimulus that we funded and what we didn’t,” Salceda said.

“Secondly, the figure counts proposals of a very similar nature, so I think a double counting may have been done. The only major proposal [the proposed Bayanihan to Arise as One Act] was 1.4 trillion pesos including 800 billion pesos of net loans [assets] no running expenses [outflow]. Obviously an exaggeration at best,” he added.

According to Salceda, it is not fair to lump all the spending bills together as if Congress passed them all without deliberation.

“But assuming that no double counting took place, and indeed all the separate provisions of all the proposals amounted to some 2.2 trillion pesos, the question to be asked is: GDP would it have collapsed as much as it did if we had acted with a bigger, more comprehensive recovery plan?Remember, we have shrunk more than anyone else in 2020. And as the economy declines, revenue collection is also declining, so the debt to GDP and deficit probably wouldn’t have been as large as just adding up the cost of the proposed stimulus,” he said.

“Let’s not forget,” Salceda added, “the Ways and Means Committee regularly removes tax exemptions and additional tax incentives in proposed bills, and instead aligns them with the tax code. The Committee on appropriations, of which I am vice president, also regularly removes special appropriations from negative bills.

Salceda also reminded Beltran that Congress has partnered with the DOF on the entire tax reform agenda as well as the Duterte administration’s economic stimulus package.


P140-B limit

Despite objections from many other stakeholders, Beltran said the DOF was working closely with lawmakers to limit the cost of interventions under the Bayanihan to one-act recovery to 140 billion pesos, as they considered the impact of additional spending on government borrowing.

“The government failed to support multiple stimulus bills, each proposing hundreds of billions in additional appropriations, precisely because we understood this would result in further deficit and debt increases,” Beltran said. in a press release.

“As we have said over the past few years, the government has always exercised fiscal prudence in response to the Covid-19 pandemic. We spent what we had to, but no more than we could afford. In fact, if we had accepted the pressure to spend more, our debt would have increased by 2.2 trillion pula and would have reached 15.4 trillion pula,” he added.

Among the invoices included in the DOF calculation were the following:

■ Proposed Value Added Tax (VAT) exemptions for petroleum, liquefied petroleum gas (LPG), electricity and other commodities and removal of other taxes, such as those proposed by representatives Ferdinand Gaite, Carlos Isagani Zarate, Eufemia Cullamat, Sergio Dagooc, Presley De Jesus, Adriano Ebcas, Arlene Brosas, Godofredo Guya, Alfred Vargas and Vilma Santos Recto; as well as Senators Grace Poe, Ralph Recto, Juan Miguel Zubiri, Aquilino Pimentel III, Emmanuel Pacquiao and Francis Pangilinan;

■ Various Covid-19 stimulus bills and grants, such as those proposed by Representatives Jose Ma. Clemente Salceda, Stella Luz Quimbo, Sharon Garin, Michael Edgar Aglipay, De Jesus, Guya, and Dagooc, and Senator Imee Marcos;

■Proposal to exclude 13th month salary, performance-based bonus and other income from taxable income, such as those proposed by representatives Santos Recto and Victor Yap; and the

■ Appropriations for new government departments or entities proposed by various legislators.

To address the impact of Covid-19 in a “strategic and cost-effective manner”, Beltran said it secured additional funding from multilateral lenders to provide vaccine supply to the target population.

“The accelerated vaccination program, along with the move to the alert level system with granular lockdowns and increased public transport capacity, has allowed us to aggressively reopen the economy and restore jobs,” he said. he declares.

Apart from this, the DOF said that “sustainable fiscal economic stimulus programs have been enacted, including the Financial Institutions Strategic Transfer (FIST) Act, which helps banks extend credit to more sectors in allowing them to offload non-performing assets and non-performing loans to FIST. companies; and the Business Recovery and Tax Incentives Act (CREATE), which balanced a reduction in the corporate income tax (IRS) rate with the streamlining of tax incentives.

At the end of April, the stock of national government debt reached a new record high of 12.76 trillion pula, just two months before President Duterte left office.

The national government’s debt-to-GDP ratio in the first quarter of the year hit a 17-year high of 63.5%, above the 60% threshold recommended internationally by multilateral lenders for emerging markets. like the Philippines. It is also the highest since the country’s debt-to-GDP ratio hit 65.7% in 2005 under the Arroyo administration.

Finance Secretary Carlos G. Dominguez III has since said the current level of debt remains “sustainable” as the country needs to increase borrowing for Covid-19-related spending amid weaker revenue collection during the pandemic.


Debt

According to Salceda, it doesn’t matter how much a country borrows, and “what matters is how much it borrows compared to how much it earns”.

“What should matter is whether our debt is growing faster than the size of our economy. Because if we significantly outpace debt growth, it means we are spending our borrowings well and can repay well. our debts,” he added.

Highlighting the Philippines’ debt-to-GDP ratio of 61%, Salceda said, “It’s high, but not too high, especially given our recent GDP growth rate.”

“PGMA [former president Gloria Macapagal-Arroyo] spent his entire first term with steadily rising debt levels above 60%, which prompted us to undertake the RVAT reforms which, in turn, saved us from the fiscal crisis in time for the PNOY [former president Benigno Aquino III] benefit from expanded fiscal space,” he said.

Salceda, however, said the country’s debt-to-GDP level is expected to decrease every year from 2023.

“And the rating agencies have suggested that as long as our fiscal conditions don’t deteriorate, we should be fine. So as long as we can keep that level down and create enough fiscal space for surprise events, we wouldn’t be in big trouble,” he said.

“My own view is, let’s create the additional fiscal space – my estimate is around 326 billion pesos per year, eventually – so that we can continue to finance BBB [Build, Build, Build]university hospital [Universal HealthCare], Free College, 4Ps and other social and economic services that are important to our people, without funding debt service with more debt. I will work with the new economics team to figure this out,” Salceda added.


Proposals for the next government

The DOF recently proposed that the next administration implement a set of fiscal measures expected to generate a total average of almost 350 billion pesos per year from 2023 to 2027 to help the country overcome its debt at a faster rate.

The proposed three-pronged fiscal consolidation and resource mobilization plan includes the imposition of several taxes, the postponement for 3 years of the second tranche of personal income tax rate reductions, the widening of the base for value added tax (VAT) and the abolition of VAT. exemptions, except for education, agricultural products, health, financial sector and raw food, among others.

To prevent the government from using borrowing to pay off the 3.2 trillion pesos of additional debt incurred during the Covid-19 pandemic, the Treasury Office said that at least 249 billion pesos per year of additional revenue must be lifted.

Estimated to generate an annual average of 349.3 billion pesos in revenue, the proposed fiscal consolidation plan will not only help the government achieve this, but it will also help the country reduce its debt as a share of its economy compared to to the 60.7% projected this year. to 55.4% in 2025. Without the reforms, the country’s debt-to-GDP ratio in 2025 is expected to reach 58.2%.

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Delhi Finance Department asks all Principal Secretaries and Heads of Departments to submit government fiscal stress report https://openmrtd.org/delhi-finance-department-asks-all-principal-secretaries-and-heads-of-departments-to-submit-government-fiscal-stress-report/ Sun, 29 May 2022 05:54:40 +0000 https://openmrtd.org/delhi-finance-department-asks-all-principal-secretaries-and-heads-of-departments-to-submit-government-fiscal-stress-report/ The Delhi Finance Department has requested all Principal Secretaries, Secretaries and Heads of all Departments to provide a detailed assessment of the fiscal pressure and risks of the Aam Aadmi Party (AAP) led government. The departments also received a series of questionnaires to compile the detailed report. The deadline for submitting the report is June […]]]>

The Delhi Finance Department has requested all Principal Secretaries, Secretaries and Heads of all Departments to provide a detailed assessment of the fiscal pressure and risks of the Aam Aadmi Party (AAP) led government.

The departments also received a series of questionnaires to compile the detailed report. The deadline for submitting the report is June 3.

According to senior officials, the finance department wrote a letter to all departments following the order from the central government. “The letter was released earlier in the first week of this month and the report was requested by May 11. The questionnaire has been received from the Department of Economic and Policy Research as the Governor of the RBI desires a detailed assessment of the fiscal stress and risk of different states and UTs,” reads the letter released by the Finance Department of Delhi.

Officials said the department has yet to submit the report, so the finance department’s state resources division again ordered departments to submit detailed compiled information by June 3 on a priority basis.

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Following the Centre’s order, Delhi’s finance department has also requested all its departments to provide details of the amount of subsidy given by the government on food, electricity, agriculture and others of 2019-2020 to 2022-23, the number of times it has had to face natural disaster and the approximate cost incurred by the state due to it and whether any guarantees granted by the government have been realized / invoked during for the last five years and what is the approximate value of the guarantees made.

They were also asked to provide details on bailing out troubled financial institutions, municipal corporations and non-tax businesses over the past five years. The departments will also have to provide details on the number of employees working in the age group of 50-55 years and 55-60 years (framework wise) for the assessment of the pension burden in the next 10 years.

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County Department of Finance Receives ‘Excellence’ Award https://openmrtd.org/county-department-of-finance-receives-excellence-award/ Sat, 28 May 2022 07:00:00 +0000 https://openmrtd.org/county-department-of-finance-receives-excellence-award/ By oht_editor | on May 28, 2022 BY KRYSTAL MORALEE Contributing Author Lapeer County Commissioner Dyle Henning called for a round of applause for Chief Financial Officer Jackie Arnold and the County Finance Department after reading a letter from the Government Finance Officers Association stating that the department has again received the Certificate […]]]>

Lapeer County Commissioner Dyle Henning called for a round of applause for Chief Financial Officer Jackie Arnold and the County Finance Department after reading a letter from the Government Finance Officers Association stating that the department has again received the Certificate of Excellence in Financial Reporting. Photo by Krystal Moralee

LAP –For at least 25 consecutive years, the Lapeer County Finance Department has achieved outstanding standards in its accounting and reporting, and the department was again honored for its work at Thursday’s Board of Commissioners meeting.

Commissioner Dyle Henning read aloud the letter from the Government Finance Officers Association (GFOA) congratulating the Department of Finance for the comprehensive annual financial report for the financial year 2020 qualifying for the GFOA’s Certificate of Achievement for Excellence in Financial Reporting, which is the highest form of recognition in government accounting and financial reporting.

“It’s something we’ve been blessed with for a number of administrations,” Henning said. “It’s worth noting because not every county is able to go through this and get this recognition.”

Henning then thanked Arnold and his team for their hard work, noting that managing US bailout funding has added an additional burden.

Arnold thanked the board, all department heads and his staff for their continued support.

“The staff are fantastic. We are quite a skinny staff, but we do everything,” she said. “Everyone thinks accounting isn’t that complicated. We accomplish a lot with just a minimum of staff.

In other matters on Thursday, council approved the Friend of the Court Access and Visitation Grant contract to support non-custodial parent visits with their children and heard from the public on a variety of topics.

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