The accounts of the Corporation are maintained separately in two sections: The General Fund Accounts and the Water Supply and Drainage Fund Accounts. The General Fund Accounts section is headed by the Assistant Commissioner (Accounts) and the water supply and Drainage Fund Accounts section is headed by the Accounts Officer (water supply). Both the sections monitor and supervise the work relating to finance, budget and accounts of the Corporation relating to their areas. Monitoring income and expenditure as per budgetary provisions comes within the purview of both the sections.
Preparation and submission of Budget and Accounts are the main activities of both the sections. Scrutinizing of pay bills and disbursing salaries to employees are also one of the main duties. Payments for all works and supply bills are made after proper check and scrutiny. Settlement of all audit objections is also one of their primary duties. Payment of all pensioners benefits of teaching and non-teaching staff of Corporation schools and to the retired Corporation employees are made from the General Fund Accounts.
New Accounting System
The Accounts in Coimbatore Corporation was maintained on cash basis upto 1999-2000. Tamilnadu State Government decided to revamp and modernize the accounting system in Urban Local Bodies and introduced the Accrual Based Accounts Accounting system with the object of better financial management.
The Accrual Based Accounting System is implemented successfully w.e.f.1.4.2000 by preparing Trial Balance, Income and Expenditure statement and Balance Sheet which is useful to create better discipline in the financial management, facilitating the Corporation Administration to take correct and remedial measures to improve the financial strength of the Corporation. Computerization of accounts is also going to be introduced in this Corporation and it is needless to point out that the financial accounts can be finalized quickly and accurately
The Director of Local Fund Audit and his subordinates are the Statutory Auditors of the Accounts who have to certify the Balance sheet