Finance & Accounts

Finance & Accounts

Shri. Madhav S. Nagargoje
Shri. Madhav S. Nagargoje
Financial Adviser,
Finance & Accounts
 
The primary functions of Finance and Accounts division are as follows-
  • Prepares annual budget and accounts
  • Advice on all finance related issues
  • Accounting and billing of various projects of MMRDA
  • Internal audit of accounts and bills
  • Fund management of MMRDA
  • Salary, CPF processing of all the employees
MMRDA has an annual budget of Rs. 4028.57 crores for the financial year 2013-2014 and is approved by MMRDA in its 132nd Authority meeting held on 23/03/2013.

Organization Chart

Functions of Division

Prepares Annual Budget and Accounts.
 
Finance and Account Division are preparing the Annual Work Programme and budget estimates proposal in consultation with concerned chiefs and then AWP / Budget will be submitted to the Authority for its approval. Preparation of quarterly and yearly statement of budget estimates and their comparison with actual, reasons for variations is reported. Correspondence relating to budget, AWP is made with various division and Government.
 
Advice on all finance related issues.
 
Scrutiny of Financial proposals/Tender documents/project appraisal, scrutiny of lease tender documents are done.
 
Accounting and Billing of various projects of MMRDA.
 
MMRDA has undertaken various prestigious projects such as MUTP, MUIP, Ext. MUIP, Mithi River Works, Metro & Mono Rail, W.T.T. etc. Bills along with files on these projects are to be scrutinized according to work agreement, DSR & PWD manual.
 
Annual Accounts of the Authority of all funds such as MMRDA Fund, MUDP RF, Megacity RF are prepared with relevant books of accounts. The Draft Annual Accounts of the Authority along with Item Note are prepared and submitted to the Authority for its approval/adoption as per the section 13(f) of MMRDA (Finance) Regulation, 1976 for the each financial year. After adoption/approval, the Annual Accounts of the Authority are audited by Accountant General (A.G.) office.
 
Internal Audit of accounts and Bills
 
There is a Internal Audit wing. This wing is doing day to day checking of cash book, bills and other financial proposals. This section are also checking quarterly & annual accounts of authority and arrange audit programme of A. G. Office at every year. In addition to this, work such as compliance of A.G. reports/follow up, submission of quarterly audit reports of MMRDA accounts/CPF to CAO & FA, submission of audit programme, progress of audit works, carry out Dead Stock verifications, checking of service books. 100% checking of receipts/payments/Trial Balance/Balance Sheet, Quarterly Checking of Salary & other payment to staff, checking of staff final claims are being done by Internal Audit Section.
 
Fund Management of MMRDA
 
MMRDA has been entrusted with prestigious projects such as development of BKC, Wadala Truck Terminal and other notified areas. The funds generated from selling of this land development are being utilized to finance the overall infrastructure development of Mumbai. Till such utilization is effected, these funds are managed by F & A Division by investing the same as per prevalent guideline of State Government guidelines for suitable tenures and the requirement of funds for various projects.
 
Salary, CPF processing of all the employees.
 
CPF section are maintaining the CPF accounts/Investment, processing CPF Loan application, Preparing of CPF accounts monthly/quarterly trial balance sheet & issued CPF slips by June end. In addition to this work like preparation of monthly pay bills, maintenance of pay bill register, supplementary bills of the staff, Pay arrears etc. and all related matters regarding salary, reconciliation and maintenance of the recoveries accounts related correspondence, maintenance of individual file and ensure of timely payment of statutory deductions, filing of returns of Income Tax/Professional Tax and other statutory returns of MMRDA employees. Payment of deduction are being done.