December 4, 2019
Province Introduces New Summary Budgeting Act
– – –Legislation Would Bring Financial Consistency Across Entities that Report to Government: Fielding
The Manitoba government has introduced legislation that would create more central financial accountability for entities that report to the province, Finance Minister Scott Fielding announced today.
“Our whole-of-government approach to financial planning, oversight and reporting will create better alignment and consistency across all reporting entities, increase transparency and ensure value for taxpayers,” said Fielding. “Reporting entities such as regional health authorities, Crown corporations, universities and colleges, school divisions, and child and family services authorities represent approximately 70 per cent of our provincial budget and their financial performance directly impacts our summary budget.”
The Summary Budgeting Act would create a whole-of-government approach to develop and implement the province’s summary budget and track finances across the wider provincial government.
The act includes amendments to:
• The Crown Corporations Governance and Accountability Act, to increase the financial accountability of Crown corporations consistent with other reporting entities;
• The Financial Administration Act, to establish reporting requirements and guidelines for reporting organizations and allows the minister of finance to inspect financial records; and
• The Municipal Act and The City of Winnipeg Charter, to create financial reporting requirements and better align accounting practices to reduce confusion and increase flexibility. A technical working group with provincial and municipal officials will be established to inform the changes.
The legislation also introduces The new Public Sector Executive Compensation Act, which would lead to the creation of a consistent framework for public-sector executive compensation, based on similar legislation in Alberta.
“Manitobans expect compensation to be consistent, fair and reasonable to support a sustainable public service,” said Fielding. “Currently, no co-ordinated approach exists for public-sector executive compensation. The act would align the wide range of executive compensation practices in the public sector, with a goal of being cost effective and efficient.”
- 30 -