About the Department
The Treasury Department of the Velocity Interoperability Network manages the finances of the Network. It prepares the annual budget, assesses and collects the contributions of member organisations, holds the common fund of the Network, and keeps and publishes its accounts. The Department does not set policy for the other departments of the Network; it funds the work they are authorised to carry out.
The Department was established on 6 September 2026 and took over the ledger, the common fund and the records of the interim finance office that had operated since 10 August 2026. It publishes on its first day the transitional budget for the remainder of 2026, the opening statement of financial position, the allocation to each department and the timetable for the first annual budget.
Responsibilities. The Department's work falls into five areas.
- Budget
- Preparing the annual budget of the Network from the estimates of each department, and laying it before the member organisations for approval.
- Estimates
- Issuing guidance to departments on the preparation of their estimates, reviewing the estimates received and consolidating them into the draft budget.
- Contributions
- Assessing the contribution of each member organisation, issuing assessment notices, collecting the instalments due and publishing the register of contributions received.
- The common fund
- Holding the common fund of the Network on behalf of the members, maintaining the reserve fund within it, receiving the fees remitted by departments and making the payments authorised by the approved budget.
- Accounts
- Keeping the accounts of the Network, publishing quarterly statements of expenditure and publishing the audited accounts for each financial year.
How the Department works. The Department acts on the instructions of the member organisations, expressed in the approved budget, and reports to them through the statements and accounts it publishes. It has one authorising officer for its own expenditure, which is shown in the departments and offices line of the budget alongside that of every other department, and its accounts are audited by the Audit Office of the Network on the same terms as the rest of the Network's expenditure.
For the events that led to the Department's establishment and the dates by which the first annual cycle will be completed, see History; for the dates of an ordinary year, see The Financial Year. General enquiries may be sent to contact@treasury.gov.vin.