Finance and Accounts
Overview
The Finance and Accounts department prides itself on delivering professional, accurate, efficient and customer centric service to all stakeholders. In 2017, the Tourism Enhancement Fund (TEF) transitioned from a self-financing entity to a budget funded entity which resulted in several changes to the financial reporting framework as pointed out below:
The responsibility to collect the fees for all chargeable passengers by air or sea and to ensure it is paid directly to the Consolidated Fund.
Effectively manage the funding to the organization provided through the estimates of expenditures which is monitored by the Ministry of Finance & the Public Service.
TEF Loan Programmes
The Finance & Accounts department also has the responsibility of monitoring the TEF loan programmes offered through the National Export-Import Bank of Jamaica (EXIM Bank) and the Jamaica National Small Business Loans (JNSBL). The programme with Jamaica National Small Business Loan (JNSBL) started in 2007 and has offered 5 loan products to sub-borrowers, while EXIM started in 2016 and offers 2 financing arrangements.
These Loan Programmes are geared at providing Small & Medium Tourism Enterprise (SMTE) with the affordable financing options to facilitate continued growth and sustainable development of the sector.
TEF Loan Programme
TEF's commitment to funding partner
Amount disabled to funding partner
Interest rate to borrowers
Ceiling
JN SMALL BUSINESS
EXIM BANK
$ 380,000,000
$ 1,000,000,000
$ 1,380,000,000
$ 277,745,000
$ 1,000,000,000
$ 1,277,745,000
0 – 4.5%
4.5%
$5 mil
$25 mil
This department since TEF’s inception, has the responsibility of disbursing project funding to the respective partners. Project funding is reported by resort area and according to the programmes of the Government of Jamaica.
Programmes
Direction and Management
Human Capital Development
Maintenance/Rehabilitation of Tourism Areas
Tourism Investment
Tourism Business Development
TEF CONTRACT CARRIAGE DEFAULT CLEARANCE LOAN
