Treasury

Treasury Management

Treasury Management Branch

The Treasury Management function is the hub of the operations between the Division and Ministries/Departments in respect of the disbursement of Parliamentary funds and the final reporting to Parliament via the statutory Treasury Statements and Appropriation Statements.
The area of Treasury Management encompasses the following sub-branches; Loans Management, Finance and Accounting, Public Debt Management, General Accounting Services and Cash Monitoring.

Services

  • Encashment of government cheques
  • Wire Transfers:-
    • Direct payments through the CBTT to foreign suppliers
    • Payments through the Overseas Missions
    • Payments through Other Governments and Administrations i.e. payments made by the Government of T&T on behalf of Caribbean Governments
  • Issue approved credits to Ministries/ Departments
  • Provide Flight Insurance
  • Counterfoil- Stock keeping of receipt books and blank cheque forms
  • Reconciliation
  • Maintain Deposit and Fund accounts and produce cheques
  • Process motor vehicle loans (purchase, repair and insurance)

This Branch is comprised of the following sections:

1. General Ledger Services

2. Public Debt Management

3. Loans Management

4. Finance and Accounts

General Ledger Services

Herein lies the nerve centre of the accounting operations required to produce the annual financial statements of government relative to its revenue and expenditure. This unit interfaces with every Ministry and Department in producing, recording, maintaining and reconciling accounting records to permit them to produce their Appropriation Statements.

The sub-branch also has the responsibility for the consolidation of the revenue collected by Ministries/Departments, District Revenue Offices and the Tobago House of Assembly for incorporation into the General Ledgers of the Republic. It is charged with the responsibility for reporting in detail the revenue collected during any financial year.

The monthly processing of the receipts and expenditure transactions emanating from each and every Overseas Embassy, High Commission or Consulate, including the conversions of the transactions from each foreign currency to TT$ is undertaken within this sub-branch.

The main functions of this section are as follows:

1. 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.

2. The provision of cashing facilities for the encashment of Government cheques.

3. The provision of flight insurance for public officials who travel overseas in the performance of their duties.

4. Maintaining the records of loans granted from General Revenue and from Long Term Development Funds.

5. Making payments in respect of unclaimed lottery tickets, such claims to be first verified by the National Lotteries Control Board.
6. Issuing of counterfoil books and blank cheque forms to Ministries and Departments.
7. 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:

1. Budgeting for loan payments.

2. Repaying Government loans, both local and foreign.

3. Creating and maintaining Sinking Funds to provide for future loan repayments.

4. Making investments on behalf of various Government institutions.

5. Producing the Statement of the Public Debt at the end of each Fiscal Year.

Loans Management

The Loans Management sub-branch is responsible for one of the largest loan portfolios as it deals with Motor Vehicles purchase, insurance and repair loans to public officials who are required to keep/use a motor vehicle in the performance of their duties.

Loans are available for the following:

1. The purchase, insurance and repair of motor vehicles.

2. Family Passage Loans.

3. Medical Loans.

In addition this section has the responsibility for collecting and accounting for payments under the Cess, Devaluation and Computer Loan facilities.

Please also see the following Links: Loan management Booklet

Finance and Accounts

This sub-branch provides the accounting services for the Treasury Division, other divisions of the Ministry of Finance and in certain areas (non-budgetary funds) for the entire Public Service. It is also responsible for the production of the Consolidated Appropriation Account of the Ministry of Finance and the detailed Appropriation Statements of the Comptroller of Accounts. It also provides a disbursement function on behalf of other Governments and Administrations. The delivery of quality service to its clientele is the main objective in this area.

In addition to the normal operations of an accounting unit, this section also deals with the following:

1. Issuing cheques in respect of Funds and Deposit Accounts of Ministries and Departments.

2. Requesting other Governments to make payments on behalf of Ministries and Departments and reimbursing these Governments for payments made.

3. Effecting payments on behalf of other Governments and making claims for payments made.

4. 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.

5. Insurance of government vehicles.

6. 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.

Browse...
MENU