Project Financial Management
The “Al-Meyyah” Project is in principle a continuation of the activities of the Water Authority of Jordan (WAJ) and the Ministry of Water and Irrigation (MWI), which commenced as early as 1994. During the period since then a broad variety of individual projects have been launched, which assisted shaping the work environment of the “Al-Meyyah” project as it is experienced now.
The Executive Management Board (EMB) has the overall responsibility for executing the project and managing the project fund in line with the financing agreement and that of the approved OWP and AWPs.
The EMB delegates the day-to-day management to the project director.
The Delegation of Authorities to manage the project is bound by the Authority matrix mentioned hereafter.
The EMB should also ensure the fulfillment of Article no. 6 of the financing agreement for segregation of duties between the Authorizing officer and the Accounting officer.
The Project director should establish supporting departments for financial and administrative project issues.
The Administration Department will provide administrative support and services for PMU and the Al-Meyyah project. Objectives and tasks include:
§ Establish and maintain a filing system to ensure smooth flow and retrieval of documents,
§ monitor and control procurment,
§ maintain and follow-up proper records of the PMU/Al-Meyyah staff members,
§ establish and implement a Human Resources Development policy and plan for PMU/Al-Meyyah project,
§ establish and implement PMU/Al-Meyyah’s Information Technology (IT) plan, and
§ develop and monitor a Quality Management System for PMU/Al-Meyyah project.
The work of the Administration Department is a continuum of activities that permeates and parallels all activities of PMU/Al-Meyyah project, since it relates to the management of materials and human resources, and following up development and implementation of plans, policies, and procedures.
Following the Technical and Administrative Provision (TAP) in the Financing agreement, the European Commission put at the disposal of the Government of Jordan an operational Fund of Euro 5 Millions to be utilized in a flexible manner aside with 1.3 Millions contribution from the Ministry of Water & Irrigation.
The available fund of Community contribution for direct use by the beneficiary is EUR 4 million.
The Finance Department at the Programme Management Unit (PMU) is considered as the support Department for all PMU's directorates by performing all financial operations efficiently and accurately.
The finance department is supported by highly qualified employees with good experience in accounting and financial analysis from the private sector; the finance department uses trade (commercial) accounting in recording financial transactions, and prepares the balance sheet and the closing account in accordance with international accounting standards and in accordance with the conditions mentioned in agreements signed between the government and both donors and lenders.
· Establish sound accounting policies and procedures in accordance with International Accounting Standards, and follow up on its implementation to ensure a high level of financial control over PMU operations.
· Timely issuing of PMU audited financial statement.
· Providing full cooperation to internal (governmental) and external financial auditors, providing full cooperation to official donors programme supervision missions.
· Monitor other donors' funds and ensure proper utilization.
· Ensure proper and efficient use of PMU funds through implementing the accountability and transparency principles, by applying governmental procedures and specifically stated objectives in the donor's Financing Agreement.
· Assist all PMU Directorates with respect to budget preparation.
· Prepare The overall PMU budget based on planned activities and the responsibility for budget control.
· Monitor PMU’s actual expenditures versus approved budget and take proactive measures to implement contractual commitments related to finance and accounting. Ensure that donors' procedures in relation to procurement and contracting are fully implemented along with the governmental procedures to ensure high level of transparency.
· The proper maintenance of the financing and accounting cycle that govern all PMU financial activities and the segregation and distributing of activities among department staff.
· Establish and ensure maintenance of PMU's fixed asset register.
· Preparing quarterly financial performance reports, and on request financial report for the various Directorates.
· Ensure timely submission at loan/grant withdrawal application, requests for disbursement and replenishment of funds.
· Reporting and acting as a source of knowledge to PMU Management and Departments regarding Financial Matters (Loan/Grants), contract administration and PMU operational budget; handle the monitoring of the financial performance indicators and the development and maintenance of the financial models
Participate in the evaluation of proposed projects and PSP/PPP initiatives focusing on general financial and economic aspects, financial model financial requirements, etc.