AP govt sets up centre to manage public finance systems

Andhra Pradesh government today set up an agency to lay a strong foundation for implementing robust public finance systems and enabling related services.
The State Government is the promoter of Andhra Pradesh Centre for Public Finance Systems and Services (APCPFSS) which will also see participation from private entities. It has been modelled on the lines of Goods and Services Tax Network (GSTN) and National Securities Depository Ltd (NSDL).
"While implementation of an integrated financial management system in a time-bound manner is the main goal, APCPFSS in the interim will support the current systems and work for smooth transition to a newer system," said Special Chief Secretary (Finance) Ajeya Kallam, who will be a Director of the company and Acting Chairman of its Board of Directors.

"The State Government is working towards promoting AP as a leader in ease of doing business through effective and sustainable economic management and public services delivery while simultaneously achieving sustainable growth and development across all sectors.
"Comprehensive and integrated public financial management systems and services are essential for accelerating this objective in a manner that is efficient, accountable and transparent," Kallam said in an order.
Private shareholders would have 51 per cent equity in the APCPFSS, while the State Government would hold the balance.

"The Board will scout for suitable and willing non- Government institutions to partner in the initiative. No private shareholder shall have a stake of more than 10 per cent (each)," the Acting Chairman said.

On an immediate basis, the APCPFSS would work with the Finance Department on various pending projects and towards streamlining and stabilising the existing projects like budget 2017-2018.
"More importantly, it will take up the re-launch and implementation of Comprehensive Financial Management System project on behalf of the Finance Department through a memorandum of understanding.
"The APCPFSS shall also be tasked with designing, developing and delivering of all IT-enabled Financial Management Services to the State Government," the senior official said.