Financial Management and Control
Financial Management and Control

Author(s): Nemanja Šormaz, Pavle Medić
Subject(s): Public Administration, Government/Political systems, Fiscal Politics / Budgeting
Published by: Centar za evropske politike CEP
Keywords: Financial management; Control systems; Public sector; Budgeting; Accountability; Risk management; Internal control; Fiscal oversight; Governance; Financial accountability;
Summary/Abstract: Even though it has been “on paper” for a whole decade, the actual level of implementation (and impact) of Financial Management and Control (FMC) in Serbia remains low. The focus of decision-makers is more on the form - harmonising regulation with the standards and expectations of the European Union, rather than on the essence - implementing, followed by monitoring, and measuring the concrete results of FMC. However, the environment in which FMC is expected to be developed and implemented is, as well, unfavourable, given the lack of strategic planning, managerial responsibility and open and meaningful communication with, above all, citizens, who need to be assured that the money raised from them is spent in a smart and responsible manner. This brief analyses the key achievements, indicates main obstacles in its establishment and implementation and sums up the measures needed to be implemented in order to “move” FMC from strategy on paper towards concrete benefits for the citizens.

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