PAD130 - Public Sector Financial Management

Outline information
Semester
Schools offering this subject
Last revision date 2023-10-02 00:16:47.727
Last review date 2023-12-04 00:15:03.599

Subject Title
Public Sector Financial Management

Subject Description
The Public Sector Financial Management course will help you to understand not only the fundamentals of finance but also the changing legislation that impacts accounting and financial management in the municipal environment. This course is delivered in two parts, with a requirement for students to successfully complete the Municipal Accounting and Finance Program (MAFP) Unit 1 before initiating MAFP Unit 2.

The subject matter surrounds the objectives of accounting in the public sector and the specific nature and features of municipal accounting. The municipal budgeting process is examined, followed by a description and analysis of municipal expenditures and revenues, and associated accounting and reporting requirements. This course also dedicates attention to the capital funds where the financing of capital expenditures, the control and record keeping relating to specific capital projects, and the administration of long-term debt are examined. The varied financial relationships between municipalities and local boards and the accounting and reporting procedures in relation to such boards are reviewed in addition to a full discussion on the audited financial statements and the Financial Information Returns (FIRs).

Credit Status
This is a credit subject applicable towards the Public Administration Graduate Certificate Program (PAD). Students successfully completing this course will also receive a Certificate of Completion from the Association of Municipal Managers, Clerks and Treasurers of Ontario (AMCTO) recognizing the completion of the Municipal Accounting and Finance Program (MAFP).

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Understand the nature and significance of reporting entities with respect to public sector accounting and the legal framework.
  2. Define and illustrate municipal current and capital expenditures, and to distinguish between capital expenditures, a capital budget, capital budget supervision and reporting, a current budget and a long term capital program.
  3. Describe and assess the potential of the various miscellaneous local revenue sources available to municipalities and transfer payments to Ontario municipalities.
  4. Describe and illustrate accounting and financial reporting for property taxes and the property assessment system in Ontario.
  5. Describe the factors relevant to the measurement of a municipality's debt capacity and long term borrowing.
  6. Distinguish local boards, their meaning, and their scope and financial relationships between councils and boards
  7. Describe the nature and scope of the municipal audit, and the auditor-municipality relationship with respect to the engagement letter, management letter, and use of an audit committee.
  8. Describe the objectives of the annual financial statements of a municipality, current and pending.
  9. Differentiate between the financial information return and the annual financial statements; their return process and requirements.

Essential Employability Skills

    •  Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

    •  Respond to written, spoken, or visual messages in a manner that ensures effective communication.

    •  Execute mathematical operations accurately.

    •  Apply a systematic approach to solve problems.

    •  Use a variety of thinking skills to anticipate and solve problems.

    •  Locate, select, organize, and document information using appropriate technology and information systems.

    •  Analyze, evaluate, and apply relevant information from a variety of sources.

    •  Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.

    •  Manage the use of time and other resources to complete projects.

    •  Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecapolytechnic.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

Discrimination/Harassment
All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecapolytechnic.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.

Camera Use and Recordings - Synchronous (Live) Classes
Synchronous (live) classes may be delivered in person, in a Flexible Learning space, or online through a Seneca web conferencing platform such as MS Teams or Zoom. Flexible Learning spaces are equipped with cameras, microphones, monitors and speakers that capture and stream instructor and student interactions, providing an in-person experience for students choosing to study online.

Students joining a live class online may be required to have a working camera in order to participate, or for certain activities (e.g. group work, assessments), and high-speed broadband access (e.g. Cable, DSL) is highly recommended. In the event students encounter circumstances that impact their ability to join the platform with their camera on, they should reach out to the professor to discuss. Live classes may be recorded and made available to students to support access to course content and promote student learning and success.

By attending live classes, students are consenting to the collection and use of their personal information for the purposes of administering the class and associated coursework. To learn more about Seneca's privacy practices, visit Privacy Notice.