The Financial Resources 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 use of the budget and projections of revenue and expenditures from Ministries, Departments and Agencies (MDAs) as well as liaison with the Consolidated Fund to determine optimal cash balances needed to carry out Government business. The Division also bears responsibility for timely and efficient disbursement of Public loans in keeping with best practice for cash management; to utilize Treasury Deposits mainly to fund temporary budget gaps as required as well as to monitor the balances maintained from time to time to ensure funds availability and the best 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.