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1、CHAPTER15ManagingPublicFunds:CashManagement,EmployeeRetirement,andSovereignWealthFundsWhyshouldgovernmentshavefundsavailabletoinvest?Wouldn’tthosefundbal-ancesmeanthatpeoplehavebeentaxedforservicesnotrendered?Whywouldwewanttaxestobehigherthanisnecessarytoprovidethegovernmentalserv
2、icesourpoliticianshavepromisedus?Shouldn’tinvestablegovernmentfundsbeanimme-diatesignalfortaxcuts—soprivateresourcescanbeinprivatehandsforuseintheprivateeconomy?Ingeneral,thosewouldbereasonableconcerns.However,thereareimportantreasonsforgovernmentfundbalancesand,accordingly,forcar
3、efulgovernmentfundmanagement.Oneistheshort-termhandlingoftheworkingcap-ital(orcashbalances)neededtomaintainoperationswithinthefiscalyear.Revenuecollectionsdon’talwaysmatchwhenpaymentsmustbemadeandtherehastobeafundcushionbetweencollectingandpaying.Asecondisthelong-termmanagementofp
4、ension-fundbalances,accumulatedtoprovideretirementbenefitspromisedtoemployees.Finally,somegovernments,mostlynational,maintainsovereignwealthfundstoprovideanequitableintergovernmentaldistributionofproceedsofnatural1resourceexploitation.Althoughforecasting,planning,andinvestingarere
5、quiredforeachfunction,thereareseveralcriticaldifferencesintherulesofprudenceforshort-term(cash)andlong-term(fund)management.TheCashBudgetandCashManagementCashmanagementencompassesthecollectionanddisbursementofpublicmoneyandtheuseofthosefundsbetweencollectionanddisbursementinamanne
6、rcon-sistentwiththepublicinterest.Treasuryoperationsshould(1)ensurethesafetyof1Thestatebudgetstabilizationfundsor“rainyday”fundspreviouslydiscussedaretechnicallyaformofsovereignwealthfund,tohelpprovidefiscalstabilization,althoughtheirmagnitudesaremuchsmallerthanthelargernationalfu
7、nds.667668PartThree:AdministeringDebt,WorkingCapital,andPensionFunds2publicresources,(2)maintainliquiditywhenneeded,(3)increasethepooloffundsavailableforinvestment,and(4)obtainthehighestfeasibleyieldonpublicfunds.Simplyput,cashmanagementinvolvesquicklygettinguseofmoneyowed(cashmob
8、ilization),makingpaymentaslateasi
