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Local Government Finance U.S. Systems and Serbian Finance Reforms

Local Government Finance U.S. Systems and Serbian Finance Reforms. Serbia Local Government Reform Program Financial Management Team Belgrade Office November 2000. United States Line Item Based Zero Based Program Based Performance Based Program and Performance Based. Republic of Serbia

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Local Government Finance U.S. Systems and Serbian Finance Reforms

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  1. Local Government FinanceU.S. Systems and Serbian Finance Reforms Serbia Local Government Reform Program Financial Management Team Belgrade Office November 2000

  2. United States Line Item Based Zero Based Program Based Performance Based Program and Performance Based Republic of Serbia Line Item Based Forms of Budgeting

  3. United States Flexibility Recommended by State Government Local Decision Not IMF Based Republic of Serbia No Flexibility Defined by Budget System Law Prescribed by ROS Book of Rules IMF Based System 3,600 Line Items Chart of Accounts

  4. United States Required Function by State Law Separate Function or Combined Republic of Serbia Legal Requirement Budget System Law Structure Needs Clarification Consolidated Treasury

  5. United States Optional Function Formal Structure Informal Process Republic of Serbia Legal Requirement Budget System Law Local Inspection and Audit Service (LIAS) Internal Audit

  6. United States Legal Requirement Performed Annually Private Firms Republic of Serbia Legal Requirement ROS Function - Budget Inspection and Service (BIAS) External Audit

  7. United States Allowed by State Laws Local Decision Private Lending Institutions Repayment allowed beyond current fiscal year Republic of Serbia Allowed by ROS Law, Article 58 Republic Budget Lending Only Repayment by November 30 of current fiscal year 20% Combined Cap Short Term Debt

  8. United States Allowed by State Law Local Decision Private Financial Institutions Bond Markets Annual Cap Based on Percentage of EAV Republic of Serbia Allowed by ROS Law, Article 58 Requires meeting ROS Criteria – not defined Requires ROS Approval Long Term Debt

  9. United States Required by State Law Annual Process Republic of Serbia Not Required by Law Encouraged by USAID – SLGRP MOU Requirement Public Budget Hearings

  10. United States Based on Internal Control Systems Examined by Audit Republic of Serbia Requires Restructuring Internal Audit Consolidated Treasury Public Purchasing Finance Department Structure

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