Policy expertise

Interim Finance Role in Turks and Caicos Government

Policy Area
Country/Region
Turks and Caicos Islands
Funder
Department for International Development (DFID)
Duration
2011-2012
OPM contact

OPM provided a “financial interim” to work with the Chief Financial Officer (CFO) and Ministry of Finance (MoF) of the Turks and Caicos Islands (TCI) to address key areas of financial management and reporting. The interim worked closely with the Accountant General (AG) and other staff to identify ways to maintain the MoF’s financial control over other ministries and to reform the Treasury. The interim was responsible for designing and implementing a short term cash flow forecasting system, including maintenance of the 13 week cash flow forecasting model to improve the visibility and day-to-day control of cash resources. The interim produced TCIG’s monthly reporting pack, including estimates of revenue, expenditure, cash, debt, personnel and arrears. The interim supported the modernisation of the Treasury by: (i) developing the financial reporting framework; (ii) increasing the current functionality of Smart Stream to enable automated payment runs and payment to suppliers by electronic funds transfer; (iii) working with the CFO and others to ensure financial controls are upheld; (iv) establishing and monitoring a timetable for regular reconciliations for control accounts and key suppliers; and (v) centralising invoice processing for key suppliers.

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