2002/03 Annual Service Plan Report Ministry of Finance

Performance Reporting

Ministry Goals, Objectives, Key Strategies, Core Business Areas and Results

This section provides information on the achievements and performance of the ministry's four Core Business Areas in the context of associated goals and objectives. The performance measures and targets included in last year's service plan have been updated to include the actual results achieved, rationale for the measure and current status of the measure in the ministry's Service Plan 2003/04 – 2005/06.

Core Business Area 1: Provide advice to support government's financial and economic objectives

Core Business Area 2: Effective financial management and regulation

Core Business Area 3: Comprehensive, timely and transparent financial reporting

Core Business Area 4: Effective executive and administrative support services

Deregulation

In support of government's goal of reducing regulation and red tape that stifles job growth and investment, several initiatives and regulatory reviews have been completed and others are underway. As of March 31, 2003, the Ministry of Finance had realized a net reduction of 6,698 regulatory requirements (a 16.62 per cent reduction from the June 2001 baseline).

With respect to completed regulatory reduction initiatives, the ministry:

• Developed a new Business Corporations Act to streamline incorporating a business in British Columbia. The act will replace the outdated Company Act, eliminating regulatory overlap, enhancing efficiency and providing greater flexibility for companies. It is expected that the new act, passed October 31, 2002, will be implemented in the fall of 2003.
• Revised the Personal Property Security Act regulations to eliminate the inefficiencies of an outdated paper-based system by allowing a more efficient and modern electronic filing system. Clients will be able to discharge registrations and complete most amendments online.
• Removed restrictions on the competitiveness of British Columbia credit unions by expanding the scope of what credit union subsidiaries can do outside the province. Credit unions are no longer restricted to trust, deposit and insurance business, but can now develop non-provincial markets in investment counselling, portfolio management, information services, financial leasing and venture capital.
• Removed barriers to internal trade and competitiveness in the real estate sector by allowing non-residents to become real estate agents in British Columbia, and real estate salespersons to operate part-time in real estate and part-time in other employment.
• Consolidated and updated three policy manuals for government-wide financial management and general administration to provide a more effective, results-based operating framework in government.

Regulatory reduction initiatives underway in 2002/03 include the review of statutes and regulations related to internal government financial management processes, and consideration of the regulatory burden imposed by statutes and regulations that govern the registration of manufactured homes in the province, regulate the province's financial services sector, and regulate the province's real estate sector. These initiatives are ongoing, and further red tape reductions and streamlining initiatives are anticipated in 2003/04 and 2004/05.