Ministry Overview

Purpose of Ministry

The Ministry of Finance plays a key role in establishing, implementing and reviewing government’s economic, fiscal and taxation policies and continues to focus on the priorities that will ensure the province’s success in meeting its fiscal objectives and, thereby, supporting the achievement of the Five Great Goals.

Key financial statutes for which the ministry is administratively responsible include the: Financial Administration Act, Budget Transparency and Accountability Act, Balanced Budget and Ministerial Accountability Act and Financial Information Act. These statutes: establish the framework and limits for accounting and financial activity; ensure the right of the public to open and accountable annual budgets and complete disclosure of all the assumptions upon which fiscal forecasts and provincial budgets are based; require ministries and Crown corporations to annually release three-year service plans, with concrete goals and performance measures, and to publicly report against those plans each year; prohibit annual deficits commencing with the 2004/05 fiscal year; and require certain Crown corporations and other public bodies to annually publish information on employee remuneration and supplier payments.

The ministry provides banking, accounting, financial and economic planning and reporting, risk and debt management, and capital project oversight services, develops policy for regulating the financial and real estate sectors, has developed a framework for government’s management of its Crown corporations, sets public sector negotiating framework, is developing a fiscal framework to support the new relationship with First Nations, oversees effective financial and management practices and controls, serves as the registrar of corporate entities, personal property and manufactured homes and provides other related services. Ministry publications include the annual Budget and Fiscal Plan, Financial and Economic Review, Estimates, Public Accounts and quarterly reports for the province. These documents are available at http://www.fin.gov.bc.ca/pubs.htm.

Ministry clients include Treasury Board, Cabinet, ministries, agencies, boards, and commissions (see Appendix 2 for a list of agencies, boards, and commissions for which the Minister of Finance is responsible), 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.

Vision, Mission and Values

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: