Assistant Accountant General - Cash Management

Assistant Accountant General - Cash Management

Job Title:     Assistant Accountant General - Cash Management

Post Number:         68851

Job Level:              FMG/PA 4

Department:         The Accountant General’s Department – A Department of the Ministry of Finance and the Public Service

The Financial Resources Division is responsible for administering and reporting on the financial resources of the Government.  It is responsible for the establishment and maintenance of an effective system of cash management to ensure the availability of cash for effective budget execution; the projection of debt service obligations to warrant allocations from the budget for timely servicing of public debt; timely and efficient disbursement of Public loans in keeping with best practice for cash management; use of Treasury deposits mainly to fund temporary budget gaps; and monitoring of the balances maintained from time to time to ensure funds availability and the best returns on investments.

This division operates on the authority of the FAA Act, Section 114 of the Jamaican Constitution, the Public Debt Act, the various Trust and Chancery Fund Acts and various other enactments.

1. 2.     JOB PURPOSE 

The Assistant Accountant General – Cash Planning will ensure that the financial resources standing to the credit of the Government from time to time are adequate to meet the needs of the Government as per the FAA Act Section 15, by ensuring that an effective system is in place for public cash management.

Summary of the broad purpose of the position in relation to Government’s goals and strategies:                                                                                  

• To establish and maintain effective cash forecasting modeling;
• To produce sufficiently accurate cash flow forecasts to facilitate active cash management operations;
• To establish, implement and maintain a cash management and reporting system;
• To monitor the budget spending process against the budget, ensuring there are sufficient cash resources to execute the budget execution process, and prepare the relevant cash reports.

1. 3.     KEY OUTPUTS 

• Cash management and reporting system established, implemented and maintained;
• Cash inflow and outflow projections;
• Budget spending process monitored against the budget;
• Sufficient cash resources to execute the spending process;
• Cash reports;
• Monthly and annual financial statements prepared and submitted to relevant authority;
• Consolidated Fund Accounts/TSA maintained.

1. 4.     Key Responsibilities and Tasks

Technical 

• Oversees the preparation of a cash plan of expenditures, and payment profile of expenditures;

• Prepares  cash  plan  table  at  the  beginning  of  each  year  on  monthly basis  based  on  revenue  estimates;
• Receives  cash  plans  prepared  and  sent  by each  MDA and Principal Revenue Receiver (PRR), and the  stocks   of  obligations ready for payments;
• Prepares, manages and reports on cash plans and cash flow tables;
• Incorporates public debt maturities and treasury payments into cash plan table;
• Monitors Government bank accounts and work on consolidating the balance in the cash plan;
• Prepares daily, monthly, quarterly and annual financial statistical tables related to Public Financial Management (PFM);
• Prepares monthly revenue forecasts at the beginning of each year based on the approved budget;
• Presents cash plans to the MOFPS with the stated timelines;
• Performs  adjustments  of  the  cash  plan  table  in  terms  of  revenues, expenditures and estimates related to public debt maturities;
• Issues   monthly   comparative   tables   between   the   actual   and   the projected figures in order to minimize gaps and improve the mechanism adopted, in terms of expenditures and/or revenues projections;
• Proactively manages cash flows in a leveraged environment;
• Designs, implements and monitors mechanism for budget execution which materializes in revenue forecasts, and payment schedules;
• Issues adjustments of the monthly forecasts based on available information collected from  different  MDAs;
• Issues   monthly   comparative   tables   between   forecasts   and realized revenues;
• Coordinates internally  and  externally  with  public  administrations concerned   in   collecting   revenues   and   transferring   and/or depositing  them  into  treasury  accounts  at  the  Central  Bank  of Jamaica;
• Devises tracking system to monitor all disbursements into the Consolidated Fund;
• Improves continually the budget execution process through education of MDAs  on financial issues impacting the  budget;
• Monitors bank service fees (Commercial and Central)

Strategic Leadership

• Implements and enforces policies and procedures of the organization by way of systems that will improve the overall operation and effectiveness of the unit and the AGD;
• Conducts research and recommends changes to policies, procedures and systems to enhance the functioning of the unit and Department;
• Assists with the preparation of the Department’s annual Strategic Plan and budget, and supports the Deputy Accountant General, Corporate Services to deliver the Division’s Operational Plan in an accurate and timely manner;
• Prepares and monitors the Communications and Customer Service Unit’s operational plan and budget ensuring the work of the unit is carried out according to plan, and agreed targets achieved;
• Establishes and implements systems for reporting of work done against stated and agreed work plans;

• Assists with the establishment of internal control processes required to manage and grow the Division;

• Meets or exceeds performance targets;
• Deputizes for the Deputy Accountant General, Financial Resources as and when required;

As Unit Head:

• Leads in the smooth and efficient operation of the unit through the management of daily operations;
• Establishes and implements systems for reporting of work done against stated and agreed work plans for the Unit;

• Establishes internal control processes required to manage and grow the unit;

• Meets or exceeds unit performance targets;

Human Resource Management

• Plans, organizes and directs the work of the Unit by overseeing the development of performance targets for the Unit and staff, based on the corporate Strategic Plan;

• Ensures that the Unit’s staff have sufficient and appropriate physical resources to enable them to undertake their duties efficiently and effectively;
• Provides leadership and guidance through effective planning, delegation, communication, training, mentoring, coaching and disciplinary action;
• Participates in the recruitment of staff for the Unit;
• Recommends transfer, promotion, termination and leave in accordance with established Human Resource Policies and Procedures;
• Identifies competency gaps and collaborates with the Manager Training and Development to develop and implement Staff Development and Succession Plans to ensure adequate staff capacity;
• Ensures that welfare issues of unit staff are clearly identified and addressed;

• Monitors job specific and environmental factors, implements and promotes health and safety policies; and mitigates and minimizes workplace hazards;
• Monitors the performance of staff and ensures effective and objective staff performance management, through timely and accurate completion of the staff appraisal process, including periodic reviews;

Any Other Duties

• Any other related duty that may be assigned from time to time.

1. 5.     Key Performance Indicators

The job is successfully performed when:                                                                                     

• Cash is available for budget execution on a consistent and on-going basis;
• Accurate forecasting, monitoring and tracking cash flow (weekly, monthly, quarterly etc.) in accordance with agreed standards;
  • Sound cash management practices are implemented and financial obligations in accordance with Treasury policies and procedures are met;
  • Cash management set-up documentation are completed;
  • Cash flow prepared and variances identified and evaluated;
  • All cash categories properly classified;
  • Cash management project assignments and financial reporting facilitated;
  • Accurate cash reports are presented in a timely manner to the AG, Minister and Financial Secretary;
  • All disbursements made from the assets of the Consolidated Fund are made in accordance with law;
  • Cash management and budget execution objectives are met;
  • There is compliance with financial regulations and standards;
  • There is continuous process improvement.

1. 6.     REQUIREMENTS for this Job:

1. a.     Minimum Qualification and Training

• BSc. Degree in Accounting/Management Studies with Accounting or BBA Degree from an accredited University or; Post-Graduate Degree in Accounting/Financial Accounting or; Practising Chartered Accountant and a Member of a designated professional accounting Body or; ACCA Level 2 or 3.

1. b.     Essential Experience and Knowledge: 

• At least 8 years  Post Qualification experience in Accounting and/or Finance;
• At least 5 years  of experience working at senior executive level in Accounting and/or Finance, preferably in financial services in a similar capacity;
• Strong cash management experience;
• Extensive experience in preparing cash forecasts and cash flow analyses;
• In-depth knowledge of financial statements and financial statement analysis, including the ability to analyse cash flow and the impact on the financial statements;
• Comprehensive knowledge of Accounting practices and applications;
• Sound knowledge of analysing the financial performance of an organization;
• Knowledge of public treasury operations;
• Sound knowledge of how financial markets operate;
• Knowledge of International Public Sector Accounting Standards (IPSAS);
• Knowledge of Government Accounting;
• Expertise in budget management and Chart of Accounts formulation and maintenance;
• General knowledge of FAA Act, GAAP and other reporting requirements for investments and other financial instruments;
• Experience in building complex financial models to evaluate various financial plans.

Desirable: 

• Comprehensive  knowledge of investment strategies
• Knowledge of banking operations
• Knowledge of treasury software expertise

1. c.      Competencies

The incumbent is a senior public servant who represents the Government at all times and is  a member of the executive team of the AGD, and is expected to participate in managing the Department, and to lead a team of professionals in realizing the goals and objectives of the Department, in a highly dynamic environment.  The following competencies are required for the effective performance of this job:

• Strategic Vision: The ability to develop a clear vision of the desired future state of the Department, demonstrate awareness of and or anticipate changing environmental trends, industry opportunities and threats/risks.
• Strategic Planning:  The ability to develop effective plans in keeping with the Department’s objectives, including to effectively review policy issues, determine priorities, and set medium and long term goals.
• Analytical Thinking, Decision Making, and Problem Solving: The capacity to analyze problems promptly, choose between alternatives, and effect meaningful solutions.
• Performance Management: The ability to align resources, systems, standards and activities to effectively, efficiently and consistently meet the goals and strategic objectives of the Department are met in a consistent, effective and efficient manner. 
• Collaboration and Team Work:  The ability to be a collaborative business leader, and an inspiring professional who shows a genuine intention to participate and work co-operatively with others in pursuit of team goals.
• Leadership and Team Building: The ability to provide vision, direction, allocate responsibilities, delegate and motivate staff in one’s team, to include leading by example.
• Change Management:  The ability to maintain effectiveness in a changing environment and the willingness to respond quickly and positively to change, and to lead others through change and manage their concerns.
• Customer and Quality Focus: The ability to continuously ensure high standards of quality and service delivery to meet customers’ expectations.
• Emotional Intelligence:  Possession of  self-awareness, self-management, social awareness, and social skills – The ability to display behaviors appropriate to the AGD’s business and social environment.
• Integrity:  The ability to consistently demonstrate sound ethical standards, observe the codes of conduct for employees and codes of professional practice, and show consistency between established values and behaviors, in order to build trust and credibility.
• Interpersonal skills:  The ability to display sensitivity towards others, interact collaboratively with colleagues, and to build long term internal and external relationships and gain support to achieve desired objectives.
• Managing the Client Interface:  Ability to work effectively with others, both internal and external to the Department, to deliver acceptable, customer-oriented and high quality service.
• Oral and Written Communication:   The ability to communicate proficiently orally, in writing, and in one- on- ones face- to- face, with excellent public speaking skills 
• Ability to work effectively under pressure

1. 7.     SPECIAL CONDITIONS ASSOCIATED WITH THE JOB

Physical Demands - Pressured working conditions with numerous critical deadlines.

Work Environment - Normal office conditions