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About the Department

• Minister
• Mandate
• Lines of Business
• Organizational Chart (67 KB)
• Branches and Divisions
• Agencies, Boards and Commissions
• Legislation

Mandate

The Department of Finance plays a key role in establishing, implementing and reviewing Government’s financial management, economic, fiscal and taxation policies. These responsibilities are primarily achieved through the provision of timely analysis and advice to Cabinet and its committees, particularly Treasury Board for which the Minister of Finance serves as President. The Department is also the central agency responsible for the provision of financial policy advice, various services and direction to other government departments and its employees. The mandate of the Department also includes the supervision, control and direction of all matters related to:

• Financial planning and budget monitoring
• Tax policy and the administration of tax statutes
• Fiscal policy
• Federal/provincial fiscal arrangements
• Debt management
• Project analysis
• Administration of pensions benefits
• Administration of group and general insurance
• Comptrollership and financial management
• Economic policy and statistics

Recently the mandate of the Department has been expanded to include the provision of corporate shared services in the area of financial management. This new responsibility includes the management of payroll, time, and attendance; and, the development and future implementation of a new financial model for government departments including the administration of accounts receivable and invoice processing.

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Lines of Business:

The mandate of the Department of Finance is delivered to its primary clients through four principal lines of business.

1. Financial Planning and Benefits Administration

   The Department of Finance coordinates the preparation of Government’s annual budget and then monitors expenditures by government departments. It also sets financial polices for government entities, provides advice related to multi-year expenditure plans and recommends allocations of financial resources. Operational support and financial and analytical advisory services are also provided to the Treasury Board Committee of Cabinet to support their financial management responsibilities. Similar financial expertise is also provided to the other committees of government, as well as government departments in support of the cabinet decision-making process. Additionally, the Department administers six provincial pension plans and develops and manages the policies, programs and contracts respecting risk management and group insurance for select government entities and public sector employees/retirees.
2. Taxation and Fiscal Policy

   The Department of Finance develops options for taxation reform; assesses the implications of changes to existing provincial taxation and fee policies; and, implements legislative measures in support of Government’s tax and fiscal policy priorities. It also participates in the negotiation and monitoring of federal-provincial tax and fiscal agreements and forecasts, analyzes and monitors provincial revenues. The Department manages the Province’s borrowing and debt servicing programs; provides centralized financial and economic impact analysis of specific projects to assist Government in decision making and/or policy development; and administers various provincial taxes, rebates and incentive programs, which include:

   • tobacco tax
   • gasoline tax
   • health and post-secondary education tax
   • mining and mineral rights tax
   • insurance companies tax
   • utilities tax

   • financial corporations’ capital tax
   • retail sales tax
   • school tax
   • direct equity tax credit program
   • home heating rebate program
   • parental benefits programs
3. Office of the Comptroller General

   The Department of Finance controls and accounts for the receipt and disposition of public money through the development of financial policies and procedures, administration of applicable legislation and the preparation of the provincial financial statements (i.e. Public Accounts) and related financial reports. The Department also develops and maintains government-wide revenue and expense systems and ensures that effective financial management controls, systems and accounting procedures are in place and government departments are properly accounting for their revenues and expenses. These systems and procedures are in place to ensure that no payment of public money occurs that is in excess of the appropriations provided by the House of Assembly and applicable legislative authority. Professional advisory services are also provided to government departments in the areas of: financial management, accounting and systems; financial policy development and implementation; internal auditing; and financial reporting. Corporate shared services are also delivered by this Department to other government departments. The Department of Finance administers and processes payroll, time and attendance transactions for government departments and develops business processes and related policies that will impact accounts payable and accounts receivable. It is also responsible for the operation of a payroll registry and an evolving service centre.
4. Economics and Statistics

   The Department of Finance analyzes and forecasts the macroeconomic environment, which feeds into the Province’s revenue projections. It also provides economic impact assessments and special studies related to policy, economic events and projects. It maintains and operates the Newfoundland and Labrador Econometric Model, the Input/Output Model, and the Population Projection Model and is responsible for the annual publication of The Economy and The Economic Review. The Department also fulfills a vital statistical role for Government by collecting, storing and disseminating information that is accessible to clients while guaranteeing confidentiality and privacy of individual information. This is achieved through the Newfoundland and Labrador Statistics Agency under the authority of the Statistics Agency Act which mandates the Agency. The Department acts as Government’s official point of contact with Statistics Canada, develops and provides focused sub-provincial data through Community Accounts and provides expertise in spatial analysis and socio-economic simulation modeling.

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