JURNAL MANAJEMEN KEUANGAN PUBLIK

Does Cash Waqf Linked Sukuk Sustain for State Budget Financing After Covid-19 Pandemic?

Kennya Shafaa Kaila — 2025-12-09

The COVID-19 outbreak, which began in early 2020, necessitated significant adjustments to the fiscal policies of the Republic of Indonesia, particularly in the state budget structure. In response to the economic pressures induced by the pandemic, the government was compelled to finance its budget deficit through debt issuance. Effective and efficient debt management is essential, requiring financing to be secured at minimal cost while maintaining manageable risk levels. One of the financial instruments introduced during this period was the Cash Waqf Linked Sukuk (CWLS), a novel government security launched in 2020. This study employs a descriptive qualitative approach to evaluate the external and internal factors influencing CWLS through SWOT analysis. The findings suggest that while CWLS presents an opportunity to enhance the government's debt instruments, expanding its implementation remains challenging despite Indonesia’s significant cash waqf potential. Key obstacles include limited public literacy regarding waqf, insufficient competence among nazhirs (waqf managers), and inadequate public communication strategies related to waqf. These factors constrain the potential of waqf as a viable mechanism for strengthening government financing through debt instruments.

Analisis Kesiapan Pemerintah Daerah Kota Payakumbuh Menerapkan 30% Belanja Pegawai Pada Tahun 2027

Riza Andriani — 2025-12-09

The enactment of Law Number 1 of 2022 concerning Financial Relations between the Central Government and Regional Governments (HKPD Law) forced regional governments to limit regional employee spending excluding teacher allowances allocated through Transfers to Regions (TKD) to a maximum of 30% of budget expenditures. The HKPD Law was required to be implemented no later than 2027 to ensure maximum employee spending obligations were met. This situation was faced by the Payakumbuh City Government, where the proportion of employee spending before the enactment of the HKPD Law, in 2021, was still at 46%. This situation did not change after the enactment of the HKPD Law in 2025. The portion of employee spending to total APBD expenditure in 2025 was 52%, an increase of 6%. An interesting research question was what factors triggered the increase in the portion of employee spending to Payakumbuh City APBD expenditure, and what efforts needed to be made. The study results indicated that the portion of employee spending to total APBD expenditure was projected to be insufficient to meet the maximum percentage of employee spending to total expenditure. Research data showed that of the 52% of employee spending in 2025, after deducting additional teacher income and teacher allowances, it was 46%. This figure was still far from the target of 30% of employee spending. Therefore, efforts were needed to reduce the portion of employee spending to total regional expenditure,In addition, the central government needed to evaluate policies.

Pengaruh Dana Transfer terhadap Kemandirian Keuangan Daerah pada Kabupaten/Kota di Provinsi DIY 2014–2024

Marsdika Ayu Kinanti — 2025-12-09

This study aims to analyze the effect of Intergovernmental Fiscal Transfers—consisting of the General Allocation Fund (DAU), Special Allocation Fund (DAK), and Revenue Sharing Fund (DBH)—as well as the Special Autonomy Fund on Regional Financial Independence (KKD) in the regencies/municipalities of the Special Region of Yogyakarta (DIY). The study also employs Gross Regional Domestic Product (GRDP) as a control variable. The sample comprises five regencies/municipalities observed over an 11-year period, from 2014 to 2024. The analytical method applied is panel data regression with a fixed effect approach. The results show that three independent variables have a negative effect on KKD, namely DAU (negative and significant), DAK (negative and insignificant), and the Special Autonomy Fund (negative and insignificant). Conversely, DBH exerts a positive and significant effect on KKD. These findings indicate that not all forms of transfers from the central government are capable of enhancing regional financial independence.

Evaluasi Efektivitas dan Dampak Hibah UPLAND Kabupaten Lebak

Bambang Imam Pramuji — 2025-12-09

This study evaluates the effectiveness and impact of the UPLAND Grant Program in Lebak Regency, which aims to enhance agricultural productivity and farmers’ income in upland areas through an integrated horticulture–livestock farming system. The research employs a mixed-methods approach, combining structured questionnaires for technical officers with focus group discussions (FGDs) involving local stakeholders to assess program benefits (outcomes and impacts) and implementation effectiveness along the input–activity–output chain.One of the key issues examined in this study is the reimbursement-based grant disbursement mechanism, which requires local governments to pre-finance program activities using their regional cash resources. This mechanism poses challenges in cash management and carries a risk of delayed implementation, as reimbursements can only be processed according to predetermined quarterly schedules stipulated. The results indicate a significant improvement in technical capacity and agricultural infrastructure, with nearly all farm roads, irrigation systems, seeds, livestock facilities, and farmer training successfully delivered. Farmers’ incomes have begun to increase through mangosteen production and diversification efforts with sheep farming, supporting food security and alternative income streams. However, the economic impact remains unstable due to seasonal production, inconsistent export quality, weak cooperative institutions, and the complexity of the reimbursement mechanism, which constrains regional cash liquidity. The study recommends simplifying administrative and cash planning procedures, strengthening post-harvest value chains and market access, empowering farmer, women, and youth organizations, and adopting digital monitoring and evaluation systems to support faster and more adaptive decision-making.

Pendekatan Partisipatif Dalam Penganggaran Berbasis Kinerja: Studi Program ALAKE Singkawang

Firdaus Firdaus — 2025-12-09

Fiscal decentralization in Indonesia has not yet achieved its expected outcomes in promoting efficiency, transparency, and environmental sustainability. To address these issues, the Indonesian government introduced the Ecological Fiscal Transfer (EFT) framework, which integrates ecological indicators into fiscal allocation formulas. One of its local adaptations is the Alokasi Anggaran Kelurahan Berbasis Ekologi (ALAKE), or Ecological Village Budget Allocation, implemented in Singkawang City. This study aims to analyze the implementation of ALAKE within the EFT policy framework and identify strategic programs and sub-activities that support its performance indicators. A mixed-methods approach was applied through document analysis, field observations, and Focus Group Discussions (FGD) involving 26 urban villages. The findings reveal that ALAKE effectively integrates fiscal and ecological goals through participatory planning and green budget tagging. Priority actions include waste management, drainage maintenance, urban greening, and disaster preparedness. However, challenges remain in data standardization, administrative capacity, and incentive mechanisms. The study concludes that ALAKE represents an innovative micro-level fiscal policy instrument that links ecological performance with budgetary incentives, offering a replicable model for sustainable local governance and equitable fiscal policy in other regions of Indonesia.

Evaluasi Usability Website Menggunakan System Usability Scale Pada Aplikasi SIPD e-BMD Pemerintah Kota Salatiga

Yeni Sri Sulistyanti — 2025-12-09

This study aims to measure the usability level of the Regional Government Electronic Information System for Regional Property (SIPD e-BMD) application using the System Usability Scale (SUS). The SIPD e-BMD application is part of the SIPD application, designed and developed by the Ministry of Home Affairs of the Republic of Indonesia which is mandatory for local governments to use, but there are not many studies evaluating its usefulness or usability. The Salatiga City Government has been using the SIPD e-BMD for more than two years but the output of the application is not yet fully usable especially for financial reports so it is necessary to conduct a usability evaluation. The data used in this study are primary data obtained through questionnaires, observations and interviews with application users to obtain information related to user perceptions. The collected questionnaire data were then analyzed to calculate the SUS score and assess the level of usability of the application. The results showed that the SIPD e-BMD application obtained a SUS score of 49.3. This scale indicates that the application is starting to be accepted by users. This application has several advantages including ease of use, an adequate system for archiving data, providing a complete report format and a system flow that complies with regulations. However, this application still has weaknesses, including that the calculations in the depreciation report are not yet accurate and it takes time to troubleshoot.