EFFECT OF BUDGETARY PRACTICE ON PRUDENT FINANCIAL MANAGEMENT OF FREE SECONDARY EDUCATION FUNDS IN ELGEYO/MARAKWET COUNTY, KENYA
Abstract
Globally, every organization within any kind of economy whether developed or developing requires financial control practices for the purpose of sustainability or growth in the core business that it was created for. Organizations have various practices of financial controls among them; Budgetary, Auditing and Accounting Practices. However the aim of this study was to establish the effect of Budgetary Practice on the effective use of free secondary school funds in Elgeyo Marakwet County; Kenya. The study applied descriptive survey research design. The target population was from the secondary schools of Elgeyo Marakwet where the principals were respondents. Both simple and stratified sampling was applied and Taro Yamane technique was used to determine the sample size. The structured questionnaire was used as an instrument for data collection. Pilot study was done on schools in Baringo County; Kenya, hence this enabled for testing of the reliability and validity of the research instrument. The study’s descriptive and inferential statistics was analyzed by use of SPSS version 24 software and conclusion was; budgetary practices had an impact on prudent financial management of public secondary schools in Elgeyo Marakwet County; Kenya. The study recommended for the County Schools to embrace the use of austerity measures of financial controls to improve on prudent financial management of the available free funds from the Government, especially the use of Budgetary Practice.
Key words: Budgetary Practices, Financial Controls, Prudent Financial Management
CITATION: Kiptoo, T. K., Kadima, M. J., & Miroga, J. (2022). Effect of budgetary practice on prudent financial management of free secondary education funds in Elgeyo/Marakwet County, Kenya. The Strategic Journal of Business & Change Management, 9 (4), 204 - 215.
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DOI: http://dx.doi.org/10.61426/sjbcm.v9i4.2403
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