Ministry Overview and Core Business Areas

The Ministry of Finance plays a key role in establishing, implementing and reviewing government's economic, fiscal and taxation policies. The ministry provides a variety of functions and activities including banking, accounting, financial and economic planning and reporting, risk and debt management, capital project oversight, regulating the financial and real estate sectors, and serving as the registrar of corporate entities, personal property and manufactured homes.

Ministry clients include Treasury Board, Cabinet, Government Caucus Committees, ministries, agencies, boards, commissions, Crown corporations, businesses, investors and financial-sector agencies. Through its support of the government's Strategic Plan, the ministry also broadly serves the people of British Columbia.

The ministry has been structured into six core business areas each of which has specific responsibilities for the provision of programs and services.

1. Financial and Economic Performance and Analysis

• Provides fiscal and tax policy analysis and advice that supports the achievement of balanced budgets, development and management of the fiscal plan, improves the province's competitiveness and sustains cost-effective public services. This area is led by Treasury Board Staff and is supported by approximately $6.5 million and 63 FTEs.

2. Financial Governance, Accounting and Reporting

• Assures the accuracy and integrity of provincial public sector financial reporting and maintains a framework of best practices for financial and procurement management. This area is led by the Office of the Comptroller General and is supported by approximately $6.9 million and 117 FTEs.

3. Treasury

• Provides British Columbians with the benefits of cost-effective cash and debt management and banking services, resulting in lower expenditures and improved online government services through electronic banking support. This area is led by Provincial Treasury Operations and resourced through a $1,000 Vote with the support of approximately 74 FTEs.

4. Financial and Corporate Sector Services

• Ensures that the province's financial services sector is reliable, competitive and enjoys the confidence of British Columbians. Personal property and corporate registry services that meet the needs of the marketplace are also provided. This area is led by Financial Corporate Sector Policy, Financial Institutions Commission and Registries and is supported by approximately $1.3 million and 144 FTEs.

5. Risk Management

• Reduces accidental and business losses in the provincial public sector through the development of comprehensive risk management and self-insurance programs. This area is led by Risk Management Branch, which recovers all of its expenses from clients, and is supported by approximately 46 FTEs.

6. Executive and Support Services

• Provides strategic leadership and corporate support services that contributes to the success of all Ministry of Finance core business areas as well as other supported entities including the Ministry of Management Services, BC Public Service Agency and the Office of the Premier. This area is led by the Minister's Office, Deputy Minister's Office and Corporate and Ministry Support Services and is supported by approximately $14.4 million and 127 FTEs.

To learn more about the ministry and its services including performance measure methodologies, visit the web supplement to this Service Plan at:
http://www.fin.gov.bc.ca/serviceplan/2005-06/methodologies.htm.