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TransformationTransformation
Financial Management Reform in
the NSW Public Sector
Institute of Chartered
Accountants Australia
4 December 2013
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Transformation
Financial Management
Transformation – End State
RULESGovernance
and compliance
TOOLSInformation
systems
PEOPLECapability, roles and
responsibilities
PROCESSBudget,
program and asset cycles
New legislation supports clear, flexible and
effective compliance regime
Improved processes to support more strategic
ERC
New systems improve transparency and give decision-makers the
information they need
Accountability aligned with authority, and capability improved
sector-wide
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TransformationFinancial Management Goals
AFFORDABILITYSustainable
aggregate fiscal position
Better services & stronger economy
PRIORITYResources
allocated to government
priorities
VALUEValue for
money for taxpayers
GOAL RISK
AAA rating, service &
infrastructure commitments
at risk
Fiscal gap and debt growth, unclear prioritisation,
untested value for money Unreliable data,
inadequate information, risk of
system failure
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Transformation
4
Goal 1: Affordability
AFFORDABILITYSustainable
aggregate fiscal position
PRIORITYResources
allocated to government
priorities
VALUEValue for
money for taxpayers
Better services & stronger economy
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Transformation
5
Goal 2: Priority and Goal 3: Value
AFFORDABILITYSustainable
aggregate fiscal position
PRIORITYResources
allocated to government
priorities
VALUEValue for
money for taxpayers
Better services & stronger economy
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Transformation
6
Program Reporting
POLICY FRAMEWORK
Governance & Legal
Risk Management
Financial Administration Budget Management
Program Reporting
Capital Management
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Transformation
7
Budget Management
POLICY FRAMEWORK
Governance & Legal
Risk Management
Financial Administration Budget Management
Program Reporting
Capital Management
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Transformation
8
Resource Management
POLICY FRAMEWORK
Governance & Legal
Risk Management
Financial Administration Budget Management
Program Reporting
Capital Management
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Transformation
9
Risk Management
POLICY FRAMEWORK
Governance & Legal
Risk Management
Financial Administration Budget Management
Program Reporting
Capital Management
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Transformation
10
Financial Administration
POLICY FRAMEWORK
Governance & Legal
Risk Management
Financial Administration Budget Management
Program Reporting
Capital Management
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Transformation
11
Governance and Legal
POLICY FRAMEWORK
Governance & Legal
Risk Management
Financial Administration Budget Management
Program Reporting
Capital Management
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Transformation
12
Capital Management
POLICY FRAMEWORK
Governance & Legal
Risk Management
Financial Administration Budget Management
Program Reporting
Capital Management
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Transformation
Financial Management Transformation
– Tools (Information Systems)
RULESGovernance
and compliance
TOOLSInformation
systems
PEOPLECapability, roles and
responsibilities
PROCESSBudget,
program and asset cycles
New legislation supports clear, flexible and
effective compliance regime
Improved processes to support more strategic
ERC
New systems improve transparency and give decision-makers the
information they need
Accountability aligned with authority, and capability improved
sector-wide
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Transformation
Financial Management Transformation – People (capability, roles and responsibilities)
RULESGovernance
and compliance
TOOLSInformation
systems
PEOPLECapability, roles and
responsibilities
PROCESSBudget,
program and asset cycles
New legislation supports clear, flexible and
effective compliance regime
Improved processes to support more strategic
ERC
New systems improve transparency and give decision-makers the
information they need
Accountability aligned with authority, and capability improved
sector-wide
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TransformationTiming
Baseline (to February 2014):
– Develop and submit a fully costed business
case, supported by consultation to develop an
agreed policy position, operating model and IT
Strategy
Implementation (February 2014 to end 2016)
– Implement the policy, ICT, process and
organisational changes identified in the
Business Case
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Transformation
Questions/Comments