Role of the Treasury

Every nation needs a body which can control and oversee the flow of funds in that country. That body is called the treasury. It oversees the way funds are assigned by the government to the various departments, keeps a record of those transactions, and endures the extent to which those funds are made use of. It also participates in the gathering of funds for a certain occasion and monitors the ways through which the funds are being received or handed over. 

Fundraising 

This body provides other sectors with the ways using which a large sum of funds can be generated from them. The Treasury gives those bodies through the procedure in accordance. Also, it ensures that the fund that is being lent is following the individuals that led to the generation of those funds. This puts into effect the rules and regulations that are needed to be followed during the process of fundraising. All the transactions that are involved in the process of fundraising are carefully monitored and are under the regulations of the financial system. 

The treasury takes into account all how the funding is being raised. And all the funds are reported in the documents. All the data is stored in physical and digital form to put to use in the future. The flow of funds is carefully monitored to not cause any kind of instability in the overall funds of the financial budget. The treasury creates a balance in the financial budget that is passed for 5 years. The money is carefully regulated to not affect the working of the government bodies. 

Financial Planning

The treasury of a nation puts forward the plan for the funds of that nation. The budget is presented for the designated departments and institutes or sectors that are in the need of funds. And, all that data is stored and monitored carefully. All the related bodies are given appropriate advice to regulate the funds to a much better extent. They are provided with appropriate plans and strategies. 

Taking account of all the transactions that were made previously, a new revised financial bill is formed. This bill carries the proper account of how allotted sums to the sectors will be utilised by them. Reports are made utilising the data that is in the possession of the treasury to instate the better utilisation of the resources. 

Financial Oversight

The Treasury oversees the budget that has been assigned by the government to the various sectors. The funds that are allotted for development, educational facilities, schemes, technological advancements or other financial purposes, are all taken into account by the treasury. And, alongside that, the expenditure in all these fields is also overseen by the treasury of a nation. All the management, accounts or financial statements are handled by the treasury. 

It also guides the related sectors in the matters of financial problems. The best way to utilise the funds that are slotted to them is given by the treasury. This, in a way, is for the sole benefit of society and the government. This ensures that the system is working properly and all the duties are being carried out for which the funds were raised. All the records regarding the allotment and expenditure are maintained by the treasury. 

The matters that are related to the funds for any scheme or program that is put forward by the government are handled according to the decisions of this body. If the budget slotted is not fit for the given scheme or program, the treasury has full authority to strike the policy. 

Conclusion

Generally, the finance minister of a country is said to be the head of treasury for that country. It is seen as all the funds are regulated primarily by the finance department of a country. These funds are then divided into parts to be assigned to various sectors or divided based on the people that will be receiving the services through the funds. Hence, it won’t be wrong to state that the entire finance and economy of a country are regulated by the treasury of that nation.