Ministry of Finance

Message from the Minister and
Accountability Statement

It is my pleasure to present the 2005/06 – 2007/08 Service Plan Update September 2005 for the Ministry of Finance. Following the government's renewed mandate, this plan reconfirms the Ministry's commitment to support government priorities, including a focus on the Five Great Goals for a Golden Decade.

The work of the Ministry of Finance is key to the success of these five goals. A strong economy and balanced budgets provide the means to develop excellence in education, promote healthy living, support people at risk, protect our environment, and create jobs for British Columbians. The Ministry will maintain its sound fiscal management and continue to support a strong and vibrant economy so that government can achieve its goals and individual British Columbians can fulfil their own dreams.

The Province of British Columbia has established a reputation for consistently meeting its fiscal plan targets — a track record that earned credit rating upgrades from Standard and Poor's, Moody's Investor Services, and Dominion Bond Rating Service.

Recently, the Ministry of Finance also achieved an important accountability milestone when it released the 2004/05 Public Accounts. In addition to confirming the achievement of a record surplus and debt paydown, the event marked the culmination of a three-year plan to achieve full compliance with Generally Accepted Accounting Principles and to fully consolidate information from school districts, universities, colleges, and health authorities in the Province's budgeting and reporting systems.

This achievement received recognition from B.C.'s Auditor General and the Canadian Institute of Chartered Accountants. The Ministry will work to ensure British Columbia continues to lead the provinces in the timeliness of its financial reports and in providing the most comprehensive set of public disclosure documents in Canada.

The September 2005 Budget Update reaffirms the government's commitment to balance the annual provincial budget. However, it will take ongoing effort and vigilance to ensure that we remain on track and keep the budget balanced. Service plans are one of the tools that help focus our priorities and ensure that the decisions we make today remain affordable and sustainable in the years ahead as we continue to deliver high quality programs and services that British Columbians expect and rely on.

I would like to acknowledge the ministry staff whose professionalism, dedication, and hard work make it possible for the ministry to fulfil its goals and ultimately help the government achieve its priorities. I thank them for their hard work in preparing and implementing this Updated Service Plan, and I look forward to working with them as we move ahead.

The Ministry of Finance and Associated Entities 2005/06 – 2007/08 Service Plan Update September 2005 was prepared under my direction in accordance with the Budget Transparency and Accountability Act. I am accountable for the basis on which the plan has been prepared. All material fiscal assumptions and policy decisions as of September 2, 2005, have been considered in preparing the plan and I am accountable for achieving the specific objectives in the plan.
 

Honourable Carole Taylor
Minister of Finance

September 2, 2005