The Finance Department envisions a thriving and prosperous City Corporation of Monrovia by enabling the Corporation to effectively manage its finances through accurate financial recording and control , efficient resource management , strengthening revenue generation and facilitating informed financial decision making .
Purpose of the Department
The Finance Department plays a key role in enforcing financial policies and regulations for effective financial management and fiscal discipline in MCC. The Finance Department shall manage all the financial activities of the corporations through proper administration , monitoring and controlling of financial transactions . It shall administer a sound financial planning , budgeting and expenditure tracking system for cost and expenditure management . The Department shall manage an accurate up-to – date financial information system that tracks , records and analyze all financial information . The Finance Department also plays an active role in overall revenue management of the City Corporation . The Department shall be vigilant for identifying potential revenue source and converting it into sustainable income for the Corporation . The Department shall also manage a robust system for timely identification of revenue sources , accurate and fair invoicing and follow-up/ enforcement for payments to facilitate regular revenue generation .
The Department is guided by and acts under the power vested by:
- Section IV on page 25 of the MCC chatter establishing the Finance Department
- Public Financial Management Act of 2009 ( PFM Act 2009)
- GOL Financial Rules and Regulations
- International Public Sector Accounting Standards Cash Basis
- Generally Accepted Accounting Principle ( GAAP)
- International Standard on Auditing (ISA)
- International Financial Reporting Standard( IFRS)
- Generally Accepted Auditing Standards ( GAAS)
- City Ordinances 1,2,7,8,9, 10 ( related to the collection of taxes , fees , fines )
Functions of the Department
- To ensure compliance with laws and policies enshrined within the MCC’s Charter and other financial regulations and policies .
- To ensure that system , process and procedures for tracking , recording , monitoring and controlling all the financial transactions are institutionalized as per the financial policies of MCC and applicable Legislation and Acts of Government of Liberia( GOL).
- To ensure proper financial reporting system is institutionalized for regular and comprehensive porting to management and external authorities .
- To ensure that appropriate and accurate financial reports are timely submitted to the City Council through the Mayor ( or as and when demanded by the City Council ).
- To ensure that accurate statement of accounts are timely submitted to the Ministry of Finance of the government of Liberia ( or nay other government agency as relevant ), annually or as required .
- To ensure that financial analysis for facilitating financial decision making are undertaken as required such as budget analysis, revenue analysis , expenditure analysis, financial projection of the financial performance of the Corporations , analysis for investment decisions etc.
- To ensure effective assets management system is institutionalized .
- To ensure that a sound and robust financial planning and budgeting system is institutionalized.
- To ensure that proper system is in place to monitor and manage a regular cash flow .
- To ensure that all potential sources of revenue are tapped into through appropriate strategies .
- To ensure that a comprehensive tax and other revenue policy and structures ( Tariff structure , tax, fees , charges , and fines ) based on principle of equity , reasonableness and justice is in to generate regular and sustainable revenue for MCC.
- To ensure that accurate invoices are timely raised and distributed .
- To ensure effective credit control and enforcement policies for maximization of the collection of revenue
- To ensure defaulters ( or potential defaulters ) are timely tracked and revenue recovered .
- To ensure timely request for subsidy to the Ministry of Finance and its proper utilization through effective system of disbursement and control .
- To ensure that all books of accounts are timely audited internally by the internal audit unit and by the General Auditing Commission .
- To ensure that an effective monthly payroll system is institutionalized for fair and timely control of the staff members of MCC for their contribution .
Structure of the Department
The structure is intended to ensure that the above functions and responsibilities are delivered , three key sections are constitute the Finance Department and the various jobs( Positions ) are organized under it . The Department is the ‘ Comptroller’ and the sections are headed by ‘Managers ‘.
The Three sections are :
- General Accounting Section
- Budget Section
- Revenue Management Section