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Treasury Sector

In the treasury sector the following services are provided:

Collection of Revenue

Revenue is collected from a variety of sources including fees (packing), single business permits, property tax, rates, rent, utility taxes and other revenues within the county. Other sources of revenue include grant funds, charges for services and intergovernmental transfers

County Revenue Accounting

  • Financial/accounting management

All the revenues collected should be accounted for and controlled through the following department,

a.      Financial Reporting (General Ledger Reporting, Grant Reporting and County Financial Reporting)

In this financial reporting department the specially designed reports, including Budget Performance Report (BPR) statements and financial statement report prepared in accordance to the specific Generally Accepted Accounting Standards.

Other reports will include check register which will identify the county expenditure and contract listing which lists all active county contracts their expiration dates and total amounts spent. Annual reports include the comprehensive quarterly and yearly financial reports.

b.      Budgeting and Budget Administration

A budget is prepared for the county assembly approval on a yearly basis. The approved budget is distributed and made available for public review. The country’s executive staff manages their department respective budgets mostly using the Budget Performance Reports.

c.       Treasury

Banking and cash management (cash book) is maintained to reflect the real financial status of the county. This records should at all  time reflect the true picture from what is banked and what goes out of the bank as expenditure. This system should be kept in proper transaction recording.

Detailed accounting is to be observed by recording all financial transaction in the county’s financial system (module). Each of these general ledger numbers are unique, are individually budgeted and performance against these budget are tracked in the respective standards and reconcile the accounts monthly.Proper transaction recording detailed accounting is to be observed by recording all financial transactions in the county’s financial systems

 d.       Account Receivable and Payables

This department will maintain the respective lists of what the county owe or owed in respect to its clients. A list of debtors and suppliers should be prepared to ensure all the payments of goods and services received by the county are paid in accordance with service charter.

On the other end debt management is administered in full accordance with the official statements of the country’s assets issued. From time to time, outstanding debt is analyzed and opinions are provided to county regarding possible refunding efforts.

e.       Grant/Contract Administration

This department administers daily the grants to help speed up the process of reimbursement for work already completed and spent by the county. The efforts is made to help secure renewed grant money for projects the county will like to complete.

f.      Vote-Book

The department will administer various allocations given the county departments, put controls that will ensure that all expenditures are within their specific limit. 

g.      Fixed Assets and Property Management

Under treasury and economic planning division, there will be a fixed asset management department, which will take charge of maintaining the fixed asset register system of all the county’s fixed assets i.e. land, houses, stadium etc. proper maintenance of the fixed assets register should be done through serializing of these assets in the manual register and fixed asset module.

h.        Business Registration, Permits And Licensing

This section is charged with the responsibility of issuing business permits,licenses, health inspection permits, fire inspection permit, engineering inspection permit livestock transportation permit, general trade and licensing commercial transport permit tourism permit, solid waste disposal permit, mining license, construction and excavation license etc.

i.        Risk Management

Policies and procedure are established and stringently followed to identify and minimize the analysis exposure to risk and potential financial loss. All contracts are received for adequacy and compliance with these policies and special training classes are held to heighten county employees and volunteer’s awareness of certain high-risk issues.

j.      Procurement and Supply Chain

Items and services required to run and operate the county are procured through the Head of County Supply Chain Management in accordance with the Public Procurement Oversight Authority Act (PPOA) using the purchasing system. 

 k.     Investment of County Funds

The county’s idle cash is invested in strict accordance with the county’s investment policy

with particular emphasis on some criteria:

  • Safety
  • Credit risk
  • Market risk
  • Liquidity
  • Yield

The investment committee in charge of the county decides the investment and portfolio alternatives through the best selection process that is based on the above criteria.

In conclusion the sector complies and analysis trends and initiates appropriate correction action.

 

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