Публічні фінанси та фінансовий менеджмент у публічній сфері: сутність понять, відмінні риси та особливості системних складових

Розглянуто особливості та проведено аналіз діючих стратегій, на основі яких здійснюється управління публічними фінансами в сучасних умовах. Вокремлено проблеми, які пов’язані із розвитком управлінських відносин у сфері публічних фінансів. Обґрунтовано потребу прийняття стратегій, які сприятимуть вдосконаленню управління публічними фінансами на перспективу.

Citation (2023), "Prelims", Caruana, J., Bisogno, M. and Sicilia, M. (Ed.) Measurement in Public Sector Financial Reporting: Theoretical Basis and Empirical Evidence (Emerald Studies in Public Service Accounting and Accountability), Emerald Publishing Limited, Bingley, pp. i-xxiv. https://doi.org/10.1108/978-1-80117-161-820231012

This Literature System Review seeks to assess the application of financial management principles, specifically transparency and accountability, in the management of state finances at the Village APBDes. The Elucidation to Law of the Republic of Indonesia Number 17 of 2003 on State Finances states that the overall objective of state financial management is to promote good governance in state administration. Therefore, state financial management should be conducted in a professional, transparent, and responsible manner, adhering to the fundamental regulations outlined in the Constitution. The extensive litigation surrounding the misappropriation of village finances by village heads and officials serves as a fundamental premise for this research. When discussing the state financial management system, it is essential to address the management of village funds. These monies are a component of state finances, and their utilization must be properly accounted for. Analysis of fiscal matters at the state level. To ensure the proper functioning of state activities, it is imperative for the government to establish a robust and transparent state financial administration system. This system should effectively prevent any instances of financial leakage, both in terms of revenue collection and expenditure management. State financial management refers to the comprehensive actions undertaken by state financial management officials in accordance with their position and power. These actions encompass planning, execution, oversight, and responsibility. The findings of the literature system review research indicate that in order to establish transparency and accountability in the management of village funds, it is necessary to have legal clarity, coordination and oversight, and community engagement. Additionally, this endeavor requires officials who possess competence and have access to suitable facilities.

During Apartheid era the Public Service of the RSA did not adhere to principles of good governance like (PFM), transparency and accountability. They were actual lip or spoken conceptual frameworks, but not executed to the latter. As a consequence (PFM) operational systems and processes experienced insurmountable challenges ranging from embezzlement and squandering of public funds. Unprecedented failures by government institutions and employees to comply with financial legislation led to fraud and corruption skyrocketing. Mammoth task facing democratic government was to overhaul and transform Apartheid regime PFM systems. The amalgamation and integration of SA’s Public Service into single unit was indispensable yet it caused gigantic challenges. One of the pressing challenges faced democratic government was to gain citizenry confidence, therefore public financial management reforms, transparency and accountability was at the epicenter to gain legitimacy. The SA’S Constitution affirms that execution of (PFM) regulatory reforms, systems and strategies must aligned with PFMA. Despite democratic government innovations of improving government financial operations and performances, some provincial and local governments had not complied with public performance-measurement. That led to some being placed under national or provincial administration under section 100 and 139 (1 and 4) or 137 of the MFMA under the SA’s Constitution. Theoretical frameworks and systems of performance measurement were designed to assist the employees to achieve efficiency, effectiveness and decision making. Successful changes envisaged by the democratic regime required financial, technical and human resources to bolster the process. Literature emphasized that resources are fundamental elements needed in improving public sector and subsequently bring the envisaged change. Literature consistent findings highlights that organizational change does not come cheap and it requires incentives and trade-offs to be successful. SA’s government changes were needed to redirect the scarce resources of the state towards a new host of avenues, developing new strategies, processes, practices, plans to implement proposed change, and redeployment of employees with expertise. Strategic interventions became an indispensable phenomenon why the change was envisage at that point. There was an urgency of reorganizing and restructuring governmental operational systems to test the recent innovations. Failure to provide necessary resources to beef up envisage change would have led to feeble execution efforts coupled with high levels organizational failures. PFM is the case study taking into cognizance PFMA’s impact in handling public revenue in government institutions like Department of Public Works. PFMA is an Act crafted to strengthen the objectives of sound public financial management. PFM and PFMA had to ensure that financial modernization and improvements were implemented. PFMA, of 1999 must safeguard that management manages operations with distinction, be held accountable by eradicating fraud, corruption, and wasteful expenditure in government. Twenty four years after 1994 democratic dispensation SA’s public service transformation continues, but government struggle to produce clean financial audits. SA is constitutional democracy mandated to implement PFMA in all government institutions. The study assesses success rate at which financial management reforms like PFMA, PFM, Integrated Financial Management System (IFMS) and New Public Financial Management (NPFM) mechanisms has achieved in handling public finances. PFM must ensure proper utilization of public funds by meeting defined standards of probity, regularity, efficiency and effectiveness.

Subject. The article considers processes of introducing the program-target method of managing the federal budget funds in the Russian Federation. Objectives. The aim is to justify the need for a wider application of project management tools, and, therefore, the need to change the structure of budget management of the budget system. Methods. The study employs universal methods of scientific knowledge, like analysis, synthesis, generalization, abstraction, and methods of induction and modeling. Results. I offer a variant of adapting such a project management tool as a matrix, for dividing administrative management tasks for the public financial management sector. The paper substantiates that in the conditions of the current structure of the State financial management in the Russian Federation, the effective operation of the program-target method of financial management is significantly complicated. I developed an option of temporary adaptive structure of public financial management for the period of implementation of priority national projects until the end of the current stage of budget reform. Conclusions. Approaches to the adaptation of project management tools to their use in the public administration sector, proposed in the article, on the one hand, will enable practitioners to improve the efficiency of planning and using the public financial resources, and, on the other hand, to open new areas of research to improve the public financial and budgetary management.

The object of research is the financial and economic relations that arise in the process of managing financial resources of enterprises in the conditions of the national economy of Ukraine. One of the most problematic places is the need to describe the link between a competitive strategies of enterprises based on managing their financial resources.In the process of studying financial resources as an object of financial management, methods of induction and deduction, analysis and synthesis were used. On the basis of interpretation, system and retrospective analysis, observation, comparison and graphic representation of the results of the research, the estimation of dynamics and structure of financial resources of enterprises of Ukraine was carried out. In substantiating the recommendations on improving the financial resources management system of the subjects of entrepreneurship of the national economy of Ukraine, systematic methods, complexity, logical modeling, were applied.The research results show that there are certain links in the formation of competitive strategies of enterprises based on the efficiency of the use of financial resources. Enterprises of the national economy of Ukraine should formulate appropriate competitive strategies to improve their financial performance in a changing economic environment. It is necessary to know and apply appropriate strategies concerning the efficiency of using financial resources of enterprises: corporate development, functional level, resources and determinants of measuring financial efficiency in different economic periods. The effectiveness of managing the financial resources of enterprises of the national economy of Ukraine contributes to the ability to resilience to the threats that exist in their economic environment, and to ensure the continuous success of the enterprise.Thanks to the successful implementation of the methodological principles of financial resources management, it is possible to:reflect the synthesis of tools for increasing the cost of the enterprise (financial management);provision of flow management of financial resources;formation of value for all participants in the market and society (marketing);identification of factors and reserves for the creation of value (financial analysis);formation of information for empirical testing of evaluation models (accounting).

A government’s capacity to manage its public finances is central to its ability to deliver services. Well-functioning accounting and financial management systems are among the basics that facilitate this, and significant resources and time have been invested for the procurement and implementation of such systems across the world. Implementation is, however, often associated with disappointing results and attribution to higher-level public financial management (PFM) objectives difficult to establish. On the basis of five in-depth project-level evaluations of World Bank investments, this paper proposes a diagnostic framework that can be used to assess the utility of a Financial Management Information System (FMIS) as a budget management tool. The paper develops a total system strength score and weighs various dimensions according to importance. The total system strength score is mapped to corresponding Public Expenditure and Financial Accountability assessment dimensions to assess any correlation between the two, and extensive sensitivity analysis suggests a positive correlation. This is interpreted as an indication that the framework is robust. A preliminary application of the methodology to a sample set of countries finds that in many cases further reforms would be most effective if, at this stage, they pertained to expanding treasury single account and FMIS coverage (and its associated controls) rather than additional technological investments.

Purpose. The aim of the article is to disclosure the theoretical and practical foundations of the modernization of information technologies in the management of public finances, state financial resources and financial security of public sector economic entities, identification of positive, negative, problematic aspects of the study and, based on them, the formulation of the main conceptual approaches, vectors of their development in the conditions of market transformations and integration of Ukraine's economy into the EU. Methodology of research. In the process of scientific analysis, a number of scientific approaches, general scientific, specifically scientific and special methods were used. The dialectical approach is based on the use of categories and laws of dialectics, the process of using information technologies in the management of public finances. The institutional approach was focused on the study of the relationship between the strategic goals and directions of their implementation in the Strategy for the Digital Development of the State Finance Management System. The comparative approach made it possible to identify similar and different features when explaining the essence of information support in the management of public finances. The system approach made it possible to consider financial resources, financial security as a whole set of individual constituent parts that interact with each other and make up a single whole. The analytical method was used in the review of the literature on the management of state financial resources. The generalization method made it possible to form conclusions and recommendations as a result of the research. Findings. The development of the public finance management system and the strategic foundations of the digital development of digital transformations and the digital system of public finance management, state financial resources and financial security of public sector economic entities, the stages of this development are considered. The interrelationship between the strategic goals and directions of their implementation in the Strategy for implementation of digital development, digital transformations and digitalization of the state finance management system for the period until 2025, as well as the interrelationship between the strategic goals and directions of implementation of the Strategy for the Reform of the State Finance Management System for 2022-2025 years. The structural and logical scheme of state financial resources management and the mechanism of financial security management of public sector economic entities are characterized. The expected results of the implementation of the strategic tasks of reforming the system of digital management of public finances and financial security are proposed. Originality. As a result of the study, the approaches to the interpretation of the essence of financial resources of the public sector, the determination of the management of public financial resources have gained further development. A refined definition of the financial security of public sector economic entities, approaches to the formation of a mechanism for managing the financial security of state financial relations entities are proposed. Practical value. The conclusions and recommendations contained in the article have a theoretical basis and practical significance. Proposals related to the organization of the management of state financial resources and the financial security of public sector economic entities, the use of new modern digital and information technologies in the process of this management can be used in the practical activities of enterprises, organizations, institutions of state and communal ownership. Key words: public sector, financial resources, financial security, economic entities, financial challenges, financial threats, financial risks, digital transformations, information technologies.

Aim. Development of the author’s concept of increasing the efficiency of financial risk management on the basis of application of the technology of creating and using the digital twin of the enterprise.Objectives. To formalize the problems of existing approaches to solving the problems of financial risk management of enterprises of the real sector of economy; to identify trends in the development of digital twins, to formulate the advantages of their practical application and to give the author’s interpretation of the concept of “digital twin of the enterprise”; to build and substantiate a multilayer system of indicators of the digital twin of the enterprise in the context of improving the efficiency of financial risk management; to develop the principles of building a digital twin of the enterprise, focused on solving the problems of financial risk management.Methods. The research was carried out on the basis of system approach, in the process of realization of which the methods of synthesis, logical comparative, factor and graphical analysis, basic provisions of financial risk management and the results obtained in domestic and foreign scientific literature on the problems of realization of approaches and methods of financial risk management were used.Results. The author’s concept of increasing the efficiency of financial risk management based on the application of new technologies for creating digital twins is proposed. In particular, by means of formalizing the problems of existing approaches to solving the problems of financial management, identifying trends in the development of methodology and technologies for creating digital twins, the idea of increasing the efficiency of financial risk management on the basis of creating a digital twin of the enterprise is outlined. The multilayer system of indicators defining the structure of this digital twin is proposed and substantiated, the tasks are defined and the principles of its construction oriented to solving the tasks of financial risk management are developed. The financial kernel of the digital twin of the enterprise is constructed, containing the contours of formation of financial indicators common for different enterprises, determining the achievement of the objectives of financial risk management and its efficiency. The qualitative substantiation of increasing the efficiency of financial risk management with the application of the methodological basis for the creation and use of digital twins proposed in the article is given.Conclusions. Conceptual provisions of creation and use of digital twins for the purposes of financial risk-management, given in the article, create a theoretical and methodological basis for increasing the efficiency of financial risk-management taking into account the use of new digital technologies and can serve as a basis for practical construction of effective systems of financial risk-management at enterprises of the real sector of economy.

Introduction: social development management of territories is a significant area of state policy, which is reflected in the key strategic federal and regional documents. Objectives: the authors propose a methodological approach to understanding the essence of “social development management” in relation to territorial socio-economic systems (region, municipality). Methods: general scientific methods of cognition, analysis of legal acts, statistical analysis. Results: the authors proposed a methodology for studying the social development management of territories (subject and object of management, control action, feedback, resource provision and management goal). The article defines the threats and directions for improving the system of state social development management. Conclusions: Within the methodology, social development management goal is to ensure the population access to social services in accordance with the individual needs and demands of the population in a particular territory. From structural point of view, the object of social development management is the population itself as a consumer of social services and a subsystem for the provision of social services (social sphere). In terms of process component, the object of social development management is the balance between supply and demand of suppliers and consumers of social services. Regarding public authority, the management mechanism is expressed in social policy and its tools implemented at the strategic, tactical and operational levels of management. The authors determined that the general vector of the country’s social development should correlate with the main task of the country’s national security –“preserving the Russia’s nation and developing human potential”; the state should form the institutional environment for the labor market and the social sphere to adapt to digitalization; the social development management mechanism should be proactive; when implementing social policy, it is necessary to take into account the trend towards individualization; in the context of limited budgetary resources, it is necessary to attract investors and other sources of financing the social services market.

Public budgeting and financial management in the twentieth century is largely a story of executive–legislative relations, efforts to control government spending and curb corruption and abuse, intergovernmental relations, and changing ideas and technology in administration. The historical and bibliographic essay presents chronologically the major documents, publications, and theoretical and empirical developments most enduring in the literature and most influential in the profession of American public budgeting and financial management. Contemporary insistence on economy as a decisive value in public budgeting at the state and local levels is best illustrated by Proposition 13, an initiative amendment to the California constitution passed by referendum in June 1978. Efficiency, a business posture, cost cutting, and outright economy represent enduring values in US public budgeting and financial management. The modern era in American budgeting and financial management is characterized by several significant changes which reflect developments in the larger polity.

Objectives of financial management may be broadly divided into two parts such as profit maximization and wealth maximization. But alms-giving doesn’t have any connection with profit maximization or wealth maximization. Giving of alms is individual spending with non-profit oriented. Alms-giving objective for religious reason only to obey God’s order. In macro economics and micro-economics theory there are alms component as spending. Because alms-giving is better to be spent secretly. The research aims to analyze causality relationship between giving of alms with individual financial management using Econometric analysis Toda-Yamamoto causality test with E-views software. Purposive sampling method is employed to get primary data from respondents. Personal finance management is an activity that involves all the individual financial decisions, which includes budgeting, saving, insurance, mortgages. When a person plans his personal finance, he needs to take a range of financial products and other personal factors into consideration. Personal finance management has a huge influence on one’s life and future. Respondents comes from various region with various occupation and income with various religion background. Research analysis finds overwhelming support for the idea which optimism impacts economic decision-making by proving that alms affect financial management.
 Keywords: Alms-giving, financial management, Toda-Yamamoto causality test

The paper considers the conceptual basis of financial resources management of tourism enterprises. The essence of economic efficiency of tourist enterprises is revealed from the following aspects: definition of standards and efficiency indicators; their impact on the enterprise; process of management of financial resources of tourist enterprises. The system of management of financial resources for tourist enterprises is considered. Formulation of the problem. The current stage of economic development of the management of the financial system of tourism enterprises is becoming increasingly important, as financial resources are the main resources for the survival and development of enterprises. The purpose of the paper is to develop financial resource management systems for tourism enterprises and the main ways to improve it; in addition to studying the problems and generalizing the concepts related to the effective functioning of the tourism industry. It opens up new options for possible directions of development. Presentation of research material. In enterprises, financial resources are the object of financial management. One of its tasks is to make a number of decisions on the formation and operation of the best structure of financial resources to increase the company's profits. This method requires a lot of work on the analysis, as well as the results of the assessment of various situations: the state of the structure and use of financial resources; resource requirements and methods of resource use. Based on the findings of the analysis to develop several forecasts of financial resource management models. The modern set of indicators makes it possible to analyze the internal and external forms of economic efficiency. The practical significance of the obtained results can improve the quality of economic analysis of the efficiency of travel companies.

Purpose: Determining the purpose, content, appropriation, features of the program-target and design-target methods of planning and financing in the social sphere and the ways of their further development. Design/Methodology /Approach: In modern conditions of economic and financial uncertainty in the social sphere, reform changes, aimed at improving the quality of public finance management are in progress. These transformations were launched by the Ministry of Finance of Russia in 2004, when the main directions of budget sector reform were identified, including the transition to new forms of financial support for the provision of state (municipal) services, the introduction of result-oriented budgeting methods. The presented article is devoted to the methods of a programmatic approach to planning and financing in the social sphere development. Findings: An integrated approach to the implementation of planning, financing and management of budgetary resources in the social sphere will make it possible to consider the program-target and project-target methods as the key tools for the distribution of labor, material and financial resources to achieve the goals and objectives, while the levels of goals achievement must have measurable indexes (indicators) that have the ability to influence the managed object. Practical implications: The results of the study can be applied in the management activities of the state and municipal authorities, social institutions with the aim of developing the program-targeted and design-targeted methods of planning and financing. Originality /value: The main idea of the modern stage in the development of program methods for planning and financing in the social sphere is that a new quality of public and municipal finance management, optimization of budget expenditures requires the inclusion in the state programs of measures aimed at achieving the goals stated in the relevant national and federal projects

This study provides an update on the major topics covered in the required, core public budgeting and financial management courses offered by NASPAA accredited programs in the U.S. and explores how NASPAA competencies are addressed in these courses. Based on a survey of 39 NASPAA accredited programs and a content analysis of 60 course syllabi, this study finds that public budgeting and financial management courses still focus on budgeting, which has not changed since the 1980s. In addition, with no curricular guidelines to benchmark the public budgeting and financial management curriculum, programs are left to interpret and assess NASPAA competencies in their courses and there is a significant variation in how they are assessed. The study concludes with a call for more research on budgeting and financial management education.