MINISTRY OF FINANCE

Summary

$000

Estimates 2001/02¹

Vote

Estimates 2002/03

Net

No.

Gross

Recoveries

Net

OPERATING EXPENSE

Voted Appropriations

28,667

Ministry Operations.......................................................

42,246

(15,030)

27,216

28,667

Total Voted Expense ...................................

42,246

(15,030)

27,216

Special Accounts (Statutory Authority)

—

Provincial Treasury Revenue Program............................

—

Total Special Accounts..........................................

—

28,667

Total Operating Expense ..............................

42,246

(15,030)

27,216

600

Fulltime Equivalent (FTE) Employment

559

TOTAL EXPENSE BY

GROUP ACCOUNT CLASSIFICATION

38,747

Salaries and Benefits.....................................................

36,432

26,833

Operating Costs............................................................

28,760

—

Government Transfers...................................................

—

9,780

Other Expenses...........................................................

10,715

(33,051)

Internal Recoveries.......................................................

(33,661)

(13,642)

External Recoveries......................................................

(15,030)

28,667

Total Expense ..............................................

42,246

(15,030)

27,216

CAPITAL AND OTHER FINANCIAL REQUIREMENTS

Disbursements

Receipts

Net

—

Prepaid Capital Advances ²...........................................

—

10,522

Capital Expenditures ³ ..................................................

9,689

—

9,689

—

Loan, Investment and Other Requirements ⁴.....................

—

10,522

Total .....................................................................

9,689

—

9,689

NOTES

¹ For comparative purposes only, figures shown for 2001/02 expense, FTEs and capital expenditures have been restated to be consistent with the presentation of the 2002/03 Estimates. Schedule A presents a detailed reconciliation.

² Details of prepaid capital advances are presented in Schedule C.

³ Details of capital expenditures are presented in Schedule D.

⁴ Details of loan, investment and other requirements are presented in Schedule E.

Vote 26

MINISTRY OPERATIONS

Classification by Sub-Vote

Estimates 2001/02

Estimates 2002/03

$000

$000

429

Minister's Office.........................................................................

431

2,458

Corporate Services (net of recoveries)..........................................

2,072

11,483

Treasury Board Staff (net of recoveries)........................................

11,092

5,905

Office of the Comptroller General (net of recoveries)........................

6,403

5,903

— Comptroller General Operations...........................................

6,401

— Corporate Accounting System.............................................

— Internal Audit and Advisory Services....................................

Financial Institutions Commission (FICOM) (net of recoveries)........

Provincial Treasury Operations (net of recoveries)..........................

8,390

Registries.................................................................................

7,216

28,667

Total Vote ............................................................

27,216

VOTE DESCRIPTION

This vote provides for operations and programs of the ministry, including:

(a) Minister’s Office – This sub-vote provides for the office of the Minister of Finance, and includes salaries, benefits, allowances and operating expenses of the minister and the minister's staff.

(b) Corporate Services - This sub-vote provides for executive and administrative support, and policy analysis and advice on financial sector issues, corporate sector issues and legislation.

· analysis and advice on fiscal, budgetary, administrative, economic, intergovernmental fiscal relations, capital and taxation policy issues. Costs are partially recovered from parties external to government for services provided on their behalf;

· analysis and advice on capital issues including public-private partnerships. Costs may be partially recovered from other ministries and agencies;

· monitoring, analysing and forecasting of economic activity and the government's fiscal position;

· production of various financial and economic documents, including the Estimates and Budget; and

· operation and maintenance of financial and economic models to support decision-making within government.

(d) Office of the Comptroller General - This sub-vote provides for:

(i) Comptroller General Operations – provides for payment, recording, and reporting of government accounts and trust funds including preparation of financial statements; development and implementation of financial administration policies and procedures; post payment compliance; analysis and advice on administrative policy issues, accountability initiatives and process improvements; development and interpretation of accounting policies, and operation of the Comptroller General’s office. Recoveries are received from ministries;

(ii) Corporate Accounting System – provides for the development, implementation, operation and maintenance of a corporate accounting system; the provision of related corporate accounting and administrative services; and using the corporate system to streamline financial management processes on a government-wide basis. Recoveries may be received from ministries, agencies, boards and commissions, other governments, participating public sector bodies, special offices, and Crown corporations; and,

(iii) Internal Audit and Advisory Services – provides for internal audit and advisory services to government including reviewing the efficiency, effectiveness and accountability of government operations; examining, evaluating and reporting to management on the adequacy of internal financial and management controls throughout government and compliance with legislative and other authorities; investigative assignments; provision of pre and post-implementation reviews of major information technology systems and providing business and financial advisory services. Recoveries are received from ministries and Crown corporations.

Vote 26
MINISTRY OPERATIONS

Group Account Classification
	Estimates 2001/02 $000	Estimates 2002/03 $000

MINISTER'S OFFICE

Salaries and Benefits........................................................................................................................	295	297
Operating Costs...............................................................................................................................	134	134
Total ..................................................................................................................................	429	431


CORPORATE SERVICES

Salaries and Benefits........................................................................................................................	1,505	1,496
Operating Costs...............................................................................................................................	1,806	567
Other Expenses..............................................................................................................................	135	70
Internal Recoveries..........................................................................................................................	(987)	(60)
External Recoveries.........................................................................................................................	(1)	(1)
Total ..................................................................................................................................	2,458	2,072


TREASURY BOARD STAFF

Salaries and Benefits........................................................................................................................	9,047	7,414
Operating Costs...............................................................................................................................	2,437	3,683
Internal Recoveries..........................................................................................................................	—	(1)
External Recoveries.........................................................................................................................	(1)	(4)
Total ..................................................................................................................................	11,483	11,092


OFFICE OF THE COMPTROLLER GENERAL

Salaries and Benefits........................................................................................................................	11,429	12,071
Operating Costs...............................................................................................................................	14,828	15,929
Other Expenses..............................................................................................................................	1,220	1,220
Internal Recoveries..........................................................................................................................	(21,322)	(22,567)
External Recoveries.........................................................................................................................	(250)	(250)
Total ..................................................................................................................................	5,905	6,403

Vote 26

(e) Financial Institutions Commission (FICOM) - This sub-vote provides for:

· operation of the Financial Institutions Commission and the Credit Union Deposit Insurance Corporation under the Financial Institutions Act;

· administrative costs of regulating credit unions, trust companies, insurance companies, and captive insurance legislation;

· administration of the Real Estate Act, the Mortgage Brokers Act, the Strata Property Act and related activities; and

· administrative costs of credit union stabilization, the Credit Union Deposit Insurance Fund, and related activities.

FICOM costs are fully recovered from the Credit Union Deposit Insurance Corporation, and through fees, licensing and other charges.

(f) Provincial Treasury Operations - This sub-vote provides for debt management, banking and cash management on a cost recovery basis to its clients, including Crown corporations and the government.

(g) Registries - This sub-vote provides for expenses for the creation and registration of all business entities, non-profits and cooperatives operating in British Columbia; registration of security interests in personal property in British Columbia; registration of ownership and location of manufactured homes in British Columbia; and the operation of the Auditor Certification Board under the Company Act.

Vote 26
MINISTRY OPERATIONS

Group Account Classification
	Estimates 2001/02 $000	Estimates 2002/03 $000

FINANCIAL INSTITUTIONS COMMISSION (FICOM)

Salaries and Benefits........................................................................................................................	5,240	5,340
Operating Costs...............................................................................................................................	1,676	1,730
Other Expenses..............................................................................................................................	475	470
External Recoveries.........................................................................................................................	(7,390)	(7,539)
Total ..................................................................................................................................	1	1


PROVINCIAL TREASURY OPERATIONS

Salaries and Benefits........................................................................................................................	5,689	5,331
Operating Costs...............................................................................................................................	3,104	3,984
Other Expenses..............................................................................................................................	7,950	8,955
Internal Recoveries..........................................................................................................................	(10,742)	(11,033)
External Recoveries.........................................................................................................................	(6,000)	(7,236)
Total ..................................................................................................................................	1	1


REGISTRIES

Salaries and Benefits........................................................................................................................	5,542	4,483
Operating Costs...............................................................................................................................	2,848	2,733
Total ..................................................................................................................................	8,390	7,216

Special Account

PROVINCIAL TREASURY REVENUE PROGRAM

Estimates 2001/02

Estimates 2002/03

$000

$000

7,347

Total Account Balance at the Beginning of the Fiscal Year ............

8,293

Operating Transactions

683

Revenue...................................................................................

517

—

Expense...................................................................................

—

683

Net Revenue (Expense) .............................................................

517

263

Difference Between 2001/02 Estimates and Projected Actual Net
Revenue (Expense) .........................................................................

8,293

Total Account Balance at the End of the Fiscal Year.......................

8,810

SPECIAL ACCOUNT DESCRIPTION

This account was established in 1990 by amendments to the Financial Administration Act, and provides for revenue generated from financial agreements managed by the Ministry of Finance.

Net revenue (expense) represents the net income (deficiency) from the Provincial Treasury revenue program in the Management of Public Funds and Debt vote.

No financing transactions are provided for under this account.