Under policy direction, the Finance Department has direct responsibility for the Authority’s financial operations including accounting, developing financial reports, implementing policies and procedures, payroll, budget and financial record keeping activities.
Finance as a stand-alone department of ACTDA has three units which are Finance and Accounting, Budgets and Planning, and Revenue.
Finance and Accounting Unit
This Unit carries out the following functions:
- Processing of contract files from all the departments in FCDA for payment.
- Processing of staff personal emoluments and effecting of all authorized deductions such as PAYE, Contribution Pension Scheme (CPS), National Housing Fund (NHF), and Union dues.
- Processing of staff claims and allowances and other administrative costs, such as Duty Tour Allowances, Course/Training fees, Repatriation Allowances, Burial and Capital expenses.
- Maintaining and taking custody of all the accounting books and records of the Authority and managing the Authority’s accounts.
- Reconciling all the transactions in the Authority’s cash book (payment and revenue) with statements from its various banks.
- Preparing income/expenditure accounts and balance sheets for the Authority.
- Maintaining accurate records of the income and expenditure of the Authority.
- Co-ordinating the preparation of the audited accounts of the Authority.
- Preparing of Progress reports on the activities of all sections of the Accounts Division to guide management in making/implementing policy decisions.
Budget & Planning
This Unit handles the following duties:
- The Preparation of ACTDA’s Medium Term sector strategies.
- The Preparation of ACTDA’s annual budget and the initiation of necessary control strategies.
- The Processing of payments for all ACDTA capital projects.
- The Processing of payments for all FCDA recurrent/over head cost related issues.
- The Conduct of Quarterly Project Monitoring Exercise for all ACTDA Capital Projects.
- The participation in the conduct of a Ministerial bi-annual verification exercise of all ACT projects.
- The Conduct of economic and statistical investigations and documentations for the ACT.
- The Generation of budgetary, and other finance related statistical data for the Authority.
- The Designs and proposals of socio-economic and financial policy related matters for the Authority through quarterly and annual project monitoring reports.
The Central Revenue was set up to handle the traditional role of tapping all revenue and investing same in appointed commercial banks. Other duties of the Division are as follows:
- To ensure that all monthly preparations, quarterly and yearly reports based on the collation of payments are properly documented and presented.
- To ensure that all statutory allocations and cheques are lodged into banks as instructed by the Director.
- To ensure that all cash books for daily returns of collections are accounted for and documented.
- To ensure the issuance of receipt booklets to the collection centres.
- To ensure the preparation of payment advices to the Cheque Room.
- To ensure the preparation of cash books for the various banks where statutory allocations are lodged.
- To ensure the collections/remittances of VAT, WHT and PAYE Taxes as well as the maintenance of records relating to said taxes. Also to liaise with the FIRS on all such related matters on behalf of the Authority.
- To help staff apply for and obtain Tax Clearance Certificates.
SPECIFIC DUTIES and RESPONSIBILITIES
- Business and financial strategy and planning, monitoring, management and reporting, including management and development of policies, systems, processes and personnel involved.
- Reporting and accounting as per regulatory and legal requirements including taxation, annual report and accounts.
- Contributing to strategic planning and development as an executive team unit.
- Providing sound financial advice to the board and other senior management colleagues.
- Act as the leading interface between the Authority and financial and regulatory bodies.
- Provides written responses to auditor’s comments and recommendations to audit findings.
- Directs operation and maintenance of an accounting system under generally accepted accounting principles.
- Prepares the annual budget and forecasts.
- Advises the Board regarding financial accounting.
- Maintenance of financial records and Provision of cash flow forecast.
- Reviews balance sheet, with specific focus on improving its working capital.
- Performs related duties as may be assigned or required.