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Accounts and Finance Department

About the Department

The Finance Department of NMRDA is integral to planning, organizing, auditing, accounting, and controlling the organization's finances. It oversees money management and the acquisition of additional funding, acting as the backbone of NMRDA's developmental activities. Key responsibilities include monitoring cash flow, budgeting, managing income and expenditure, and filing returns.

Objectives

  • Ensure the financial health of NMRDA.
  • Adhere to due procedures for incurring expenses.
  • Conduct pre-audits to prevent irregularities.
  • Safeguard revenue streams.
Accounts and Finance

Functions

  • Annual Budget Preparation and Implementation: The Finance Department prepares the annual budget based on receipts and expenditures from the previous two years. Departmental heads provide projected expenditure inputs each November. The budget, incorporating feedback from the Metropolitan Commissioner, is submitted to the NMRDA for approval.
  • Receipt and Expenditure Verification: Regular cross-verification of expenses with banks is conducted, with discrepancies addressed promptly.
  • Financial Advisory: The department provides insights and recommendations on financial matters, including administrative approvals, tender acceptances, and bill payments.
  • Bill Auditing and Payment: Bills from various departments undergo thorough audits before payments are processed to the appropriate agencies, without submission to the treasury.
  • Bookkeeping: Accounts are maintained per Section 27 of the Mumbai Metropolitan Region Development Authority (MMRDA) Act, 1974. Financial year receipts and expenditures are included in the annual report submitted to the State Government under Section 29 of the MMRDA Act, 1974.
  • Fund Management: Revenues are collected from various fees related to building permissions. After ensuring immediate expenditure needs are met, surplus funds are invested in fixed deposits per State Government guidelines.
  • Credit Rating and Surplus Fund Management

Roles & Responsibilities

  • Attend meetings.
  • Review bills and completed work.
  • Engage with vendors and manage their payments electronically.
  • E-file TDS.
  • Process employee salaries.
  • Serve as members on various tender committees.
  • Review contract documents.

This comprehensive approach ensures the financial integrity and effective financial management of NMRDA.