Problems And Prospects Of Financial Management In The Local Governments System (A Study Of Owerri Municipal Council)

ABSTRACT  The problem under investigation is “problems and prospects of financial management in local government system”. The researcher is well aware that accounting and financial reporting in the public sector particularly at the local government level was not given adequate attention. The purpose of this study is to identify and examine the problems of the local government finances and account; and ascertain the prospects of improving sources of local government finances. The study posed the following question: what are the sources of local government finances? What are the causes of underutilization or revenue generated from local sources in the council? What factors bring about improper accounting records in the public sector? Is the accounting system of the local government effective? Empirical analysis was carried on the data collected based on the questionnaire and statement of income and expenditure of the local government. The researcher also made detailed library study, simple percentages, chi-square tests and correlation coefficient were used respectively in analysis and testing the hypotheses. Based on the analysis of the data using the appropriate tools as mentioned above some findings were made as follows: there is no significant relationship between sources of funds and execution of development projects at the local government level. Poor quality of treasury staff cause under-utilization of revenue generated from the local government council. The accounting system of the local government is not effective in operation. Poor financial planning and control has resulted in the failure of the local government to curb excess expenditure. Lack of financial data and qualified personnel in management decision have been identified as factors militating against sound financial and aof sound internal control makes auditing of the local government financial statements difficult. In conclusion, the study disclosed that Owerri Municipal Council should not rely only on the statutory allocation from the federation account but should avail itself into other avenues of generating revenues in order to finance its expenditure programmes. The researcher recommended among other things the installation of proper internal control in the local government council to check the excess on the local government expenditure. 
TABLE OF CONTENTSTitle pageiCertificationiiiDedicationivAcknowledgementvTable of contentviAbstractxi
CHAPTER ONEINTRODUCTION1.0     Introduction11.     Background of the study1.2Statement of problem1.3OBJECTIVE CF STUDY1.4Research Questions1.5 Statement of the Hypothesis1.6Significance Of The Study 1.7Scope Of The Study 1.8Definition Of Terms
CHAPTER TWOREVIEW OF RELATED LITERATURE 2.1THE CONCEPT AND DEVELOPMENT OF LOCAL GOVERNMENT 2.2 THE ROLE OF LOCAL GOVERNMENT 2.3 THE 1976 LOCAL GOVERNMENT REFORM2.4  THE NIGERIAN 1999 CONSTITUTION REFORM2.5 AMENDMENT OF 1999 CONSTITUTION ON LOCAL GOVERNMENT ADMINISTRATION2.6 FINANCIAL MANAGEMENT2.7STRUCTURE AND FUNCTIONS OF THE LOCAL GOVERNMENT DEPARTMENT2.8SOURCES OF REVENUE TO THE LOCAL GOVERNMENT COUNCIL2.9PROBLEMS OF REVENUE GENERATION IN THE LOCAL GOVERNMENT SYSTEM
CHAPTER THREERESEARCH METHODOLOGY3.1    Research design3.2    SCOPE OF THE STUDY3.3.    POPULATION OF THE STUDY3.4     SAMPLING TECHNIQUE3.5    DATA COLLECTION PROCEDURE3.6    DATA ANALYSIS PROCEDURE
 CHAPTER FOUR4.0 DATA PRESENTATION, ANALYSIS AND FINDINGS 4.1 QUESTIONNAIRE DISTRIBUTION AND RESPONSE 4.2    HYPOTHESIS TESTING
CHAPTER FIVE5.0 SUMMARY OF FINDING, CONCLUSION AND RECOMMENDATION, 5.1Summary of findings5.2    Conclusion5.3    RecommendationREFERENCES