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Financial management framework

• Overview of the framework
• 1. Set high-level Government objectives and priorities
  • 1.1 Identify desired community outcomes
  • 1.2 Set fiscal objectives
  • 1.3 Set priorities and strategic objectives
  • 1.4 Produce specific purpose plans
• 2. Set agency service delivery objectives and strategies
  • 2.1a Undertake strategic planning
  • 2.1b Develop MPS Output Statements
  • 2.2 Undertake agency operational planning
  • 2.3 Undertake asset strategic planning
  • 2.4 Undertake ICT resources strategic planning
  • 2.5 Undertake other agency planning
• 3. Allocate resources to meet Government service demands and achieve desired outcomes
  • 3.1 Develop and approve global fiscal strategy based on whole-of-Government fiscal position
  • 3.2 Develop and approve annual Budget priorities
  • 3.3 Develop Budget process
  • 3.4 Regularly update CBRC on whole-of-Government fiscal position based on Forward Estimates
  • 3.5 Brief CBRC on agency Budget submissions
  • 3.6 Make resource allocation decisions and advise outcomes
  • 3.7 Update whole-of-Government Forward Estimates
  • 3.8 Prepare and finalise annual State Budget papers
  • 3.9 Endorse budget
  • 3.10 Table Budget papers in Parliament
  • 3.11 Conduct Estimates Committee Hearings
  • 3.12 Consider the Appropriation Bills
• 4. Allocate resources to meet agency service demands and achieve desired outcomes
  • 4.1 Prepare and develop agency budget priorities
  • 4.2 Submit budget submissions
  • 4.3 Portfolio Ministers advocate budget requests with CBRC
  • 4.4 Update Forward Estimates
  • 4.5 Prepare and finalise Budget and other documentation
  • 4.6 Manage interim supply period
  • 4.7 Address Estimates Committee questions on notice
  • 4.8 Prepare for and attend Estimates Committee hearings
  • 4.9 Undertake agencies' internal budget allocation processes
• 5. Manage resources to achieve Government outcomes
  • 5.1 Discuss with agencies emerging issues and identify risks and consider monitoring requirements
  • 5.2 Monitor issues and identify risks
  • 5.3 Brief CBRC on emergent and variations to resourcing requirements
  • 5.4 Make decisions on emergent and variations to resourcing requirements
  • 5.5 Revise whole-of-Government budget position and Forward Estimates
  • 5.6 Undertake end-of-year process
  • 5.7 Report actual results
• 6. Manage resources to deliver agency services
  • 6.1 Manage and monitor performance, monitor issues and identify risks and opportunities
  • 6.2 Realign agency resources to meet emergency resourcing
  • 6.3 Identify emergent and variations to resourcing requirements resulting from risks and opportunities
  • 6.4 Update Operational plans
  • 6.5 Undertake initial end-of-year process
  • 6.6 Report on final/actual results
  • 6.7 Provide information to Treasury
• Case studies
• Resources

1.2 Set fiscal objectives (Treasury; approved by Cabinet)

Fiscal objectives describe the Government's commitment to maintaining a strong fiscal position for the State and to ensure that the State's asset base supports current and future service delivery needs.

Governance

The current fiscal objectives were approved by Cabinet as part of the Charter of Social and Fiscal Responsibility in April 2004.

The Government is held accountable for fiscal performance through the electoral process and performance against the fiscal objectives is published annually in the Priorities in Progress report.

Timing

As for community objectives, no specific timeframe is set for the Government to review the fiscal objectives: there is potential for review at any time. The Charter of Social and Fiscal Responsibility, which is the vehicle for communicating the Government's fiscal objectives, is generally reviewed and reissued with the establishment of each new Parliament.

Further information

• The Government's fiscal objectives are included in the Charter of Social and Fiscal Responsibility.
• Section 6D of the Financial Administration and Audit Act 1977 stipulates the matter to be included in the Charter of Social and Fiscal Responsibility.
• Priorities in Progress report.

Last reviewed 14 August 2009

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© The State of Queensland (Queensland Treasury) 2009.

Queensland Government