Chapter 2: Organization and Responsibilities Department of Finance and Treasury Board

Department of Finance and Treasury Board

Government of Nova Scotia

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Management Guide

Chapter 2: Organization and Responsibilities Department of Finance and Treasury Board

Mandate

The mandate of the Department of Finance and Treasury Board flows primarily from the Finance Act and the Public Service Act. Responsibilities which flow from these statutes include establishing a sound fiscal framework and financial control over public finances, providing meaningful, transparent financial reporting, including the provincial budget, forecasts and Public Accounts and providing horizontal leadership and strategic policy and expenditure analysis to Treasury and Policy Board, a committee of the Executive Council. The department is also responsible for the administration of several statutes which regulate financial services and other sectors including insurance, credit unions, pensions, securities and liquor control. These responsibilities are accomplished by providing professional services and support to the Minister, the Treasury and Policy Board and provincial government departments and entities. The department manages the debt of the Province, delivers financial, budgeting, accounting, fiscal and economic policy advice, and provides statistical services to help inform decision making across government and ensure the effective regulation of financial services and other sectors. The department also supports the Minister of Finance & Treasury Board in overseeing certain crown agencies for which the Minister is assigned responsibility, which currently includes the Nova Scotia Liquor Corporation, the Nova Scotia Securities Commission, and the Credit Union Deposit Insurance Corporation.

Vision

A Nova Scotia with sound public finances.

Mission

To support a sustainable Nova Scotia through sound public finances, transparent accountability and financial reporting, and prudent financial management.

Responsibilities

SENIOR MANAGEMENT

Senior Management is comprised of the Deputy Minister and two (2) Associate Deputy Ministers (ADMs). The Deputy Minister provides overall management and coordination of the activities and responsibilities of the department.

Government of Nova Scotia

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Management Guide

Chapter 2: Organization and Responsibilities Department of Finance and Treasury Board

The ADM Finance is responsible for the day to day operations of the Finance Branch through oversight of the corporate accounting reporting and policies, fiscal policy, pension regulations, and the revenue side of the provincial budget and forecasting. The ADM Treasury Board is responsible for the day to day operations of the Treasury Board Branch and its support of the Treasury and Policy Board Committee, through oversight of the expenditure side of the provincial budget, departmental expenditures and costs due to operations, capital, and labour costs. In addition, the ADM offers advice to the Premier’s Office and Ministerial Committees on policy and other matters related to expenditures, fiscal sustainability and corporate labour relations.

FISCAL POLICY, ECONOMICS AND BUDGETARY PLANNING

The Fiscal Policy, Economics & Budgetary Planning Branch provides fiscal and economic research, analysis and strategic advice to Government, and works in cooperation with Treasury Board Branch and Office of Planning & Priorities to coordinate the development of the provincial budget and medium-term fiscal plan, and corporate economic and fiscal policies. The Branch is responsible for analysis and recommendations on the Province’s tax regime; development of tax-related legislation, in cooperation with Legal Counsel; provision of economic and revenue forecasts; maintaining the Province’s statistical infrastructure; and advancing the Province’s interests in federal-provincial fiscal arrangements, as well as interprovincial, federal and provincial tax initiatives.

LIABILITY MANAGEMENT AND TREASURY SERVICES

Liability Management & Treasury Services manages the treasury function for the General Revenue Fund, the debt portfolio and the borrowing program, and provides advisory and financing services to governmental units, such as cash management, payment and transfer services and electronic banking arrangements. The Branch is responsible for managing relationships with external rating agencies, investors, and broker-dealers; ensuring effective money management; maximizing return on investments and minimizing debt servicing costs to government over the long term.

POLICY & ADVISORY SERVICES

Policy & Advisory Services provides policy and planning services and advice to the Minister, Deputy Minister and divisions and agencies of the department. This includes leading coordinating or providing support for policy, legislative and regulatory initiatives; the legislative approval process, cross-government policy initiatives,

Government of Nova Scotia

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Management Guide

Chapter 2: Organization and Responsibilities Department of Finance and Treasury Board

departmental strategic, business and operational planning and supporting Minister in oversight of those crown agencies for which the Minister is responsible. Agencies under the purview of the Minister of Finance & Treasury Board include the NS Securities Commission, the Credit Union Deposit Insurance Corporation, and the NS Liquor Corporation.

FINANCIAL INSTITUTIONS

Financial Institutions promotes and enhances consumer confidence and public trust in the credit unions, insurance and trust and loan sectors through the regulation of market conduct; financial monitoring to protect consumers pertaining to these sectors; and administration and collection of premiums and other taxes levied in the insurance sector. The division licenses insurance companies, individual insurance agents, brokers and adjusters. COMMUNICATIONS

The Communications division promotes the Department of Finance and Treasury Board’s programs and policies to the public, primarily Nova Scotians. This team is responsible for managing the overall external and internal communications of the department by developing and implementing communications strategies, managing media relations, and providing advice through issues management.

FINANCE & TREASURY BOARD CORPORATE SERVICE UNIT (CSU)

The Finance & Treasury Board CSU supplies support in all aspects of financial management to the Departments of Finance and Treasury Board, Business, Culture and Heritage, as well as Nova Scotia Securities Commission, and Nova Scotia Utility & Review Board. CONTROLLER

The Controller’s Office provides support to the Minister and Deputy Minister by identifying the policy direction for effective management of the Province’s finances and ensuring accounting and reporting procedures accurately reflect the Province’s fiscal position (in compliance with public-sector accounting standards). The Controller monitors the disbursement of provincial funds and spending appropriations, and oversees the internal and external financial reporting requirements of Government, such as the Public Accounts. The Controller is also responsible for the direction and policy of the corporate financial systems and financial reporting, housed by the Department of Internal Services.

Government of Nova Scotia

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Management Guide

Chapter 2: Organization and Responsibilities Department of Finance and Treasury Board



GOVERNMENT ACCOUNTING

Provides professional accounting advice to all entities within the government reporting entity, recommends accounting policies and prepares the annual public accounts. Government Accounting also works with the Office of the Auditor General to ensure financial reporting requirements are met. Additional responsibilities include records management for the department as well as Provincial Building facilities management and reception desk.

CAPITAL MARKETS ADMINISTRATION

Capital Markets Administration provides all post trade settlement and accounting functions for the Province’s debt portfolio activities, miscellaneous trust funds, and loan administration. This includes timely payment of interest and principal on debt issues, timely receipt of investment income and debt proceeds, and accurate forecasting of Provincial Debt Servicing Cost and Investment Income.

MIDDLE OFFICE COMPLIANCE AND REPORTING

The Middle Office Compliance & Reporting group ensures that investment and debt management activities are compliant with legislature as well as Finance and Treasury Board’s objectives and policy limits by guaranteeing that best-in-class practices/ policies/processes are in place to adequately control activities, such as monitoring and reporting ongoing investment and debt activities to management and Governance Committees. Provides risk management services on behalf of the Controller’s Office.

PENSION REGULATIONS

The division administers and enforces the Pension Benefits Act. The Act applies to private sector and municipal government pension plans that have members in Nova Scotia. To ensure that these plans are administered in accordance with the Act, the division performs a number of functions, including the following: registers plans and their amendments, reviews annual filings from plan administrators, investigates complaints of plan members, provides information and support to people on pensions, and approves unlocking of pension funds for reasons of financial hardship.

TREASURY BOARD

The Treasury Board Branch supports the Treasury and Policy Board Committee’s responsibility for financial management of government expenditures and carrying out its duties under the Public Service Act. The branch works in cooperation with the Fiscal Policy, Economics and Budgetary Planning Branch and is responsible for directing the planning and review of the budget process and preparation of the

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Chapter 2: Organization and Responsibilities Department of Finance and Treasury Board

budget documents for the annual provincial budget. The branch is also responsible for the financial analysis of submissions to Executive Council. As well, the Treasury Board Branch assists with the planning and execution of corporate labour strategy, provides support for third party ABCs bargaining and advice to Executive Council regarding labour relations. The Branch is also involved with sustainability projects such as Shared Services, Spend Analysis and Program Review and the development, oversight and monitoring of the ongoing Capital Program (TCA) which provides for the maintenance, renewal or replacement of existing Provincial assets and the addition of new and innovative infrastructure.

Administrative update:

Government of Nova Scotia

June 2, 2015

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Management Guide