Corporate Services Division
The Finance and Planning Department is part of the Corporate Services Division which provides the physical, operational and commercial environment which supports the activities of the Trinidad and Tobago Civil Aviation Authority.
Finance and Planning Department
Aims and responsibilities
The Finance Department is responsible for the effective financial management and stewardship of the Authority and for ensuring that the Authority’s financial position remains healthy and sustainable.
The Finance Department operates in a devolved manner with eight accounting staff, taking their professional leadership from the Manager Finance and Planning and the Executive Manager Corporate Services.
Finance Department main activities
- Provision of professional advice and direction.
- Delivery of management reporting that enables senior and local managers to effectively manage their activities.
- Statutory financial and fiscal reporting.
- Processing transactions related to income, expenditure, capital projects and financing.
The strategic aims of the Finance Department are:
- Maintain tight stewardship over the Authority’s financial resources, ensuring that adequate financial resources are available for managed strategic growth without over commitment.
- Accurate and timely accounting of income and full costs of activities across the Authority, consistent with GAAP, International Accounting Standards (IAS) and other regulatory bodies.
- Maintain and improve the Authority’s financial control environment including the management of financial risk.
- Maintain and improve the financial systems and processes such that they are easy for users to access, operate quickly, efficiently and accurately.
- Consistently improve financial and management reporting such that accurate up to date information reflecting income received and due, and expenditure undertaken and committed, is reported on a timely basis each month and at year end.
- Develop a culture of customer service and support, and continually improve the provision of financial advice provided to executive management to assist them in the effective management of their area of responsibility and the Authority overall.
Planning Functions include:
- Strategic Planning
- Budget preparation and administration
- Departmental Cost allocation
Finance Functions Include:
- Accounts payable
- Bank Reconciliation
- Revenue Administration and Billings
- Procurement and Logistics
- Contract administration and monitoring of service providers.
- Property inventory
- General accounting records
- Fixed assets records
- Custody of funds
- Cash flow analysis and estimation
- Insurance and Risk management
- Internal financial reports
- External financial reports
- Statutory reports
- Tax reports