Treasury Deposits

Overview of the functions of the Treasury Deposits Unit

The Accountant General is the custodian of the Treasury Deposits.
 
The Treasury Deposits Unit (TDU) has the responsibility for receiving, monitoring and reporting on special funds established by law or any other deposits set aside for specific purposes with regards to Ministries, Departments, Agencies (MDA), and Organizations associated with the Government. The TDU is required by order of the Minister of Finance, to place these deposits  in designated bank accounts and invest as may be necessary from time to time.
 
 Under the FAA Act, section 14(1) the Minister of Finance authorizes the  use of the balances held on deposits.
 

Treasury Deposits are comprised of the following:

  • Deposits from Ministries and Departments
  • Levies Law Deposits/ Suitors Money
  • Trust and Appropriated Funds

These Deposits are further categorized as: Special Funds; Deposits for Investments;
Deposits at Interest and Miscellaneous deposits.

  • Special Funds
  • Deposits for Investment
  • Deposits at Interest
  • Miscellaneous Deposits (which has about 5 sub-categories)

 

Trust and Appropriated Funds

Trust Funds are held for various benefactor  (organizations and individuals in the past) under a trust deed and are managed and invested for the purposes of the named beneficiaries.  The Appropriated Funds are approved by Parliament  for specific purposes for example, the Chancery Fund and the Mortgage Deposit Fund
 

The Chancery Fund

These are deposits following an “Order for payment Into Court” issued by the Supreme Court and High Courts in respect of Suitor money under the Suitor’s Money Act.
 
These amounts are paid out to the clients attorneys only on the authority of an  original “Order for Payment Out of Court” which bears the signature of the Registrar or a Judge of the Supreme Court.
 

Mortgage Deposits Fund (Registration of Titles Act-Section 123)

Mortgages which are outstanding on properties for which the mortgagors (borrowers) cannot locate the mortgagees (lenders) are deposited with  the Accountant General by the attorney or the borrower. The Registrar of Titles determines if the amount deposited is sufficient to cover the mortgage.
 
Money is refunded to the lender only on the written authority of the Registrar of Titles.
 

Levies Law/Suitors Money 

This falls in the category of Miscellaneous Deposits.
 
Under the Levies Law/Suitors Money Act, monies are received from the Resident Magistrates Bailiffs and Inland Revenue Department in respect of amounts paid into the Court for cases being tried before the R.M Court. These are on-demand funds, and therefore they are placed in their own interest bearing bank account.
 
A commission of 1% of the amount received is paid in to the Miscellaneous Revenue Account.
 

Requirements for Payments from  the Levies Law/ Suitors Money Account

The fund is repaid by an original “Order for Payments out of Court/Treasury” signed by the Registrar or Judge of the Supreme Court.  The order must be bear the date, the stamp and seal of the Supreme Court.
 
Withholding tax will be deducted from all interest earned on the sums deposited and invested a paid over to the Inland Revenue Department.
 

Deposits from Ministries, Departments and Agencies

These Deposits relate to the following:
 
Deposits sent in by various Ministries and Departments to make payments to overseas suppliers of goods and services. These deposits also relate to amounts for pensioners living aboard and the Ministry of Foreign Affairs also deposits amounts to be paid to various Missions/ Embassies/Consulates overseas.
 
Deposits are also made by some Ministries and Departments in order to secure foreign exchange for some suppliers of goods and services.
 
Nominations fees paid by Candidates during General and Parochial Elections are also deposited with the Treasury Deposits. Refunds will be made to eligible candidates only on presentation of the original “Certificate of Refund” issued to the Candidate by the Electoral Office of Jamaica.
 

Contingencies Fund

This is a fund established under the Constitution (section 118). Refer also to the Financial Administration and Audit Act Section 13 (1).  The provision for this Fund must not exceed $100 M and is used for unforeseen disasters.
 
The following obtains regarding payment out of the Contingencies Fund:
 

  • The Ministries of Finance may approve advances to other Ministries and Departments.

 

  • On receipt of written approval from the Ministry of Finance and Planning, the Accountant General will disburse funds to the relevant Ministries/Departments.

 

 Payments from the Contingencies Fund

Advances to Ministries and Departments are made occasionally only on the written authority of the Ministry of Finance.
 
Repayments of Advances are to be re-deposited to the Contingencies Fund Account.
 
The Account must be maintained at the maximum fund deposited initially (i.e $94M)
 
Any interest earned on the account is transferred to the interest account managed by the Revenue Unit of the AGD.
 
Any change incurred against the account is to be billed to the Accountant General’s Head of Expenditure.
 

Advances to Ministries and Departments

Under the F.A.A. ACT an advance can be issued to Ministries and Departments to meet expenditure, this requires approval of the Ministry of Finance and ought to be cleared as soon as possible.
 

Other Receipts

  • Administrator General’s Department for the beneficiaries of estates.. These are paid out to the beneficiaries on receipt of authorization from the Administrator General’s Department.
  •  Co-operative & Friendly Societies..
  • Ministry of Water and Housing under the Housing Fund Act.
  • Sale of Government of Jamaica official receipt books

          We are ACCA Certified

      The Accountant General's
      Department is ACCA certified. 
       view larger>