Core Business Areas

The ministry provides a wide range of functions related to our mandate of promoting sound fiscal management and governance in the provincial government. In order to efficiently and effectively deliver these functions, the ministry has been structured into seven core business areas. Each of these core business areas has specific responsibilities for the provision of programs and services. The core business areas include:

1. Financial and Economic Performance and Analysis.

2. Financial Governance, Accounting and Reporting.

3. Treasury.

4. Financial and Corporate Sector Services.

5. Public Sector Employers' Council.

6. Risk Management.

7. Executive and Support Services.

Collectively, these core business areas include all of the ministry's programs and services and directly contribute to at least one of our goals.

Core Business Area 1:

Financial and Economic Performance and Analysis.

Purpose:

• To provide prudent fiscal analysis and advice that supports the achievement of balanced budgets, improves the province's business climate and sustains cost-effective public services.

Core Activities:

• Develop the government's three-year fiscal plan and identify, assess, monitor and manage significant risks and opportunities relating to the plan
• Provide financial, economic, revenue, capital, taxation, and intergovernmental fiscal relations advice to the minister, Treasury Board, Cabinet, Government Caucus Committees, government ministries and agencies, and other stakeholders
• Manage the government budget and estimates reporting process
• Produce the budget, estimates, quarterly reports, and the budget consultation document; as well as internal reports and related analysis.

Core Business Area 2:

Financial Governance, Accounting and Reporting.

Purpose:

• To assure the accuracy and integrity of provincial public sector financial reporting and maintain a framework of best practices for financial and procurement management.

Core Activities:

• Provide accounting policy advice and analysis to ministries, Crown corporations, agencies and the schools, universities, colleges and hospitals (SUCH) sector, resulting in financial information that is consistent with Generally Accepted Accounting Principles
• Provide accounting advice on public private partnerships (P3s) and financing proposals
• Provide financial and procurement management regulation by establishing policy, procedure and legislation that define the framework for government, and provide assurance that the framework is operating as intended using a risk-based approach; process legal encumbrances for government
• Provide internal audit services to support ministry and cross-government performance, risk management, and control activities
• Provide financial reporting by preparing and publishing the public accounts and contributing to other financial reports for timely reporting, decision-making, and financial transparency, and by working with the Auditor General and accounting standards organizations on appropriate accounting standards and their application to the province.

Core Business Area 3:

Treasury.

Purpose:

• To provide British Columbians with the benefits of cost effective debt management and banking resulting in lower expenditures and to improve online government services through electronic banking support.

Core Activities:

• Deliver cost effective banking, cash management, and electronic banking services to ministries, Crown corporations and government agencies
• Ensure the borrowing needs for the provincial government and its agencies are met, provide support for corporate and project finance initiatives, and efficiently manage debt, settlement operations, and reporting
• Manage investor relations initiatives and act as the primary liaison with domestic and international credit rating agencies.

Core Business Area 4:

Financial and Corporate Sector Services.

Purpose:

• To ensure that the province's financial services sector is reliable, competitive and enjoys the confidence of British Columbians and to provide personal property and corporate registry services that meets the needs of the marketplace.

Core Activities:

• Oversee the financial services and real estate sectors including:
  • operation of the Financial Institutions Commission (FICOM) and the Credit Union Deposit Insurance Corporation
  • regulation of credit unions, trust companies, pension plans, insurance companies, captive insurance companies, and insurance licensees
  • regulation of real estate licensees and mortgage brokers.
• Operate registries services including:
  • registration of all business entities, non-profit organizations, and co-operatives that operate in British Columbia
  • maintenance of registries of security interests (liens) in personal property and of the ownership and location of manufactured homes in the province.
• Provide policy analysis and advice to government in support of legislative frameworks for the regulation of the province's financial services, real estate, corporate, and commercial sectors.

Core Business Area 5:

Public Sector Employers' Council.

Purpose:

• To foster an efficient and effective workforce through the coordination of public sector labour relations policies and practices.

Core Activities:

• Set and coordinate strategic directions in human resource management and labour relations and advise government with respect to labour relations and pension and benefits issues in the provincial public sector.

Core Business Area 6:

Risk Management.

Purpose:

• To reduce accidental and business losses in the provincial public sector through the development of comprehensive risk management and self-insurance programs.

Core Activities:

• Provide risk management services in the areas of risk identification and assessment processes, risk transfer, risk financing, risk mitigation, claims/litigation management, and security and business continuity planning
• Develop and manage comprehensive risk management programs that seek to minimize the risks the provincial public sector faces by virtue of its programs, operations and assets, including public education, health care, Crown corporations, and other public entities.

Core Business Area 7:

Executive and Support Services.

Purpose:

• To provide strategic leadership and corporate support services that contributes to the success of all core business areas.

Core Activities:

• Executive and administrative support to the Minister and Deputy Minister's offices
• Strategic support to ministry operations, programs, and external clients including the Ministry of Management Services, Ministry of Provincial Revenue, Office of the Premier, BC Public Service Agency and other public sector entities. Service areas include finance, human resources, information management, and information access and records services
• Development of Enterprise-wide risk management frameworks to identify and cost-effectively manage the ministry's key risks and opportunities
• Funding in support of Government House
• Funding in support of Partnerships British Columbia.

		Ministry of Finance Core Business Area Composition