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In a rapidly moving society the pressure on the public sector is growing to provide results that are important to local community. Therefore, performance measurement is becoming a vital tool for local government modernisation. The purpose of this paper is to develop the model of performance measurement system in municipalities that enables to disclose the peculiarities when measuring the performance and to ensure the utility and internal resources based on continual improvement in municipalities. The literature analysis revealed that municipalities are extremely complex and that various regulators and peculiarities should be incorporated into the formation of performance measurement model in municipalities. The formed performance measurement model suggests measuring the performance through external and internal environment, where the three main types of accountability are included. Developed performance measurement model is being implemented by applying six main stages. The findings of created performance measurement model highlighted the necessity to test empirically the applicability of created performance measurement model for municipalities. The type of the article: Theoretical article.

Today value creation expanded outside the organization. Strategic management is concerned with advantage-seeking and opportunity-seeking behaviours, resulting in value creation for different stakeholders groups: organizational (customers, employees, managers, and shareholders, etc.) and contextual (government, society, etc.). Some of them could be conceptualized as "dynamic and interactive"; others -as "static and controlled". Different interpretations of value could be found in economics, strategic management, marketing, human resources management, accounting and finance theories. Recent approaches are based on evolutionary economics and public management. The variety of interpretations of value leads to ambiguous understanding the concept itself, correctness of its measurement and` innovations of value measurement system. The article reveals heterogeneity of value concept. This result is based on the analysis of different theories, which directly and indirectly could influence value measurement systems. New insights for value measurement system development are presented as well.