local public finance

Question 1

refers to the conduct and management of financial affairs, transactions, and operations of provinces, cities, municipalities and barangays

Answer 1

Local Public Finance

Question 2

Local Public Finance is referred to as

Answer 2

local fiscal administration

Question 3

local public finance is about?

Answer 3

1. generation of resources and revenues
2. allocation and utilization of resources and revenues
3. management and control over 1 and 2

Question 4

the town or city mayor and the provincial governor

Answer 4

local chief executives

Question 5

officials tasked with the responsibility of raising, spending and managing local public funds and resources

Answer 5

local finance committees & local development councils

Question 6

main responsibility for ensuring that funds are available to implement programs, policies and rules made by the local chief executive and the local deliberative bodies

Answer 6

treasurer
budget officer
accountant
assessor
local administrator

Question 7

Collects taxes, fees, charges, and other impositions of the LGU.

Takes custody and exercises proper management of the funds of the LGU.

Is responsible for dispersing all LGU funds and any other funds entrusted to them by law or other competent authority.

Answer 7

Treasurer

Question 8

Exercises the functions of appraisal and assessment primarily for taxation purposes of all real properties in the LGU concerned.

Answer 8

Assessor

Question 9

Takes charge of the accounting and internal audit services of the LGU.

Answer 9

Accountant

Question 10

Provides budget administration services to the LGU.

Answer 10

Budget Officer

Question 11

Analyzes income and expenditure patterns, formulates, and recommends physical plans and policies for consideration by the finance committee of the LGU.

Answer 11

Planning and Development Officer

Question 12

ultimately responsible for the collection, custody disbursement, and proper utilization of government funds.

Answer 12

The Local Chief Executive (LCE)

Question 13

He or she provides overall direction and control

Answer 13

The Local Chief Executive (LCE)

Question 14

He or she is the chief development and budget planner and is responsible for issuing all licenses and permits

Answer 14

The Local Chief Executive (LCE)

Question 15

approves the Annual Budget and supplemental budgets of the LGU.

Answer 15

The Local Sanggunian

Question 16

approves the local government’s development and investment plans, which serve as guidelines in the preparation of the annual budget.

Answer 16

The Local Sanggunian

Question 17

local government’s sole taxing authority. All policies on revenue generating measures such as taxes, fees, and charges

Answer 17

The Local Sanggunian

Question 18

prescribes the rates for such levies and has the power to grant exemptions, incentives or reliefs.

Answer 18

The Local Sanggunian

Question 19

cannot sign any loan agreement or enter into any contract without the approval of the Local Sanggunian.

Answer 19

The Local Chief Executive

Question 20

comes up with the estimates and targets for both income and expenditures that go into the preparation of the draft local government budget that is debated and approved by the Local Sanggunian.

Answer 20

The Local Finance Committee (LFC)

Question 21

It plays such an important role that the Local Government Code mandated all LGUs to create a local finance committee

Answer 21

The Local Finance Committee (LFC)

Question 22

also helps the local sanggunian in evaluating the budgets of lower level LGUs and conducts semi-annual reviews of costs and accomplishments in undertaking development projects.

Answer 22

The Local Finance Committee (LFC)

Question 23

government agencies that issue policies and regulations that govern how public funds are managed at the local level

Answer 23

COA
DOF
DBM
DILG
OP