2003/04 – 2005/06 SERVICE PLAN Ministry of Finance

Consistency with Government
Strategic Plan

Each Ministry of Finance goal and objective is consistent with and directly contributes to the achievement of the Government Strategic Plan goal of a "strong and vibrant provincial economy". The ministry’s role in contributing to the success of the Government Strategic Plan is illustrated below.

Goal 1: A strong and vibrant provincial economy

Deregulation

In support of the government's goal of reducing regulation and red tape, several initiatives and regulatory reviews have been completed and others are underway.

With respect to completed regulatory reduction initiatives, the ministry has reviewed and revised the Personal Property Security Act regulations to eliminate the inefficiencies of an outdated paper-based system by allowing a more efficient and modern electronic filing system. Clients can now discharge liens and complete most amendments online. These changes resulted in a 4,900 reduction in regulatory requirements. A new Business Corporations Act was developed to make it easier and faster to incorporate and more cost effective to operate a business in British Columbia. The Act will replace the outdated Company Act, eliminating regulatory overlap, enhancing efficiency, and providing greater flexibility for companies. It is expected that the new Act will be implemented in the Fall of 2003.

Regulatory reduction initiatives underway include the consolidation of three policy manuals for government-wide financial management and general administration, review of statutes and regulations related to internal government financial management processes (i.e., Financial Administration Act, Budget Transparency and Accountability Act, Financial Information Act, Auditor General Act, Medical and Health Care Services Special Account Act, Special Accounts Appropriation and Control Act, Special Appropriations Act), and consideration of the regulatory burden imposed by statutes and regulations that govern the registration of manufactured homes in the province, regulate the province's financial services sector, and regulate the province's real estate sector.

To enable the ministry to meet its deregulation target for 2003/04, the ministry intends to consolidate the government's financial management and general administration policy manuals, review legislation and regulations related to internal government financial management processes, implement the new Business Corporations Act, revise the Manufactured Home Act and regulations, as well as review and revise the Miscellaneous Registrations Regulation.

To enable the ministry to meet its deregulation target for 2004/05, the ministry intends to review and revise the Credit Union Incorporation Act and regulations, the Financial Institutions Act and regulations, as well as the Real Estate Act and regulations.