- The Treasury Board (TB), whose mandate is based on the Financial Administration Act, plays an important financial management role. It carries out its government management responsibilities by implementing policies and programs approved by Cabinet and providing departments with the resources and administrative support they need to conduct their work. TB is accountable to Parliament. Its president tables the Estimates in Parliament for approval. The Estimates provide information on the resources required to deliver programs to Canadians. It is tabled by March 1 at the latest and concerns the initial budget. The Supplementary Estimates provide adjustments throughout the fiscal year.
- The Treasury Board Secretariat (TBS) is the central agency that acts as administrator for the TB. It is responsible for implementing effective policies to guide the sound management of resources within the government while considering results and optimizing resources. It develops management frameworks, supports proactive risk management and equips partners to manage resources and report results. It monitors management performance through its Management Accountability Framework (MAF). It also provides instructions for departments on the development and preparation of their Departmental Plan and Departmental Results Report, which aggregate financial and performance data. The TBS includes the Office of the Comptroller General of Canada (OCG), which is responsible for providing government-wide direction and assistance on financial management and internal audit.
- The Receiver General (RG) of Canada is responsible for supervising all incoming and outgoing funds in the federal government’s accounts, keeping the accounts of Canada and preparing the Public Accounts of Canada. It therefore acts as the central treasurer and accountant of the federal government.
- In recent years, the TBS has reviewed all financial policies. This approach was intended to keep only the essential requirements, while achieving flexibility and control. It also redefined the distribution of roles and responsibilities between the Deputy Head (DH), the Chief Financial Officer (CFO) and other policy stakeholders. Also, it was intended to make policies easier to understand, leaving less room for interpretation. The Policy on Financial Management and the Policy on Transfer Payments constitute the only policies resulting from this process. They are supported by multiple directives on financial management and by the Directive on Transfer Payments. In terms of transfer payments, LAC provides two contribution programs:
- The Documentary Heritage Communities Program (DHCP) adopts an approach focused on collaboration with local documentary heritage communities to ensure that Canada’s continuing memory is documented and accessible to current and future generations.
- The Listen, Hear Our Voices program, which is new in 2019, provides funds and digitization services to preserve recordings that document the cultures and languages of Indigenous peoples.
- The Policy on Financial Management establishes the responsibilities of the DH as account administrator and groups them into four categories: governance and monitoring, internal audits, financial information and financial management personnel. The DH’s main responsibilities are as follows:
- Establish departmental governance and monitoring to ensure that senior executives and the CFO:
- Are aware of their financial management responsibilities;
- Have the necessary knowledge to carry them out; and
- Monitor financial management performance in their areas of responsibility.
- Investigate and intervene when significant issues related to policy compliance arise and ensure that appropriate corrective actions are taken to resolve the issues within the organization, and keep TB informed when necessary.
- Ensure that a risk-based departmental system of internal control over financial management is established, monitored and maintained.
- Ensure that timely and accurate departmental financial information is available to support decision-making in the department and across government, and approve the main financial reports.
- Ensure the development of talent and succession management plans and ensure that the CFO position meets the requirements outlined in the policy.
- The CFO is the DH’s main strategic advisor for all issues and decisions related to investments, financial strategies and the overall financial management of the organization. The CFO supports the DH as accounting officer. In this role, the CFO is responsible for holding information, discussion and decision-making sessions on the main components of the budget and policies as well as on financial protocols. The CFO is also responsible for establishing budgets in the financial system, forecasts of funding requirements and the delegation of financial authorities. The CFO is supported by the Deputy Chief Financial Officer (DCFO).
- LAC designed a table of financial management responsibilities that outlines all financial elements to be taken into consideration to support decision-making.
- The financial delegation table was updated and sent to Canadian Heritage for approval, in light of the potential arrival of a new minister.
- LAC is currently carrying out a major review of its service fees in order to incorporate the changes associated with the new Service Fees Act, which received Royal Assent on June 22, 2017.
- LAC is well equipped and meets its financial management obligations.
Karine Paré, Director General, Financial Services and Procurement Branch, and Deputy Chief Financial Officer