Financial Management Control and Performance of Public Schools

Financial Management is an essential element in the effective running of an organization. A lot of resources are involved in running organization and therefore to get value from those investment require a lot of transparency and accountability from the people in charge.The promotion of good governance, accountability and transparency in dealing with public funds should be observed to accomplish the objectives of every agency of the government. Sound financial management is paramount since the education sector, as one of the social services of government, has the highest allocation of budget as provided by the Philippine Constitution. This has created the need for the introduction of strong financial management systems in all public schools nationwide. Financial Management helps to ensure that the resources are used efficiently and effectively. Authority, Responsibility, and Accountability are inherent in the key positions created to discharge specific duties and tasks related to financial management.