AGY-1833 | Office of Financial Management

Full description

On 31 March, 1988 the Administrative Changes Act, 1976 was amended to enable the revenue collection functions of the Department of Finance to be transferred to the Treasury Department. (1). Treasury accommodated the responsibilities within a new structure comprising the Office of Financial Management and the Office of State Revenue.

The Office of Financial Management served the Treasurer and Government by advising on and accounting for the overall management of State finances (2).

The objectives of the Office of Financial Management were:
1. To improve the allocation of resources to achieve positive social and environmental outcomes for the State, including enhanced public sector net worth.
2. To improve public sector accountability for State financial management (3)

The Secretary of the Office of Financial Management was supported in leadership by four Executive Directors, each oversighting a Directorate (4). These were as follows:
1. The Economic and Fiscal Directorate was responsible for advising on economic strategy, overall fiscal strategy and revenue policy, including intergovernmental and taxation policy issues, and for monitoring and forecasting economic conditions.
2. The Financial Management Directorate was responsible for advising on financial management improvement for both general government and public trading enterprise sectors, coordination of State financial reports, including preparation of the Budget, and liability management.
3. The two Resource Allocation Directorates were responsible for monitoring the performance of, and providing policy advice in respect of, general government and public trading enterprise sector agencies.

The Directorates are structured on a portfolio basis, one oversighting Education, Natural Resources and Property agencies and the other Health, Justice and Transport agencies. (4)

A Market Implementation Group was established as a separate unit within Office of Financial Management in 1999. It oversights the operation of the National Electricity Market and the introduction of full electricity retail competition. The Group also monitors and advises on the performance of energy sector agencies (5).

Endnotes
1. NSW Government Gazette, 31 March 1988, p.2065
2. NSW Government Directory 2000
3. Loc cit
4. Loc cit
5. Loc cit