How Will The Fmr Bring About These Changes?
Through the implementation of the following four major components: Financial Management Act 2004 – The Financial Management Bill is expected to become law in 2005. The legislation has been drafted to give legal effect to the Financial Management Reform policy framework. Financial Management Information System – to be introduced progressively, the new system will support the changes by automating most current manual processes, strengthen the monitoring of budgets and control over spending. Performance Budgeting - involves the allocation of resources to agencies based on the goods and services to they deliver. Therefore budgets will reflect the level of performance expected with the resources provided. This will be linked to the annual corporate planning process. More information is available in the “Guide to Performance Budgeting. Training and Capacity Building – As the FMR process involves a significant amount of change over time, training needs to be conducted at all levels to ensure the sustainability of the changes.
