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DEPARTMENT GOALS  

Our organizational goals, within each section are:

Financial Reporting

1. Prepare annual financial statements for previous fiscal year with sign off by following August 31.

2. Ensure all departments are able to obtain and produce information for management reporting purposes from the financial accounting system by the 15th day of each month.

3. Recognize infrastructure assets on the financial statement.

4. Prepare the Report and Accounts of the Consolidated Fund annually, for distribution by December.

5. Update the Financial Instructions annually.

Compensation

1. Improve Government Employee Health Insurance reimbursement process -  reimburse via payroll system.

Payments

1. Reduce number of printed cheques, reduce wire fees, and improve payment times via increased use of Electronic Funds Transfer (EFT) payments methods for all vendors.

Cashiers

1. Deposit funds collected daily as required by Financial Instructions.

Debt Collection

1. Reduce long outstanding debt,  referred to the Accountant General’s Department  by 25%

2. Ensure that departments refer all debts >60 days and deemed to be uncollectible to Debt Collection within 10 days after the 60 day period.

3. Establish relationships with the banks to allow acceptance of some revenue streams through ATM’s / On-Line methods

4. Establish relationships with the banks so that debt owed from Government debtors is considered when bank lending decisions are made.

Reconciliation / Cash Management

1. Ensure all Bermuda Government Bank accounts are reconciled with 30 days after each month ends.  This includes identifying and clearing reconciling items on a timely basis

Technical Accounting

1. Implement a new financial software system

Government Employee Health Insurance

1. Ensure the timely and accurate payment of claims within 30 days of submission of the relevant documentation.

Benefits

1. Produce annual pension statements from automated Pension and Benefits System

2. Educate the Public Service on Pension Legislation (PSSF Act 1981)

Fund Administration and Investments

1. Prepare annual Financial Statements within 3 months of the Fiscal year-end