Pub Fin

• A budget is telling your money where to go instead of wondering where it went.
• The purpose of government is to enable the people of a nation to live in safety and happiness.
• Barangay evaluation refers to the evaluation of expenditures and the measurement and assessment of performance of the barangay.
• Barangay evaluation is a budget process whereby financial records and reports are prepared and validated periodically to assess whether performance is in accordance with the budget plans.
• The Barangay Treasurer shall also render a written financial report at the end of the calendar year on all barangay funds and properties for the information of barangay officials and the public.
• Government exists for the interests of the governed, not for the governors.
• The legal basis of barangay budgeting is Sections 329 - 334 (Barangay Budget) of the Local Government Code of 1991 (RA # 7160) which provide the basis for the collection, safekeeping and use of barangay funds.
• Tax revenue in the income portion of a barangay budget includes the percentage share of the barangay in the real property taxes, the proceeds of the community tax collected through the barangay treasurer, the proceeds of the tax on sand, gravel and other quarry resources of the barangy where these resources are extracted, the barangy share of Internal Revenue Allotment, and taxes on goods & services collected from stores or retailers with fixed business establishments, and having gross sales or receipts of the preceding calendar year of P50,000 or less in cities; and P30,000 or less in case o
• Operating & Service Income in the income portion of a barangay budget includes all income derived from fees or charges for services rendered in connection with the regulation or the use of barangay-owned property or service facilities, such as tobacco dryers, corn shellers; and barangay clearance fees for any business or activity.
• The general guideline of barangay budgeting is that the aggregate amount appropriated shall not exceed the estimates of income, all statutory and contractual obligations shall be fully provided for, ten percent (10%) of the total general fund of the barangay shall be appropriated and administered by the Sangguniang Kabataan for youth development programs or projects until the new sets of SK officials have been duly elected and qualified, five percent (5%) of the estimated revenue from regular sources shall be set aside as an annual lump sum appropriation for calamities, twenty percent (20%) o
• To sustain and deepen their roles in the devolution process and live up as effective partners of National Government in nation-building, barangay officials need to master the use of one basic instrument of local governance – none other than the budget.
• The barangay, as the basic political unit, plays a significant role in the country’s economic development and nation-building efforts.
• A well-prepared barangay budget serves as basis for planning & policy adoption, program and project implementation, financial control, and management information.
• The skillful management of barangay budgets means the ability to efficiently manage revenues and expenditures to ensure fiscal balance and propel the barangay towards self-sufficiency which is the real essence of local autonomy.
• The barangay budget serves as an instrument for barangay officials to effectively manage the development of the barangay.
• With the enactment of Republic Act No. 7160, also known as the Local Government Code of 1991, the country’s 41,882 barangays began to assume even greater responsibilities with corresponding powers vested in them in line with the intent of local autonomy.
• The purpose of a Barangay is to reduce the effects of poverty, to make active participation of community in the implementation of barangay projects, and to strengthen the Barangay as a frontline agency of the government.
• Borrowings encompasses the internal and external public debt of the country.
• In barangay bottom-up budgeting, the Municipal Treasurer and Accountant prepares and issues to the Punong Barangay a Certified Statement on Income or BBPF # 451-A.
• Capital Revenue is resources realized from the sale of fixed capital assets, like buildings, equipment, machines, land and intangible assets.
• Barangay Bottom-Up Budgeting (BBuB) is a process to encourage the participation of citizens in the planning and budgeting of barangay projects.
• Miscellaneous Income Contribution includes all municipal, city & provincial aids to the barangay fund and voluntary contributions from private agencies and individuals.
• Capital Outlays (CO) refer to appropriations for the purchase of goods and services, the benefits of which extend beyond the fiscal year and which add to the assets of the local government unit concerned, including investment in public utilities such as public markets and slaughterhouses.
• Current Operating Expenditures (COE) include appropriations for the payment of salaries, wages and other compensation of permanent, temporary, contractual and casual employees of the barangay; and appropriations for the payment of other expenses of the barangay, such as traveling expenses, supplies and materials, communication services, rental, repair and maintenance and other services that are not personal nor capital outlay in nature.
• Extraordinary Receipts comprises all receipts accruing to the government as payment for the principal loans granted & other extraordinary receipts by the government.
• The Punong Barangay prepares the barangay budget with the different forms to be used are as follows: Barangay Budget Preparation Form No. 451 or Statement of Income and Expenditures.
• Grants include all non-repayable transfers received from other levels of government, private sector or international institutions.
• The Barangay Treasurer prepares and submits to the Punong Barangay a detailed statement covering the actual income and expenditures for the past calendar year, and estimates of income and expenditures for the current and budget years or BBPF # 451.
• The term “budget” may be traced back to the Middle English word “bouget” which means bag or wallet.
• A budget is an action plan of government activities and programs, reflecting national objectives, strategies, and programs.
• A budget is the master plan of government, bringing together estimates of anticipated revenue and proposed expenditures, implying the schedule of activities to be undertaken and the means of financing these activities.
• A budget is a document containing words and figures which control future operations, including any estimates of future costs and a systematic plan for the utilization of manpower, material or other resources.
• Zero-based budgeting (ZBB) includes all three levels of performance and funding, providing information on objectives, description of activity, alternative methods considered, and output performance measurement.
• The ZBB was introduced in the Philippines in 1977 during the preparation of the Calendar Year 1978 national budget.
• The ZBB was American in orientation but it was not introduced directly by then but by a group of Filipino officials who traveled to Washington.
• Ranking is the process by which higher level managers evaluate an array of activity levels in descending order of priority.
• Budgeting is a process for it consists or a series of activities relating expenditures to a set of goals.
• The purposes of the budget include macroeconomic stabilization, provision of public goods, redistribution of wealth and reduction of poverty, and pursuit of political objectives.
• Important functions of budget include expenditure control/program, management & efficiency, and planning for service requirements.
• Features of a budget include equilibrium, comprehensiveness, and annuality.