Achieve an international Standard in Public Sector Accounting and Debt Management.
To strengthen public sector accounting for ensuring judicious use of public resources through efficient fund transfers, timely expenditure reporting, effective treasury operations, sustainable debt management, setting public sector accounting standards and enhancing professionalism.
- Ensure timely receipt of monthly accounts from the spending agencies.
- Rectify errors in monthly accounts in consultation with the agencies.
- Provide necessary clarifications on accounting transactions, accounting rules and regulations.
- Review the existing format of the Annual Financial Statements (AFS) and improve the standard of reporting.
- Transfer accounting data from agencies to Central Budget and Accounts (CBA) System on a daily basis.Coordinate with Information Technology (IT) Section (DPA) in implementation, harmonization of accounting software and in providing the accounting functions.
- Preparation of consolidated AFS of the Government within six months after the closure of the financial year.
Release and Monitoring Division
- The RMD disburses the budgetary funds to spending agencies.
- Monitoring the performance/3Es in the utilization of funds.
- Studies fund release mechanism, develop guidelines & procedures and circulate to spending agencies for proper implementation.
- Provide refresher course to NAS personnel in fund release and monitoring mechanism.
- Provide information on budget releases to Royal Audit Authority during the audit, and to donors and other stakeholders in need of such information.
- Improve fund release mechanism in consistent with the governments’ financial decentralization policy.
- Review and process pre-financing of projects.
Treasury Management Division
- Maintain the Government Accounts (Budget Fund, Non-Revenue and Refundable Deposits Accounts).
- Maintain LC withdrawals by budgetary bodies on monthly basis.
- Maintain Government cash position on daily basis based on consolidated accounts.
- Reviewing/approving the opening and use of bank accounts (LC/PLC/CD) by the budgetary bodies.
- Maintain financial status of Current Deposit accounts.
- Manage the Government Ways and Means Account.
- Liaise with the Bank of Bhutan to ensure correct reporting on fund deposits/revenue receipts/non-revenue receipts and information on LC withdrawals.
- Reconcile revenue receipt with the Department of Revenue and Customs.
- Manage government deficit financing arrangements and ensure liquidity position through cash flow management.
- Reconcile receipts and payments with agencies concerned and providing information for preparation of consolidated AFS.
Debt Management Division
The Debt Management has three separate identifiable functions. These are traditionally called:
- Participate in country assistance strategy of creditors/donors and follow up on the pledges made during the Consultative Group meetings.
- Match funding requirements of Government projects with funds on the pipeline.
- Ensure that counterpart funds are available and spent in the proportion of loan disbursements as per conditions of the loan/grant agreements.
- Ensure conditions, precedent to effectiveness of loans, are fulfilled and financial procedures including imprest accounts are established.
- Liaise with Dy.CPC, Debt Analysis to finalize new loan offers to see that the new loans are in conformity with the debt sustainability requirements and approved debt strategy.
- Negotiate new loan/grant agreements with ADB. Ensure that the repayments schedules are designed in such a way that the debt service pattern through the years is smooth and long.
- Record new instruments in the database immediately on signing and send original agreement to Dy.CPC, CS-DRMS for cross checking the entry in the database and for safe keeping.
- Record amendments to agreements and events taking place in respect of the instruments throughout their life in CS-DRMS Initiate processing of grants under Trust Funds administered by ADB.
- Develop debt management and risk management strategy based on portfolio review and responsibility analysis.
- Assess future debt service prospects and problems.
- Assess long-term sustainability of future borrowings.
- Determine vulnerability of portfolio to interest and exchange rates changes, and to other economic factors.
- Maintain the debt database & related paper records.
- Process disbursement claims.
- Pay debt service dues.
- Provide information that informs analytical work.
- Forecast debt service payments for foreign exchange and government cash management purposes.
- Prepare data for debt-related development and recurrent budgets.
CIT Technical Associate
The CIT Technical Associate reports to the Dy.CPC, CS-DRMS and is the security officer for CS-DRMS. The CITTA has responsibility to manage the IT systems of CS-DRMS, networks and computers in use in DMD. The duties include:
- Maintaining the CS-DRMS servers and workstations to function efficiently at all times.
- Maintaining the network related to the various users of the CS-DRMS
- Maintaining the security of the database by taking daily backup and storing a monthly backup outside the DMD premises.
- Providing selective access to the CS-DRMS for users who are authorized by the CPC, DMD. Advise the users to frequently change the passwords.
- Maintain the log of users for using the system.
- Liaise with Commonwealth Secretariat in troubleshooting and in latest developments in the software.
- Install new versions of CS-DRMS as and when available.
- Record exchange rates, data is obtained from RMA and from IMF website. While Special Drawing Rights currency exchange rates are recorded daily, the other rates are recorded every week and at end of every month.
- Perform period end processing at the end of every month.
- Keep a separate database for year-end data.
- Create training database as and when required.
- Technical support for the application based software, networking solutions and provides solutions to computerized functions of the divisions of the department.
- Upgrading and enhancing the software developed for the department with the emerging trend of technology.
- Support refresher training on software developed for the department and its stake holder’s agencies.
National Accounts Service (NAS)
- Manage Personal Information System of National Accounts Personnel.
- Maintain proper records of the Personnel’s’ transfer and training.
- Recommend and submit proposal to HR section, MoF for placement, transfers and training of accounts personnel.
- Prepare HRD plans and manage project support to DPA.
- Facilitate personnel performance monitoring and evaluation.
- Draw up Training Need Assessment for DPA and NAS.
- Streamline and strengthen NAS through continuous monitoring system.
- Enhance accounting professionalism in the government financial management system.
- Inculcate professional integrity, efficiency, transparency and accountability among the NAS through training, evaluation, and motivation and reward programs.
- Facilitate and address issues related to the interest of NAS.