Treasury Management Division
At Treasury, we are committed to promoting responsible and effective Public Financial Management (PFM) systems that enable efficient management of public funds. We achieve this by maintaining an effective internal control environment, provide and maintain financial policies and procedures, and producing timely financial reporting. The Treasury Management Division is made up of four expert teams, each focused on a specific aspect of financial management.
Strengthening Public Financial Management in the Cook Islands
The Ministry of Finance and Economic Management (MFEM) is leading a programme to strengthen public financial management across the Cook Islands Government. The programme is supported by the Climate Finance Capacity Support Programme (CFCSP).
While the existing framework has provided a strong foundation, government financial management has become more complex, with increased expectations around transparency, service delivery, climate finance and cross-agency coordination. Through this programme MFEM will proactively review and strengthen the legal, policy and operational frameworks that govern public finances to ensure they remain fit for purpose, including:
-
Review and update of the Cook Islands Government Financial Policies and Procedures Manual
-
Development of a Finance Shared Services Framework.
The programme aims to enhance the Government’s ability to plan, manage and report on public finances, including climate-related funding, in line with national priorities and international good practice.
The review of the MFEM Act will be undertaken by local consultants, Kaveinga Mātūtū, while KPMG New Zealand will lead the remaining workstreams.
Key stakeholder engagement will occur throughout the programme to ensure reforms are practical, inclusive, and well aligned with the Cook Islands’ needs.
For further information, please contact:
Elizabeth Tommy
Director, Treasury Management Division
Crown Accounting
As part of our commitment to responsible financial management, Treasury oversees the coordination of financial reporting for the Crown Consolidated Accounts by working closely with line all government agencies. We are responsible for ensuring that all financial reporting is accurate, timely, and in compliance with the MFEM Act 1995-96.
The Crown team work closely with government agencies to provide technical guidance on financial reporting, policies, and procedures to identify areas for improvement.
Funds Management
Funds Management is a crucial arm of Treasury, dedicated to overseeing the management of the government's cashflow, bank deposits, payment processing, and debt management system.
In addition, our team oversees the production of currency (coins) and manage the numismatic business of government, which involves designing and producing commemorative coins and other numismatic products.
Shared Services
The Shared Services team at Treasury is responsible for providing essential business services to all government agencies. We specialise in preparation of monthly, annual, and other reporting requirements, and work closely with our clients to ensure that all financial reporting is accurate, timely, and in compliance with the relevant laws and regulations.
In addition to financial reporting, our team manages payroll services for the government. We ensure that all employees are paid accurately and on time, and that all tax and compliance requirements are met.
Internal Audit
Internal Audit is responsible for providing assurance to the Financial Secretary that the Crown's financial and operational controls are operating in an efficient, effective, economical, and ethical manner. We work closely with management across government agencies to identify areas for improvement and provide guidance on best practices in financial management and internal control.