Ministry of Finance

Purpose of the Ministry

The Ministry of Finance plays a key role in establishing, implementing and reviewing government’s economic, fiscal and taxation policies. The Ministry continues to focus on the priorities of fiscal sustainability and a competitive economy that will ensure the Province’s success in meeting its strategic goals. The ministry conducts business in a manner that upholds government’s values as identified in the Province of British Columbia’s Strategic Plan.

Key financial statutes for which the Ministry is administratively responsible include the Financial Administration Act, Budget Transparency and Accountability Act, Balanced Budget and Ministerial Accountability Act and the Financial Information Act. These statutes prohibit the tabling of deficit budgets, establish the framework and limits for accounting and financial activity, and ensure the right of the public to open and accountable reporting, including the complete disclosure of all the assumptions upon which fiscal forecasts and provincial budgets are based. These statutes require ministries and Crown corporations to annually release three-year service plans with concrete goals and performance measures and to annually report on their performance results and other financial information of interest to British Columbians.

Services provided by the Ministry include:

• economic planning and reporting, fiscal planning and budgeting;
• management of taxation policy;
• oversight of financial, procurement and administrative governance including strategic direction in establishing policies and maintaining controls, practices and corporate capacity;
• banking, accounting, risk and debt management services for government;
• policy development to regulate the financial and real estate sectors;
• implementation and administration of a framework for government’s management of its Crown corporations;
• administration of public sector employer/employee relations; and
• regulation and registration of corporate entities, the financial and real estate sectors, personal property and manufactured homes.

The Ministry publishes the government’s annual Budget and Fiscal Plan, Estimates, Public Accounts, Quarterly Reports, and Financial and Economic Review. These documents are available at www.fin.gov.bc.ca/pubs.htm. Ministry clients include the general public, Treasury Board, Cabinet, ministries, Crown corporations, boards and commissions, agencies, businesses, public sector employers’ associations, investors and financial-sector agencies.