Todays Date: February 13, 2012
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Financial Management Framework

The Financial Management Framework for the General Government Sector is a key strategy that OFM applies in ongoing improvement of State financial management.

The Framework focuses on strategic resource allocation and management. Its aim is to assist General Government agencies to deliver value for money programs and services.

In November 2006 the Government released the NSW State Plan, which sets clear priorities and targets for Government action. An important Framework initiative is the development and implementation of an integrated performance management and budgeting system to support delivery of State Plan priorities.

The new system will strengthen the linkages between strategic and business planning, and the funding, monitoring and reporting elements of the performance management cycle. It will:

  • align agency budgets and planning with Government priorities
  • ensure that funding decisions are informed by robust information on cost and service delivery performance; and
  • improve the monitoring and reporting of both planned and achieved financial and service delivery performance

By linking budget allocations to performance in this way, the use of public resources is made more transparent.

Within Treasury, the Financial Management and Reporting Branch leads the development of the Financial Management Framework, and works closely with our Resource Allocation Branches on its implementation. Treasury also works in partnership with both service delivery and other central agencies to ensure effective implementation.