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Treasury

Regulations of the Treasury

Created : 25.09.2017. Updated: 14.03.2018.

Translation from Latvian

Publisher: Cabinet of Ministers

Published: Latvijas Vēstnesis No. 124 (3072), 6 August, 2004

Type: regulations

Number: 677

Adopted: 3 August, 2004

Enters into force: 7 August, 2004

Displayed version: 6 November, 2014 – … Current

Amendments:

Cabinet of Ministers Regulation No. 761, 12 September, 2006 / L.V., 15.09.2006, No. 148(3516)/ Enters into force on 16 September, 2006.

Cabinet of Ministers Regulation No. 492, 17 July, 2007 / L.V., 20.07.2007, No. 117 (3693) / Enters into force on 21 July, 2007.

Cabinet of Ministers Regulation No. 924, 18 August, 2009 / L.V., 21.08.2009, No. 133 (4119) / Enters into force on 22 August, 2009.

Cabinet of Ministers Regulation No. 682, 3 November, 2014 / L.V., 05.11.2014, No. 220 (5280) / Enters into force 6 November, 2014.

 

Cabinet of Ministers Regulation No. 677

Riga, 3 August, 2004 (minutes No. 46.31 §)

 

Regulations of the Treasury

Issued in accordance with Part 1 of Article 16 of the Law on Public Administration Procedure

I. General Provisions

1. The Treasury of the Republic of Latvia (hereinafter - the Treasury) shall be a direct administration institution subordinated to the Ministry of Finance.

2. The purpose of the Treasury's operation shall be effective implementation of the public administration functions in the area of public finance management.

3. The Treasury shall be financed from the central government basic budget.

II. Functions, Tasks and Competence

4. The Treasury shall have the following functions:

4.1. organising execution and financial accounting of the central government budget;

4.2. making payments and allocations from the central government budget revenue;

4.3. government debt management;

4.4. (declassified in accordance with Cabinet of Ministers Regulation No. 492, 17 July, 2007);

4.5. functions of the Paying Authority and Certifiying Authority for the European Union policy instruments, European Economy Financial area financial instruments and the two-part financial instruments (hereinafter - financial instruments) of the Norwegian government established in legislative acts and the National Fund functions delegated by the National Authorising Officer;

4.6. other functions prescribed in legislative acts.

(Amended by Cabinet of Ministers Regulation No. 492, 17 July, 2007)

5. In order to ensure implementation of the functions, the Treasury shall discharge the tasks prescribed in the Law on Budget and Financial Management as well as:

5.1. ensure the resources required for financing the central government budget deficit and meeting debt commitments;

5.2. invest the budgetary funds within the framework of the management of the central government budget finances;

5.3. keep records of and settle the central government debt commitments;

5.4. open accounts for central government budget execution and manage the central government budget funding accounts in the Bank of Latvia and other credit institutions;

5.5. grant the central government budget loans provided in the annual law on Central government budget, keep their records and monitor the settling of the loan commitments;

5.6. prepare and provide information on central and local government budget execution;

5.7. ensure preparation of methodological guidelines on accounting for public administration institutions, local governments and their institutions;

5.8. organize borrowing on domestic and foreign financial markets;

5.9. carry out the assessment of guarantee documents provided on behalf of the state and the supervision of guarantee obligations provided on behalf of the state in accordance with the legislation;

5.10. (declassified in accordance with Cabinet of Ministers Regulation No. 492, 17 July, 2007);

5.11. maintain accounts for inflows from foreign financial assistance (Phare, SAPARD) and make payments from those accounts in accordance with the concluded Financing Memoranda, decisions of the European Commission, Financing Agreements and other agreement documents;

5.12. certify the expenditure made within the framework of financial instruments and request funding from the provider of financial instruments;

5.13. organise visits of international rating agencies to the Republic of Latvia;

5.14. perform other tasks prescribed under the legislative acts.

(Amended by Cabinet of Ministers Regulation No. 492, 17 July, 2007 and Cabinet of Ministers Regulation No. 682, 3 November, 2014)

6. The Treasury shall have the following rights:

6.1. request and receive from state administration institutions, local governments and their institutions and other legal persons under private law information required for the fulfilment of the Treasury's functions;

6.2. when implementing the Paying Authority functions, within the scope of the competence, issue decrees and instructions pertaining to accounting, reporting and financial management;

6.3. organize and implement audit and control of the institutions involved in the management of the policy instruments and beneficiaries of the structural funds financing in order to ensure certification of expenditure;

6.4. offer charged services.

(Amended by Cabinet of Ministers Regulation No. 761, 12 September, 2006 and Cabinet of Ministers Regulation No. 492, 17 July, 2007)

III. Structure of the Treasury and Officials' Competence

7. The Treasury operations shall be managed by the Treasurer. The Treasurer shall be appointed and dismissed from the office by the Minister for Finance.

8. The Treasurer shall implement the functions of a manager of a direct public administration institution established in the Law on Public Administration Procedure as well as:

8.1. ensure implementation of the Treasury's functions;

8.2. represent the Treasury without special authorization and sign agreements on its behalf;

8.3. manage the financing granted to the Treasury and be responsible for its efficient spending;

8.4. issue internal legislative acts required for organisation of the Treasury's operation;

8.5. approve the list of staff positions and job descriptions;

8.6. in accordance with the procedures established in legislative acts, appoint and dismiss from the office the civil servants of the Treasury and hire and dismiss the Treasury employees;

8.7. ensure the preparation of the Treasury's development plans;

8.8. in order to ensure implementation of the Treasury's functions, be authorised to give instructions to the civil servants and employees of the Treasury;

8.9. ensure preparation of the report on budgetary spending;

8.10. ensure preparation of the annual public report;

8.11. within the framework of financial management, be responsible for the daily management of cash assets and providing those assets in order to implement the central government budget;

8.12. assign the responsibilities of the Treasury officials for financial management in accordance with the Law on Budget and Financial Management.

(Amended by Cabinet of Ministers Regulation No. 492, 17 July, 2007)

9. The Treasurer may have Deputies. The scope of competence of the Deputy Treasurers as well as the structural units directly reporting to the relevant Deputy Treasurer shall be assigned by the Treasurer.

10. The structural units of the Treasury shall be Departments and Units.

(Cabinet of Ministers Regulation No. 924, 18 August, 2009)

11. The structural units of the Treasury shall be established, restructured or liquidated by the Treasurer.

12. The functions and tasks of the structural units of the Treasury shall be assigned by the Rules of Procedure of the Treasury.

IV. Procedure for Ensuring Legality of the Treasury's Operations and Operational Reports

13. The Legality of the Treasury's operations shall be ensured by the Treasurer. The Treasurer shall be responsible for the establishment and performance of the internal control and administrative decision verification system of the Treasury.

14. At least once a year, the Treasury shall submit a report on implementation of the Treasury's functions and spending of the budgetary funding to the Minister of Finance.

15. A private person may challenge the administrative acts issued by the Treasurer and actual performance by applying to the Ministry of Finance. The decision of the Ministry of Finance may be appealed in court.

16. The Minister of Finance has the right to request a report on implementation of the Treasury's functions as well as the performance of the Treasury at any time.

Prime Minister I.Emsis

Minister of Finance O.Spurdziņš