History of the Department

The Treasury Department of the Velocity Interoperability Network is a young institution, but the finances it manages have a short history of their own. The milestones below record how the Network came to have a common budget, a common fund and a single set of accounts, and set out the dates by which the first annual cycle will be completed. They will be extended as each milestone is reached.

1. Before August 2026

   Shared costs met by arrangement between members

   Before the Department existed, the member organisations of the Network met the cost of the shared registries and directories by ad hoc cost-sharing agreements, renewed each year. There was no common budget, no common fund and no published account of what the Network spent.

2. 10 August 2026

   Interim finance office opens and the transitional budget is agreed

   The founding member organisations agreed the transitional budget of 14,490,000 credits for the period from establishment to 31 December 2026, together with the three contribution bands and the standard rate of 700,000 credits. An interim finance office opened the ledger of the Network on the same day.

3. 17 August 2026

   First advance contributions received

   The common fund of the Network received its first advance contributions. By 5 September thirty-one of the forty-two members had paid, placing 11,550,000 credits in the fund before the departments were established.

4. 1 September 2026

   Indicative estimates for 2027 received

   Every department of the Network, then still in formation, submitted indicative estimates for the first full financial year to the interim finance office, and the office circulated the full-year baseline to each of them.

5. 6 September 2026

   Department established

   The Treasury Department of the Velocity Interoperability Network was formally established and took over the ledger, the common fund and the records of the interim finance office. It has responsibility for the budget, the contributions of members, the common fund and the accounts of the Network.

6. 6 September 2026

   Official website launched

   The Department launched treasury.gov.vin, publishing the transitional budget, the opening statement of financial position, the allocation to each department, the register of larger payments and the timetable for the first annual budget.

7. 20 September 2026

   Estimates confirmed

   Departments confirm or revise the indicative estimates for 2027 on which the draft budget will be based.

8. 30 September 2026

   Transitional contributions due

   The remaining eleven transitional contributions, totalling 2,940,000 credits, fall due. The register of contributions received is updated within thirty days.

9. 1 October 2026

   First draft budget circulated

   The draft budget for 2027 is circulated to all member organisations, and comments are accepted until 31 October.

10. 1 December 2026

    First annual budget laid for approval

    The final budget for 2027 is laid before the members, to take effect on 1 January 2027.

11. 30 April 2027

    First audited accounts published

    The audited accounts for the period from 10 August to 31 December 2026, with the report of the Audit Office of the Network, are published on this site.

Announcements are published in the Newsroom. For the Department's present responsibilities, see About the Department; for the position of the Network at establishment, see Accounts; and for the ordinary dates of the annual cycle, see The Financial Year.