Dept of finance
Department of Finance is one of the most important departments in any country, state, business organization etc. All the finance related functions are done by this department and all the finance related decisions are taken by this department. Policies are made by this department regarding the investments that is required to be made for fulfilling different purposes. Each country and state has its own department of finance. For example, the state of California is having its own Department of Finance whereas the U.S Government at the federal level is having its own department of finance. Canadian government is having its own department of finance and Australian government is having its own department of finance.
There are many types of services that are provided by the department of finance and exact nature of each of them varies from one nation to another and one state to another. But there are some services that are provided by all the finance departments. First of all, the department of finance provides the required advisory services to various administrative departments. Since all the administrative departments are given their own budgets, advice provided by the finance department is very important.
The other import function that is carried out by the department of finance is the formulation or making of budgets. Budget is basically an annual finance statement of all the sources of income and expenditure and the prime motive for making the budget is the balance the expenditure with the corresponding sources of income. This activity is performed by the department of finance. The department of finance also controls the expenditure of different departments of government etc by way of budgetary control. The department of finance is also entrusted with the duties to monitor the mobilization of different sources of income like various taxes, borrowings and non-tax revenue. The department of finance also looks after the administration of other departments like in India ; the department of finance looks after the Directorate of Small Savings etc.
The department of finance also exercises control over the creation and submission of excise and entertainment taxes, chit funds etc. Apart from all of the above, the department of finance also makes internal audit of various departments. All the functions mentioned above are included in the advisory functions of the department of finance. Various other departments of government send different types of bills for getting passed from the department of finance. Grievance Reddressal is another function that is performed by this department. Let us now discuss about the department of finance in the state of California. The Department of Finance in the state of California is the chief fiscal policy advisor to the Governor of the state. The department is also entrusted with allocating different types of resources to the annual financial plans of the state. Financial Integrity is also maintained by the department, as has been provided in the mission statement. The Vision statement of department is to become the voice of the expertise relating to the different fiscal matters of California State. The goal of department of finance in the state is to make continuous improvement in the programs, systems, structures, processes and performance of the state and to initiate as well as manage different types of changes with expertise. The department fits well into the executive branch of state government and is located in Sacramento. The department is also a part of Governor Administration in the state.
The Director of the department of finance is the state is appointed by the Governor of the state and is also the Chief Fiscal Policy advisor. It is important to note here that the director of department of finance in the state of California sits in the Cabinet of Governor. There are many principal functions that have been assigned to this department in the state and these include making appropriate financial or fiscal policies so that all the programs being carried out by the state government are nicely executed. The department is also entrusted with the preparation, enacting and administration of the budget of the state, which is the annual financial plan of the state. The governor of the state is required to present the budget by January 10 every year and thus, the department of finance has to prepare the budget by this date. The department has also been assigned duties of analyzing the legislations in the state that has a fiscal impact. The department also looks after the CALSTARS, The California State Accounting and Reporting System. Expenditures of all the state departments are monitored and audited by the department of finance and it ensures that departments are complying with policies, standards and laws.
The department also develops the revenue estimates for a given period and also makes economic forecasts. Population & Enrollment projections and their estimate are also developed by the department of finance in the State of California. There are many expenditure items associated with the different departments of state government and these all items are reviewed by the department of finance. Apart from the various functions of department mentioned above, the department of finance in California also makes impacts on the financial activities of other department. This is done by way of granting of a general authority by the state government as per the section 13070. The section provides authority to make business as well as financial policies of the state government. The various operations of the department are directed by various code sections of the law made by the state government. Thus, it can be said that the department of finance in the state of California has been given statutory powers to perform its functions and duties. The department also takes part in different types of boards and commissions by way of Director of Finance. Examples of such boards and commissions are the State Allocation Board for the distribution of funds for the constructions of schools in the state, State Mandates Commission that decides about the various local mandates etc. Department of finance in other states in U.S also perform similar functions, excepting some specialized functions that are given to the department from date to date.
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