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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

2.3 Undertake asset strategic planning (Agencies)

An agency’s asset strategic plan analyses issues that may influence the agency’s requirements for assets in the medium and long term.

When an agency prepares an asset strategic plan it establishes what asset resources are required to support service strategies identified in the agency strategic plan, compares this to existing available asset resources and develops a strategy for acquisition, disposal, funding, operation, maintenance and management of the asset resource. This process also considers the recurrent cost implications of capital investment and alternative asset procurement solutions for existing or new service delivery proposals.

Governance

Part 2 of the Financial Management Standard 1997 relates to planning processes. Accountable Officers and Statutory Bodies are accountable for ensuring that the agency's asset strategic planning processes comply with the provisions of the legislation.

Timing

Agencies must develop an asset strategic plans every financial year to cover a period of at least four years.

Further information

• Financial Management Standard 1997 
• Non-Current Asset Policies for the Queensland Public Sector - are mandatory for departments and statutory bodies and apply from 1 July 2005.
• Asset Management Policies and Systems - the Department of Public Works has developed a range of asset management policies, guidelines, systems and support tools to assist agencies deliver enhanced services to the Queensland community through better management of building assets.
• Building Asset Performance Framework - Queensland Government best practice guideline aimed at ensuring that agencies have a systematic approach to managing the performance of government buildings to meet service delivery requirements.
• Capital Works Management Framework - a policy framework for the initiation, development and implementation of building projects and programs undertaken by agencies.
• Government Office Accommodation Management Framework - supports agencies in all aspects of their acquisition, management and utilisation of office accommodation.
• Maintenance Management Framework - the whole-of-Government policy for managing building maintenance.
• Strategic Asset Management Guidelines - provides a best practice framework for implementing strategic asset management.
• Queensland Treasury's Cost-Effective Internal Control Guidelines: Underpinning Agency performance includes the systems and processes that agencies should have for effective asset management.
• Queensland Treasury's Asset Strategic Plan Guidelines and Templates are designed to assist agencies with their planning processes.
• Project Assurance Framework - defines generic project stages and includes guidance material to support existing project management processes in each stage.
• Value for Money Framework and Public Private Partnership (PPP) Guidelines - Queensland Government’s Public Private Partnership Policy – achieving value for money in public infrastructure and service delivery.
• Better Purchasing Guides - support the State Procurement Policy by providing information about current best practice procurement in the Queensland Government.  It is also a requirement under the State Procurement Policy for agencies to produce a Corporate Procurement Planning.

Last reviewed 24 August 2009

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