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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

5.2 Monitor issues and identify risks (agency and whole-of-Government - financial and non-financial) (Treasury)

Treasury's role is to ensure that Government resources are utilised to achieve the maximum benefit for the community. This involves assessing the appropriateness, efficiency and effectiveness of Government's existing strategies, programs and services in order to inform strategic direction (strategy) and resource allocation (budget).

Various monitoring regimes exist to ensure that the objectives of each year's Budget - both financial and non-financial - are being met, and that risks are promptly identified and appropriately treated.

Agencies regularly provide information to Treasury about their financial and non-financial performance, such as the extent to which they expect to meet output performance targets, and progress with capital projects.

Treasury activities include:

• monitoring - assessing agencies' actual performance against performance targets
• evaluation - assessing the appropriateness, efficiency and effectiveness of agencies' existing strategies, programs and services and identifying alternatives.

Non-financial and financial performance monitoring can include:

• Monthly performance monitoring - compares agencies' actual financial performance against budget (target).
• Quarterly performance monitoring for non-financial information - assesses agencies' actual output performance measures against targets.
• Review of agencies' quarterly performance monitoring for capital projects.
• Ministerial Portfolio Statements (MPS) - reports agencies' estimated actual output performance measures against targets and sets targets for the next financial year. It also reports estimated actual financial performance against budget. MPS documents are reviewed by Treasury Analysts in the budget process.
• End-of-Year process - finalises the financial and output performance information for the current year (i.e. has the agency exceeded or met budget?).
• Mid-Year Review - This is a comprehensive CBRC review of the agencies' Budget position and issues that have arisen since budget.

Governance

Information about an agency's performance must regularly be provided to Accountable Officers and to Ministers (Financial Management Standard 1997, Section 62). Treasury requires information about agencies' performance to fulfil its monitoring responsibilities.

Timing

• Financial information is provided to Treasury monthly, through the Tridata system.
• Timing of the provision of non-financial information will be agreed between the agency and Treasury as part of the development of Treasury's Risk Assessment and Monitoring Plan for the agency (see process 5.1).
• Capital expenditure is reported quarterly.

Further information

Is provided in Financial Circulars issued periodically by Treasury - refer to the Treasury Financial Circulars index.

Last reviewed 23 July 2009

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© The State of Queensland (Queensland Treasury) 2009.

Queensland Government