Budget 2004 -- Government of British Columbia.
   

Goals, Objectives, Strategies and Results — Continued

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

Objective Strategy Responsible Core Business Area
Finance and Econ Performance. Financial Governance. Treasury. Fin and Corp Sector Services. PSEC. Risk Management. Executive and Support.
Balance provincial budget annually beginning in 2004/05

• Maintain a three-year planning framework for all ministries

Check Mark.            

• Restructure policy and advisory resources to provide targeted advice on strategic risks and opportunities

Check Mark.            
Effective cash and debt management

• Develop models and systems to maximize investment returns on surplus cash and to minimize borrowing costs and requirements

    Check Mark.        

• Manage the provincial debt portfolio at minimum economic cost subject to risk policy parameters set by the Ministry of Finance Risk Committee

    Check Mark.        

• Provide comprehensive support for credit rating analysis and expand investor relations activities

    Check Mark.        

• Utilize technological advancements (e.g. e-banking services) to create financial and administrative efficiencies and savings within ministries

    Check Mark.        

• Negotiate banking services for government as a whole

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

• Develop a framework for executive compensation and for bargaining mandates that incorporate fiscal goals, policy, program decisions and labour market considerations

        Check Mark.    

• Develop a long-term strategy for effective management of labour relations, including related performance measures

        Check Mark.    

• Support a strategy for reducing shortages of critical skilled occupations in the public sector

        Check Mark.    

 

Objective Performance Measure Base 2003/04 Target
2004/05 2005/06 2006/07
Balance provincial budget annually beginning in 2004/05

• Achieve annual targets for provincial budget

$2.3 B deficit Balanced Budget Balanced Budget Balanced Budget

• Debt to GDP ratio (Provincial ranking — Moody's)

2nd Lowest1 In the Lowest 3 In the Lowest 3 In the Lowest 3

• Debt service costs (Provincial ranking — Moody's)

2nd Lowest1 2nd Lowest 2nd Lowest 2nd Lowest

• Provincial credit rating (Moody's)

Aa2 Aa2 Aa2 Aa2
Effective cash and debt management

• Total cost of provincial debt portfolio versus benchmark

Under Development Exceed Benchmark Performance Exceed Benchmark Performance Exceed Benchmark Performance
 

• Banking costs versus industry and public sector benchmark

25% Lower 25% Lower 25% Lower 25% Lower
 

• Opportunity cost of holding non-zero cash balances

< $300K < $300K < $300K < $300K
Effective management of public-sector labour relations and human resource strategies

• Compensation cost changes over 2002/03 compensation base2

$16.09 B
TBD
TBD
TBD

• Days lost due to labour disruption in the BC Public Sector (per employee over a three-year rolling average)3

30% Higher than Cdn. Avg. (0.58 days)
+/-10% of Cdn. Avg.
+/-10% of Cdn. Avg
+/-10% of Cdn. Avg
1   Based on Moody's calculations using provincial 2003/04 budget estimates. Actual results will be available in August 2004.
2   Compensation base numbers reflect settlement increases as well as some cost reductions resulting from Core Services Review.
3   Baseline data provided is for 2000, 2001 and 2002. Actual results for 2003 will be available in June 2004.

 

  
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