PED-203M: The Basics of Public Financial Management

Semester: Spr Mod3

Credit: 0.5

Faculty: Stephen Peterson

Schedule

Day Time Location
First Day 1/26
Meet Day T/Th 11:40 AM - 1:00 PM RG-20
Review F 11:40 AM - 1:00 PM RG-20

Description

The basic questions of public financial management include: how much governments can raise in taxation, how they allocate revenues, and how far their spending can exceed current revenues through deficit financing. Financial management in the public sector differs significantly from that of the private sector as it has multiple bottom lines not just one. Students learn the three key financial documents of a government: Budgets, Statement of Government Operations, and Financial Statements. The Budget is the most important policy statement of a government as it presents public priorities. The Statement of Government Operations shows the overall fiscal position (health) of a government and Financial Statements show whether the budget (which is a plan of expenditure) was implemented. This is an applied course which provides students with hands on skills and practical insights on how governments really do manage or fail to manage public finance. The course uses case material from developed and developing countries.