Consultancy Services to Implement a New Cashiering Model Including the Implementation of a Computer Module for the Treasury Department, Ministry of Finance, Government of Belize
Institution: Ministry of Finance, Economic Development and Investment
Country: Belize
Project: Strengthening Public Expenditure Management in Belize (SPEM)
Sector: Finance and Public Service
Abstract: This project aims to promote the fiscal sustainability of Belize. The specific objective is to increase the efficiency of public resources by strengthening public financial management.
Loan No.: 5353/OC-BL
Process ID: BL-L1038-P00007
Deadline: Extended Deadline – Thursday, October 12, 2023; 10:00 a.m. (Local Belize Time)
The Government of Belize has received eight million US Dollars (US $8M) in loan financing from the Inter-American Development Bank (IDB) for the implementation of the Project – Strengthening Public Expenditure Management in Belize.
The program is comprised of four subcomponents that will achieve several objectives, including the Financial Management, to improve the efficiency of key expenditure functions. The activities of the project will include; establishment of a new Cashiering Model, and a cash management model to better manage revenue collection and allocate financing resources; reorganizing the structure of the debt unit and implementing a new public debt business model, with capacity to quantify the fiscal impact of acquiring new debt and to simulate scenarios to optimize the country’s debt management; supporting the establishment of an internal audit unit within the MOF to strengthen the internal control model currently in use, and its expansion to all LM, by: (a) implementing an off-the-shelf audit/control application; (b) designing and implementing a transparency portal to publish relevant information and audit reports; (c) implementing a control dashboard to monitor the implementation of recommendations that may result from the audit findings; and (d) proposing a strategy to enhance budget transparency and civil society participation; acquiring two Smart Stream new modules to support asset and project management; providing assistance to modify the budget classification and the Chart of Accounts (COA), to enable asset registration and tracking of climate change and gender-related expenditures; and developing a needs assessment and methodology to register and evaluate gender programs, and implement such a program in one Line Ministry (LM).
The consulting services (“the Services”) to implement a New Cashiering Model including the implementation of a computer Module for the Treasury Department, Ministry of Finance, Government of Belize the objective of the consultancy is to provide support and advice to the Accountant General on the review of the current cashiering model processes and the implementation of an updated Cashiering model and module, compatible with SmartStream, for the Treasury Department. The Treasury Department is entrusted with the collection of ALL Government of Belize revenues. Once collected, it is entrusted in the posting and reconciliation of all Government Accounts for the preparation of Financial Statements. Currently, the scope of business has changed, and it has become ever dynamic. With urgency, a new cashiering module is needed to collect, post and report on non-tax revenue collected with their various types of collection. This new cashiering module must aid in the reconciliation process of all government accounts both Cash, Commercial Banks, and Central Bank. The new cashiering module must adhere to IPSAS accounting and regulations.
The Ministry of Finance, Economic Development and Investment now invites eligible consulting firms (“Consultants”) to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have the required qualifications and relevant experience to perform the Services.
From the expressions of interest received, the Executing Agency will prepare a short list comprising not fewer than five (5) and not more than eight (8) eligible firms.
