by Rex Godinez Ortega
(Photo by: Odessa Aberilla)
A TWO-DAY self-assessment of the performance accomplishments of MSU-IIT’s cost centers opened this morning at the Stargate Dream Vacation Resort in Cagayan de Oro with all cost center heads and their financial assistants, and Institute officials in attendance.
The process, in particular, takes a look at the Work and Financial Plans (WFPs) of the cost centers for the year 2016 and their budget allocations for the year 2017, per quarter.
It also includes an orientation-workshop that will help cost center heads and their financial assistants in preparing their WFPs for the year 2018. The Institute’s budget proposal for the year 2017 has already been submitted to the Department of Budget and Management.
The December 5-6 year-end assessment is organized by the Office of the Vice Chancellor for Planning and Development in coordination with the Budget Management Office.
“This activity allows MSU-IIT to assess how efficiently it utilizes government funds,” Dr. Feliciano B. Alagao, Vice Chancellor for Planning and Development, said.
“From here we can go on to provide recommendations on how we can more efficiently utilize funds in the future,” Alagao added.
Ms Armilyn K. Abragan of the Internal Audit Service Unit of the Institute said that the year-end assessment allows MSU-IIT to evaluate how its cost centers utilized the amounts allotted to them.
“This is also where the Institute can learn where finances allotted to cost centers went to and how these were spent vis-a-vis the accomplishment of targets set,” she said.
“Exercises such as these present MSU-IIT with the opportunity to identify and correct mistakes, and hone its ability to properly program its funds in the future, like in the crafting of the 2018 WFPs,” Abragan added.