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Queensland Treasury Department Role and Function of Treasury Financial Framework Charter of Fiscal and Social Responsibility and Priorities in Progress.

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Presentation on theme: "Queensland Treasury Department Role and Function of Treasury Financial Framework Charter of Fiscal and Social Responsibility and Priorities in Progress."— Presentation transcript:

1 Queensland Treasury Department Role and Function of Treasury Financial Framework Charter of Fiscal and Social Responsibility and Priorities in Progress Adoption of Australian Equivalent to International Financial Report Standards (IFRS)

2 Queensland Treasury Department Role and Function of Treasury –System of Government Commonwealth –Specific constitutional powers –Social security & welfare payments –Support for public health services –Defence –Higher education State –Health –Education –Policing Local –Water, sewerage and cleansing services –Local land use planning, building control, waste management –Local roads and footpath

3 Queensland Treasury Department Role and Function of Treasury –Role To provide core financial and economic policy advice to Queensland Government as well as services to the community To meet the fiscal objectives and key priorities outline in the Charter of Social and Fiscal Responsibilities

4 Queensland Treasury Department Role and Function of Treasury –Functions Manage the State finance, including preparation & oversight of the state budget Fiscal & economic advice to enhance financial position & economic performance for long term growth Lead the development & application of sound financial management policies, standards, systems, procedures and related reforms Promote economic development by supporting growth of job opportunities, social infrastructure, intellectual resources and community networks.

5 Queensland Treasury Department Financial Framework –Legislative Framework Financial Administration and Audit Act ( FAAA) 1977 –Charter of Social and Fiscal Responsibility –Consolidated Fund –Accountable Officers Financial Management Standard (FMS ) 1997 –Planning –Resource management –Performance management –Corporate management (governance) –Reporting

6 Queensland Treasury Department Financial Framework –Legislative Framework FAAA Charter of Fiscal and Social Responsibility and Priorities in Progress –Treasurer must prepare a Charter that: »States the broad social and fiscal objectives of the Government »Establishes a framework for assessing the Government’s performance in achieving objectives –Principles on which the Charter must be based on: »Transparency and accountability in developing, implementing and reporting on the Government’s objectives »Efficient and effective allocation and use of resources »Prudent management of risk

7 Queensland Treasury Department Financial Framework –Financial Management Framework High level Govt objective and priorities Agency service delivery objectives & strategies Resource allocation – Cabinet Budget Review Committee Ongoing service delivery mgmt & monitoring Outcomes for State Communities Feedback Long term Govt Policy Balance by fiscal objective Published in Charter 4 yrs Review annually Link to resource Ops, info, tech & asset strategic plan Two ways process Minister scrutinised Funding align with govt policy Funding to delivering output FMS Treasury - Risk assessment & monitoring plan Agencies – targets Federal – Govt service Indicator Published in PiP Influence Govt priorities & Agencies strategies

8 Queensland Treasury Department Financial Framework –Financial Management Framework High level Govt objective and priorities Agency service delivery objectives & strategies Resource allocation – Cabinet Budget Review Committee Ongoing service delivery mgmt & monitoring Outcomes for State Communities Feedback Governance Structures - Delivering responsive government - Means to an end - Reported within Priorities in Progress - FMS requires effective internal control structures Long term Govt Policy Balance by fiscal objective Published in Charter 4 yrs Review annually Link to resource Ops, info, tech & asset strategic plan Two ways process Minister scrutinised Funding align with govt policy Funding to delivering output FMS Treasury - Risk assessment & monitoring plan Agencies – targets Federal – Govt service Indicator Published in PiP Influence Govt priorities & Agencies strategies

9 Queensland Treasury Department Adoption of Australian Equivalent to International Financial Report Standards (IFRS) –IFRS Checklist Planning – monitoring Reports to treasury –Interactive workshops –Expected Impacts –Role of Audit –Consultative policy development –Capacity building & support


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