Queensland Treasury Department Role and Function of Treasury

Queensland Treasury Department • Role and Function of Treasury • Financial Framework • Charter of Fiscal and Social Responsibility and Priorities in Progress • Adoption of Australian Equivalent to International Financial Report Standards (IFRS)

Queensland Treasury Department • Role and Function of Treasury – System of Government • Commonwealth – Specific constitutional powers – Social security & welfare payments – Support for public health services – Defence – Higher education • State – Health – Education – Policing • Local – Water, sewerage and cleansing services – Local land use planning, building control, waste management – Local roads and footpath

Queensland Treasury Department • Role and Function of Treasury – Role • To provide core financial and economic policy advice to Queensland Government as well as services to the community • To meet the fiscal objectives and key priorities outline in the Charter of Social and Fiscal Responsibilities

Queensland Treasury Department • Role and Function of Treasury – Functions • Manage the State finance, including preparation & oversight of the state budget • Fiscal & economic advice to enhance financial position & economic performance for long term growth • Lead the development & application of sound financial management policies, standards, systems, procedures and related reforms • Promote economic development by supporting growth of job opportunities, social infrastructure, intellectual resources and community networks.

Queensland Treasury Department • Financial Framework – Legislative Framework • Financial Administration and Audit Act ( FAAA) 1977 – Charter of Social and Fiscal Responsibility – Consolidated Fund – Accountable Officers • Financial Management Standard (FMS ) 1997 – – – Planning Resource management Performance management Corporate management (governance) Reporting

Queensland Treasury Department • Financial Framework – Legislative Framework • FAAA 1997 - Charter of Fiscal and Social Responsibility and Priorities in Progress – Treasurer must prepare a Charter that: » States the broad social and fiscal objectives of the Government » Establishes a framework for assessing the Government’s performance in achieving objectives – Principles on which the Charter must be based on: » Transparency and accountability in developing, implementing and reporting on the Government’s objectives » Efficient and effective allocation and use of resources » Prudent management of risk

Queensland Treasury Department • Financial Framework – Financial Management Framework Feedback High level Govt objective and priorities Agency service delivery objectives & strategies Resource allocation – Cabinet Budget Review Committee Ongoing service delivery mgmt & monitoring Outcomes for State Communities Long term 4 yrs Two ways process FMS Indicator Govt Policy Review annually Minister scrutinised Published in Pi. P Balance by fiscal objective Link to resource Funding align with govt policy Treasury - Risk assessment & monitoring plan Published in Charter Ops, info, tech & asset strategic plan Funding to delivering output Agencies – targets Federal – Govt service Influence Govt priorities & Agencies strategies

Queensland Treasury Department • Financial Framework – Financial Management Framework Feedback High level Govt objective and priorities Agency service delivery objectives & strategies Resource allocation – Cabinet Budget Review Committee Ongoing service delivery mgmt & monitoring Outcomes for State Communities Governance Structures - Delivering responsive government - Means to an end - Reported within Priorities in Progress - FMS requires effective internal control structures Long term 4 yrs Two ways process FMS Indicator Govt Policy Review annually Minister scrutinised Published in Pi. P Balance by fiscal objective Link to resource Funding align with govt policy Treasury - Risk assessment & monitoring plan Published in Charter Ops, info, tech & asset strategic plan Funding to delivering output Agencies – targets Federal – Govt service Influence Govt priorities & Agencies strategies

Queensland Treasury Department • Adoption of Australian Equivalent to International Financial Report Standards (IFRS) – IFRS Checklist • Planning – monitoring • Reports to treasury – Interactive workshops – Expected Impacts – Role of Audit – Consultative policy development – Capacity building & support