Effective: April 1, 2016
Section: Budgeting
Administrator:  Deputy Secretary to the Financial Management Board
Applicability: GNWT Departments  and Public Agencies

POLICY         

Financial performance reporting is to be provided to the Financial Management Board (FMB), or to the Public Agency’s responsible Minister, in a timely manner. 

PURPOSE             

1. To provide timely and relevant information to the FMB or governing body of a public agency for decision-making purposes;
2. To monitor year-to-date variances between actual revenues, actual expenditures and budgeted amounts in order to assess and direct corrective action to be taken, as appropriate;
3. To ensure that all budgets and approved budget transfers have been accurately recorded in the applicable financial accounting system by entity, department and funding category (operations or infrastructure/capital) on a timely basis; 
4. To demonstrate transparency and accountability of operations.

SCOPE

This policy applies to all financial performance reporting for operations and infrastructure.  Such reports include, but are not limited to, the following:

• Variance reports
• Appropriation/Budget Transfers
• Year-end Public Accounts requirements

RESPONSIBILITIES

Deputy Head

Ensure that financial performance reports are prepared in the required format and timeframe.

Deputy Secretary to the Financial Management Board

May approve Interpretation Bulletins associated with this policy; sets the timing, frequency and format of reporting requirements for the GNWT, in accordance with FMB requirements.

Responsible Minister of a Public Agency

Approve and submit Public Agency reports to FMB or appropriate government body, as applicable.

Minister of Finance

Table financial performance reports for Financial Management Board’s review or consideration, and in the Legislative Assembly, when appropriate.

Governing Body of a Public Agency

Determine internal reporting requirements, including the timing, frequency and format that support fiscal responsibility, accountability and transparency, subject to any direction from the Financial Management Board.  

Financial Management Board

Determine internal reporting requirements to support fiscal responsibility, accountability, and transparency; may issue a directive respecting the financial management or financial administration of a Public Agency.

AUTHORITIES and REFERENCES

• Financial Administration Act (FAA)
  • s. 7 – Duties: Board
  • s. 10 – Board directives
  • s. 12 – Fiscal year for public agency
  • s. 15 – Ministers
  • s. 18 – Public agency accountability
  • s. 21 – Planning and Accountability Framework
  • s. 32 – Public Agency annual report
  • s. 36 – Interim Financial Report
  • s. 72 –  Activity Budget
  • s. 74 – Report on transfer of funds
• Fiscal Responsibility Policy – Government of the Northwest Territories
• Planning and Accountability Framework – Government of the Northwest Territories

INTERPRETATION BULLETINS