The Finance Department is responsible for laws and regulations related to financial and monetary issues, treasury matters (money, credit, and banking), and for monitoring the quality of the implementation of these frameworks. In other words, the Finance Department is responsible for the effective management of government funds through the following mechanisms:
• Facilitation, coordination, and implementation of the Country’s Budget;
• Development of financial policy;
• Budget discipline;
• Cash flow management;
• Administrative organization and internal controls procedures.
The abovementioned was a synopsis of the responsibilities of Finance. The subsequent is the detailed objectives and tasks of the Department of Finance as stipulated in the Ministry of Finance Organizational Decree:
a. ensuring the budget and the management and monitoring of its implementation;
b. the development of policy, legislation and regulations to support a balanced financial development;
c. promote the interests in the field of finance, budget, and macroeconomics within the Kingdom, international and regional;
d. managing treasury matters;
e. advising and setting up of audit procedures in the administrative organization within government;
f. auditing the administration and systems in respect of government;
g. responsible for the supervision on the implementation of financial policies in regards to all ministries;
h. ensuring policies, laws and regulations concerning land registers and mortgages and monitoring the implementation of those frameworks;
i. ensuring financial supervision on government owned companies;
j. advising on dividend policy with regards to government owned companies;
k. ensuring policies, laws and regulations concerning money, credit and banking and monitoring the implementation of those frameworks;
The objectives of the Finance Department are defined in a vision and mission statements.
Finance Department’s Vision:
To ensure that all government agencies manage their approved budget and public finances in accordance with the National Government Accounting Ordinance, other financial policies, liquidity management, and administrative organizational procedures.
Finance Department’s Mission:
To promote effective financial policies, accountability, and legitimacy relative to the acquisition and utilization of public resources, and the monitoring of budgetary issues.
Composite of the Finance Department:
The composition of the Finance Department is one (1) Department Head, one (1) secretary, the Section Budget & Policy with a formation of six (6) Full Time Equivalents (FTEs), and the Section Internal Control with a formation of nine (9) FTEs.
Based on the organizational decree of the Ministry of Finance, all Treasury related work falls under the jurisdiction of the Finance department, but it not considered as a separate Section such as the Budget & Policy Section, and the Internal Control Section. The task of Treasury is to ensure that government finances and resources are managed effectively.
Budget & Policy (FBBB):
The composition of this Section is 6 Full Time Equivalents (FTE). A Section Head (1), four (4) Senior Financial Policy Advisors, and one (1) Junior Financial Policy Advisor. The work environment of this section is very dynamic and by the same token very challenging. The Section’s main tasks are: assists with the production of the Country’s budget, develops financial policies, and reviews specific advices, proposals, and requests that have financial implications for Country Sint Maarten.
Administrative Organization and Internal Control (AO/IC):
The composition of this Section is 9 Full Time Equivalents (FTE). A Section Head (1), three (3) Senior Workers, two (2) Junior Workers, and three (3) Budget Inspectors. Administrative Organization (AO) deals with the functioning of the organization (to set up processes), establish and maintain information flows, and assign responsibilities and empower staff to execute these responsibilities. Internal control (IC) is the organization, policies, procedures, actions and activities implemented to ensure that the goals and objectives of government are met.