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In This Section
The Ministry of Finance of Trinidad and Tobago is organized into divisions in order to achieve the range of responsibilities entrusted to it.
To be the premier institution in the region for innovative financial management and accountability systems.
To contribute to enhancing the quality of life of our citizens, by promoting good governance of the State's resources through the provision of dynamic financial management systems and services.
The major function of the Treasury Division is to ensure that proper accounting can be given to Parliament. This will therefore include the provision of financial accounting services and systems and the production of the Consolidated Accounts of Trinidad and Tobago. The Division is headed by the Comptroller of Accounts and to facilitate its functions the Division is structured into the following Branches: -
FINANCIAL MANAGEMENT BRANCH
One of the core functions of the Financial Management Branch is that of reviewing and updating Financial Accounting and Management Systems in the Public Service. The services this Branch provides to its clientele are as follows: -
- Developing, implementing and monitoring financial management and accounting systems and procedures in the Public Service.
- Investigating irregularities in the Financial Management and Accounting Systems.
- Training and developing personnel in financial management and accounting systems and procedures in the Public Service.
- Providing advice to Ministries and Departments and to the Public Accounts Committee (PAC) in financial and accounting matters.
- Developing and monitoring Internal Audit Units in the Public Service.
- Issuing instructions for the recovery of overpayments where appropriate and making recommendations for the write off of losses of cash and stores and overpayments where these are no longer recoverable.
- Ensuring that Accounting and Administering Officers are appointed by the Minister of Finance.
- Making recommendations to the Minister of Finance for opening Bank accounts and setting guidelines for the operation of public or official Bank accounts.
TREASURY MANAGEMENT BRANCH
The Treasury Management Branch has the responsibility for the production of the Consolidated Financial Statements of Trinidad and Tobago, for servicing the Public Debt and for managing loans that are available to public officers. This Branch is comprised of the following sections:
General Ledger Services.
The main functions of this section are as follows:-
- The production of the Consolidated Financial Statements of Trinidad and Tobago. It therefore consolidates the revenue and expenditure of all Ministries/Departments necessary for the production of such Accounts.
- The provision of cashing facilities for the encashment of Government cheques.
- The provision of flight insurance for public officials who travel overseas in the performance of their duties.
- Maintaining the records of loans granted from General Revenue and from Long Term Development Funds.
- Making payments in respect of unclaimed lottery tickets, such claims to be first verified by the National Lotteries Control Board.
- Issuing of counterfoil books and blank cheque forms to Ministries and Departments.
- Funding Overseas Missions and arranging for overseas payments to be made on behalf of Ministries and Departments.
Public Debt Management
The major function of the Public Debt Management section is the management of Government loans both local and external. This includes:-
- Budgeting for loan payments.
- Repaying Government loans, both local and foreign.
- Creating and maintaining Sinking Funds to provide for future loan repayments.
- Making investments on behalf of various Government institutions.
- Producing the Statement of the Public Debt at the end of each Fiscal Year.
The Loans Management Section is charged with the responsibility of administering Government loans to eligible public officers. Loans are available for the following:
- The purchase, insurance and repair of motor vehicles.
- Family Passage Loans.
- Medical Loans.
In addition this section has the responsibility for collecting and accounting for payments under the Cess, Devaluation and Computer Loan facilities.
Finance and Accounts
The Finance and Accounts Section performs the accounting functions for specified Divisions under the Ministry of Finance. In addition to the normal operations of an accounting unit, this section also deals with the following:
- Issuing cheques in respect of Funds and Deposit Accounts of Ministries and Departments.
- Requesting other Governments to make payments on behalf of Ministries and Departments and reimbursing these Governments for payments made.
- Effecting payments on behalf of other Governments and making claims for payments made.
- Payment of Costs/Damages in respect of successful High Court Actions against the State. These payments are made on the instructions of the Chief State Solicitor.
- Insurance of government vehicles.
- Dormant Accounts - Bank Accounts which remain inoperative for a period of 14 years and over are closed by the commercial banks and the balances are transferred to the Consolidated Fund.
PENSIONS MANAGEMENT BRANCH
The Pensions Management Branch is committed to processing and paying retirement benefits promptly. It is responsible for the administration of all pensions matters in accordance with the existing Pension Laws, Regulations and Memoranda of Agreement which relate to the Judicial, Legislative and Administrative Services of the Republic of Trinidad and Tobago. Payments are made to public officers, teachers, officers of certain Statutory Agencies, daily-rated employees and sundry other (Judges, Diplomats, etc.) Files/records are maintained for monthly paid and daily-rated employees of the Public Service.
In addition to Government Pensions, the Pensions Branch also administers the Widows and Orphans Pension Scheme and the Provident Fund Pension Scheme.
The Widows and Orphans Pension Section maintains the records of eligible male officers who are deemed contributors to the Widows and Orphans Pension Scheme. Payments are calculated in accordance with the existing legislation.
The Provident Fund Pension Section has the responsibility for providing benefits to Government daily-rated employees who are contributors to the Fund.
For further information please contact the Treasury Division at Treasury Building, Independence Square, Port of Spain. Tel: 623-2941-3 Fax: 627-6625