Ontario’s Expenditure Management Process

Ontario’s Expenditure Management Process

The paper is a detailed exploration of the process of expenditure management in Ontario that takes place every fiscal year. Indeed, all the steps in the process take the form of a cycle within predetermined timelines every fiscal year. The city’s expenditure management process is based on the function of planning and allocation as well as monitoring and maintaining direction. According to the paper, the first step in the process involves the allocation of manpower and financial resources. In this step, decisions regarding the total government spending are made for the coming fiscal year. Further, a decision on distribution of the proposed allocation is made for each of the various ministries. In the second step of estimates preparation and approval, the Cabinet and the Legislature approve detailed spending plans as developed by ministries. The article asserts that the third phase involves the monitoring of performance to maintain consistency with the plans. The step also involves the adjustment of estimates depending on the discrepancies observed. In the final step, accounting for the actual expenditures during the fiscal year is done through a comparison of the achieved results against the plan.

The expenditure management process within Ontario is perfectly captured in this article. The author draws upon the regulations in Ontario to support the process of expenditure management while stressing the main phases of the process. The role of managing the expenditure in Ontario is bequeathed upon the legislature which puts checks and balances on government spending. By exploring the process in four broad steps, the article summarizes the basic components of the process for ease of understanding. Further, the steps outlined in the process are based on the principles of planning, allocating, monitoring and maintaining direction. Through this association, the paper effectively lays ground for a thorough explanation of the steps while providing the rationale for the general process. Ultimately, the paper manages to vividly explain the process of expenditure management in Ontario.

Perhaps the most notable element of this article is the use of subsequent steps in exploring the process of expenditure management. For instance, the first step involves the allocation of resources while the second step is the development and approval of ministry estimates. In the third step, the phase of monitoring is done across the fiscal year to ensure compliance of the processes with the actual plans. Finally, the process wraps up with the end year reporting in which actual expenditure is checked against the plans. Further, the author manages to detail each of these steps by listing other functions necessary for the success of the process. Indeed, the use of graphics and charts to explain the process is successful in painting an accurate picture of the process of managing expenditure in Ontario. Through this article, anyone can grasp an understanding of the basic process of expenditure management without having to experience it in Ontario.

 

Do you need an Original High Quality Academic Custom Essay?