Annual Report Appendices
Appendix 1: List of Crowns, Agencies, Boards and Commissions for which the Minister of Finance is the Minister Responsible.
Crowns
Partnerships BC
Boards
Accounting Policy Advisory Committee
Auditor Certification Board
BC Investment Management Board
Financial Institutions Commission
Financial Services Tribunal
Insurance Council of British Columbia
Real Estate Foundation of British Columbia
Real Estate Council of British Columbia
Appendix 2: List of Legislation Administered by the Ministry.
Auditor General
Balanced Budget and Ministerial Accountability
Bonding
British Columbia Railway Finance
British Columbia University Loan, 1945
Budget Transparency and Accountability
Business Corporations
Business Number Act except s. 10.1
Capital Financing Authority Repeal and Debt Restructuring
Constitution ss. 25–27
Cooperative Association
Credit Union Incorporation
Creditor Assistance
Financial Administration
Financial Information
Financial Institutions
Industrial Development
Insurance
Insurance (Captive Company)
Insurance (Marine)
Manufactured Home
Ministerial Accountability Bases, 2004
Ministerial Accountability Bases, 2004-2005
Ministry of Consumer and Corporate Affairs ss. 3 & 4 (a)
Ministry of Intergovernmental Relations s. 3
Miscellaneous Registrations, 1992
Mortgage Brokers
Mutual Fire Insurance Companies
Pacific North Coast Native Cooperative
Partnership
Pension Agreement
Pension Benefits Standards
Pension Fund Societies
Personal Property Security
Ports Property Tax Act except s. 5
Probate Fee
Public Education Labour Relations
Public Education Support Staff Collective Bargaining Assistance
Public Sector Employers
Public Sector Pension Plans
Public Works Agreement
Real Estate Development Marketing
Real Estate Services
Repairers Lien
Securities (Forged Transfer)
Society
Special Accounts Appropriation and Control Act except ss. 4, 7, 8, 9 & 10 (2) (a) & (b)
Strata Property
Tugboat Worker Lien
Unclaimed Property
Warehouse Lien
Warehouse Receipt
Woodworker Lien
Appendix 3: Table of Changes — 2005/06 Update
Compared to 2006/07
The ministry recognizes that all performance measures reported in the 2005/06 – 2007/08 Service Plan Update September 2005 are important; however, focusing on the most critical aspects of performance allows the ministry to better define its success in achieving its goals and objectives. As a result, the ministry has removed the internally-focused goal "A leader in innovative business and people practices" and a number of performance measures, and refined its remaining goals to create greater focus on fiscal sustainability, competitiveness and accountability. Ministry objectives have been reworded to reflect the revised goals.
| 2005/06 Goals | 2006/07 Goals |
|---|---|
| Maintain a balanced budget annually. | A sustainable fiscal environment built on a balanced budget. |
| A tax and regulatory climate that supports a strong and vibrant economy. | A strong, competitive and vibrant economy. |
| Effective financial and resource management and reporting. | Effective financial, governance, accountability and performance framework. |
| A leader in innovative business and people practices. |
Eight performance measures have been removed in the 2006/07 – 2008/09 Service Plan, per the table below. These measures will continue to be tracked for internal management purposes.
The following performance measures have been added to the 2006/07 – 2008/09 Service Plan:
- Provincial ranking of corporate income tax rates. A competitive tax environment fosters economic growth. Although measuring the overall competitiveness of the system is complex, a comparison of general corporate income tax rates represents a reasonable basis for assessing competitiveness.
- Release of Public Accounts by June 30 with an unqualified audit opinion from the Auditor General's Office. This new performance measure combines two separate performance measures reported in the 2005/06 – 2007/08 Service Plan Update September 2005: 1) Full implementation of GAAP and 2) Delivery date for annual Public Accounts.
| 2005/06 Performance Measures | 2006/07 Performance Measures | Status |
|---|---|---|
| Achieve annual targets for provincial budget. | Achieve annual targets for provincial budget. | Unchanged. |
| Debt to GDP ratio. | Taxpayer Supported Debt to GDP ratio. | Changed to more accurately describe the measure. |
| Provincial credit rating. | Provincial credit rating. | Unchanged. |
| Provincial ranking of corporate income tax rates. | New. | |
| Provincial ranking of personal income tax rates for the bottom two tax brackets. | Provincial ranking of personal income tax rates for the bottom two tax brackets. | Unchanged. |
| Debt service costs (Provincial ranking). | Debt service costs (Provincial ranking). | Unchanged. |
| Annual savings from self-insurance (five year rolling average). | Annual savings from self-insurance (five year rolling average). | Unchanged. |
| Potential average annual benefits realized from utilizing a risk-based approach for post-payment monitoring and Internal Audit and Advisory Services recommendations. | Potential average annual benefits realized from utilizing a risk-based approach for post-payment monitoring and Internal Audit and Advisory Services and Activity Based Management recommendations. | Changed to more accurately describe the measure. |
| Percentage of responses to ministerial correspondence within two weeks. | Percentage of responses to ministerial correspondence within two weeks. | Unchanged. |
| Release of public accounts by June 30 with an unqualified audit opinion from the Office of the Auditor General. | New. | |
| Shareholder's Letters of Expectations in place or proposed to Responsible Ministers and Chairs for all Crown corporations. | Shareholder's Letter of Expectations in place for all applicable Crown corporations. | Changed to more accurately describe the measure. |
| Public sector cost changes over 2002/03 compensation base ($17.43 billion). | Public sector cost changes over the 2005/06 compensation base. | Changed to more accurately describe the measure. |
| Provincial ranking of the top personal marginal tax rate. | Deleted — measure will continue to be tracked for internal management purposes. | |
| Number of regulatory requirements. | Deleted — measure will continue to be tracked for internal management purposes. | |
| Percentage annual growth in new business registrations. | Deleted — measure will continue to be tracked for internal management purposes. | |
| Percentage of company incorporations and registrations filed electronically. | Deleted — measure will continue to be tracked for internal management purposes. | |
| Ministry implementation of Enterprise wide Risk Management (Risk Management Maturity Model Rating — 5 point scale). | Deleted — measure will continue to be tracked for internal management purposes. | |
| Stakeholders' satisfaction with the policy framework for financial and procurement management. | Deleted — measure will continue to be tracked for internal management purposes. | |
| Full implementation of GAAP. | Incorporated into new performance measure: Release of public accounts by June 30 with an unqualified audit opinion from the Office of the Auditor General. | |
| Delivery date for annual Public Accounts. | Incorporated into new performance measure: Release of public accounts by June 30 with an unqualified audit opinion from the Office of the Auditor General. | |
| Percentage of staff with a formal Performance Review (e.g., EPDP) in the last year. | Deleted — measure will continue to be tracked for internal management purposes. | |
| Percentage of staff who agree they have adequate opportunities to develop their skills. | Deleted — measure will continue to be tracked for internal management purposes. |
Appendix 4: Organizational Changes — 2005/06 Update
Compared to 2006/07
In October 2005, a new Strategic and Corporate Policy Division was created in the ministry. The Division consists of the Tax Policy, Intergovernmental Fiscal Relations, Financial and Corporate Sector Policy and First Nations Fiscal Branches. The Tax Policy Branch, Intergovernmental Fiscal Relations, Financial and Corporate Sector Policy Branch were transferred from other divisions within the Ministry of Finance. The First Nations Fiscal Branch was transferred from the Ministry of Aboriginal Relations and Reconciliation. The new division provides the ministry with increased capacity to examine several of the key corporate and strategic issues facing the ministry and government including competitiveness, effective regulation, building a new relationship with First Nations and negotiating with the Federal government and other provinces on fiscal relations issues.
Appendix 5: Interprovincial Comparison Statistics
Prepared by Moody's
Taxpayer-supported Debt as a per cent of GDP (Moody's)
| Province | Taxpayer-supported Debt as a % of GDP1 |
|---|---|
| British Columbia | 15.9 |
| Alberta | 2.3 |
| Saskatchewan | 19.6 |
| Manitoba | 23.2 |
| Ontario | 26.2 |
| Quebec | 43.3 |
| New Brunswick | 27.7 |
| Prince Edward Island | 32.1 |
| Nova Scotia | 34.1 |
| Newfoundland and Labrador | 36.2 |
| 1 | Estimates for March 31, 2006 calculated in May 2006. |
Ratio of Taxpayer-supported Debt Service Costs to Taxpayer supported Revenues (Moody's)
| Province | Ratio of Taxpayer-supported Debt Service Costs to Taxpayer-supported Revenues1 |
|---|---|
| British Columbia | 5.3 |
| Alberta | 1.1 |
| Saskatchewan | 8.4 |
| Manitoba | 8.4 |
| Ontario | 11.1 |
| Quebec | 13.1 |
| New Brunswick | 9.8 |
| Prince Edward Island | 9.8 |
| Nova Scotia | 15.6 |
| Newfoundland and Labrador | 11.4 |
| 1 | Estimates for March 31, 2006 calculated in May 2006. |
Comparison of Provincial Credit Ratings (Moody's)
Province
Credit Rating
Outlook
British Columbia
Aa1
stable
Alberta
Aaa
stable
Saskatchewan
Aa2
stable
Manitoba
Aa2
stable
Ontario
Aa2
stable
Quebec
Aa3
stable
New Brunswick
Aa3
stable
Prince Edward Island
A1
stable
Nova Scotia
A2
positive
Newfoundland and Labrador
A2
stable
| Province | Credit Rating | Outlook |
|---|---|---|
| British Columbia | Aa1 | stable |
| Alberta | Aaa | stable |
| Saskatchewan | Aa2 | stable |
| Manitoba | Aa2 | stable |
| Ontario | Aa2 | stable |
| Quebec | Aa3 | stable |
| New Brunswick | Aa3 | stable |
| Prince Edward Island | A1 | stable |
| Nova Scotia | A2 | positive |
| Newfoundland and Labrador | A2 | stable |
Moody's rating classification, highest to lowest, is as follows:
- Aaa
- Aa1
- Aa2
- Aa3
- A1
- A2
- A3
Appendix 6: 2005/06 and 2004/05 Comparative Financial Information
| Core Business Areas | Estimated | Other Authorizations | Total 05/06 Estimated | Total 04/05 Estimated | Variance from 04/05 Estimated |
|---|---|---|---|---|---|
| Operating Expenses ($000) | |||||
| Crown Agencies Secretariat | 1,497 | 1,497 | 2,124 | (627) | |
| Financial and Economic Performance and Analysis | 6,415 | 6,415 | 5,946 | 469 | |
| Financial Governance, Accounting and Reporting | 6,721 | 6,721 | 6,313 | 408 | |
| Treasury | 1 | 1 | 1 | 0 | |
| Financial and Corporate Sector Services | 1,565 | 1,565 | 4,236 | (2,671) | |
| Public Sector Employer's Council | 14,596 | 14,596 | 14,693 | (97) | |
| Executive and Support Services | 15,776 | 2,400 | 18,176 | 14,801 | 3,375 |
| Contingencies (All Ministries) and New Programs | 320,000 | ||||
| Transfer to Ministries | (289,711) | 30,289 | 30,289 | ||
| Negotiating Framework Incentive | 1,000,000 | 1,000,000 | 1,000,000 | ||
| Total | 366,571 | 712,689 | 1,079,260 | 48,114 | 1,031,146 |
| Full-time Equivalents (FTEs) | |||||
| Crown Agencies Secretariat | 10 | 10 | 14 | (4) | |
| Financial and Economic Performance and Analysis | 65 | 65 | 63 | 2 | |
| Financial Governance, Accounting and Reporting | 117 | 117 | 117 | 0 | |
| Treasury | 74 | 74 | 74 | 0 | |
| Financial and Corporate Sector Services | 144 | 144 | 148 | (4) | |
| Public Sector Employer's Council | 13 | 13 | 13 | 0 | |
| Executive and Support Services | 145 | 145 | 99 | 46 | |
| Total | 568 | 568 | 528 | 40 | |
| Ministry Capital Expenditures (Consolidated Revenue Fund) ($000) | |||||
| Crown Agencies Secretariat | 18 | 18 | 18 | 0 | |
| Financial and Economic Performance and Analysis | 45 | 45 | 45 | 0 | |
| Financial Governance, Accounting and Reporting | 215 | 215 | 215 | 0 | |
| Treasury | 1,631 | 1,631 | 2,032 | (401) | |
| Financial and Corporate Sector Services | 2,604 | 2,604 | 2,301 | 303 | |
| Public Sector Employer's Council | 3 | 3 | 98 | (95) | |
| Executive and Support Services | 1,036 | 1,036 | 830 | 206 | |
| Total | 5,552 | 5,552 | 5,539 | 13 | |
| Insurance and Risk Management (IRMA) | Estimated | Other Authorizations | Total 05/06 Estimated | Total 04/05 Estimated | Variance from 04/05 Estimated |
|---|---|---|---|---|---|
| Operating Expenses ($000) | 0 | 0 | 0 | 0 | 0 |
| FTEs | 46 | 0 | 46 | 43 | 3 |
| Ministry Capital Expenditures ($000) | 20 | 0 | 20 | 725 | (705) |
| 1 | Estimates as presented to the Legislative Assembly on September 14, 2005. |
| 2 | "Other Authorizations" includes $2.4 million access to Contingencies for repairs and maintenance to Government House. |
