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Page updated: 26 Nov 2009

Principal duties and responsibilities of the Finance Department

The Finance Department supports the PCT on a day to day basis to assist in the delivery of the business plan, national and local priorities and corporate objectives.

Specifically, the principal duties and responsibilities of the Finance Department are as follows:

To support to the PCT in securing financial balance which will include the determination and establishment of cash releasing efficiency savings required to ensure financial balance and to advise the PCT on strategic and operational matters relating to finance.

To oversee receipt of allocations and to maintain records for resource planning assumptions and commitments to underpin the strategic financial plan for the PCT.

To lead the annual budget setting process and ensure that financial and budgetary information is available to all levels of the organisation in a timely and accurate manner.

To contribute to the operational and business planning activities of the PCT.

Provide advice and training on corporate governance issues.

To provide expert support and advice to all those with budgetary responsibility and ensure that all budget managers receive appropriate training and development to facilitate the best possible standards of service within available resources.

To ensure that there is a rolling programme of capital investment within the PCT that meets and recognises the requirements of the organisation.

To ensure that appropriate controls and systems are in place for the management, monitoring and effective reporting of all aspects balance sheet, cash and budgetary amounts, and to advise and bring to the attention of the Board any areas of concern.

To develop and review financial systems, procedures and controls to ensure that the budgetary, accounting, income and expenditure systems operate efficiently to the highest professional standards.

To ensure that the Standing Orders and Standing Financial Instructions are correct in order to maintain the Trust's financial controls, and to ensure compliance across the PCT as well as conducting induction sessions and relevant financial training within the organisation.

To co-ordinate the monitoring of financial performance against plan and to advise the Board of major variances and year end projections.

To prepare monthly reports to the PCT Boards on all aspects of financial performance, linking this with other key performance indicators.

To play a key role in the interpretation of national policies and practices in assessing the financial risks and impact of the implementation of these policies.

To provide overall assurance to the Board that the PCT will meet their key statutory financial targets, remaining within the allocated cash limit and capital resource limit and other non-statutory targets such as the Better Payment Practice Code or advise of remedial action as soon as may be required.

To ensure that the annual statutory accounts are prepared and completed in line with the national timetable and to the highest standard.

To interpret and apply the concepts and principles contained within the DOH's Manual for Accounts, and national accounting standards and policies in the production of the year-end financial statements, and provide expert knowledge and financial advice in the interpretation of these concepts and principles.

To ensure that all payments to suppliers, NHS Providers, General Practitioners, Dentists are made on time, appropriately authorised and in accordance with national guidance and procedures.

To oversee the work of the PCTs' internal auditors.

The Finance Department aims to deliver these duties as efficiently as possible to the highest professional standards.

The Finance Department consistently evaluates its performance against both internal and external standards e.g. Auditors Local Evaluation (ALE) and has itself agreed a small number of standards that it can measures itself against throughout the year.