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Finance Newsletter
New Accounting System
The new accounting system has been operating for a few days over a month. The installation is progressing steadily. A number of small problems have arisen and they have been dealt with as they have arisen. Probably the worst glitch we have experienced was the electronic transfer of addresses from the old to the new system. For a number of people/parishes an incorrect transfer occurred. As a consequence some mail has gone to the wrong place. We believe we have now corrected the problem.
It has been a very busy month for us as we transfer information from the old system to the new and set up the recurring processing functions in the new system. The recurring processing should provide significant timesavings in the future. This workload has meant there have been some delays to processing but we are getting on top of things. Staff are becoming familiar with operating the system but it will be a little longer before we are all fully confident. Overall we are pleased with the implementation.
Confirmation of Balances
Thank you to all those people who have taken the time to respond to our request that you confirm that your account balance is correct. We have been providing a written acknowledgement of all replies we have received so you can be sure that your response has been received. If you have returned your confirmation but not yet received an acknowledgement then you should follow up with the office in case your confirmation has gone missing. To date we have received 218 replies of which 88 have confirmed their balance is correct. For the remaining 130 confirmations we have 118 requests for additional information and 72 queries in relation to individual transactions or balances. We have started work on dealing with these but at the moment our focus is on the provision of information rather than resolving questions.
From some of the queries we have received it is clear that we haven't adequately covered confirmation of ministers' loans balances. We will be dealing with these as part of the next ministers' mailing. However this does not mean that you cannot confirm your loan balance prior to that time.
If you have yet to return your confirmation please take the time to do so. We are trying to improve our service to you and as part of that process we need to make sure our records are correct. We need your assistance with this. Thanks for the time you spend on this.
Invoices for Direct Debits
In the last newsletter I advised that we would be sending out invoices in support of all transactions including transaction where we will be taking money by direct debit from a bank account to settle the debt. If you have an arrangement with this office that invoices are to be settled by direct debit then there is no need to take any further action in respect of your invoice. It is provided for your record only. To help we have now included an advice on the invoice that it will be settled by direct debit.
Amalgamated Investment Fund
The interest rate paid on deposits with the Amalgamated Investment Fund has been reduced to 5.75% with effect from 1 December. This rate is 0.75% above the Reserve Bank’s Official Cash Rate.
Ministers Mortgages
The interest rate on minister’s mortgages remains at 6.6% for the month of December
Office Closure
As the Assembly Office will be shut from close of business on 23 December to reopen on 5 January FSD will not be making any payments or funds transfers during this period. If you need to draw down funds from the AIF or are likely to need a ministers’ loan in this period you will need to make suitable arrangements prior to 23 December.
Payroll Payments
Because of the office closure there will be some changes to payroll payment dates. Fortnightly payroll payments due on 18 December will be paid on that date. Monthly payroll payments due on 20 December will be paid on Friday 19 December. Fortnightly payroll payments due on 1 January will be paid on Monday 22 December. Thereafter we will revert to the normal timetable.
If you wish to make any amendments to payrolls over this period you will need to give us two clear days notice of the change to be certain it will be processed in the correct pay period.
Beneficiary Fund Statements
Annual statements for the Beneficiary Fund have now been mailed to all ministers and annuitants. If you have not received your statement you should contact this office so we can arrange for another statement to be sent.
Included with the statement is a letter from the Beneficiary Fund Work Group advising that the current health care scheme provide by the Beneficiary Fund through Southern Cross will come to an end on 30 June 2004. Other options are being investigated.
We ask that that you carefully read the letter and note its content. At this time we have no further information to add, so we request that you please not ring the office asking for further information. The Beneficiary Fund Work Group will be keeping you informed of progress on this matter. At this time you should take no action as your current cover runs to 30 June 2004. You will have adequate time to make alternative arrangements, if necessary, once the new medical arrangements are known.
Geoff Bell
Manager, Financial Services