Overview of Ministry of Finance Treasury Department Functions
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Ministry of Finance
Treasury Department
Background
The Treasury Department is responsible for the :
•
Payment of expenditure and collection of non – tax revenues to be managed through the
Government Accounts
•
Custody and safety of public monies and other Government resources , setting and
monitoring of standards for the safety and custody of financial and non financial
Government resources .
•
Adoption and promotion of Accounting Standards and compilation of Government
Accounts
•
Management of Government Financial Management Information and Accounting System
Treasury Departments
The Treasury Department executes its mandate through the following
Sections
•
Salaries Section
•
Compliance Section
•
Fraud and losses
•
Revenue Section
•
Data Section
•
Banking and EFT Section
•
Common services and reconciliation section
•
Administration and reporting section
Salaries Section
This section is responsible for the management and execution of Government payroll budget
•
Prompt and accurate disbursement of salaries and wages for all people who are paid
through the Government payroll eg civil servants, Politicians , contract workers ,
consultants , Board members etc
•
Management of statutory deductions eg Pension . Tax etc
•
Management of employees advances and other deductions i.e co-operatives, insurances etc
•
Management of other employees obligations eg garnishee orders , maintenance fees and
other obligations that may arise
Compliance Section
This section is responsible for:
•
The smooth adoption of the PFM Reforms i.e Chart of Account (COA), Treasury
Single Account ( TSA) , adoption of e-payments and e revenue collection , mobile
payments and collections ( EFT) , Integrated Financial management systems
(IFMIS), International Public Sector Accounting Standards (IPSAS)
•
Public sector cash management
•
To ensure compliance with all accounting standards
•
Management of Arrears
Banking Section
This section is responsible for:
•
Disbursement of payments from different Ministries and Departments
•
Management of Government Electronic fund transfers
•
Cash Rationing
•
Cash flow forecasts ( daily weekly, monthly , annually ) depending on Government
cash flow status
•
Daily public sector cash flow management
•
Management of general Government obligations
Common Services and Reconciliation Section
This Department is Responsible for:
•
Management and reconciliation of all Government Accounts
•
Management and reconciliation of the suspense account
•
Management and reconciliation of Tour Advances
•
Management and reconciliation of other employee advances and loans eg
motor vehicle overhaul advance , car loans
Fraud and losses Section
This Section is responsible for
•
Management of risks that may emanate from fraud and losses
•
Management of departmental/ministerial advances ( court orders)
•
Management and reconciliation of risks that emanates from litigations
•
Provision of corporate / mercantile law support to the Treasury
Department
Data Section
This section is responsible for
•
Data capturing
•
Budget warrant management
•
Financial System administration
•
Capital Project budget warrants management
Administration and Reporting Section
This section is responsible for :
•
Consolidation of the public sector annual financial report in accordance with
the International Accounting Standards
•
Monthly and quarterly financial and non- financial performance reporting for
the Treasury Department
•
Budget formulation
Revenue
This Department is responsible for :
•
Collection and safeguarding of Government non – tax revenue
•
Safeguarding of Government revenue
•
Development and monitoring of internal controls to ensure that the inherent risk associated
with revenue management is properly managed
•
Continuous , proactive development and adoption of revenue collection modes in
response to the ever-changing technological environment
•
Reconciliation of revenue account
•
Prompt and accurate reporting on revenue collected
Conclusion
The Treasury Department is able to efficiently and effectively achieve its
financial management role in the public sector , through team work from the
different sections
The Treasury Department of the Ministry of Finance plays a crucial role in managing government finances. It is responsible for payment of expenditures, collection of non-tax revenues, custody of public monies, setting financial standards, and more. The department is divided into various sections like Salaries, Compliance, Banking, and more, each handling specific aspects of financial administration and management within the government.
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Presentation Transcript
Ministry of Finance Treasury Department
Background The Treasury Department is responsible for the : Payment of expenditure and collection of non tax revenues to be managed through the Government Accounts Custody and safety of public monies and other Government resources , setting and monitoring of standards for the safety and custody of financial and non financial Government resources . Adoption and promotion of Accounting Standards and compilation of Government Accounts Management of Government Financial Management Information and Accounting System
Treasury Departments The Treasury Department executes its mandate through the following Sections Salaries Section Compliance Section Fraud and losses Revenue Section Data Section Banking and EFT Section Common services and reconciliation section Administration and reporting section
Salaries Section This section is responsible for the management and execution of Government payroll budget Prompt and accurate disbursement of salaries and wages for all people who are paid through the Government payroll eg civil servants, Politicians , contract workers , consultants , Board members etc Management of statutory deductions eg Pension . Tax etc Management of employees advances and other deductions i.e co-operatives, insurances etc Management of other employees obligations eg garnishee orders , maintenance fees and other obligations that may arise
Compliance Section This section is responsible for: The smooth adoption of the PFM Reforms i.e Chart of Account (COA), Treasury Single Account ( TSA) , adoption of e-payments and e revenue collection , mobile payments and collections ( EFT) , Integrated Financial management systems (IFMIS), International Public Sector Accounting Standards (IPSAS) Public sector cash management To ensure compliance with all accounting standards Management of Arrears
Banking Section This section is responsible for: Disbursement of payments from different Ministries and Departments Management of Government Electronic fund transfers Cash Rationing Cash flow forecasts ( daily weekly, monthly , annually ) depending on Government cash flow status Daily public sector cash flow management Management of general Government obligations
Common Services and Reconciliation Section This Department is Responsible for: Management and reconciliation of all Government Accounts Management and reconciliation of the suspense account Management and reconciliation of Tour Advances Management and reconciliation of other employee advances and loans eg motor vehicle overhaul advance , car loans
Fraud and losses Section This Section is responsible for Management of risks that may emanate from fraud and losses Management of departmental/ministerial advances ( court orders) Management and reconciliation of risks that emanates from litigations Provision of corporate / mercantile law support to the Treasury Department
Data Section This section is responsible for Data capturing Budget warrant management Financial System administration Capital Project budget warrants management
Administration and Reporting Section This section is responsible for : Consolidation of the public sector annual financial report in accordance with the International Accounting Standards Monthly and quarterly financial and non- financial performance reporting for the Treasury Department Budget formulation
Revenue This Department is responsible for : Collection and safeguarding of Government non tax revenue Safeguarding of Government revenue Development and monitoring of internal controls to ensure that the inherent risk associated with revenue management is properly managed Continuous , proactive development and adoption of revenue collection modes in response to the ever-changing technological environment Reconciliation of revenue account Prompt and accurate reporting on revenue collected
Conclusion The Treasury Department is able to efficiently and effectively achieve its financial management role in the public sector , through team work from the different sections
