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Principal Financial Officer (FMG/PA 5)
Job SummaryTo ensure the effective, efficient and economical use of the Ministry’s funds in the fulfilment of its corporate objectives
To ensure the effective, efficient and economical use of the Ministry’s funds in the fulfilment of its corporate objectives and in pursuit of the implementation of the budget, ensuring a high standard of probity, propriety, regularity, transparency, accountability and value for money.
Key Responsibility Areas:
- As part of the senior management team assist in the development and updating of objectives and strategies of the ministry’s Strategic/Operational Plan
- Participate in the quarterly evaluation of the performance of programme managers in achieving the objectives and strategies in the Strategic/Operational Plan
- Advise the Permanent Secretary and the Minister on the financial performance of the ministry and on its financial status.
- Provide expert advice and specialist assistance to programme managers as required
- Prepares Progress, Annual, Special and other reports as necessary
- Represents Minister, Permanent Secretary and Director General at meetings, conferences, workshops and seminars as required
Technical/ Professional Responsibilities
To ensure that budgets and cash flows are prepared in line with the guidelines of the Ministry of Finance, as well as in accordance with the Ministry’s Corporate Plan, policy priorities and resource availability.
Expenditure Budget Formulation
- Ensure that a budgeting system is in place and ensure that budgets are submitted within the timeframe set by the Ministry of Finance and in keeping with the Ministry’s guidelines;
- Ensure that the budget is prepared in accordance with:
- Ceilings and guidelines outlined in the Budget Call issued by the Financial Secretary;
- The objectives and strategies of the ministry outlined in its corporate plan;
- The national economic and policy priorities.
- Ensure that the budget requests from the Divisions/Departments are closely analyzed to determine that they reflect the level of allocations and guidelines established by the ministry’s senior management team and are supported by realistic implementation plans where applicable;
- Ensure that the budget requests in respect of para-statal bodies are also developed in accordance with the approved objectives and strategies, are realistic and supported by implementation plans, where applicable;
- Ensure that guidance is given where necessary to divisions/departments, in the preparation of the narrative in support of the budget allocations to ensure that it brings out the specific purposes and performance indicators as given in the Corporate Plan;
- Ensure that the consolidated budget estimate of the Ministry and its Departments is submitted to MOF in conformity with the prescribed guidelines and time schedule;
Revenue Budget Formulation
- Ensure validity of the estimates of revenue in light of the reasonableness of the existing rates relative to current costs, trends of actual collection and any special factors that will affect future trends etc.
- Prepare annual Estimates of Miscellaneous Revenues and/or Appropriations-in-Aid in the format stipulated by the Financial Secretary.
To maintain control over the level of public expenditure, ensuring that expenditures are kept within budgetary limits.
- Overall responsibility for cash management including:
- Allocating the monthly and quarterly warrants in accordance with agreed priorities.
- Implementing an effective mechanism for containing expenditures within the warrant limits through a system of commitment planning and control.
- Ensuring that appropriations-in-aid, if any, are fully realized.
- Ensuring that expenditure against the approved budget is met from the warrant allocation and not from unauthorized sources such as withholding statutory and other approved deductions, diverting departmental revenue, etc
- Reviewing on an on-going basis all bank accounts to ensure that there are no large idle cash balances.
To ensure compliance with the GOJ’s Procurement Procedures and Policy in the procurement of goods, services and works, and the efficient, effective and economical utilisation of assets and other resources.
- Assist the Permanent Secretary in establishing and maintaining an effective and compliant system for the procurement of goods, works and services
- Recommend cost-saving measures, and control systems for the operational use, maintenance and security of all assets under the control of the ministry.
To ensure that the ministry has a proper and effective system of internal control.
- Analysing areas of risk in the ministry’s operations;
- Assigning resources to undertake special assignments;
- Calling for periodic budget reviews in targeted departments, divisions and agencies;
- Ensuring appropriate arrangements are in place for high ethical standards in the ministry.
- Ensuring that sanctions are applied to accountable officers acting in non-compliance with the legal and policy framework;
- Establishing special projects to effect improved public expenditure control and management as required;
- Assist the Permanent Secretary in the operation of an effective system of evaluating and monitoring of outstations.
To ensure the accurate preparation and prompt submission of financial statements to the Auditor General, the Financial Secretary and all other external and internal users.
- Ensure that there is a system for the maintenance of proper records of the ministry’s financial affairs, the preparation of monthly accounts, financial reports, and annual appropriation accounts in accordance with the requirement of the Ministry of Finance and in keeping with the FAA Act;
- With specific reference to externally funded projects, ensure that proper accounting of project expenditure to facilitate prompt “draw-downs” and close monitoring of the inflows of external receipts against budgetary targets;
- Put in place a sound system of management accounting and reporting to meet operational requirements of the ministry.
Human Resource Responsibilities
- Planning, organising and directing the work of the Division, including overseeing the creation of the Division’s corporate and operational plans, and budgets, and monitoring the Division’s achievement against them;
- Developing and managing the performance of the Division and its staff, including transferring skills, motivating staff, setting performance targets, monitoring performance, providing feedback to staff, and arranging for training;
- Contribute to the development and implementation succession planning framework in collaboration with the Human Resource Division through the development of procedural manuals and other duties prescribed within the framework;
- Ensuring that the Division’s staff have sufficient and appropriate physical resources to enable them to undertake their duties efficiently and effectively;
- Maintaining effective working relationships with external and internal stakeholders and clients, ensuring that the Division provides a consistently high level of service to them;
- Devising job rotation strategy for the division in collaboration with the Human Resources Division;
- Evaluating the performance of the Director Budget, Director Finance and Accounts Payables, Financial Systems Manager and the Special Projects/Public Utility Officer;.
- Contribute to the development and implementation succession planning framework in collaboration with the Human Resource Division through the development of procedural manuals and other duties prescribed within the framework
- Prepares and conducts presentations on role of Division/Unit for the Orientation programme
- Setting agreed individual performance targets and monitoring performance and providing feedback to staff by monitoring and giving insight on the performance of their duties and assumption of their responsibilities.
- May be required to work long hours to meet deadlines etc.
- Excellent leadership and teambuilding skills;
- Excellent analytical and judgment skills;
- Excellent planning and organizing skills
- Excellent communicator.
- Problem solving skills.
- Good team skills
- Excellent interpersonal and influencing skills.
- Ability to cope well under pressured working conditions and to meet deadlines
- Excellent knowledge of government accounting principles
- Skill in operating computerized accounting systems.
Minimum Required Education and Experience
- A Master’s Degree in Accounting, or Business Administration or Management Studies or any equivalent relevant qualification from a recognised tertiary institution plus ten (10) years’ experience in a similar capacity
- Association of Certified Chartered Accountant (ACCA) or Uniformed Certified Public Accountant (CPA) or any equivalent recognised professional qualification in accounting or management plus ten (10) years’ experience in a similar capacity.
Please note that only shortlisted applicants will be contacted.