Welcome to the Office of Executive Finance

Dear Esteemed Visitors,

We are delighted to extend a warm welcome to the Office of Executive Finance at the Majuro Atoll Local Government's official website.

At the heart of our operations, the Executive Finance team plays a pivotal role in steering the financial integrity and stability of our vibrant community. With a steadfast commitment to transparency, accountability, and sound fiscal management, we aim to foster economic growth and improve the quality of life for all residents of Majuro Atoll.

Here, you will find a wealth of information about our financial policies, budgetary allocations, revenue management, and investment strategies. We encourage you to explore our reports, publications, and resources, as they reflect our dedication to open governance and a prosperous future for Majuro.

As stewards of public funds, we hold ourselves to the highest standards of integrity and professionalism. Our team is dedicated to ensuring that every dollar entrusted to us is used judiciously and in the best interests of our community. Should you have any questions, comments, or suggestions, we welcome your feedback. Together, we can forge a resilient, financially robust future for Majuro Atoll.

Thank you for visiting, and we look forward to serving you.

Warm regards,
Betty Tibon Imaikta
 

Finance Department – Contact: (692) 625-2060 8147

a. Budget Planning and Preparation
The Finance Team is responsible for meticulously crafting the annual budget in close collaboration with various departments and agencies within the Majuro Atoll Local Government. Our aim is to ensure that every allocation aligns with the strategic priorities and objectives set forth by the local government.

b. Financial Reporting and Analysis
Our dedicated Finance Team consistently produces accurate and timely financial reports that cater to both internal decision-makers and external stakeholders. Through rigorous financial analysis, we assess the performance of programs and initiatives, providing crucial insights for informed decision-making.

c. Taxation and Revenue Collection
The Taxation Department, an integral part of our Finance Team, is entrusted with the administration and enforcement of local tax regulations and ordinances applicable to both businesses and households. We diligently oversee the collection process, ensuring punctual and accurate reporting and payment of taxes.
d. Compliance Monitoring
With a commitment to fairness and equity, the Finance Team vigilantly monitors businesses and households for adherence to local tax regulations and ordinances. In cases of non-compliance, we follow established legal procedures to enforce penalties and fines, maintaining the integrity of our community's financial ecosystem.

e. Audit and Internal Controls
To uphold transparency and accountability, the Finance Team maintains robust internal control procedures that safeguard our financial assets. We also collaborate with external auditors for periodic financial audits, ensuring compliance with industry standards and regulatory requirements.

f. Financial Planning and Forecasting
The Finance Team engages in meticulous financial forecasting and planning to guarantee the sustainability of our fiscal policies. We are dedicated to identifying potential financial risks and developing proactive strategies for their mitigation, safeguarding the long-term prosperity of our community.

g. Treasury Management
Efficient management of cash flow is fundamental to our operations. The Finance Team diligently oversees cash flow to guarantee the availability of funds for essential operations and projects. Furthermore, we judiciously invest surplus funds in compliance with local government policies and regulations.

h. Debt Management
Prudent debt management is a cornerstone of our financial strategy. The Finance Team closely monitors existing debts, including loans and bonds, and ensures their timely repayment. We also explore opportunities for obtaining additional financing when required to support critical projects and initiatives.

i. Procurement and Contracts
Adherence to stringent procurement processes is paramount in our commitment to financial transparency. The Finance Team oversees procurement activities to ensure compliance with financial regulations and policies. Additionally, we administer contracts and meticulously monitor vendor performance to ensure optimal value for money.

j. Financial Education and Outreach
We recognize the importance of financial literacy in our community. The Finance Team actively provides educational resources and conducts workshops to enhance public understanding of taxation and financial matters. We foster open communication and collaboration with the community to promote financial well-being.

k. Policy and Regulation Development
Active participation in the formulation and amendment of local tax policies and regulations is a key function of our Finance Team. We provide expert advice on financial matters to the local government authorities, contributing to the development of robust fiscal policies that benefit our community.

l. Technology and Systems Management
We embrace cutting-edge financial technologies to enhance efficiency and accuracy in financial management. The Finance Team is dedicated to implementing and maintaining advanced financial management systems, ensuring that we remain at the forefront of technological innovation in our field.

m. Collaboration and Coordination
Collaboration with other departments is central to our approach. The Finance Team works closely with various departments to align financial goals with the overall organizational objectives of the Majuro Atoll Local Government. Additionally, we maintain open lines of communication with relevant external agencies, fostering a network of partnerships that strengthen our financial stewardship.

The Finance Department consists of:
• Payroll
• Accounting
• IT Department