The City Corporation maintains two separate accounts, one for the Revenue and Capital Fund and the other for the Water Supply and Drainage Fund.
General Fund Accounts: This department monitors and supervises the work relating to finance, budget and accounts of the Corporation relating to all the areas except water supply and drainage, and is headed by the Assistant Commissioner (Accounts). Monitoring income and expenditure for Revenue and capital fund Accounts and Elementary education fund Accounts as per budgetary provisions also come within the control of this department. Other responsibilities include:
- Scrutinizing of pay bills and disbursing salaries to employees,
- Payment for all works and supply bills, and
- Payment of all terminal benefits to the retired Corporation employees.
- Finalization of Annual accounts relating to Revenue and capital fund, Elementary education fund.
Functions - General Fund Accounts
- Preparation and submission of Budget and Accounts except water supply and drainage
- Payment of all bills including pensioners benefits.
- Monitoring of income and expenditure.
Water Supply and Drainage Accounts: This section monitors and supervises the work relating to finance, budget and accounts of the water supply and drainage works of the Corporation. In addition, monitoring of income and expenditure as per budgetary provisions comes within its purview.
The section is headed by the Accounts Officer (water supply) who also prepares and submits the Budget and Accounts of water supply and drainage.
Functions - Water Supply & Drainage Accounts
- Preparation and submission of Budget and Accounts with regards to water supply and drainage
- Monitoring of income and expenditure of the corporation
- Finalization of Annual accounts relating to Water supply and Drainage accounts.
New Accounting System
The Accounts in Coimbatore Corporation was maintained on cash basis upto 1999-2000. Tamilnadu State Government decided to revamp and modernize the accounting system in Urban Local Bodies and introduced the Accrual Based Accounts Accounting system with the object of better financial management.
The Accrual Based Accounting System is implemented successfully w.e.f.1.4.2000 by preparing Trial Balance, Income and Expenditure statement and Balance Sheet which is useful to create better discipline in the financial management, facilitating the Corporation Administration to take correct and remedial measures to improve the financial strength of the Corporation. Computerization of accounts is also going to be introduced in this Corporation and it is needless to point out that the financial accounts can be finalized quickly and accurately
The Director of Local Fund Audit and his subordinates are the Statutory Auditors of the Accounts who have to certify the Balance sheet