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Execucao Orcamentaria E Financeira E O Cumprimento De Metas

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Execucao Orcamentaria E Financeira E O Cumprimento De Metas

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  16. 16. SUHYLVmRGHWRGRVRVSDJDPHQWRVDVHUHPUHDOL]DGRVDFDGDPrVFRPSUHHQGHQGRRV YDORUHVDVHUHPHPSHQKDGRVQRH[HUFtFLRHRVUHVWRVDSDJDUSDUDRVSULQFLSDLVLWHQVGH GHVSHVDRXVHMD • SHVVRDOHHQFDUJRV VRFLDLV FRQVLGHUDQGRVHDVVD]RQDOLGDGHVGHFRUUHQWHVGRVSDJD PHQWRVGHIpULDVºVDOiULRHRXWUDVTXHKRXYHUDVVLPFRPRHYHQWXDLVHVWLPDWLYDV GHHOHYDomRGDGHVSHVDSRUDPSOLDomRGRTXDGURFRQFHVVmRGHQRYRVEHQHItFLRVDRV VHUYLGRUHVHUHDMXVWHVVDODULDLVSUHYLVWRV • GtYLGDVDVHUHPSDJDVPHQVDOPHQWHFRPRDTXHODVGHFRUUHQWHVGHUHILQDQFLDPHQWRGH GpELWRVMXQWRDR,166HDR)*76GHVWDFDQGRVHRVYDORUHVGRSULQFLSDODVHUDPRUWL]DGR HGRVMXURV • GHPDLVGHVSHVDVFRUUHQWHVHGHFDSLWDOGHSUHIHUrQFLDFODVVLILFDGDVTXDQWRjIOH[LELOL GDGHHPUHODomRDSUD]RVGHSDJDPHQWRHjVYLQFXODo}HVHVSHFtILFDVFRPRRVUHFXUVRV GHFRQYrQLRVRVUHSDVVHVSDUDR/HJLVODWLYRHRVJDVWRVFRPHGXFDomR • SUHFDWyULRVHRXWURVLWHQVUHOHYDQWHVTXHKRXYHU
  17. 17. ºSDVVRFRPSDUDUUHVXOWDGRVHSURSRUDMXVWHV 2GHPRQVWUDWLYRGRIOX[RILQDQFHLURDQXDOHODERUDGRFRPDVLQIRUPDo}HVDFLPDHOHQFDGDV SHUPLWLUiXPDQRYDDYDOLDomRGRVUHVXOWDGRVDVHUHPDOFDQoDGRVSHULRGLFDPHQWHHDRILQDOGR H[HUFtFLR(YLGHQWHPHQWHGHVFRQVLGHUDGDVHYHQWXDLVIDOKDVQDVHVWLPDWLYDVGHDUUHFDGDomRDV GLIHUHQoDVHQWUHDVQRYDVHVWLPDWLYDVGHUHVXOWDGRHDTXHODVDGRWDGDVSDUDHODERUDomRGD/HL 2UoDPHQWiULD $QXDO VHUmR GHFRUUHQWHV GDV PRGLILFDo}HV QDV SUHYLV}HV GH UHFHLWDV H GH GHVSHVDVPRWLYDGDVSRUQRYRVIDWRVFRPR • PXGDQoDV GD FRQMXQWXUD HFRQ{PLFD FRP LPSDFWR QRV tQGLFHV LQIODFLRQiULRV H QR FUHVFLPHQWRGDHFRQRPLDHFRQVHTHQWHPHQWHFRPHIHLWRVVREUHRYDORUGDEDVHGH DUUHFDGDomR • PXGDQoDVQDOHJLVODomRTXHSURGX]DPLPSDFWRVREUHDVUHFHLWDV • QHFHVVLGDGHV GH JDVWRV DGLFLRQDLV QmR SUHYLVWRV LQLFLDOPHQWH FRPR SRU H[HPSOR DTXHOHVGHFRUUHQWHVGHVLWXDo}HVGHFDODPLGDGH DVRDVQRYDVHVWLPDWLYDVLQGLTXHPSHUVSHFWLYDGHREWHQomRGHUHVXOWDGRVPHQRUHVTXHRV HVWDEHOHFLGRV QD /'2 VHUi QHFHVViULR DGRWDU DV PHGLGDV GH DMXVWH SUHYLVWDV QD /HL GH 5HVSRQVDELOLGDGH)LVFDODOLPLWDomRGHHPSHQKRHGHPRYLPHQWDomRILQDQFHLUD ºSDVVROLPLWDomRGHHPSHQKR $OLPLWDomRGHHPSHQKRGHTXHWUDWDD/5)GL]UHVSHLWRjQHFHVVLGDGHGHUHFRQGXomRGRYDORU GDGHVSHVDGRH[HUFtFLRDPRQWDQWHTXHSHUPLWDDREWHQomRGDVPHWDVGHUHVXOWDGR6REUHR DVVXQWRFDEHWHFHUFRPHQWiULRVVREUHDOJXPDVTXHVW}HVUHOHYDQWHVQDDSXUDomRGRUHVXOWDGR UHODFLRQDGDVFRPDPHWRGRORJLDDVHUHPSUHJDGDFRPDULJLGH]GHDOJXPDVGHVSHVDVHFRP DDGPLQLVWUDomRGRVUHVWRVDSDJDU 4XDQWRjPHWRGRORJLDpLPSRUWDQWHFRQVLGHUDUTXHDGHVSHVDVRPHQWHVHHQFRQWUDUHDOL]DGD GHSRLVGHOLTXLGDGDGHIRUPDTXHQmRpUHFRPHQGiYHOODQoDUQRUHVXOWDGRGRH[HUFtFLRD SDUFHODGHGHVSHVD´QmRSURFHVVDGDµLQVFULWDHPUHVWRVDSDJDUYLVWRTXHpXVXDOTXHSDUWH GHVVHYDORUVHMDFDQFHODGRIXWXUDPHQWH1RHQWDQWRFDEHLQFOXLUQDDSXUDomRGRUHVXOWDGRR YDORUGRVUHVWRVDSDJDUGHH[HUFtFLRDQWHULRUTXHYLHUHPDVHUOLTXLGDGRVQRH[HUFtFLRFRUUHQWH 3RUFRQVHTrQFLDSDUDILQVGHDSXUDomRGRVUHVXOWDGRVILVFDLVpUD]RiYHOTXHDGHVSHVDDVHU FRQVLGHUDGD QD SURJUDPDomR DQXDO FRUUHVSRQGD DR YDORU GH WRGD D GHVSHVD OLTXLGDGD QR H[HUFtFLRFRPSUHHQGHQGRRPRQWDQWHGRVHPSHQKRVOLTXLGDGRVGRSUySULRDQRLQFOXVLYHRV UHVWRVDSDJDUSURFHVVDGRVQHOHLQVFULWRVDFUHVFLGRGRVYDORUHVGRVUHVWRVDSDJDUHPSURFHV VDPHQWRLQVFULWRVHPH[HUFtFLRDQWHULRUHOLTXLGDGRVQRH[HUFtFLRFRUUHQWH $ OLPLWDomR GH HPSHQKR HQFRQWUD REVWiFXORV jV YH]HV LQWUDQVSRQtYHLV UHODFLRQDGRV FRP D DXVrQFLD GH IOH[LELOLGDGH SDUD UHGXomR GR YDORU GH GHWHUPLQDGDV GHVSHVDV $ /HL GH 5HV SRQVDELOLGDGH)LVFDOGHWHUPLQDDUWº†º
  18. 18. TXHQmRVHUmRREMHWRGHOLPLWDomRDVGHVSHVDV GHFRUUHQWHVGHREULJDo}HVFRQVWLWXFLRQDLVHOHJDLVGRHQWHDVGHVWLQDGDVDRSDJDPHQWRGR VHUYLoRGDGtYLGDHDVUHVVDOYDGDVQD/'2$GLFLRQDOPHQWHDOpPGHUHSUHVHQWDUHPRPDLRU LWHPGDGHVSHVDGRVPXQLFtSLRVRSDJDPHQWRGDIROKDDSUHVHQWDIOH[LELOLGDGHH[WUHPDPHQWH 9LGH GHILQLomR SDUD UHVWRV D SDJDU SURFHVVDGRV H HP SURFHVVDPHQWR DUW GD /HL
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  21. 21. GHIRUPDDHYLWDUFUHVFLPHQWRLQGHVHMDGRGRVUHVWRVDSDJDU )LQDOPHQWHFDVRRHPSHQKRGDGHVSHVDVHMDGHVFHQWUDOL]DGRHPGLYHUVRVyUJmRVGDDGPLQLV WUDomRpLPSRUWDQWHTXHRDWRH[SHGLGRHVWDEHOHoDRVOLPLWHVDXWRUL]DGRVSDUDFDGDyUJmR( DLQGDSDUDTXHKDMDPDLRUWUDQVSDUrQFLDDUHVSHLWRGDVGHVSHVDVVREUHDVTXDLVLQFLGLXRDMXVWH IDFLOLWDQGRRDFRPSDQKDPHQWRGDPDWpULDSRUSDUWHGR3RGHU/HJLVODWLYRHGRS~EOLFRHPJHUDO FDEHUHJLVWUDUDWtWXORGHH[HPSORTXHQR*RYHUQR)HGHUDODV/HLVGH'LUHWUL]HV2UoDPHQWiULDV WrPH[LJLGRDFDGDDQRDLQVHUomRDRODGRGRYDORUGRVWHWRVIL[DGRVSDUDFDGDyUJmRGRYDORU GDVFRUUHVSRQGHQWHVGRWDo}HVDSURYDGDVQD/HL2UoDPHQWiULD$QXDO º3DVVR²SURJUDPDomRGHGHVHPEROVRVPHQVDLV $HODERUDomRGDSURJUDPDomRGHGHVHPEROVRVPHQVDLVWHUiFRPRVXSRUWHRTXDGURGRIOX[R GHLQJUHVVRVHVDtGDVGHFDL[DPHQFLRQDGRQRºSDVVRDMXVWDGRSDUDRDWLQJLPHQWRGDVPHWDV HVWDEHOHFLGDVQD/'2'HIDWRRTXDGURDMXVWDGRUHSUHVHQWDUiRSUySULRFURQRJUDPDPHQVDO GHGHVHPEROVRVFRQWHQGRRVYDORUHVPHQVDLVGRVSDJDPHQWRVUHODWLYRVDRVSULQFLSDLVLWHQVGH GHVSHVD 1R HQWDQWR SDUD JDUDQWLU D HILFiFLD GHVVD SURJUDPDomR p QHFHVViULR TXH VH HVWDEHOHoDP FURQRJUDPDVHVSHFtILFRVSDUDRVSDJDPHQWRVGDVGHVSHVDVGHSHVVRDOHGHFXVWHLRHLQYHVWL PHQWRSULQFLSDOPHQWHTXDQGRVHWUDWDUGHSDJDPHQWRVUHDOL]DGRVSRUyUJmRVGHVFHQWUDOL]DGRV $IL[DomRGHXPFURQRJUDPDSDUDSDJDPHQWRGDIROKDGHSHVVRDOSHUPLWHHYLWDUTXHGHFLV}HV TXHHOHYDPDVGHVSHVDVVHMDPH[HFXWDGDVPHGLDQWHFRPSURPHWLPHQWRGDVGRWDo}HVDXWRUL ]DGDV QD OHL RUoDPHQWiULD DQXDO DQWHV TXH VHMDP UHDOL]DGRV RV DMXVWHV FRUUHVSRQGHQWHV QD SURJUDPDomR ILQDQFHLUD 7UDWDVH SRUWDQWR GH PHGLGD TXH YLVD VXEPHWHU DV GHFLV}HV GH SDJDPHQWRGHSHVVRDODRQHFHVViULRRUGHQDPHQWRILQDQFHLUR
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  23. 23. 3HORV PHVPRV PRWLYRV WDPEpP DV WUDQVIHUrQFLDV SDUD R /HJLVODWLYR GHYHUmR FRQVWDU GD SURJUDPDomR ºSDVVRDFRPSDQKDPHQWRHDMXVWHVELPHVWUDLV $ FDGD GRLV PHVHV GHYHUmR VHU UHDYDOLDGDV DV HVWLPDWLYDV GH UHFHLWD H GHVSHVD H D SHUVSHFWLYD GH UHVXOWDGRV UHDOL]DQGRVH QRYRV DMXVWHV QRV OLPLWHV GH HPSHQKR H QR FURQRJUDPD PHQVDO GH GHVHPEROVRV VH QHFHVViULR $V HVWLPDWLYDV GH UHFHLWD GHYHUmR FRQVLGHUDU QRYRV IDWRV FRQIRUPH Mi PHQFLRQDGR DOpP GH LQFRUSRUDU RV YDORUHV Mi UHDOL]DGRV4XDQWRjGHVSHVDpQHFHVViULRLQFRUSRUDURVFUpGLWRVRUoDPHQWiULRVDGLFLRQDLV MiDSURYDGRVSHOR/HJLVODWLYRRXWURVTXHVHHQFRQWUDUHPHPWUDPLWDomRDVVLPFRPRQRYDV QHFHVVLGDGHVGHJDVWRVDLQGDQmRSUHYLVWDVQDVSURJUDPDo}HVDQWHULRUHV 2VTXDGURVGDSURJUDPDomRGHYHUmRHQWmRVHUDWXDOL]DGRVVHKRXYHUQHFHVVLGDGH(YHQWXDO UHGXomRGRYDORUGDGHVSHVDDXWRUL]DGDFHUWDPHQWHWHUiFRPRGLILFXOGDGHRIDWRGHTXHSDUFHOD GDVGRWDo}HVMiVHHQFRQWUDUmRFRPSURPHWLGDV1HVVDVLWXDomRVHUiQHFHVViULRDYDOLDUSUHYLD PHQWHDVGRWDo}HVTXHSRGHPDEVRUYHURFRUWHDGLFLRQDOHFDVRQmRKDMDGLVSRQLELOLGDGHGH FUpGLWRDHPSHQKDUTXHFRPSRUWHRYDORUGRFRUWHRDMXVWHQHFHVViULRWHUiTXHVHUHDOL]DU PHGLDQWHFDQFHODPHQWRGHHPSHQKRVHPLWLGRVTXDQGRSRVVtYHO eLPSRUWDQWHFRQVLGHUDUTXHGHWHUPLQDGDVGHVSHVDVQmRVHUHGX]HPSHORVLPSOHVFDQFHODPHQ WRGRVHPSHQKRVFRUUHVSRQGHQWHVFRPRQRVFDVRVGRVJDVWRVFRPiJXDHQHUJLDHOpWULFDH VHUYLoRVWHOHI{QLFRVXPSUHUHFRQKHFHUTXHDVGLVSRVLo}HVGD/5)TXDQWRDOLPLWDo}HVGH HPSHQKRWrPSRUILQDOLGDGHDFRQWHQomRGDVGHVSHVDVHQmRRHVWDEHOHFLPHQWRGHPHFDQLVPR GHHVFULWXUDomRFRQWiELO 2FDQFHODPHQWRRXDQmRHPLVVmRGRHPSHQKRQmRpUHFRPHQGiYHOSRLVSRGHUiUHSUHVHQWDU DSHQDVRIDOVHDPHQWRGDHIHWLYDVLWXDomRILQDQFHLUDVHDVGHVSHVDVHVWLYHUHPVHQGRFRQVXPD GDVJHUDQGRREULJDo}HVTXHPHVPRQmRUHJLVWUDGDVWHUmRTXHVHUSDJDVQRIXWXUR DEH REVHUYDU TXH D /5) HVWDEHOHFHX TXH QmR Vy D GHVSHVD PDV WDPEpP D DVVXQomR GH REULJDo}HVVHUmRUHJLVWUDGDVSHORUHJLPHGHFRPSHWrQFLD$VVLPRDMXVWHGHYHUiUHDOL]DUVH PHGLDQWH DGRomR GH PHGLGDV TXH HIHWLYDPHQWH UHGX]DP R PRQWDQWH GDV FRQWDV D SDJDU
  24. 24. DVVXPLGDVSHORJRYHUQRGXUDQWHRH[HUFtFLR1DSUy[LPDVHomRGHVWHFDStWXORDSUHVHQWDPRV RXWURVDVSHFWRVGDOLPLWDomRGHHPSHQKRVHGRVFRUUHVSRQGHQWHVLPSDFWRVVREUHUHVWRVDSDJDU 2(1(55$0(172'2(;(5Ì,2(265(6726$3$*$5 $QWHFHGHQWHV $ GHVLJQDomRGHSDUFHODV GDGHVSHVDS~EOLFD VREDGHQRPLQDomR´UHVWRVDSDJDUµWHPVXD RULJHPQRVSULQFtSLRVGDOHJDOLGDGHGDGHVSHVDHGDDQXDOLGDGHGRRUoDPHQWRS~EOLFR $H[HFXomRGDVGHVSHVDVDXWRUL]DGDVQRRUoDPHQWRDQXDOH[LJHRFXPSULPHQWRGHGLYHUVDV HWDSDVFRPRDHODERUDomRGHSURMHWRVDSXEOLFDomRGHHGLWDLVDOLFLWDomRDUHDOL]DomRGH FRQWUDWRVHDSURGXomRGRVEHQVHVHUYLoRVPXLWDVYH]HVHPSUD]RTXHVHHVWHQGHSDUDDOpP GR H[HUFtFLR FRUUHVSRQGHQWH 1R HQWDQWR DV SUiWLFDV FRQWiEHLV XVXDLV QR VHWRU S~EOLFR EUDVLOHLURDWUHODGDVDHVVHVSULQFtSLRVUHFRPHQGDPDDSURSULDomRGDVGHVSHVDVRUoDPHQWiULDV QRPHVPRH[HUFtFLRILQDQFHLURGRFRUUHVSRQGHQWHRUoDPHQWRLQGHSHQGHQWHPHQWHGDIDVHHP TXHVHHQFRQWUHDVXDUHDOL]DomR RPDLQGLFDomRGDWRWDOLGDGHGDVGHVSHVDVUHDOL]DGDVQRH[HUFtFLRDVTXDLVVHQmRSDJDV SHUPDQHFHULDPUHJLVWUDGDVHPUHVWRVDSDJDUEXVFDVHDSUHVHUYDomRGRSULQFtSLRGDDQXDOL GDGH GR RUoDPHQWR $ SUiWLFD SHUPLWH DGLFLRQDOPHQWH GHPRQVWUDU R FXPSULPHQWR GR SULQFtSLRGDOHJDOLGDGHGDGHVSHVDMiTXHVmRDSURSULDGDVQRH[HUFtFLRDVGHVSHVDVLQWHJUDQWHV GRRUoDPHQWRDXWRUL]DGRSHOR3RGHU/HJLVODWLYR $VVLPDQRUPDOHJDOHVWDEHOHFHTXHQRHQFHUUDPHQWRGRH[HUFtFLRDSDUFHODGDGHVSHVDTXH VHHQFRQWUDUHPTXDOTXHUIDVHGHH[HFXomRSRVWHULRUjHPLVVmRGRHPSHQKRHDQWHULRUDR SDJDPHQWRVHUiFRQVLGHUDGDUHVWRVDSDJDU$WXDOPHQWHDGHILQLomROHJDOSDUD´UHVWRVDSDJDUµ HQFRQWUDVHLQVHULGDQRDUWGD/HLQGHRQGHVHHVWDEHOHFHTXH´FRQVLGHUDPVH 5HVWRVD3DJDUDVGHVSHVDVHPSHQKDGDVPDVQmRSDJDVDWpRGLDGHGH]HPEURGLVWLQJXLQGRVH DVSURFHVVDGDVGDVQmRSURFHVVDGDVµ 2DUFDERXoRUHJXODWyULRGDVILQDQoDVS~EOLFDVEUDVLOHLUDVDQWHULRUjHGLomRGD/5)MiH[LJLD TXHRRUoDPHQWRDSURYDGRDSUHVHQWDVVHHTXLOtEULRHQWUHUHFHLWDVHGHVSHVDVGHPRGRTXH FDVR VH FRQILUPDVVHP DV HVWLPDWLYDV GH DUUHFDGDomR R UHVXOWDGR ILVFDO GR H[HUFtFLR MDPDLV DSUHVHQWDULDVXUSUHVDVQHJDWLYDV (VVDVLWXDomRLGHDOSRUpPQHPVHPSUHDFRQWHFH$VGHILFLrQFLDVGRVPHFDQLVPRVGHHODER UDomRGDVHVWLPDWLYDVGHDUUHFDGDomRUHVXOWDPHPTXHDUHFHLWDHIHWLYDGRH[HUFtFLRVHUHDOL]H HPPRQWDQWHVH[SUHVVLYDPHQWHGLIHUHQWHVGDTXHOHVFRQVWDQWHVGDOHLRUoDPHQWiULDDQXDO $/HLSUHYLXKLSyWHVHGHDMXVWHQRRUoDPHQWRDSHQDVSDUDDVVLWXDo}HVHPTXHRHUUR GDVHVWLPDWLYDVGHDUUHFDGDomRVHYHULILFDQRVHQWLGRGDUHDOL]DomRGHXPDUHFHLWDGHYDORU PDLRUTXHRSUHYLVWRDUDFWHUL]DGRRH[FHVVRGHDUUHFDGDomRDTXHOD/HLSUHYrDEHUWXUDGH
  25. 25. FUpGLWRVDGLFLRQDLVQRPHVPRH[HUFtFLRRXHPH[HUFtFLRVHJXLQWHPHGLDQWHLQFRUSRUDomRGR VXSHUiYLWILQDQFHLURDSXUDGRQREDODQoRDQXDO $VLWXDomRLQYHUVDRXVHMDDIUXVWUDomRGDDUUHFDGDomRIRLWUDWDGDQD/HLDSHQDVQRV DUWLJRVTXHGHWHUPLQDP DHODERUDomRGHTXDGURGHFRWDVWULPHVWUDLVTXHFDGDyUJmRILFDUi DXWRUL]DGRDXWLOL]DUPHFDQLVPRGHSURJUDPDomRTXHVHGHVWLQDYDDHYLWDU´HYHQWXDLVLQVXIL FLrQFLDVILQDQFHLUDVµ1RTXHGL]UHVSHLWRjH[HFXomRRUoDPHQWiULDD/HLDGPLWLDTXH KRXYHVVHDLQVFULomRHPUHVWRVDSDJDUGHTXDOTXHUYDORUDXWRUL]DGRQDOHLRUoDPHQWiULDDQXDO LQGHSHQGHQWHPHQWHGHWHUHPVHUHDOL]DGRDVUHFHLWDVHVWLPDGDVHQHFHVViULDVjVXDFREHUWXUD $GHILFLrQFLDQRUPDWLYDGD/HLWDOYH]VHH[SOLTXHSHORIDWRGHTXHjpSRFDGHVXD HGLomRHPHVPRQRSHUtRGRLPHGLDWDPHQWHDQWHULRUR3DtVFRQYLYLDFRPH[SUHVVLYRVtQGLFHV LQIODFLRQiULRVVHQGRFRPXPDRFRUUrQFLDGHH[FHVVRVGHDUUHFDGDomR0HVPRHPSHUtRGR PDLV UHFHQWH DWp R ILQDO GRV DQRV
  26. 26. D SUiWLFD XVXDO IRL D UHDOL]DomR GH HVWLPDWLYDV GH DUUHFDGDomRFRPEDVHHPSDUkPHWURVFRQVHUYDGRUHVFRPRSRUH[HPSORSUHYLVmRGHtQGLFHV GHLQIODomRPDLVEDL[RVTXHDTXHOHVDSRQWDGRVSHORVLQGLFDGRUHVHFRQ{PLFRVSULQFLSDOPHQWH QDVRFDVL}HVHPTXHDYDULDomRGHSUHoRVDSUHVHQWDYDWUDMHWyULDDVFHQGHQWH RPHVVHPHFDQLVPRDUHFHLWDHUDVXEHVWLPDGDGHPRGRDSHUPLWLUDUHDOL]DomRGHH[FHVVRV GHDUUHFDGDomRDRORQJRGRH[HUFtFLRRTXHDEULDHVSDoRSDUDDDEHUWXUDGHFUpGLWRVDGLFLRQDLV SUiWLFDDGRWDGD SULQFLSDOPHQWH DQWHVGD HGLomRGDRQVWLWXLomRGHTXDQGRR3RGHU ([HFXWLYRGLVSXQKDGHPDLRUDXWRQRPLDSDUDDEULUFUpGLWRVDGLFLRQDLV 2XWURSURFHGLPHQWRGHDMXVWHGXUDQWHRVDQRVHPTXHR3DtVFRQYLYHXFRPHOHYDGRVtQGLFHV LQIODFLRQiULRV IRL D SRVWHUJDomR GH SDJDPHQWRV 8PD YH] TXH D SHoD RUoDPHQWiULD p HV WDEHOHFLGDHPYDORUHVQRPLQDLVQRLQtFLRGHFDGDDQRTXDQWRPDLVWDUGLDPHQWHVHUHDOL]DVVH DVXDH[HFXomRPHQRUVHULDRYDORUUHDOGDVGHVSHVDVSDJDV$RILQDOGHFDGDH[HUFtFLRPHVPR TXH D UHFHLWD UHDOL]DGD VH DSUHVHQWDVVH H[SUHVVLYDPHQWH PHQRU TXH DTXHOD HVWLPDGD QR RUoDPHQWRDQXDODGHVSHVDH[FHGHQWHHUDLQVFULWDHPUHVWRVDSDJDUHDFRUURVmRLQIODFLRQiULD DRORQJRGRWHPSRVHHQFDUUHJDYDGHUHGX]LUJUDGDWLYDPHQWHRVHXYDORUUHDOUHGX]LQGRSRU FRQVHTrQFLDDDPSOLWXGHGDGLILFXOGDGHILQDQFHLUDGRVJRYHUQRV$VVLPPHGLDQWHH[SHGLHQ WHVFRPRDWUDVRVGHSDJDPHQWRVHSRVWHUJDomRGHUHDMXVWHVVDODULDLVHGHEHQHItFLRVGLYHUVRV RSRGHUS~EOLFRWHUPLQDYDUHDOL]DQGRRDMXVWHGHVXDVFRQWDVVHPQHFHVVLGDGHGHFRUWHQR RUoDPHQWR $H[LVWrQFLDGHVVHVPHFDQLVPRVSHUPLWLXDR3DtVFRQYLYHUSRUPXLWRVDQRVFRPXPDOHJLVODomR RUoDPHQWiULDLQFRPSOHWD7DLVSUiWLFDVSRUpPGHL[DUDPGHVHUHILFLHQWHVDSDUWLUGHTXDQGR RV tQGLFHV GH LQIODomR IRUDP UHGX]LGRV DRV QtYHLV DWXDLV 1mR p GLItFLO FRPSUHHQGHU TXH D UHDOL]DomR GH GpILFLWV RUoDPHQWiULRV GHVSHVDV PDLRUHV TXH UHFHLWDV
  27. 27. DR ORQJR GH YiULRV H[HUFtFLRVVHJXLGRVWHPFRPRUHVXOWDGRRFUHVFLPHQWRFRQWtQXRGRYROXPHGRVUHVWRVDSDJDU (VVDIRLDH[SHULrQFLDYLYLGDQDVWUrVHVIHUDVGHJRYHUQRQR%UDVLOQRV~OWLPRVDQRVYHULILFDQ GRVH HP PXLWRV FDVRV R FRPSURPHWLPHQWR GD H[HFXomR GR RUoDPHQWR GRV H[HUFtFLRV FRUUHQWHVHPYLVWDGRHOHYDGRYROXPHGRVUHVWRVDSDJDULQVFULWRV $R ILQDO GH FDGD DQR D LQVFULomR HP UHVWRV D SDJDU GH GHVSHVDV TXH QmR VH HQFRQWUHP VXSRUWDGDVSRUUHFHLWDGRSUySULRH[HUFtFLRWHPFRPRUHVXOWDGRDQHFHVVLGDGHGHXWLOL]DomR GHUHFHLWDVIXWXUDVSDUDRVHXSDJDPHQWR3RUpPVHDVUHFHLWDVHVWLPDGDVSDUDRVH[HUFtFLRV VHJXLQWHVVmRXWLOL]DGDVFRPRIRQWHSDUDDXWRUL]DomRGHQRYDVGHVSHVDVMDPDLVVREUDUmRRV UHFXUVRV QHFHVViULRV SDUD R SDJDPHQWR GDV GHVSHVDV LQVFULWDV HP PRQWDQWH VXSHULRU jV
  28. 28. GLVSRQLELOLGDGHV ILQDQFHLUDV GR ILQDO GR H[HUFtFLR GD LQVFULomR 1D SUiWLFD DV DOWHUQDWLYDV DGRWDGDVWHUPLQDYDPVHQGRDVVHJXLQWHV L
  29. 29. DLQVFULomRGHQRYDVGHVSHVDVHPUHVWRVDSDJDUDRILQDOGRQRYRH[HUFtFLRJHUDQGR XP SURFHVVR GH FRQWtQXR FUHVFLPHQWR GRV FRPSURPLVVRV QmR UHVSDOGDGRV HP DU UHFDGDomRRXVHMDFUHVFLPHQWRGHVFRQWURODGRGHHQGLYLGDPHQWRHFRPSURPHWLPHQWR GDVILQDQoDVS~EOLFDVRX LL
  30. 30. DQmRH[HFXomRGDVGHVSHVDVDXWRUL]DGDVQRRUoDPHQWRFRUUHQWHSDUDTXHVREUDVVHP RV UHFXUVRV ILQDQFHLURV QHFHVViULRV DR SDJDPHQWR GDV GHVSHVDV GR H[HUFtFLR DQWHULRU (VSHFLDOPHQWHHPILQDOGHPDQGDWRTXDQGRVmRDPSOLDGDVDVSUHVV}HVSDUDDFRPRGDomR GDVGHPDQGDVGHJDVWRHVVDSUiWLFDSRGHULDID]HUFRPTXHRIXWXURJRYHUQDQWHGHL[DVVH GH UHDOL]DU VHX SURJUDPD GH JRYHUQR SDUD YLDELOL]DU R SDJDPHQWR GH FRPSURPLVVRV DVVXPLGRVSHODDGPLQLVWUDomRDQWHULRU )RLSRUHVVHPRWLYRTXHVHLQWURGX]LXQD/5)RDUWGLVFLSOLQDQGRDLQVFULomRGRVUHVWRVD SDJDUHPILQDOGHPDQGDWR$GLFLRQDOPHQWHLQWURGX]LXVHWDPEpPQRyGLJR3HQDO%UDVLOHLUR SRULQWHUPpGLRGD/HLRDUW)RTXDOSUHYrRFDQFHODPHQWRGRVUHVWRVD SDJDU TXH WLYHUHP VLGR LQVFULWRV HP PRQWDQWH VXSHULRU jV GLVSRQLELOLGDGHV ILQDQFHLUDV GR HQFHUUDPHQWRGRUHVSHFWLYRH[HUFtFLR 2ULHQWDo}HVRPXQVD7RGRVRV([HUFtFLRV $VUHJUDVGHOLPLWDomRGHDVVXQomRGHFRPSURPLVVRVFRPLPSDFWRVREUHDLQVFULomRGRVUHVWRV DSDJDUGHYHPVHUHQWHQGLGDVVRERHQIRTXHGDQHFHVVLGDGHGHDUUHFDGDomRTXHGrRGHYLGR VXSRUWHILQDQFHLURSDUDRSDJDPHQWRGDVGHVSHVDVFRUUHVSRQGHQWHV'HIDWRQmRpUD]RiYHO DVVXPLUFRPSURPLVVRVGHSDJDPHQWRVHPTXHVHGLVSRQKDGHIRQWHGHUHFXUVRVGHILQLGDSDUD VDOGiORV $VVLP R TXH VH SUHWHQGH p HYLWDU TXH R JRYHUQR VH LQVLUD QR FtUFXOR YLFLRVR Mi PHQFLRQDGR LQVFUHYHQGR UHVWRV D SDJDU HP PRQWDQWH TXH FRPSURPHWD UHFHLWDV IXWXUDV LQGHILQLGDV 2 DVSHFWR UHOHYDQWH GD TXHVWmR SRUWDQWR VH UHVXPH D TXH TXDQGR R JRYHUQR UHDOL]D DUUHFDGDomRTXHFRPSRUWDDGHVSHVDQmRKiTXDOTXHUSUREOHPDVHRSDJDPHQWRYLHUDRFRUUHU HPH[HUFtFLRVHJXLQWH1HVWHFDVRFDEHDDSURSULDomRGHVVDGHVSHVDjFRQWDGRRUoDPHQWR YLJHQWHHVXDLQVFULomRHPUHVWRVDSDJDUGHIRUPDTXHRVHXSDJDPHQWRVHUHDOL]DUiQRIXWXUR LQGHSHQGHQWHPHQWHGHQRYDH[HFXomRRUoDPHQWiULD (PFDVRFRQWUiULRVHRJRYHUQRQmRFRQWRXFRPDUUHFDGDomRVXILFLHQWHSDUDRSDJDPHQWRGH GHWHUPLQDGDGHVSHVDPDVMiDVVXPLXFRPSURPLVVRLUUHYRJiYHOFDEHHQFRQWUDUXPDIRQWHGH UHFXUVRVTXHSRVVDGDUOKHRGHYLGRVXSRUWHILQDQFHLUR(PVLWXDo}HVFRPRHVVDVyUHVWDXPD VDtGDUHDOL]DURSDJDPHQWRjFRQWDGRRUoDPHQWRIXWXURQRTXDOVHLQVHULUiDFRUUHVSRQGHQWH IRQWHGHUHFHLWD (PERUD D /5) VH UHILUD DSHQDV DRV UHVWRV D SDJDU UHODWLYRV jV GHVSHVDV GRV GRLV ~OWLPRV TXDGULPHVWUHVGR~OWLPRDQRGRPDQGDWRpGHVHUHFRQKHFHUDFRQYHQLrQFLDGHTXHRVPHVPRV SURFHGLPHQWRVVHMDPDGRWDGRVHPWRGRVRVDQRVDRORQJRGRPDQGDWR
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