The Finance & Account Department of Olorunda Local Council Development Area is essential for managing the council’s financial resources and ensuring fiscal responsibility. Below are the primary functions of this department:
Budget Preparation and Management: The Finance Department is responsible for preparing the council’s annual budget. This includes estimating revenue, allocating funds to various departments, and ensuring that the budget aligns with the council’s priorities and strategic plans.
Revenue Collection: The department oversees the collection of all revenue due to the council, including taxes, levies, fines, and fees. It ensures that these revenues are collected efficiently and accounted for accurately.
Financial Reporting: The department prepares and presents financial reports, including quarterly and annual financial statements, to the council management, state government, and other relevant stakeholders. This includes income and expenditure reports, balance sheets, and other necessary financial documents.
Expenditure Control: The department ensures that all expenditures are in line with the approved budget and are properly documented. It also monitors spending to prevent overspending and ensure funds are used efficiently.
Payroll Administration: The Finance Department is responsible for managing the payroll for all council employees. This includes processing salaries, pensions, and other employee benefits in a timely and accurate manner.
Funds Disbursement: The department manages the disbursement of funds for various projects, programs, and operational costs of the council. It ensures that payments are made following proper procedures and authorizations.
Financial Audits and Compliance: The department ensures that the council complies with all relevant financial regulations and conducts internal audits to ensure the integrity of financial processes. It also facilitates external audits by state and federal agencies.
Asset Management: The department oversees the management and accounting of the council’s assets, including properties, vehicles, and equipment. This involves keeping an accurate inventory and ensuring that assets are used effectively.
Debt Management: If the council has any debts, the Finance Department is responsible for managing these liabilities, ensuring that repayments are made on time and that the council’s debt profile is kept within manageable limits.
Financial Planning and Strategy: The department provides financial analysis and advice to the council’s leadership to inform decision-making. This includes long-term financial planning, investment strategies, and identifying opportunities for improving the council’s financial health.
Procurement of printing documents: The department is responsible for the procuring and storage of print documents for the council’s use. Documents like, ledgers, payment vouchers, letter-headed papers, stationeries amongst other items are catered for through the finance department.
These functions ensure that the Olorunda local council maintains financial stability, transparency, and accountability in managing public funds.