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Seal of the Department of Finance

The Lovian Department of Finance was the federal Lovian department occupied with federal finance and federal properties. It was founded on Inauguration Day 2008 by then Secretary of Finance King Dimitri I of Lovia. From February 2010 to the Mid-terms, Yuri Medvedev (CPL.nm) held this office. After the formation of the Villanova I Government, William Krosby (LDP) took over the post. Then, Percival E. Galahad is the Secretary of Finance, under the Villanova II Government. In 2012, the department was replaced by the Ministry of Finance.

Organization and occupation Edit

Economy

The main task of the Department of Finance was taking care of the federal budget, making sure the total income supersedes the total of expenses. The main income of the Department of Finance came from direct and indirect taxation. Important expenses were the division of means between all departments and the granting of means to the ruling monarch.[1] Besides the income/outcome balance, the Department of Finance managed the Federal properties like land and real estate. Some other major initiatives that were taken by this department are the enacting of the Federal Charity Fund and the cooperation on the New Economic Perspective.

There was only one federal institution under the Department of Finance: the Federal Charity Fund. This foundation raises money, from both the Department and independent companies or organizations, for charity goals. The Chairman, Harold Freeman, was appointed by the Secretary of Finance.

Managing the budget Edit

The Department of Finance was in charge of creating and managing a budget. The current budget includes lots of funding for the Department of Welfare, and receives a large amount of income from the Department of Tourism and Leisure.

Budget cuts Edit

Congress and the Department of Finance had cut expenses in the following fields:

  • November 2009: Patriot Act repealed by Congress. Lovia saves an estimated 550,000 USD per year.
  • March 2010: Financial contributions to the King repealed by Congress (Third Amendment). Lovia saves an estimated 204,000 USD per year.

References and notes Edit

  1. According to the Constitution, Article 1.
Lovian Federal Departments
Culture, Heritage & Education - Energy & Environment - Finance - Foreign Affairs - Industry, Agriculture & Trade - Justice - Tourism & Leisure - Transportation - Welfare

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