This Division is responsible for the establishment and maintenance of an effective system of cash management to ensure the availability of cash for effective budget execution. This includes the use of GOJ’s budget and the projections of revenue and expenditure from Ministries, Departments and Agencies (MDAs) as well as liaison with the Revenue and Expenditure Unit and the Government Accounting and Reporting Division, AGD and the Fiscal Policy Management Branch (FPMB) and Public Expenditure Division (PEX), MOFPS. This corroboration is with the objective of determining the adequacy of projected cash balances to fund the GOJs operations. The Division also bears responsibility for the timely and efficient disbursement of and accounting for public loans, in keeping with best practice for cash management. Additionally, the Division manages cash balances maintained by the Treasury Deposits Unit. This includes the utilization of Treasury Deposits to fund temporary budget gaps as are required and approved. The Treasury Deposits Unit also manages cash balances maintained from time to time to ensure funds availability, the adequate maintenance of accounting records and monitoring returns on investments.
The Financial Resources Division has three units:
Cash Management Unit
Public Loans Unit
The Public Loans Unit is responsible for the disbursement and administration of seven (7) loan products:
- Tertiary Assistance
- Salary Advance
- Motor Vehicle
- Motor Vehicle Insurance
- Motor Vehicle Repair
Treasury Deposits Unit
The Treasury Deposits Unit is responsible for the receiving, accounting and maintaining any special funds established by law or any special funds or any other deposits set aside for specific purpose with regards to Ministries, Departments, Agencies and Organizations associated with the Government.
As custodian of these deposits, the Unit is required to place these monies in designated bank accounts and invest some of these sums from time to time.
Under the FAA Act, section 14 (1) the Minister of Finance authorizes:-
The use of the balances held on deposits to make advances (loans) to Ministries and Departments and also to Public Officers.
Advances (loans) to Ministries and Departments while the Accountant General is delegated the responsibility to approve advances (loans) to Public Officers. These advances are recoverable within a twelve (12) month period.
This unit also houses the two main Cashiers and the Cashiering facilities for the Accountant General’s Department.