This research uses the systems approach in analyzing the components of the Simplified Fund Release System (SFRS) in order to discover its strengths and weaknesses as perceived by the Department of Budget and Management (DBM) staff as SFRS implementors and the National Government Agency (NGA) Budget Officers and Accountants as SFRS users. The year covered by the study is 1995 which is the first year of the SFRS implementation. Based on the findings of the study, the general conclusion is that the DBM implementors and NGA users felt that the SFRS did not considerably facilitate the release of funds as well as enhance prudence in government spending thus needing improvements.