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Financial Management Practices in the Public Sector Discussion Questions

Financial Management Practices in the Public Sector Discussion Questions

Description

1. Identify and explain five financial best practices which should be implemented by a public sector entity in its financial and budgeting processes. Your answer should consist of five paragraphs of 5-7 sentences each. 

2. Set forth three real world examples from the readings or discussions in this course where a public sector entity encountered serious financial difficulties due to inadequacies in its accounting, internal controls and/or financial forecasting policies, practices or procedures. Identify the root causes of these problems. Then, set forth how these problems could have been avoided by sound financial practices. Your answers should consist of three paragraphs of 5-7 sentences each. 

3. Read this article https://www.reuters.com/article/us-illinois-budget/grim-fiscal-forecast-awaits-illinois-new-governor-idUSKCN1NL2KF  and this report https://www.civicfed.org/iifs/blog/illinois-budget-deficit-projected-exceed-1-billion-fy2019 . Feel free to research the situation further. Then, in five paragraphs of 5-7 sentences each, make and support five recommendations that you would make to the Governor of Illinois to remedy these budgetary and financial problems. 

4. In seven paragraphs of 5-7 sentences each, summarize what you have learned in this course. Your summaries should cover all of the major topics from Weeks 1-8. 

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