The Finance Department, headed by the Financial Controller, directs the financial management, general accounting and record keeping functions of the organization, ensuring effective alignment of financial decisions with strategic objectives and planning; as well as the sourcing, and utilisation of financial resources in an accurate, timely, and responsible manner.
Amongst other activities, the main functions of the Finance Department include the following:
- The development and regular reviews the accounting system, procedures and internal controls;
- Preparation of monthly, quarterly, and annual financial statements;
- Management of the OUR’s investment portfolio;
- The preparation of analytic reports to assist the decision-making processes of the Office, Executives, and Top Management;
- Preparation and monitoring of the annual Budget;
- The determination of annual regulatory fees chargeable to each utility sector;
- Ensuring compliance with statutory requirements and in particular the provisions of the Public Bodies Management and Accountability Act (PBMA), The Financial Administration and Audit (FAA) Act, Income Tax Act, and the Government of Jamaica Procurement Guidelines;
- Assisting with negotiations for group health and general insurance; and
- Providing administrative support for the group pension plan.