Government accounts to close on Dec 12, Ngangan says

National

By HELEN TARAWA
FINANCE Secretary Dr Ken Ngangan says Government accounts will be closed on Dec 12 and re-opened in the first week of January.
He told department heads at a meeting that the Government’s financial year remained unchanged – from Jan 1 to Dec 31 every year.
“We are now 44 days before the year ends. We have 17 working days before we close business,” he said.
Ngangan said Dec 12 was strickly the cut-off date for all commitments to the Government.
“No more commitments after that,” he said.
Ngangan said the Integrated Finance Management System would be shut down after Dec 12.
“We will send our financial controllers to assist agencies that still use the Papua New Guinea accounting system,” he said.
“This year, we opened the accounts in record time in the first week of January. We intend to do the same probably on Jan 4 or 9 next year.
“By Dec 12, all unused warrants, whatever they may be, will be zeroed out.”
Ngangan said the Finance Department was able to compile all public accounts up to last year.
“We are required by law to compile and have our books audited by March 31 and we are now on track for March 31 next year for the 2016 accounts,” he said.

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