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| Original News Release |
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| Original News Release |
British Columbia has one of the best and most comprehensive financial and performance accountability systems of any province in Canada. The major components of this accountability system are summarized below:
Annual Service Plan Reports
The Annual Service Plan Reports complete the fiscal public accountability cycle by comparing achieved results to the performance targets and measures laid out in ministry and government agency service plans. To improve the timeliness of performance reporting, government amended the Budget Transparency and Accountability Act in August 2001 to require every government organization to release its annual service plan report within five months of its fiscal year-end.
Balanced Budget and Ministerial Accountability Act
The Balanced Budget and Ministerial Accountability Act, passed in August 2001, established individual and collective accountability through financial and performance targets. Cabinet ministers are collectively accountable for achieving an overall government bottom-line target. The individual accountability measures consist of financial targets for ministers, performance targets for ministers of state and a revenue target for the Minister of Provincial Revenue.
Budget and Fiscal Plan
As required by the Budget Transparency and Accountability Act, the budget and fiscal plan outlines government’s three-year fiscal strategy, as well as revenue measures, B.C.’s economic outlook and debt forecast, and the updated financial forecast contained in the third quarterly report.
Budget Transparency and Accountability Act
This act was amended in August 2001 to reflect government’s move to implement generally accepted accounting principles in 2004-05. It guarantees debate of all non-emergency spending measures through the severe restriction of special warrants, as well as the tabling of three-year government, ministry and Crown corporation service plans with the provincial budget.
Estimates
Presented with the provincial budget, the “blue book” contains detailed descriptions of the expected operating revenues and expenses of the consolidated revenue fund, plus summarized financial forecasts for Crown corporations, agencies and regional authorities for the coming fiscal year.
Government Strategic Plan
Along with its budget, fiscal plan and ministry service plans, the government presents a three-year overall strategic plan to inform the public of government’s long-term vision for the province. The Government Strategic Plan includes objectives, performance measures and the strategies government will use to achieve its goals.
Ministerial Accountability Report
This report, presented at the same time as the public accounts, is a requirement of the Balanced Budget Ministerial Accountability Act. The Ministerial Accountability Report summarizes how ministers and ministers of state have individually and collectively met their financial or performance targets, as well as how the Minister of Provincial Revenue has met the revenue target.
Ministry Service Plans
In August 2001, the Budget Transparency and Accountability Act was amended to require government to table three-year service plans for all ministries and government organizations. These plans ensure individual ministries, government agencies and government as a whole clearly outline their objectives, as well as the financial and non-financial performance measures that demonstrate progress in achieving those objectives.
Public Accounts
The Public Accounts are the government’s audited financial statements and compare the province’s financial results with the financial plan outlined in the budget and estimates. These accounts, in addition to the financial statements, include the financial highlights for the year and a provincial debt summary with its own auditor's opinion. The Public Accounts are prepared by the Office of the Comptroller General – in consultation with the Auditor General, government ministries, Crown corporations and other public bodies – and are reviewed by the Select Standing Committee on Public Accounts, a committee of the legislative assembly chaired by the Official Opposition and comprised of both government and opposition members. The Auditor General, who is an independent officer of the legislature, audits the Public Accounts.
Quarterly Reports
These reports are legislated financial updates showing government’s current and forecast financial performance on a quarterly basis throughout the year. Quarterly reports also include updates on any significant changes to government’s three-year fiscal plan.
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Communications Director Ministry of Finance 250 356-2821 250 213-5096 (cell) |
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For more information on government services or to subscribe to the Province’s news feeds using RSS, visit the Province’s website at www.gov.bc.ca. |
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