THE IMPACT FINANCIAL MANAGEMENT STRATEGIES AND DEBT CONTROL IN PUBLIC ENTERPRISES
ABSTRACT
This study is aimed at evaluating the extent to which public enterprises manage their finance and control their debt as well. The chapter two which is the literature review of this work discussed the concept of financial management strategies and debt control in public enterprises. Chapter three talks about the research methodology which primary and secondary sources of data were used. This involves developing research instrument and sampling plan. The instrument includes questionnaires, textbooks, journals and personal interview. Furthermore, in chapter four a total number of 80 questionnaires were retrieved from 120 administered staff and customers each. Chi square and percentage was also used to analyze the data collected. The findings in this chapter revealed that, there is a significant relationship between the financial management tools in daily operations in public enterprises. The chapter five talks about the summary of findings, conclusion and recommendation. I recommend that qualified financial managers should be employed to handle these enterprises.
CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
The first major federal financial management reform took place just after world war in late 1919, treasury secretary carte glass created the forerunners of the current fiscal operations bureaus. Financial management service and the bureaus of public Debt by approving the positions of the commissioner of Account and deposit. The commissioner of the public debt, the officials appointed to these positions oversaw the various organizations that comprised the new bureau of account and deposits later renamed the bureau of accounts and the bureau of the public debt. The former of these two bureaus was the first direct ancestor of today’s financial management service.
Although the predecessors of today’s fiscal service organizations were established in 1919, most federal payment functions remained decentralized until 1933. That year, president Franklyn D. Roosevelt issued an executive order mandating the transfer of the executive department’s disbursing clerks to the newly established division of disbursement, which was assigned of the Bureau of accounts. One result of this order was the creation regional disbursing offices.
Eventually, 27 of these facilities were established to handle the ever increasing number of checks issued by the government. Today, thanks to improved technology and the gradual replacement of checks by electronic funds transfer, financial management service maintains only four payment sites.
In June 1940, congress approved a reorganization plan that created the treasury department’s fiscal service and a career fiscal assistant secretary position. Under the plan, the fiscal service was assigned three components: The Bureau of accounts, the Bureau of the public debt and the office of the treasury of the public united stated. There evidently was considerable bureaucratic inertia while the fiscal service was established in 1940, yet the first fiscal assistant secretary was not appointed until 1945.
1.2 STATEMENT OF PROBLEM
Public enterprises undergo these problems as:
To know the ability of the managers in their decision making.
Lack of availability of timely, relevant and reliable financial and non-financial information.
Problem of risks identification.
Inadequate accountability.
1.3 OBJECTIVES OF THE STUDY
Provide support for decision making.
Ensure the availability of timely, relevant and reliable financial and non financial information.
Manage risk.
Strengthen accountability
1.4 RESEARCH QUESTIONS
- Has budgets been one of the managerial tools used in the financial management of your enterprise?
- Are your accounting system and financial control efficient operate properly?
- Does your management engage in wasteful extravagant or unrewarding expenditure detriments to your financial system?
THE IMPACT FINANCIAL MANAGEMENT STRATEGIES AND DEBT CONTROL IN PUBLIC ENTERPRISES