Page 22 - DOF Annual Report 2018

22 Annual Report 2018 - Department of Finance
03 2017 Achievements Summary
The Department of Finance has accomplished a number of achievements during 2017, the most prominent of which are the following:
Issuance of Law No. 1 of 2017 concerning the Financial System of the Government of Abu Dhabi.
Updating the Government of Abu Dhabi Fiscal Policy and developing the Medium-Term Fiscal Framework.
Developing and issuing the 2017 General Budget implementation instructions to the concerned entities including their approved financial appropriations, in addition to following up and monitoring its implementation.
Developing and issuing instructions, guidelines and templates for the preparation of the 2018 General Budget.
Finalising the preparation and approval of the 2018 General Budget and notifying all concerned entities with their approved financial appropriations.
Processing and collecting Government tax and non-tax revenues.
Developing an integrated system to capture the Value Added Tax (VAT) for payment and refund purposes as well as establishing a unified tax group comprising of 60 Government Entities.
Preparing the final draft of the Government Services Pricing Manual. Reviewing and analysing over 75 pricing requests of Government services.
Managing the Public Treasury and securing the funds required by Government Entities and in line with the approved financial appropriations in the General Budget.
Maintaining and book keeping of Government’s accounting records and issuing instructions for closing of accounts and accounting records of Government Entities for the year ended 31 December 2017.
Approving the opening of bank accounts for Government Entities to manage the Trust Funds alongside updating the Chart of Accounts and general ledger to cater for such accounts and issuing the necessary guidelines for Government Entities to manage such accounts in accordance with the Articles 20 and 21 of Law No. 1 of 2017.
Issuing standard insurance policies for all Government Entities to insure their properties against risks that may be caused to assets and funds as well as other supporting insurances.
Working with multiple Government Corporations and Companies to determine the Public Service Obligations (PSOs), the relevant Entity that is responsible for providing such services and the initiation of heads of agreements to ensure that all public services are properly priced.
Establishing the principles of monitoring the financial performance of Government Corporations and Companies and other Government investments.
Working on numerous projects for “distressed” investments with multiple Government Corporations and Companies to identify current financial challenges and risks, and developing integrated solutions to overcome them.