The measure establishes a regulatory framework designed to ensure that the country’s government agencies manage their finances responsibly and with accountability.
The Treasury Secretary established new rules for managing a specific type of public funds called “revolving funds.” These funds are those small amounts of money that Administration offices can use for daily expenses, such as purchasing supplies or paying small bills.
It is also worth noting that these funds are designed to make it easier for agencies to make small purchases or deal with unforeseen costs without having to go through a lengthy approval process. For this reason, Resolution 113/2024 of that department of the Ministry of Economy updated and clarified the rules to create, manage and close these revolving funds.
According to the official text, “this resolution is crucial to ensuring that government money is used efficiently and transparently.” Therefore, establish clear rules on how to create these funds, how to use them, and how to keep track of expenses.
Key points of the standard
- Limits on fund size: Sets a cap on the amount of money an agency can have in its revolving fund, based on its annual budget.
- Creation and adjustment: describes the process for creating a new revolving fund or adjusting an existing one.
- Expenses and reports– Specifies how money can be spent in these funds and what types of records must be kept.
- Closing of funds: provides instructions on how to close a revolving fund when it is no longer needed.
- Electronic systems: requires the use of electronic systems for the management and monitoring of these funds.
According to what the official text explains, this resolution is important because it helps Prevent misuse of funds by establishing clear rules and requiring detailed reporting. Likewise, it indicates that mimproves financial managementl promote the use of electronic systems and standardized procedures and “increases transparency” by making the process of creating and managing revolving funds more open.
Source: Ambito
