Strong corporate governance is fundamental to the way we make decisions, manage risk and plan for the future

Treasury’s corporate governance framework supports integrated planning, budget and performance management activities, and provides guidance to executive management teams and committees. It also informs the department’s risk management strategies.

With our governance framework in place, we can continue to deliver value-for-money services to the Government and community.

Leading Treasury

As a central agency and the State’s financial and economic manager, Treasury provides leadership to other Queensland Government agencies.

Accountable to the Treasurer, Under Treasurer Gerard Bradley sets the direction for Treasury. He is supported by Deputy Under Treasurers Tim Spencer and David Ford, the Portfolio Management Group, committees and portfolio office executive management teams.

The Portfolio Management Group comprises the heads of each portfolio office and focuses on Treasury’s performance. Its main role is corporate governance and developing the department’s capability priorities, which support our corporate planning process. The group also determines operational policy and strategies to identify and manage key areas of risk and portfolio-wide issues.

Our Audit and Risk Management Committees provide strategic advice on audit and risk management issues to the Under Treasurer and the Portfolio Management Group. Each portfolio office in Treasury has its own executive management team which sets the strategic direction for the office.

Planning and resourcing

All of Treasury’s planning activities are directed towards achieving Queensland Government priorities and community stakeholder needs, and are based on an outcomes framework. These outcomes are based on the links identified in the Charter of Social and Fiscal Responsibility.

The flow chart below shows the planning and reporting activities of Treasury and the links between them.

To ensure outcomes are achieved, each office develops an output plan which details its vision, mission, strategic business priorities, capability priorities and performance measures.

The capability priorities detail the resources, competencies and infrastructure needed to support the portfolio office so it can achieve its strategic business priorities and contribute to Treasury outputs.

Budgeting

Treasury resources are allocated to deliver the strategic business priorities identified during planning. A Ministerial Portfolio Statement (Service Delivery Statement from 2008–09) is prepared to detail Treasury’s budget, performance and future objectives.

Monitoring performance

As a Queensland Government agency, Treasury bases its decisions on planning, resource allocation and management, monitoring and performance on the Queensland Government’s financial management framework.

Our performance is monitored externally through the Parliamentary Estimates Committee process and internally through the Portfolio Management Group.

Treasury is accountable to the Treasurer who reports on our performance against our Ministerial Portfolio Statement through the Parliamentary Estimates Committee process. In addition to the Parliamentary process, quarterly performance reports are also prepared for the Government.

Treasury’s performance is also monitored closely internally. Monthly finance reports are provided to the Under Treasurer and the Deputy Under Treasurers.

The reports analyse each portfolio office’s operating performance, explain any significant or unexpected variances, as well as evaluate major Treasury capital projects and track their performance against budget.

Quarterly finance reports include progress against Treasury’s published performance measures together with a range of HR statistics. A feature of recent finance reports has been a series of ‘Portfolio snapshots’ to provide in-depth analyses of individual portfolio offices, including their budgeting efficiency, vacancy rates and consumption of supplies and services, as well as highlighting any specific challenges they face.

Last reviewed 22 October 2012