Podcast
Questions and Answers
What is the primary role of operations management in local public finances?
What is the primary role of operations management in local public finances?
Which of the following is NOT a component of operations management in local public finances?
Which of the following is NOT a component of operations management in local public finances?
What does effective operations management entail in local treasury offices?
What does effective operations management entail in local treasury offices?
Which document serves as a guide for city and municipal treasurers in their daily operational activities?
Which document serves as a guide for city and municipal treasurers in their daily operational activities?
Signup and view all the answers
How does operations management contribute to citizen satisfaction in local public finances?
How does operations management contribute to citizen satisfaction in local public finances?
Signup and view all the answers
What is one key characteristic of effective operations management in local treasury offices?
What is one key characteristic of effective operations management in local treasury offices?
Signup and view all the answers
What is the primary purpose of the Local Treasury Operations Manual (LTOM)?
What is the primary purpose of the Local Treasury Operations Manual (LTOM)?
Signup and view all the answers
Why was the updated Local Treasury Operations Manual (ULTOM) issued?
Why was the updated Local Treasury Operations Manual (ULTOM) issued?
Signup and view all the answers
What is the relationship between the LTOM and the Local Government Code of 1991 (LGC)?
What is the relationship between the LTOM and the Local Government Code of 1991 (LGC)?
Signup and view all the answers
Which of the following statements accurately describes the relationship between the LTOM and other fiscal and regulatory agencies?
Which of the following statements accurately describes the relationship between the LTOM and other fiscal and regulatory agencies?
Signup and view all the answers
What is the primary role of operations management in local public finance administration?
What is the primary role of operations management in local public finance administration?
Signup and view all the answers
How has the LTOM contributed to supporting efficient local public finance administration?
How has the LTOM contributed to supporting efficient local public finance administration?
Signup and view all the answers
Study Notes
Operations Management in Local Public Finances: An Overview of LTOM
The concept of operations management finds its application even within the realm of local public finances, where it plays a crucial role in ensuring efficient administration and transparency. One tool that has been instrumental in supporting operations management in local governments is the "Local Treasury Operations Manual" (LTOM), which serves as a comprehensive guide for city and municipal treasurers during their daily operational activities. This article will delve into the concept of operations management within the context of LTOM and explore the operational aspects of local treasury offices.
The Significance of Operations Management in Local Public Finances
Operations management within local public finances revolves around the efficient administration and control of fiscal resources. It encompasses a range of activities, including budgeting, accounting, revenue collection, expenditure authorization, fund management, and internal controls. Effective operations management is characterized by timely execution of tasks, proper documentation of transactions, transparent reporting mechanisms, and strict adherence to applicable laws and policies.
By ensuring smooth functioning of local treasury offices, operations management contributes to improved public service delivery and citizen satisfaction. Moreover, it fosters trust in local government institutions, thereby bolstering public confidence in the integrity of financial transactions.
LTOM: A Comprehensive Guide for Local Treasury Offices
The LTOM was initially issued in 2008 as part of Department Order No. 08 by the Department of Finance (DOF) in the Philippines. This manual serves as a reference material for city and municipal treasurers, providing guidelines for discharging their functions effectively and efficiently. Over the years, the need for updating and enhancing the LTOM has become apparent due to changes in fiscal organization laws, policies, rules, and regulations.
The updated Local Treasury Operations Manual (ULTOM), issued by the Bureau of Local Government Finance under Article 456 of the implementing rules and regulations, supersedes the original LTOM. The purpose of this revision was to harmonize the provisions of the LTOM with recent laws, policies, rules, and regulations while keeping pace with modern trends. Key updates include incorporating relevant provisions from the Local Government Code of 1991 (LGC), which forms the basis for crafting the LTOM, along with other legislation affecting local fiscal organization and functions.
Major Changes in Fiscal Organization Since the LTOM Was Issued
Since its issuance, numerous laws have been passed that amend certain provisions of the LGC and other related laws. Some of these legislations aim to improve the fiscal operations and organization of local government units (LGUs).
Relationship of the Manual to Existing Laws, Issuances, and Pronouncements of Other Fiscal and Regulatory Agencies
The LTOM is primarily based on the provisions of the LGC, as amended by R.A. 9640 and R.A. 9006. Additionally, it draws heavily from other sources such as the Government Accounting and Auditing Manual (GAAM) and the New Government Accounting System for the Updated Budget Operations Manual (UBOM) of the DBM. This extensive coverage ensures that the manual remains aligned with contemporary practices and regulatory frameworks governing local public finances.
In conclusion, operations management plays a vital role in ensuring efficient local public finance administration through the application of effective fiscal organization practices and adherence to relevant laws and regulations. The LTOM has been instrumental in supporting this process by providing comprehensive guidance for city and municipal treasurers during their daily operational activities.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Explore the role of operations management in local public finances through the lens of the Local Treasury Operations Manual (LTOM). Learn about the significance of efficient administration, control of fiscal resources, and key operational aspects of local treasury offices. Discover how the LTOM serves as a comprehensive guide for city and municipal treasurers in their daily activities.
