Punjab public funds: Financial team to reconcile missing amount
Finance secretary writes a letter to the AG and assured him that a team will pay a visit shortly.
LAHORE:
A team of financial managers will meet the accountant general (AG) of Punjab in a bid to reconcile the missing amount of Rs38 billion from the civil accounts of the Punjab government.
A report published by The Express Tribune on Monday indicated that the provincial government is at a loss to explain the difference between its accounts and expenditure.
The finance secretary has written a letter to the AG and assured him that a team will pay a visit shortly.
The team’s aim will be to settle disputes arising from the discrepancy, work to reconcile the numbers and answer queries related to the issuance of funds to public-private companies, said an official from the provincial government.
The office of the AG has stopped issuing funds to various companies established by the provincial administration saying that they were not following accounting procedures laid down for public consolidated funds.
The official said that these companies were allegedly transferring public funds worth millions of rupees in commercial bank accounts without approval from relevant authorities.
The Lahore Waste Management Company, for example, was established under the Companies Act, but was never listed by the provincial government as an independent entity with financial autonomy.
Published in The Express Tribune, May 8th, 2012.
A team of financial managers will meet the accountant general (AG) of Punjab in a bid to reconcile the missing amount of Rs38 billion from the civil accounts of the Punjab government.
A report published by The Express Tribune on Monday indicated that the provincial government is at a loss to explain the difference between its accounts and expenditure.
The finance secretary has written a letter to the AG and assured him that a team will pay a visit shortly.
The team’s aim will be to settle disputes arising from the discrepancy, work to reconcile the numbers and answer queries related to the issuance of funds to public-private companies, said an official from the provincial government.
The office of the AG has stopped issuing funds to various companies established by the provincial administration saying that they were not following accounting procedures laid down for public consolidated funds.
The official said that these companies were allegedly transferring public funds worth millions of rupees in commercial bank accounts without approval from relevant authorities.
The Lahore Waste Management Company, for example, was established under the Companies Act, but was never listed by the provincial government as an independent entity with financial autonomy.
Published in The Express Tribune, May 8th, 2012.