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Corporate Plan 1999 - 2002
EXECUTIVE SUMMARY |
Corporate objectives for 1999-2002 are:
- To return the national budget to a surplus position by 2001/2002
- To maintain the level of increased revenue collections at 14% per year
- To achieve and maintain a sustainable debt profile for the period
- To stabilize the financial sector and improve the regulatory framework within which it
functions
- To devise a financial programme consistent with annual inflation targets
- To improve the data quality and database used for fiscal and socioeconomic policy
formulation
- To improve financial management of public investment projects
- To institutionalize improved standards of financial management, accountability and
transparency by 2000/2001
- To contain public sector wage increases within targeted levels of inflation
- To ensure timely transformation and modernization of the ministry’s business
operations
Clients of the ministry are:the Government of Jamaica, the
Public, the financial and business sectors, the media, non-governmental organizations,
regional and international financial institutions.
The ministry is organized to carry out its functions through six
programmes: Economic Management, Financial
Sector Regulation, Tax Management, Financial
Management, Public Service Establishment, Corporate Services.
ECONOMIC MANAGEMENT
Mandate: |
To manage
fiscal policy and coordinate economic advice to government |
Objective
1999/2000: |
Better
socioeconomic and fiscal management. |
| Divisions of Operation: |
Economics Division, Fiscal Policy Management Unit, Debt Management
Unit, Planning institute of Jamaica(PIOJ), Statistical Institute of Jamaica(STATIN), Project Analysis and
Monitoring Company(PAMCo) |
Programme strategies for 1999/2000 have been devised to take
account of the need for
- macroeconomic and fiscal management to achieve a sustainable budget surplus
- strategic management of the public debt
- a financial programme consistent with inflation targets
- accurate, relevant and timely data for fiscal and socioeconomic policy formulation
- general improvement in business processes and client relations
The Bank of Jamaica (BOJ) is an integral part of Government’s
macroeconomic management programme, being responsible for the development and
implementation of monetary policies. The Ministry of Finance, the BOJ and the PIOJ
collaborate to develop the macroeconomic parameters and to provide policy advice. STATIN
provides the national account statistics that support the macro-economic projections.
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FINANCIAL SECTOR REGULATION
| Mandate: |
To provide the
regulatory framework for supervision of the financial sector. |
| Objectives 1999/2000: |
- To ensure that legislation for regulation facilitates stability in the financial sector
- To upgrade and strengthen the capability of the agencies to effectively regulate the
operations of the insurance industry.
- To provide appropriate recommendations for execution of the reforms in the financial
sector.
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| Divisions of Operation: |
Office of the
Superintendent of Insurance, Financial Regulation Unit |
Programme strategies for 1999/2000 have been designed to achieve
- amendments and enactment of relevant legislation
- strengthening of the Insurance Division’s capabilities to regulate the insurance
industry
- efficient operation of other regulatory authorities
- an effectively regulated pensions industry
- efficient transfer of the Unit Trusts
The Superintendent of Insurance is one of three authorities through whom the
Minister of Finance regulates the operations of the country’s financial institutions.
The other two are the Governor of the Bank of Jamaica and the Executive Director of the
Securities Commission.
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TAX MANAGEMENT
Mandate: |
To administer
the tax systems and advise on tax policies |
Objectives
1999/2000: |
- To maintain an increase in the intake of revenues at a minimum 14% per year
- To design and implement tax policies consistent with national objectives and
international trade relations
- To ensure timely transformation and modernization of tax administration
- To improve the data quality and database used for fiscal policy formulation
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Divisions of
Operation: |
Tax Policy, Tax
Administration Services, Taxpayer Audit and Assessment, Taxpayer Appeals, Inland Revenue, Fiscal Services, Customs, Revenue
Protection, Tax Administration Reform |
Programme strategies for 1999/2000 are geared towards
- the operation of more effective and timely tax policies and guidelines
- broadening the tax base
- increasing voluntary compliance
- strengthening tax assessment and collection systems
- strengthening the management and organization of the Revenue Services
- improving customer services
- improving the base and quality of data that inform fiscal policy formulation
Over the past five years the ministry has been engaged in a tax
administration reform project aimed at increasing the effectiveness, efficiency and equity
of the overall tax system. Close to 900,000 taxpayers have been registered, and new
legislation has been passed that will enable the revenue departments to integrate their
functions and provide more effective tax administration services.
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FINANCIAL MANAGEMENT
| Mandate: |
To manage the
national budget and administer policies which foster sound financial management in the
public sector. |
| Objectives 1999/2000: |
- To return GOJ’s budget to a surplus position by 2001/2002
- To improve the efficiency and effectiveness of the government's financial and accounting
systems
- To improve and institutionalize, by 2000/2001, public sector standards of financial
management, accountability and transparency
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| Divisions of Operation: |
Budget
Division, Financial Management Division, Public
Enterprises Division, Accountant General's Department |
Programme strategies for 1999/2000 have been designed to achieve
closer alignment between public expenditure and revenue
a balance between budgeted and allocated resources
improved financial management and accountability in the public sector
improved and expanded financial management information systems
the legal framework and guidelines for more efficient and effective financial management
better accountability and cost consciousness in ministries, departments, and agencies of
government
more competence among financial managers and internal auditors
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PUBLIC SERVICE ESTABLISHMENT
| Mandate |
To advise on and implement
policies for managing the establishments of the public service. |
| Objectives1999/2000: |
- To contain public sector wage increases within targeted levels of inflation
- To modernize human resource practices in government
- To improve pensions management
- To maintain industrial harmony in the public sector
- The quality of the human resource management data base assists and supports
decision-making
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| Divisions of Operation: |
Conditions Of Service,
Compensation , Industrial Relations,Superannuation, Establishment Control, Permanent
Salaries Review Board (PSRB) |
Programme strategies for 1999/2000 have been designed to
- improve the status and condition of workers through best HRM practice
- ensure adequate and equitable pay policies and structures
- ensure adequate and prompt payment of retirement benefits
- facilitate more informed decision making
- ensure that industrial harmony is maintained
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CORPORATE SERVICES
Mandate: |
To develop and
support the corporate processes of the ministry and manage its corporate services |
Objective1999/2000: |
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| Divisions of Operation: |
Corporate
Planning & Reform, Human Resource Management, Information Management, Physical
Resource Management (Property and Office Services, Transport and Security), Finance and
Accounting |
Progamme strategies seek to ensure that
- a goal- and performance-oriented approach is steadily adopted in all areas of management
- the ministry has an educated and motivated workforce
- the most appropriate organizational and management structures are in place for the
ministry to pursue its corporate objectives
- information for the ministry and its clients is available as needed whenever needed
- the ministry’s business operations are conducted in a secure, comfortable and
functional work environment
- the ministry practises methods of cost control and resource conservation that are
effective and worthy of emulation throughout the public sector
- there is improved management accounting by the ministry, its departments and agencies
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