1. Public Sector Support Thought Leadership Strategy
Research Guidance and Support Department
Presentation at FMI Manitoba
November 2017

2. The broader perspective2
The broader perspective
Public Financial Management
Standard Setting
Awards / Conference
Public Interest Advocacy
Thought Leadership
International
Learning & Development
Setting the foundation

3. Our definition Thought Leadership3
Our definition
Thought Leadership
The development of content that is innovative, covering trends and topics that can influence public sector financial management.

4. Setting the foundation
Defining public sector context
Identifying public sector universe
Determining relative importance (size/membership)
Establishing public sector vision
Developing strategic plan
Implementing advisory committee (PFMAC)
Defining PFM
Establishing PFM framework
Identifying key stakeholders
Identifying main products
Identifying relevant topics
Identifying potential projects
Identifying funding opportunities
Developing strategic alliances

5. Economic dimension 40% of GDP (40 year average)
20% of employment (3.6 million jobs)
$640 billion in expenditures

6. Public sector universe4
Public sector universe
Comprised of:
General Government
All instances of government (federal/provincial/territorial/aboriginal/municipal)
Public universities and colleges
Public school board
Public health and social services institutions
Non-autonomous government pension funds
Canada and Quebec pension plans (CPP/QPP)
Government Business Enterprises
Entities usually established via an Act of Parliament or Legislature and often referred to as Crown Corporations
Examples: national central bank (BofC), monetary authorities, postal service, port authorities, marketing boards, lottery corporations, liquor authorities, electricity corporations, investment and financing corporations, gaz and electricity commissions, etc.

7. Total expenditures: $640 billion (2015-16)
Government spending
Total expenditures: $640 billion ( )

8. Public sector workforce5
Public sector workforce

9. Public sector membership6
Public sector membership
20% of CPA membership
Up to 40,000 members

10. Our vision
To support excellence in public sector financial management and governance that contributes to increased transparency and accountability over the use of public funds. Upholding considerations of high professional standards for public service strategy, governance, performance, risk, sustainability, assurance and oversight.

11. Our strategy Strategic Goals Output CURRENT FUTURE
Set the foundation for RGS support
Universe / materiality / membership / vision / advisory committee / definition / framework / stakeholders / products / resources
Maintain inventory of relevant PFM topics and resources
Research inventory / PFMAC validation
Identify priority issues and potential projects
Project inventory / Leaders forum / Survey / PFMAC validation
Develop resources addressing priority issues
Keystones / Insights / Briefings
Identify, promote skills required to add value
Insights on leadership
Build and grow our strategic partnerships
Partnership agreements / Collaboration initiatives
FUTURE
Advocate for strong PFM
Literacy tools / analytical framework
Create a one-stop-shop for PFM knowledge
Resource centre
Export PFM knowledge and expertise
Consulting assignments

12. Key stakeholders Elected officials
Government administrators and advisors
Professionals who design, implement, operate, review, and evaluate PFM
Legislative auditors
The public in general / taxpayers

13. Our advisory committee - PFMAC
Role:
Provides advice regarding PFM support activities
Promotes CPA Canada’s products (Keystone, Insights, Briefings)
Serves as ambassadors to CPA Canada
Membership:
8-10 members representing all instances of government, academia and legislative audit institutions
2-3 year term with one renewal option

14. The CIPFA definition of PFM
« The system by which financial resources are planned, directed and controlled to enable and influence the efficient and effective delivery of public sector goals »
Chartered Institute of Public Finance and Accountancy (CIPFA)

15. A framework for PFM

16. PFM Thought Leadership
Relevant topics
PFM Thought Leadership
Legislation
Standards
Accountability
Transparency
Governance
Performance Management
Leadership
Risk Management
Strategic Planning
Long-Term Financial Planning
Debt Control
Deficit Control
Budgeting
Public Consultations
Taxation
User Fees
Revenue Forecast
Expenditure Forecast
Asset Management
Technology
Assurance
Oversight

17. PFM Thought Leadership
Main products
PFM Thought Leadership
Keystones
Keystones are produced to advocate sound public financial management across the sector. Keystones utilise input from subject matter experts and stakeholders to create best practice guidelines that lead the way in public finance.
Insights
Insights provide detailed commentary and analysis on current issues and developments affecting public financial management and governance.
Briefings
Briefings are designed to pull out key PFM information of relevance to public sector stakeholders and practitioner's.

18. Keystones - Potential projects
Product
Thought Leadership Project
Keystones
Balancing budgets – Strategies and options
The Cost of Government Debt – A growing concern
Life cycle asset management – For improved decision-making
Infrastructure management in the digital age – From principles to practice
The economic plan - Reconcilling the views of economists and accountants
Good governance standards for public services – International framework
Governance and accountability in the public sector – A guide to financial literacy
Connecting money, policy and priorities – A guide to financial literacy
Managing a jurisdiction’s financial health – A guide to financial literacy
The role of the chief executive officers – Securing positive results
The role of the chief financial officer – Securing positive results
The role of the chief audit executive – Securing positive results
Managing the risk of fraud and corruption – Code of practice
Shaping the financial function to meet new and future challenges
Outsourcing considerations – Pitfalls to avoide
Delivering effective financial management – A whole system approach
Building a performance tracker – Benefits of data driven analysis

19. Insights - Potential topics
Product
Thought Leadership Topic
Insights
Accountability, performance and transformation – CIPFA FM model
Building financial resilience
Building partnerships
Enabling change
Developing sustainability and transformations plans
Leading in hard times
Making strategic planning work
Budgeting for outcomes
Managing growth
Managing downturns
Getting started on long-term financial planning
Probability management in financial planning
Risk-based reserves
Structuring the revenue forecasting process
Determining service levels
Managing debt capacity
Telling the whole story
Developing a balanced scorecard

20. Briefings – Key features
Product
Thought Leadership Advice
Briefings
Can be developed for any topic of relevance to public sector financial management
Can be developed for any significant issues impacting public financial management
Provides ability to quickly highlight issues, challenges and/or opportunities for public sector stakeholders
Questions directors should ask

21. Funding opportunities
Explore possibility of obtaining funding from entities or individuals who share our vision for strenghtening public financial management and are interested in contributing to our efforts to make a difference and/or raise the bar.
Solicit funding from existing government programs

22. Collaboration Agreements / initiatives
Strategic Alliances
Collaboration Agreements / initiatives

23. Questions?

24. Annex A: CPA Canada PFM guidance
Public Sector Support
Standard-Setting
Authoritative guidance
Focus is on financial accounting, reporting and auditing
Public Sector Accounting Standards
Canadian Auditing Standards
Public Sector Guidelines
Non-authoritative guidance
focus is on financial accounting and reporting
Statements of recommended practices (SORP)
Research, Guidance and Support (RGS)
Focus is on public financial management
Keystones
Insights
Briefings

25. Annex B: Public sector challenges
Aging population
Declining workforce
Increasing health care costs
Increasing OAS costs
Quality of education
Disruptive technologies
Environement and climate change
Protection of natural resources
Infrastructure gaps / costs
Terrorism and security
Defense costs

26. Annex C: Public sector concerns? ? ?
Taxation levels
Deficits and debt levels
Role and size of the public sector
Fiscal management discipline
Credibility of financial reporting
Service delivery models
Budgeting and resource allocation
Prioritization of expenditures
Deteriorating infrastructure
Value for money

27. Annex D: Role for finance leaders
Making a Difference
Improve the quality of outcomes
Ensure long-term sustainablity of public services
Affect how funding is used to address priorities
Ensure availability of resources for investment and re-investments
Demonstrate the cost-effectiveness of decisions
Provide strong financial stewardship, accountability and transparency in the use of public funds
Enhance public trust