About the Treasury

In any organization, the financial status is of prime importance in the making of any business decisions, either internally by the organization or by external parties wishing to invest in or with the organization. The Treasury is the department in the public service with responsibility for ensuring that systems are in place to ensure the efficient monitoring and reporting of all Government's transactions. This includes the supervision of the collection and disbursement of all funds on behalf of the Crown to ensure that timely, up-to-date information is available for use by its stakeholders.

To achieve this purpose a computerized accounting system, SmartStream, was introduced. This documentation serves to give an outline of the major business processes of the Treasury Department and how SmartStream is incorporated into these processes. The Treasury Department is headed by the Accountant General whose responsibilities are outlined by the Financial Management and Audit Act, Chapter 5 of the Laws of Barbados.

Governing Legislature:

The major operations of the Treasury are guided by the Laws laid down in the following Acts:

• The Constitution of Barbados
• Financial Management and Audit Act, Chapter 5 Various Pensions Acts
• Treasury Bills and Tax Certificates, Chapter 106 Act
• Various Public Debt Acts

Other subsidiary legislation is combined with these Acts to give complete guidance to the processing of all transactions by Government entities.