Ministry of Finance — Continued

Ministry Overview and Core Business Areas

The revised service plan reflects the government's June 16 re-organization which saw the Crown Agency Secretariat move from the Office of the Premier to the Ministry of Finance.

The Ministry of Finance plays a key role in establishing, implementing and reviewing government's economic, fiscal and taxation policies and is administratively responsible for a number of key statutes including the Financial Administration Act, Budget Transparency and Accountability Act, Balanced Budget and Ministerial Accountability Act and Financial Information Act. See Appendix 1 for a full list of statutes under the Ministry of Finance.

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, developing a framework for government's management of its crown corporations, setting the public sector bargaining mandate, developing fiscal framework for reconciliation with First Nations, 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 (see Appendix 2 for a list of agencies, boards, commissions and Crown corporations reporting to the Minister of Finance), businesses, investors and financial-sector agencies and public sector employers' associations. 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 eight core business areas each of which has specific responsibilities for the provision of programs and services to achieve its goals and objectives.

1. Crown Agencies Secretariat

Develops a framework for government's management of its crown corporations and provides advice, information and support to improve good governance and accountability for results. This area is supported by $1.5 million and 10 FTEs.

2. Financial and Economic Performance and Analysis

Provides fiscal, economic and tax policy analysis and advice that supports the achievement of balanced budgets, improves the province's competitiveness and sustains cost-effective public services. This area is led by Treasury Board Staff and is supported by $6.4 million and 65 FTEs.

3. Financial Governance, Accounting and Reporting

Assures the accuracy and integrity of provincial public sector financial reporting and maintains a framework of best practices, including internal audit, for financial and procurement management. This area is led by the Office of the Comptroller General and is supported by $6.7 million and 117 FTEs.

4. 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. Recoveries are from ministries, government bodies and other organizations receiving those services. This area is led by Provincial Treasury Operations and resourced through a $1,000 Vote with the support of 74 FTEs.

5. 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 $1.6 million and 144 FTEs.

6. Public Sector Employers' Council

Fosters an efficient and effective workforce through the coordination of public sector labour relations policies and practices and establishes an affordable mandate for public sector compensation and ensures compliance with it. This area is led by the Public Sector Employers' Council and affiliated Employers Associations and is supported by $14.6 million and 13 FTEs.

7. 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 46 FTEs.

8. Executive and Support Services

Provides strategic leadership and corporate support services that contribute to the success of all core business areas and to the development of the fiscal framework for reconciliation with First Nations. This area is led by the Minister's Office, Deputy Minister's Office and Corporate and Ministry Support Services and is supported by $15.8 million and 145 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/serviceplanupdate/2005-06/methodologies.htm.