Describe objectives, functions and significance of financial management.

Financial management refers to the strategic planning, organizing, directing, and controlling of financial resources within an organization or institution. In the context of urban development, it is vital for ensuring that public and private funds are utilized efficiently and effectively to achieve the desired goals of urban growth and infrastructure improvement. Proper financial management enables urban planners, policymakers, and authorities to address the financial requirements of urban development projects, manage public spending, and ensure the sustainability of urban services and infrastructure.

Objectives of Financial Management

The primary objectives of financial management in urban development are as follows:

1. Efficient Resource Allocation: One of the key objectives of financial management is to ensure that resources, especially financial, are allocated in the most effective manner. In urban development, this involves determining how funds can be distributed across various infrastructure projects such as roads, public transportation systems, housing, and utilities to maximize their impact on improving urban living conditions.

2. Cost Control and Risk Management: Financial management in urban development also aims at controlling costs and minimizing financial risks. By budgeting effectively and monitoring spending, financial managers can ensure that urban projects do not exceed ________ __________ _____ _______ __________ __________ ___ ___ ____.
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