12th February 2016, 10:54am Press Release
Mrs. Theresa Walters has taken over as Deputy Accountant General for Government.
As a Public Authority, the Treasury complies with the Freedom of Information Law, 2007.
The nature and scope of business of the Treasury Department is to prepare quarterly, half-yearly and annual consolidated core government forecast and financial statements: cash management and forecasting: negotiation, evaluation and management of government borrowings: financial management services for Ministries/Portfolios and the Executive; promote the use of International Public Sector Accounting Standards (IPSAS) in the core government and the Management and Administration of the Central Tenders Committee (CTC) www.centraltenders.gov.ky and the management of delegated Trusts Assets (Mutual Legal Assistance Treaty – MLAT; Defunct Companies).
The Ministry of Finance, Tourism & Development (Public Finance) administering the authority’s operations at the organisational level; developing business plans and corporate policy; setting long-term goals and objectives; evaluating the agency’s overall performance and progress towards established targets.
The Central Tenders Committee exists to ensure that public procurement is carried out in a fair and transparent manner while securing value for money in the procurement of goods, works, or services.
The Cash Management Unit is responsible for core government’s centralized banking system, financing activities, reserves and investments.
The Debt Recovery Unit is charged with the responsibility to monitor, manage and collect government’s arrears of revenue and bad debts.
The general activities of the Treasury is to prepare consolidated core government forecast and financial statements, cash management and forecasting, loan negotiation, evaluation and management of government borrowings, financial management services for Ministries / Portfolios and the Executive. To promote the use of International Public Sector Accounting Standards (IPSAS) in the entire (EPS).
The Accounting Policies Committee (APC) is an internal working committee that falls under the remit of the EPS Unit. The APC was established in 2007 with the mandate of reviewing and recommending changes to the accounting policies and procedures of the Public Sector.
The EPS Unit is charged with the responsibility of the Government’s financial reporting.
The Payments and Payroll Unit provide financial management services to Ministries and Portfolios including processing of payroll related payments to all government employees and cheque processing for creditor payments as requested by Ministries and Portfolios.