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Monitoring of Financial Progress

Financial monitoring is chiefly monitoring of the entire course of utilisation and effective use of allocated funds for the various years of the 2007-2013 programming period, from the level of projects implemented in the framework of the various operational programmes up to the level of the National Strategic Reference Framework.

Such monitoring allows one to track conformity between reality and the submitted utilisation plan and the effective use of allocated funding. This thus means a comprehensive system of monitoring financial flows within the project cycle.
This system uses data and information about projects in the approval, implementation and post-implementation phases in the form of monitoring the sustainability of the declared project results. The objective of financial monitoring on the central level is again to report the fulfilment of the implementation of the National Strategic Reference Framework to the European Commission, the government and the public. 
The objective of monitoring financial aid on this level is, at the same time, to monitor, ascertain and identify any negative developments in the utilisation of allocated funding and, based on these findings, draw up supporting documentation for adopting the appropriate effective measures for the purpose of eliminating all ascertained problems and deficiencies.
 

Primary outputs of financial monitoring