Apr 25, 2017 Last Updated 4:35 PM, Apr 19, 2017

The Minister of Finance & the Public Service

The Honourable Minister Audley Shaw CD, MP, Minister of Finance and the Public Service. He is a graduate of Northern Illinois University (NIU) with a Bachelor of Arts and Master of...

Minister of State in the Ministry of Finance and the Public Service

The Honourable Rudyard Spencer, CD, MP is Minister of State (Public Service), with the Ministry of Finance and Public Service. Minister Spencer studied Industrial Relations at Medg...

Financial Secretary

Mr. Everton McFarlane is charged with the responsibility of the Ministry of Finance and the Public Service, under his stewardship he will continue the implementation of the reforms...

Minister of State in the Ministry of Finance and the Public Service

The Honourable Fayval Williams, MP, is Minister of State in the Ministry of Finance and the Public Service. Minister Williams is a Chartered Financial Analyst (CFA), and holds an M...

CTMS

"The main objective of the Central Treasury Management System (CTMS) project is to allow the government, through the Accountant General’s Department (AGD), to centralize its cash management function.

The core project activity therefore involves the upgrading of the existing government accounting system (uFinMan) used by over thirty (30) Ministries, Departments & Agencies (MDAs) and the coding and deployment of a Treasury Management Module (TMM) to be used by Accountant General’s Department (AGD).

The project is part of government’s programme- funded by the Inter American Development Bank (IADB) –Fiscal Administration and Modernization Programme Loan (FAMP) to strengthen and modernize its fiscal administrative capacity.

The Interim CTMS is being implemented in phases, with the intention of benefitting from lessons learnt at each phase informing the definition/refinement of requirements for subsequent phases and eventually an integrated financial management and information system (IFMIS). Phase 1 of the project involves the upgrade of FinMan and the development and deployment of a Treasury Management Module which would allow for centralized processing of payment requests submitted by MDAs through the BOJ’s RTGS & ACH.

The full implementation of the CTMS will allow for the consolidation of government’s cash resources under the control of the Accountant General (AG) resulting in significant cost savings and improved customer service. The Bank of Jamaica will play a critical role as custodian of a clearly structured Treasury Single Account holding GOJ cash as well as the use of the national payment system (RTGS & ACH) to make “just –in-time” payment to suppliers/payees. The interim CTMS will also involve the consolidation of revenue systems with Commercial Banks (having PRR transit accounts) continuing to facilitate the daily sweeping of funds into the TSA at the BOJ. The additional of the revenue consolidation aspect of the TMM will follow [phase 1] immediately as part of Phase 2 of the project”