Vision:
A sustained economic growth with stable macroeconomic environment through dynamic fiscal policy and prudent fiscal discipline.
Mission:
Formulate and implement dynamic fiscal policy and strengthen public financial management (PFM) for effective resource mobilization, efficient allocation, prudent expenditure and debt management with proper accountability of public resources.
Brief Summary:
The Finance Sector is responsible for preparing budget proposals as per the guidelines, reviewing of Mid-year budget and accordingly re-appropriates the unused budget. It also Summarizes financial status by collecting information from other Sectors/Gewog and submit the compiled report to the DNB. Besides these, Finance Sector also Collects the revenue and deposits it to the RGR account after reconciliation. Preparing Voucher to disburse the payment after verifying all the bills and claims are done in the process of disbursing final payment to the respective claimants. Another core activity of Finance Sector is to prepare the budget utilization plan and summit it to the DPA for timely release of Budget to carryout planned activities smoothly. Finally, it’s a Finance sector that reconciles all the receipts and payments with the Bank Reconciliation Statement at the end of every month/Fiscal Year to verify the transactions.
STANDARD OPERATING PROCEDURES
BUDGETING PROCEDURE AT DZONGKHAG LEVEL:
- After receiving budget call notification from ministry of finance, we further notify to the Gewog and sectors with budget call notification to submit budget proposals as per budget preparation guidelines.
- The budget proposals are prepared and submitted as per the approved FYP and within the given budget ceiling. Any subsequent revisions endorsement during the Mid Term Review of the respective Gewog/sectors and other priority programmes approved by the government.
- In order to strengthen performance accountability the Planning unit shall ensure the proposals activities are aligned to the objectives and targets laid out in the Annual Performance Agreement (APA) of the respective sectors/Gewogs and submit the budget proposals through online MYRB system by the Finance section after reviewing the proposals and submit the hard copy with necessary supporting documents to the Department of National Budget with copy to Gross National Happiness Commission Secretariat (GHNC) and GPMD.
- The capital ceiling provided in the budget call is only for RGoB funding and project activities proposed under donor funded are allocated over and above ceiling, subject to donor fund availability and the implementation capacity and finally the discussion are held at DNB conference hall with representative from DNB, GPMD, GNHC.
