Service Delivery and Core Business Areas

Service Delivery

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 Financial Information Act. These statutes: establish the framework and limits for accounting and financial activity; ensure the right of the public to open and accountable annual budgets and complete disclosure of all the assumptions upon which fiscal forecasts and provincial budgets are based; prohibit annual deficits commencing with the 2004/05 fiscal year, require ministries and Crown corporations to annually release three-year service plans, with concrete goals and performance measures, and to report publicly against those plans each year; and require certain Crown corporations and other public bodies to annually publish information on employee remuneration and supplier payments.

The ministry provides banking, accounting, financial and economic planning and reporting, internal audit, risk and debt management services. The ministry also develops tax policy and policy related to intergovernmental fiscal relations, develops policy for regulating the financial and real estate sectors, develops the framework for government's management of its Crown corporations, sets public sector bargaining mandates, is developing a fiscal framework to support the new relationship with First Nations, oversees effective financial and management practices and controls, serves as the registrar of corporate entities, personal property and manufactured homes, supports performance management and provides other related services. Ministry publications include the annual Budget and Fiscal Plan, Financial and Economic Review, Estimates, Budget Consultation Paper, Public Accounts and quarterly reports for the Province. These documents are available at: http://www.fin.gov.bc.ca/pubs.htm.

Ministry clients include: Treasury Board, Cabinet, ministries, agencies, boards, and commissions (see Appendix 2 for a list of agencies, boards, and commissions for which the Minister of Finance is responsible), businesses, investors and financial-sector agencies and public sector employers' associations. Through its support of the government's Strategic Plan, the ministry also broadly serves the people of British Columbia.

Core Business Areas Overview

Following the 2005 election the ministry was structured into eight core business areas each of which had specific responsibilities for the provision of programs and services to achieve its goals and objectives. Information in this report is presented according to the September 2005 Service Plan Update. In October 2005, a new Strategic and Corporate Policy Division was created in the Ministry (Appendix 4).

1. Crown Agencies Secretariat

Develops a framework for government's management of its Crown corporations and provides advice, information and support to improve good governance and accountability for results. During 2005/06 this area was supported by $1.5 million and 10 FTEs.

2. Financial and Economic Performance and Analysis

Provides fiscal, economic and tax policy analysis and advice that supports the achievement of balanced budgets, improves the province's competitiveness and sustains cost-effective public services. This area is led by Treasury Board Staff and in 2005/06 was supported by $6.4 million and 65 FTEs.

3. Financial Governance, Accounting and Reporting

Assures the accuracy and integrity of provincial public sector financial reporting and maintains a framework of best practices, including internal audit, for financial and procurement management. This area is led by the Office of the Comptroller General and in 2005/06 was supported by $6.7 million and 117 FTEs.

4. Treasury

Provides British Columbians with the benefits of cost-effective cash and debt management and banking services, resulting in lower expenditures and improved online government services through electronic banking support. Recoveries are from ministries, government bodies and other organizations receiving those services. This area is led by Provincial Treasury Operations and during 2005/06 was resourced through a $1,000 Vote with the support of 74 FTEs.

5. Financial and Corporate Sector Services

Ensures that the province's financial services sector is reliable, competitive and enjoys the confidence of British Columbians. Personal property and corporate registry services that meet the needs of the marketplace are also provided. This area is led by the Financial and Corporate Sector Policy Branch, the Financial Institutions Commission and Corporate and Personal Property Registries and during 2005/06 was supported by $1.6 million and 144 FTEs.

6. Public Sector Employers' Council

Fosters an efficient and effective workforce through the coordination of public sector labour relations policies and practices and establishes an affordable mandate for public sector compensation and ensures compliance with it. This area is led by the Public Sector Employers' Council and affiliated Employers Associations and during 2005/06 was supported by $14.6 million and 13 FTEs.

7. Risk Management

Reduces accidental and business losses in the provincial public sector through the development of comprehensive risk management and self-insurance programs. This area is led by Risk Management Branch, which recovers all of its expenses from clients, and during 2005/06 was supported by 46 FTEs.

8. Executive and Support Services

Provides strategic leadership and corporate support services that contribute to the success of all core business areas. During 2005/06 this area was supported by $15.8 million and 145 FTEs.

Ministry Organization