Page 17 - DOF Annual Report 2018

Annual Report 2018 - Department of Finance 17 2-4 RESPONSIBILITIES AND OUTPUTS
Law No. 1 of 2017 concerning the Financial System of the Government of Abu Dhabi determined a set of responsibilities assigned to the Department, resulting in specific outputs meant to provide innovative financial services to the Government of Abu Dhabi and other Government entities.
The Department of Finance works on formulating a fiscal policy for the Emirate of Abu Dhabi, linking it to the Government’s framework and developing an effective and efficient financial system. This is done through developing medium-term expenditures plans, general budgets and a dynamic methodology for managing treasury and Government procurement consistent with the Public Policy Agenda and Abu Dhabi Plan.
The Department of Finance is responsible for implementing an integrated regulatory framework for the Public Financial Resources through defining the principles of responsible public financial management. The Department is also responsible for defining the methods for collecting and managing financial resources, as well as specifying authorities, and responsibilities of managing the Public Financial Resources, strengthening supervision, applying Government principles and managing public financial risks.
The Department of Finance operates according to the main principles of managing Public Financial Resources, which are aimed at establishing an institutional framework characterised by high transparency and accountability levels. This in turn optimises the use of the Public Financial Resources and enhances the Government’s performance to achieve optimal quality. The Department also adopts a balanced fiscal policy that achieves sustainable economic growth consistent with Abu Dhabi’s Public Policy; in addition to preparing the draft General Budget by estimating expenditures and revenues and to enhance general public financial risk management strategies.
The Department is keen on further enhancing all of its outputs, in addition to adopting advanced work methodologies and procedures. It is also always looking to introduce the latest and best e-systems such as the Electronic System for the Management of Public Financial Resources, which was implemented and disseminated to Government Entities. This System was introduced to ensure a unified strategic direction and to implement high-end upgraded services in all Government Entities that finance their operations from the General Budget of the Government of Abu Dhabi.
The Department of Finance relies on the Government's Fiscal Policy as a reference to develop its medium- term spending policy, which in turn supports the growth and economic prosperity of the Emirate at all levels. The Department also aims to promote the Government's financial performance and to enhance local financial reserves through the implementation of effective General Budget management strategies, supported by the Government accounts policy and advanced processes of treasury management to ensure the best utilization of public resources.