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2005/06 – 2007/08 SERVICE PLAN UPDATE
Ministry of Finance and Associated Entities
Ministry of Finance — Continued
Strategic Context
Vision
To be leaders in sound fiscal and economic management and governance.
Mission
To provide sustainable fiscal policies and regulatory frameworks that support a strong and vibrant provincial economy.
Values
In pursuit of our vision and mission, members of the ministry will act in accordance with the following values:
| Accountability |
To enhance efficiency, effectiveness and value in public service. |
| Integrity |
To conduct ourselves in an ethical, honest, consistent and professional manner. |
| Responsibility |
To deliver affordable client-centred service and stewardship on behalf of citizens. |
| Respect |
To treat those we serve, and each other, with courtesy, fairness, dignity and trust. |
| Innovation |
To foster creativity and performance in the delivery of quality services. |
Planning Context and Key Strategic Issues
As the Ministry of Finance pursues its mandate over the next three years it faces an environment characterized by both risks
and opportunities. A critical factor in the ministry's ability to achieve its goals and objectives is the state of the province's
economy.
The BC economy grew 3.9 per cent in 2004, faster than the 2.9 per cent forecast at the time of last year's budget by the province's
independent Economic Forecast Council. The council now expects growth in BC's economy to be 3.6 per cent in 2005.
Further information on the BC outlook may be found in the Budget and Three-Year Fiscal Plan released with the September Budget
Update.
Within the broader context, the ministry has implemented an Enterprise-wide Risk Management program to identify and manage
internal and external risks and to realize new opportunities. Other strategies being undertaken in response to specific risks
include:
Cross-Government Environment
| Risk |
Mitigation |
| Globalization of economic and financial markets will increase competition for investment.
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Develop taxation and financial and corporate regulatory policy which reinforces British Columbia's position as an attractive
place to invest and create jobs.
Maintain competitive tendering of treasury business functions to obtain optimal pricing and certainty of service delivery.
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| Economic fluctuations and unexpected shocks (i.e., 9/11 terrorist attack, mountain pine beetle infestation, avian flu, fire
storms) could affect forest revenues, personal and corporation income taxes and other revenues as well as increase government
expenditures. |
Use prudent assumptions in the preparation of the budget. |
| Government's commitment to encourage alternative public service delivery, including public-private partnership may impact
internal resources. |
Ensure that the ministry has the necessary capacities and skill sets to effectively support alternative public service delivery. |
Ministry Environment
| Risk |
Mitigation |
| An aging workforce presents significant succession and recruitment challenges. |
Support staff professional and career development.
Develop and implement recruitment and retention plans. |
| Interruptions of critical ministry functions due to catastrophic loss or malicious software viruses/worms. |
Continue to update ministry business continuation plans and information management security.
Investigate alternative processing sites for mission critical activities.
Utilize multiple financial institutions for external banking and cash management systems. |
| The legislated implementation of Generally Accepted Accounting Principles (GAAP) means that the province will need to continue
to keep up with the most recent accounting standards. This may result in the need for additional resources to modify business
processes within both core government and affected broader public sector organizations. |
Continue to work closely with the Auditor General and the Accounting Policy Advisory Committee on early identification of
accounting issues and develop a strategy to appropriately implement GAAP. |
| Opportunity |
Initiative |
| Technological innovations provide opportunities for greater efficiencies and productivity. |
Systematic reviews of existing and future information management systems to realize economies of scale, reduced duplication
and cost savings. |
| The Government of British Columbia has adopted Enterprise-wide Risk Management as the framework for strategic and operational
decision-making to effectively manage potential opportunities and adverse effects. |
Continue to integrate Enterprise-wide Risk Management practices into ministry's operational and decision-making activities
including the development of the service plan and audit plan. |
| The ministry's Integrated Planning Framework consolidates and streamlines the various planning activities, enhancing
the ministry's resource capacity. |
Implement the Integrated Planning Framework into the ministry's planning activities.
Continuously seek opportunities to improve efficiencies in planning activities. |
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