Government Issues Guidelines for Financial Management

The Government of St. Helena has issued revised guidelines for financial management, aimed at ensuring effective and efficient use of public funds.

Key Features of the New Regulations

The government may issue Special Warrants authorizing the Financial Secretary to make payments from the Consolidated Fund to meet unforeseen expenditure.
Supplementary Estimates can be laid before the Legislative Council if the initial appropriation is insufficient or a new need arises. A Supplementary Appropriation Bill will then be introduced to provide for the issue of funds from the Consolidated Fund and the appropriation of those sums.
Virement Warrants may be issued by the Financial Secretary to transfer funds between different purposes within a Head of Expenditure, subject to certain conditions.
The Governor may also issue Withdrawal Warrants limiting or suspending appropriations in cases where financial exigencies require it.

Emphasis on Accountability and Transparency

The regulations place great importance on accountability and transparency in financial management. Key requirements include:

Accounting Officers must provide information on their service areas’ performance, including any variances from planned deliverables.
Accounting Officers must ensure that all necessary corrections are made to maintain accurate accounts.

Centralized Accounting System

A centralized accounting system has been established by Corporate Finance, with each Accounting Officer responsible for ensuring the correctness of their service area’s accounts and providing necessary information to corporate finance.

Debtors Management

The government aims to provide effective and efficient services while recouping costs through fees and charges. A debtor collection framework has been established, which will refer debts over 44 days old to the Attorney General’s Chambers for recovery through the court.

Goals of the New Guidelines

These new guidelines are designed to promote good financial governance and ensure that public funds are used effectively and efficiently in the delivery of government services. By implementing these regulations, the government is committed to maintaining transparency, accountability, and responsible financial management practices.