Business Planning and Performance Reporting
A key element of Finance’s governance framework is an integrated planning and reporting process, which links day-to-day operational performance to strategic outcomes.
Finance uses its annual strategic and business planning processes to prepare the department’s Corporate Plan and Portfolio Budget Statements. The Corporate Plan outlines Finance’s strategic directions, provides a statement of purpose, explains the department’s role in government, and sets out strategic objectives and performance measures for each of Finance’s outcomes.
The department’s business groups report regularly to the Executive Board on progress against the Corporate Plan, business plans and key financial and non-financial performance indicators. Finance’s Budget Review Committee and IT Governance Committee also advise the Executive Board on elements of the department’s business planning and performance.
Finance revised the format for Portfolio Budget Statements, with effect from the 2008-09 Budget, in line with the government’s commitment under Operation Sunlight to enhance budget transparency. The Portfolio Budget Statements now consolidate and make transparent all of the resources available for agencies’ use. They have a more strategic focus than in the past, presenting the key programs and activities that the agency will be undertaking in the Budget year, the resources provided for delivery and performance indicators. Financial and performance reporting in this annual report reflects the new format.