Finance & Budget

DIVISION OF FINANCE & BUDGET

INTRODUCTION

The Division of Finance and Budget has key responsibilities that includes but not limit to handling financial matters as it relates to the budget preparations, financial reporting, revenue and expenditure execution amidst several other function .the division reports to the Assistant Minister of Administration (AMA).kindly review below our responsibility and priority.

The Division comprises of eight staff headed by the Comptroller.  Others positions within the sections includes Deputy Comptroller, three Accountants, an Accounts technician, a Bookkeeper and an Expediter.

FUNCTIONS AND RESPONSIBILITY

The Division is responsible to carry out the following mandate:

  • Prepared monitor and supervise, the   execution and implementation of the annual budget of the Ministry of labour.
  • Coordinate the preparation of variance analysis of revenue and expenditure against budget and reports or advices on any deviations for corrective actions.
  • Custodian of accounting books, chart of accounts, accounting manuals, financial statements management of the Ministry.
  • Ensures efficient management of the MOL’s budgetary allocations and delivers specific Financial Services to ensure efficient and effective functioning and result-orientation of all departments, divisions, sections and units.
  • Develops Accounts Payable/Receivable systems and monitors its implementation to ensure that all payments are in line with approved accounting polices/ guidelines.
  • Reviews periodic bank reconciliation statements and accounts reconciliation of the Ministry of Labour and initiates corrective actions where necessary.
  • Develops effective and efficient systems, processes, procedures and controls in support of financial and accounting functions including establishment of appropriate database and tracking scheme.
  • Works as partner with Directors of by assisting with financial control and expenditure return issues through clearly outlining prudent financial practices and identifying risks and recommending for potential solutions.
  • Designs financial and accounting formats to capture on timely basis, financial information from Senior Management to promote timely financial reporting.
  • Authorizes payment vouchers and signs checks.
  • Monitor closely financial returns documents from Senior Management to ensure that standard accounting principles are followed and financial laws and regulations are adhered to.
  • Provides expert financial planning and expenditure advice on spending at MOL to the Assistant Minister for Administration (AMA), Deputy Minister of Administration (DMA) and the Minister.
  • Develops effective Fixed Assets Register system and monitors to ensure its implementation.
  • Monitors compliance of statutory deductions and payments (i.e. tax, etc.).
  • Monitors the Ministry of Labour cost/expenditure and prepares relevant reports to guide Management in its decision-making.
  • Disburses financial/budgeted resources in conformity with the priorities and decisions of the Minister and Senior Management of MOL.
  • Provides accurate and timely financial statements to the Government of Liberia through Ministry of Finance and Development Planning (MFDP) to ensure good financial management and timely decision-making and financial reporting.
  • Advises and sensitizes Senior Management on the use and timely accounting of financial resources allocated to them in order to speed up financial reporting to ensure timely releases of funds.
  • Maintains good working relationships with external auditors, Ministries and Agencies and other stakeholders in the area of financial and management accounting.
  • Prepares monthly, quarterly and annual financial reports and any other report related to the job function.
  • Monitors to ensure that all financial and management accounting reporting systems are in line with regulatory requirements and International Financial Regulatory Standards.
  • Collaborates effectively with the Budget Unit of the Ministry of Finance and Development Planning (MFDP) and facilitates the preparation and implementation of Ministry of Labour budgets in accordance with financial and budget rules and regulations.
  • Represents the Deputy Minister for Administration (DMA) on official committees as may be directed.
  • Ensures appropriate and adequate documentation of all activities of Finance and Budget Division.
  • Develops annual plans and budgets for the Division.
  • Performs other relevant duties consistent with the functions of the Division as may be assigned by the Assistant Minister for Administration (AMA), Deputy Minister for Administration (DMA) or Minister from time to time.

ACHIEVEMENTS

The Division of Finance and Budget staff has received  enhanced capacity development  training  in the following categories:

  • Public Financial Management
  • Integrated Public Financial Management information  system
  • Public Financial laws
  • Financial Statement Reporting
  • Automatic Accountancy
  • Public Sector Finance Management functional relation
  • Properly Executed all budget performance ,Revenue and expenditure related activities over the last accountant period

PLANS

  • Plans to achieved the Division Activities as per our functions as supra indicated.
  • Plan to increase the potentiality of our staff via Local and International Programs (fellowship, scholarship, work internship and international work exchange program).
  • Plans for work rotation to promote versatility amount staff.

KEY PIRORITY AREAS

Budget Planning

Budget Execution

Financial Reporting