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Conclusion

Careful management of public money ensures it is used appropriately, and limits risk at portfolio and aggregate levels. To maximise benefit and limit risk, specialist financial functions (eg, investment or debt management) are either run centrally or delegated to agencies with the appropriate skills.

All public money must be held in Crown or departmental bank accounts. Payments to departments are based on schedules reflecting appropriations and delivery expectations. Departments then pay Crown entities and other non-departmental providers. Debts to suppliers are paid promptly.

All agencies are expected to have robust financial systems in place.

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