Goals, Objectives, Strategies and Results

Goals and Objectives

The Ministry of Finance has established five goals that will continue to guide our activities during the three years addressed in this Service Plan. These goals reflect the strategic shifts driven by government's New Era commitments and include:

1. Implementing government's three-year fiscal plan and balancing the budget beginning in 2004/05.

2. Creating a tax and regulatory climate that stimulates economic growth.

3. Effective and efficient financial and risk management.

4. Comprehensive, timely and transparent financial planning and reporting.

5. A progressive, innovative and knowledgeable workforce.

The following section provides further information on the purpose and intended outcomes associated with each of these goals. A number of high-level objectives are also linked to their respective goals to better illustrate the direction we are pursuing to successfully achieve our goals and realize our intended future.

Goal 1: Implementing government's three-year fiscal plan and balancing the budget beginning in 2004/05.

A strong and vibrant provincial economy is a key goal in the government's three-year strategic plan. The ministry will assist government in achieving this goal by maintaining a competitive tax regime and assisting ministries to meet their budget and service plan targets, thereby eliminating the structural deficit and balancing the budget. The ministry will also coordinate the management of labour relations policies and practices in the public sector to foster an efficient and effective workforce.

Once the provincial budget is balanced beginning in 2004/05, the ministry will assist in identifying opportunities to reduce the overall debt burden and improve the province's debt to GDP ratio, which is currently among the lowest of the Canadian provinces.

Objectives

1.1 Balance provincial budget annually beginning in 2004/05.

1.2 Effective cash and debt management.

1.3 Effective management of public-sector labour relations and human resource strategies.

Goal 2: Creating a tax and regulatory climate that stimulates economic growth.

The Ministry of Finance plays a critical role in the development of a healthy investment climate in the province. Specifically, the ministry is responsible for delivering on the government's commitment to establish a competitive tax environment to support business development and investment. Initiatives that the ministry has undertaken to improve the province's business climate include:

• reducing the general corporate income tax rate by three percentage points
• introducing a provincial sales tax exemption for production machinery and equipment
• eliminating the corporation capital tax for general corporations
• several sector specific tax measures.

In addition to the tax cuts focused on increasing business investment, the ministry has also delivered on the government's promise to reduce personal income taxes and ensure the personal tax burden of British Columbians is among the lowest in the country.

The ministry also supports the government's goal of reducing regulation and red tape, thereby making it easier and more attractive for business to locate and invest in the province. Ministry initiatives include:

• review of legislation that regulates the financial services and real estate sectors, to reduce regulatory burden
• leadership in creating e-government solutions through the electronic delivery of all corporate and personal property registration services, as well as e-banking services for government programs.

Objectives

2.1 Establish a tax environment that encourages economic growth.

2.2 Support business development and investment.

Goal 3: Effective and efficient financial and risk management.

The Ministry of Finance is responsible for government's overall financial and risk management framework. This involves the establishment of appropriate legislation, policies, procedures and training and reporting at a corporate level to ensure the province's resources and obligations are appropriately managed in support of effective service delivery. The framework reinforces individual and corporate accountabilities for outcomes, maintains the corporate standards for stewardship of resources, management of liabilities and risk, and the collection and disbursement of public funds.

Key activities include financial, procurement and accounting policy development, internal audit and advisory services, risk management, and compliance monitoring. The policies are risk-based to ensure they add value and are consistent with the risks they are intended to address. Programs focus on areas of greatest risk with a goal of making broad systemic change to improve performance. This ensures that finance and administration functions are provided using the optimal mix of resources and funding.

Objectives

3.1 Implement a risk-based approach to managing government resources.

3.2 Improve the government-wide accountability and responsibility framework for financial and procurement management.

Goal 4: Comprehensive, timely and transparent financial planning and reporting.

Government is committed by legislation to fully move to Generally Accepted Accounting Principles (GAAP) beginning April 1, 2004. British Columbia currently leads all provinces and the federal government in this regard. Financial results and updated forecasts as compared to the budget are publicly reported quarterly and annually in accordance with legislated dates. Accounting practices, policies and procedures are developed and maintained in order to support the accuracy, completeness, timeliness and reliability of these reports. Accounting advice and assistance is provided on new initiatives, existing business operations and systems development.

Objectives

4.1 Compliance with statutory reporting and budgeting requirements and with Generally Accepted Accounting Principles (GAAP) in all material respects.

4.2 Increase transparency and accountability for both expenditures and revenues.

Goal 5: A progressive, innovative and knowledgeable workforce.

We recognize each of our ministry goals is dependent upon the continued support and professionalism of a highly skilled and knowledgeable workforce. It is our staff who drive the quality and value of the services we provide to our clients, stakeholders and the people of British Columbia.

In keeping with government's Public Sector Renewal Initiative, our ministry will continue to identify opportunities to enhance the leadership, support and developmental opportunities our staff requires and deserves. We will foster a more proactive and visionary leadership at all levels of the organization. Employees will also continue to be actively involved in the development of the ministry's Human Resource Management Plan.

As we work towards achieving our ministry goals, we will be recognized by our clients and stakeholders as a progressive, innovative and knowledgeable workforce, that delivers our services efficiently, effectively, and with a clear sense of pride and purpose.

Objectives

5.1 Proactive and visionary leadership.

5.2 Performance-focused workforce.

5.3 Learning and innovative organization.

Strategies and Results

This section details the specific strategies the ministry will pursue over the next three years as we work toward the realization of our five goals. Individual objectives and strategies have also been linked directly to the core business areas responsible and accountable for the delivery of the various initiatives.

The ministry has also selected performance measures and related three-year targets that will allow for an ongoing evaluation of our performance against expected results. Collectively these performance measures explore the outcome of our programs and the efficiency of our activities.

We remain committed to measuring the impact of our programs. Some of the selected performance measures, however, are also influenced by factors beyond the ministry's direct control (e.g., the level of GDP). Despite these limitations, we are confident a comprehensive measurement system that emphasizes outcomes will improve our organizational performance and ensure appropriate accountability to all British Columbians.

		Goal 1: Implementing government's three-year fiscal plan and balancing the budget beginning in 2004/05.

		Goal 2: Creating a tax and regulatory climate that stimulates economic growth.

		Goal 3: Effective and efficient financial and risk management.

		Goal 4: Comprehensive, timely and transparent financial planning and reporting.

		Goal 5: A progressive, innovative and knowledgeable workforce.