• Budgetary Planning and Control

Our Mission | Establishment | Legislation | Functions | Organizational Chart




OUR MISSION
"To account, monitor, control, and carry out Government's policy relative to revenue and expenditure of the Public Service".

ESTABLISHMENT
The Public Treasury Department was established on the 21st March 1914 by an Act of Parliament making it the central accounting agency for the government of The Bahamas.

In 1964 The Bahamas obtained internal self-government under a new Constitution that allowed for the establishment of the ministerial system as we know it today. The Public Treasury Department was placed under the Ministry of Finance and has remained a Department under the Ministry of Finance to this present date.


LEGISLATION GOVERNING
THE FUNCTIONS OF THE TREASURY DEPARTMENT
The functions of the Public Treasury Department are governed by The Financial Administration and Audit Act of 1973, The Financial Regulations 1975 and The Stamp Act.


THE FUNCTIONS OF THE PUBLIC TREASURY DEPARTMENT
The Public Treasury Department performs the following functions as the custodian of the people's money.

Other Functions
 

1. Collects, Account and secure all revenue and non-revenue funds received.
   
2. Process Government payments (local and foreign) for the supply of goods and services
   
3. Prepares the Government Financial Statements.
   
4. Manages the public debt.
   
5. Liaises with The Central Bank of the Bahamas in matters of treasury bills, stock issues, advances, foreign exchanges and international payments.

THE PUBLIC TREASURY DEPARTMENT ORGANIZATIONAL CHART

The organization structure of the Public Treasury Department comprises the office of the Treasurer, divisions and sections.

Office of the Treasurer - This area is responsible for the overall administration of the Department.

Cash and Banking Division
 

• Revenue Collection Section Administrates and collects stamp duty and account for revenue.
  
• Cheque Issue Section Issue cheques over the counter, via postal services and bank transfers.
  
• Bank Reconciliation Section Reconciles all bank accounts maintained by the Treasury Department

Accounting and Financial Services Division
 

• Accounting Section This area is responsible for accounts payable and receivable.
  
• Payment of Accounts Section Processes all commitments and payments (local and foreign) as well as the production of cheques.
  
• Family Islands Accounting Section Processes The Consolidated and Deposits Fund Accounts, Wire Transfers, cash remittances and requisitions for the Family Islands.
  
• Controls Section Processes the Treasurer's Warrant re: Appropriation releases, Virement Warrant, Appropriation Transfer Warrant, Contingencies Warrant, Subsidiary Warrant, Virement of Funds, journal vouchers, monthly reports and analysis of general ledger accounts.
  
• Computer Operations Section This area is responsible for the on-line training of Ministries and Departments personnel, the provision of technical assistance, queries and systems.

Payroll and Pension Division
 

• Payroll Section Processes and control the payment of salaries and wages to all government employees and contract workers.
  
• Pension Section This area is responsible for payment of pensions and gratuities for public officers, Widows and Orphans pension, World War II veterans pension and parliamentarians pension.

Freeport Division
Public Treasury Department Freeport This branch of the Department is responsible for carrying out the same functions that are carried out by the PublicTreasury Department, Nassau, New Providence.