Definitions for "Financial perspective"
One of the four standard perspectives used with the Balanced Scorecard. Financial measures inform an organization whether strategy execution, which is detailed through measures in the other three perspectives, is leading to improved bottom line results. In public sector and not for profit applications of the Balanced Scorecard measures in the Financial perspective are often viewed as constraints within which the organization must operate.
The financial perspective forms the framework for Community expenditure over a period of several years. It is the product of an interinstitutional agreement between the European Parliament, the Council and the Commission and indicates the maximum volume and the composition of the foreseeable Community expenditure. It is adjusted annually by the Commission to take account of prices and the development of Community Gross National Product. The financial perspective is not a multiannual budget, since the annual budgetary procedure remains essential to determine the actual amount of expenditure and the breakdown between the different budget headings. The current financial perspective establishes the reference framework for a period of seven years (2000-06).
forms the framework for Community expenditure over a period of several years. The current FP runs from 2000-2006 and sets expenditure ceilings for eight distinct expenditure headings (Agriculture, Structural Operations, Internal Policies, External Actions, Administration, Reserves, Pre-accession aid and Compensations).