Moore PUA 5301 Unit 4 Unit 5 Unit 6
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SafeAssign Originality Report • Submitted on Thu, Mar 23, 2023, 2:04 PM
Unit VI Essay PUA 5301-17E-4B23-S1, Administration of Public Institutions
Total Score: 47 % High riskCassandra Moore Submission UUID: cb69ca92-8bb6-f8e9-3967-ea5caec01f67
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Financial Accountability and Transparency
Cassandra Moore
03/23/2023
Financial Accountability and Transparency
Part One
Several government and development organizations throughout the world now consider financial accountability and transparency to be essential components of successful governance and resource management. The results of financial transparency and agency openness are of interest to program administrators, funders, scholars, donors, and policymakers (Gaventa & McGee, 2013). One definition of financial accountability is the act of holding a person or organization legally responsible for a financial transaction, while another defines agency transparency as the process of making known the actions of an organization to the public. Transparency in government agencies involves open dialogue and clear responsibility. The Pros of Financial Accountability and Agency Transparency
To reduce waste and corruption, it is important for organizations to be transparent with their finances and their spending. Officials should be open about the use of taxpayer funds. People are more likely to have faith in their federal, state, and local leaders when they see evidence of their efforts to be open with the (Gaventa & McGee, 2013). Honesty from public officials and citizens is fostered through a culture of accountability and openness. By being open and honest about problems, every company can solve them. An organization’s problems, goals, and objectives can be better understood and discussed when they are open to discussion by the public, stakeholders, and employees. The decision-making process benefits from openness and responsibility. Employees benefit from having access to financial data and organizational objectives. The Cons of Financial Accountability and Agency Transparency
Openness in finance and government can be problematic. Sometimes, information gets misconstrued, either by the general public or by internal staff. Leaders in both the private and public sectors need to share the task of sharing information with their followers since they simply cannot meet the information needs of each individual. When responsibility for disseminating information is delegated, it may be skewed. Different workers and citizens have various ways of understanding information, which might lead to misunderstandings (Birkinshaw & Cable, 2017). Disclosure might leave organizations vulnerable to assault. Disclosure could provide malicious actors access to sensitive data and facilitate a cyberattack. Oversaturation with data is a possible side effect of total openness. Some individuals just cannot process so much data simultaneously. Distracting information can derail an organization’s efforts to accomplish its
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mission (Birkinshaw & Cable, 2017). Managers and public officials must weigh the pros and cons of disclosing all information related to financial accountability and transparency against the risk of being attacked by competitors. Information should be fair and current if it is to aid in decision making. Part Two
Florida Department of Financial Services
The capital city of Florida is home to the state’s Department of Financial Services. In 2002, the legislature of Florida merged the departments of fire and
marshal, banking and finance, treasury, and insurance to form the current Department of Financial Services. The Florida State Department is headed by the
CFO, who is elected to a four-year term (My Florida CFO, 2019). Jimmy Patronis, the CFO. The CFO’s job is to safeguard government finances from misuse or theft. One of the goals of the group is to “develop a website that allows Floridians to review state budgets, payments, and contracts and hold the government
accountable for how every dollar is spent.” Hence, Florida’s Department of Financial Services is trustworthy, forthright, and fiscally sound. Treasury Annual Reports Budgets, payments, financial reports, contracts, donations, economic incentives, and general information are all things the department can supply. Financial, income, and resource management summaries for the state of Florida are available online annually at the department’s website. The Treasury
Investment Pool, which is responsible for managing fixed income investments, is one of the three departments discussed in the annual Treasury reports together with Funds Management and Collateral Management and Deferred Compensation (MyFloridaCFO, 2019). The average daily value of investment holdings increased by 5% to $26.5 billion in the fiscal year ending in 2019–2020. There are over 91,000 accounts with $4.7 billion in assets in the deferred pay plan that employees use to enhance investment programs. Florida treasury data from 2007 through 2020 is now available. The division accounts for tax money. State Payments
To promote transparency, the Florida Department of Financial Services publishes details of government payment activities. The government organization
launched a spending-tracking website to increase public awareness. Online access to finances, agreements, and transactions (My Florida CFO, 2019).
Employees, vendors, and contractors in the 12 university systems, Department of Management Services, and State Accounting System of Florida are all paid through these three entities (FLAIR). To keep tabs on all state and local government contracts, Florida uses the Accountability Contract Tracking System (FACTS). Economic Incentives
The Florida Department of Financial Services publishes information about financial incentives in an effort to increase transparency. With its introduction in 2013, the Economic Development Incentives Portal increased transparency, accountability, and effectiveness. The portal provides access to performance metrics
and information on economic development incentive programs used in Florida (My Florida CFO, 2019). Incentives include things like tax rebates, exemptions, credits, and pay for results. According to the data provided, the Florida Department of Financial Services is in favor of fiscal openness and accountability.
Forthcoming Public Projects
American Dream Miami
Dream Miami\sDream All of Miami-Dade County will be able to enjoy the new shopping and entertainment mecca that is being built in the city. When it is
completed, the shopping center will be the largest in the United States. Timeline for project completion is set for 2025. All of the project’s costs will be covered by the Triple Five consortium, and the state of Florida may even offer incentives to get it done (Martin, 2020). A total of $4 billion is set aside for this project.
The state originally gave the land for the project to the county for $12.3 million, and the county then sold it to the developer. Magic Place
Magic Place by Pininfarina in Orlando is another massive building project in the Sunshine State. An estimated $2.3 billion dollars will be needed to complete
the project. The construction was designed by Pininfarina Italian Design and Engineering and developed by Magic Development Corporation. Each stage has its own pair of towers. The developer will benefit from the use of developer equity and autonomous taxing districts for community infrastructure funding (Flucker, 2016). Some money earmarked for the EB-5 Immigrant Investment Program, which helps businesspeople, investors, and unwed adults gain permanent residency in the United States by investing $500,000 to $1 million in American companies, will be lost. Most of Florida’s initiatives are funded by either private sources or public-private partnerships. The more open and accessible information is regarding projects and how to pay for them, the more accountability and transparency will result.
References
Birkinshaw J, & Cable D, (2017). The dark side of transparency. Retrieved from https://www.mckinsey.com/business-functions/people-and-organizational-
performance/our-insights/the-dark-side-of-transparency
Flucker a, (2016). How developers will finance new $1.7B Magic Place resort near Disney. Retrieved from https://www.bizjournals.com/orlando/blog/2016/03/how-developers-will-finance-new-1-7b-magic-place.html
Gaventa J, & McGee R, (2013). The Impact of Transparency and Accountability Initiatives. Retrieved from https://www.shareweb.ch/site/DDLGN/Documents/John%20Gaventa%20Rosie%20McGeeThe%20Impact%20of%20Transparency%20and%20Accountability% 20Initiatives.pdf
Martin P, (2020) American Dream Miami: Private Deal, Public Consequences. Retrieved from https://www.jamesmadison.org/american-dream-miami-private-deal- public-consequences/ My Florida CFO (2019). Transparency. Retrieved from https://myfloridacfo.com/transparency
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https://en.wikipedia.org/wiki?curid=25731488 78 %
Financial Accountability and Transparency
Cassandra Moore
03/23/2023
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Financial Accountability and Transparency
Cassandra Moore
03/23/2023
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Financial Accountability and Transparency
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Financial Accountability and Transparency
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Financial Accountability and Transparency
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Financial Accountability and Transparency
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The Pros of Financial Accountability and Agency Transparency
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Financial Accountability and Transparency
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The Cons of Financial Accountability and Agency Transparency
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Financial Accountability and Transparency
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Florida Department of Financial Services The capital city of Florida is home to the state’s Department of Financial Services.
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Florida Department of Financial Services Florida Department of Financial Services
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In 2002, the legislature of Florida merged the departments of fire and marshal, banking and finance, treasury, and insurance to form the current Department of Financial Services.
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In 2002 the Florida Legislature merged the Department of Insurance, Treasury and State Fire Marshal and the Department of Banking and Finance into one department, the Florida Department of Financial Services
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The Florida State Department is headed by the CFO, who is elected to a four-year term (My Florida CFO, 2019). Jimmy Patronis, the CFO.
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The department operates under the Chief Financial Officer of Florida, CFO, who is elected to serve a four–year term (My Florida CFO, 2019) The current CFO is known as Jimmy Patronis
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One of the goals of the group is to “develop a website that allows Floridians to review state budgets, payments, and contracts and hold the government accountable for how every dollar is spent.” Hence, Florida’s Department of Financial Services is trustworthy, forthright, and fiscally sound. Treasury Annual Reports Budgets, payments, financial reports, contracts, donations, economic incentives, and general information are all things the department can supply.
Original source
The organization's mission on transparency states that "Our goal is to provide a website that allows Floridians to scrutinize state budgets, payments, and contracts and hold the government accountable for how every dollar is spent." budgets, payments, financial reports, contracts, donations, economic incentives and general information
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The Treasury Investment Pool, which is responsible for managing fixed income investments, is one of the three departments discussed in the annual Treasury reports together with Funds Management and Collateral Management and Deferred Compensation (MyFloridaCFO, 2019).
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funds management, collateral management, and deferred compensation and treasury investment pool which manages fixed income investment operation (MyFloridaCFO, 2019)
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To promote transparency, the Florida Department of Financial Services publishes details of government payment activities.
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Florida department of financial services promotes transparency by providing information on the state payment activities
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Employees, vendors, and contractors in the 12 university systems, Department of Management Services, and State Accounting System of Florida are all paid through these three entities (FLAIR).
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The information relating to the payment of employees, vendors and contractors in Florida's 12 university states, department of management services and from the state accounting system (FLAIR)
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The portal provides access to performance metrics and information on economic development incentive programs used in Florida (My Florida CFO, 2019).
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The portal provides information on performance measurements and economic development incentive projects with an executed contract in the State of Florida (My Florida CFO, 2019)
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Forthcoming Public Projects American Dream Miami
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Forthcoming Public Projects American Dream Miami
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When it is completed, the shopping center will be the largest in the United States.
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If completed, the mall will become the largest shopping mall in the United States
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The state originally gave the land for the project to the county for $12.3 million, and the county then sold it to the developer.
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The state sold the land where the project will be built to the county at $12.3 Million and later from the county to the developer
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Magic Place by Pininfarina in Orlando is another massive building project in the Sunshine State.
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Magic Place by Pininfarina in Orlando is another big construction project in Florida State
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Birkinshaw J, & Cable D, (2017). The dark side of transparency. Retrieved from https://www.mckinsey.com/business-functions/people-and- organizational-performance/our-insights/the-dark-side-of-transparency Flucker a, (2016).
Original source
Birkinshaw J, & Cable D, (2017) The dark side of transparency Retrieved from https://www.mckinsey.com/business-functions/people-and- organizational-performance/our-insights/the-dark-side-of-transparency Flucker a, (2016)
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How developers will finance new $1.7B Magic Place resort near Disney. Retrieved from https://www.bizjournals.com/orlando/blog/2016/03/how- developers-will-finance-new-1-7b-magic-place.html Gaventa J, & McGee R, (2013). The Impact of Transparency and Accountability Initiatives.
Original source
How developers will finance new $1.7B Magic Place resort near Disney Retrieved from https://www.bizjournals.com/orlando/blog/2016/03/how- developers-will-finance-new-1-7b-magic-place.html Gaventa J, & McGee R, (2013) The Impact of Transparency and Accountability Initiatives
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Retrieved from https://www.shareweb.ch/site/DDLGN/Documents/John%20Gaventa%20R osie%20McGeeThe%20Impact%20of%20Transparency%20and%20Accou ntability%20Initiatives.pdf Martin P, (2020) American Dream Miami: Private Deal, Public Consequences. Retrieved from https://www.jamesmadison.org/american-dream-miami-private-deal-public- consequences/ My Florida CFO (2019).
Original source
Retrieved from https://www.shareweb.ch/site/DDLGN/Documents/John%20Gaventa%20R osie%20McGeeThe%20Impact%20of%20Transparency%20and%20Accou ntability%20Initiatives.pdf Martin P, (2020) American Dream Miami Private Deal, Public Consequences Retrieved from https://www.jamesmadison.org/american-dream-miami-private-deal-public- consequences/ My Florida CFO (2019)
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Retrieved from https://myfloridacfo.com/transparency
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Retrieved from https://myfloridacfo.com/transparency
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Financial Accountability and Transparency
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Financial Accountability and Transparency
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Financial Accountability and Transparency
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Financial Accountability and Transparency
