The NCA Member’s Scheme Fund for Mortgage and Car Loan is a revolving fund established pursuant to the Salaries and Remuneration Commission (SRC) circular number SRC/TS/WH/3/14 of 14th February 2014.In line with Section 167 of the PFM Act 2012, the fund administrator caused the preparation of these financial statements in FY 2017/2018, in FY 2018/2019 and in FY 2019/2020 which have already been audited. Its mandate is to provide mortgage and car loans to public and state officers of the County Assembly of Nandi.
The fund is committed to ensuring compliance with regulatory and supervisory corporate governance requirements. The operations of the fund were then governed by a Public Finance Management Regulations enacted in 2014 which were repealed by the County Assembly of Nandi on January 31, 2018 upon enactment of Public Finance Management (Nandi County Assembly Members’ Scheme Fund Mortgages and Car Loans) Regulations, 2018 to govern the operations of the fund. The structure is designed to ensure an informed decision-making process based on accurate reporting to the board.
Essential to the establishment of a corporate governance framework in the fund is a formal governance structure with the two committees;
While the Fund Administration Committee is constituted from among administrative staff of the County Assembly of Nandi who hold fiduciary responsibilities, the Loan Management Committee is the apex body of the Fund. The Clerk to the County Assembly sits in both committees; as a Chairman of the Fund Administration Committee and a secretary to the LMC. However, as at the end of the FY 2018/2019, the LMC membership had not been adopted by the County Assembly as required by the regulations and therefore the Fund Administration Committee ran all the activities as the only fully constituted committee. The Fund Administration Committee meets quarterly or as required in order to monitor the implementation of the fund’s strategic plan and achievement of the targets in the performance contract signed with the county assembly. The Fund Administration Committee also plays an oversight role over all other financial and operational issues. The fund’s administrative officers held seven full board and two special board meetings during the FY 2020/2021
