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Financial Management and Creditworthiness
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Public financial management must adequately control the level of revenue and expenditure, and appropriately allocate public resources among sectors and programs. An essential first step is to improve intergovernmental fiscal relations through streamlined and predictable rules on tax sharing and grants, improve the local taxation system ("bases", rates and administration), and put sound budgetary and financial procedure into place through comprehensive, accurate and transparent budgets that establish the basis for financial control and provide timely financial information. This highlights and strengthens the links between budget and performance of local government agencies in meeting key operational and strategic objectives. Intergovernmental fiscal relations, financial management and creditworthiness is organized among seven primary subjects.
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