Funds Management

Funds Management Team has a varied and integral role regarding National and International Public Funds within the Treasury Management Division.

Its prime funtion is to ensure all POBOC, ROBOC, Capital Expenditure, Official Development Assistance (ODA), and Other Expenses Funds are monitored efficiently and effectively in accordance with their Appropriated Funds.

It provides assistance to all Ministries/Agencies and Communities to ensure compliance regarding revenue and expenditure is adhered to in relation to the Cook Islands Government Financial Procedures and Policies Manual (CIGFPPM) and the MFEM Act, so that transparency and accountability is upheld.

Other functions of the Funds Management Team includes Numismatic - handling the circulation of coins to the Commercial Banks and returning all old Cook Islands Coins, management of the Loans Reserve Funds with greater analytical and transparent approach towards the Cook Islands Debt Portfolio and the assessment of procurement for Goods and Services for Government Ministries, Agencies and Island Administrations through the Procument Portal Cook Islands (PPCI) process to ensure fairness and transparency.

Objectives

  • Efficient and effective management of Public Funds and Debt through greater automation and improved institutional process.  "Pearl of the Pacific" - To be recognised in the region as a leader in Public Financial Management.
  • Sufficient Cook Islands currency to cover economic requirements and increasing revenue above the previous averages from Numismatic sales.
  • An improved procurement systems.

Deliverables

  • Efficient and effective management of Crown Funds.  Improve Budget disbursements.  Greater analytical and transparent approach towards management of the Debt Portfolio
  • Sufficient supply of Cook Islands currency.  Increased revenue from Numismatic Sales
  • A Procurement System which achieves value for money for the Public and which is less laborious than the process which is undertaken at the moment.

Targets

2015-16

  • Complete a Debt Sustainability analysis annually in consultation with the Loan Reserve Fund (LRF) management team.  Reconcilliation of Debt System completed on a monthly basis
  • Increase the market share of Cook Islands commemorative coins. Circulate the new set of coins to all banks and recall old sets.
  • Publish quarterly approach to market in the capital plans for 2015-16.  All information on contracts awarded over $30,000 is made available to the Public via Procurement website.
  • Assist Ministries, Departments and Agencies with developing annual procurement plans

2016-17

  • Centralise Government Bank Accounts for efficient management of cash balances
  • Complete a Debt sustainability analysis annually
  • Increase Numismatic sales revenue from last year by 5%
  • Establish an independent procurement panel to deal with complaints on procurement.

2017-18

  • Conduct an independent debt sustainability analysis
  • Maintain the flow of circulation coins to the Commercial Banks
  • Publication of Procurement Plan prepared by all Departments.
  • Establish a centralised Procurement Unit.