Treasury Deposits

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

These are deposits following an “Formal Order” or 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 “Formal Order “ or “Order for Payment Out of Court” which bears the signature of the  presiding Judge or Registrar of the Supreme Court.

A commission of 1% of the amount received is paid in to the Miscellaneous Revenue Account.

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 of 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.

THE DISCHARGE OF A MORTGAGE IS ISSUED BY THE NATIONAL LAND AGENCY AND NOT THE ACCOUNTANT GENERAL’S DEPARTMENT.

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 are therefore placed in an interest bearing bank account.

A commission of 1% of the amount received is deducted by the AGD for maintaining the records relating to each deposit. The commission is paid in to the Miscellaneous Revenue 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 bear the date, the stamp and seal of the Supreme Court.

Withholding tax will be deducted from all interest earned on the sums invested and paid over to Tax Administration Jamaica.

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 overseas. These include deposits made by the Ministry of Tourism to fund overseas transactions.

Deposits are also made by some Ministries and Departments in order to secure foreign exchange for some suppliers of goods and services.

Nomination 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.

Other Deposits

• 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.
•  Department of Co-operative & Friendly Societies.
• Ministry of Water and Housing under the Housing Fund Act.

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.

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.

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.

• 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