Consolidated Fund for the Coming Financial Year
The St Helena Government has announced plans to consolidate funds for the upcoming financial year, with a focus on efficient management and accountability.
Summarized Statement of Estimated Project Expenditures
As part of its financial planning, the government has released a summary statement outlining estimated project expenditures chargeable against special funds for the coming financial year. The statement includes:
- A detailed breakdown of projected expenses by department
- Estimated costs for major projects and initiatives
- Allocation of resources to ensure effective use
Virement Warrants and Withdrawal Warrants
The Financial Secretary has been granted powers to issue Virement Warrants, allowing for the transfer of funds between heads of expenditure within a service area. Additionally, Withdrawal Warrants may be issued to limit or suspend appropriations as necessary.
Accounting for Performance
Accounting Officers are responsible not only for managing resources but also for delivering outputs and deliverables. They must provide information on physical performance and explain any variances from planned deliverables contained in the Estimates.
Centralized Accounting
The Finance Directorate will operate the main accounts for Government, while Accounting Officers are responsible for ensuring the correctness of their service area’s accounts through reconciliation and corrective action.
Managing Revenues
Accounting Officers are responsible for ensuring prompt assessment, collection, and bringing to account of all revenues in their service area. Public officers must also notify the Financial Secretary immediately if revenue subheads under their control appear likely to be in short fall for the year.
Conclusion
The St Helena Government is committed to transparent financial management and has implemented measures to ensure accountability and effective use of resources. The consolidation of funds and focus on performance accounting are key steps towards achieving this goal.