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Long-Term Financial Management Framework

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​​​​Strengthening service delivery outcomes through targeted and sustainable investment and efficiency.

Long-Term Financial Management Framework 2021

Purpose

Long-term financial management is everybody’s business. It is the product of ongoing and rigorous financial management practices at all organisational levels, combined with strategic actions for both immediate and longer-term improvement. Sound long-term financial management helps to provide the financial certainty and flexibility needed for efficient and effective ongoing service delivery and planning.

Financial objectives

 

Sustainable systems and infrastructure

 

Maintain financial flexibility

 

Strong resource management

Our principles

 

Be accountable – Taking responsibility for making decisions at all levels of the organisation to maximise value and efficiency in current resource utilisation to deliver educational outcomes.

 

Fit-for-future investment – Planning, innovating and using resources with future generations in mind.

 

Build resilience – Ensuring financial flexibility to enable responsiveness to new or changing resourcing needs.

Making it happen

The Long-Term Financial Management principles will be applied using a compliance management systems approach.

 

Commitments & structure

  • Endorsement
  • Alignment
  • Resourcing

Planning

  • Consultation
  • Collaboration
  • Resourcing

Implementation

  • Responsibility is aligned
  • Training needs identified
  • Controls established

Monitoring & measuring
  • Reporting
  • Documented progress

Continuous improvement

  • Regular review
  • Intervention
  • Building capacity

Commitments and structure

  • Endorsement
  • Alignment
  • Resourcing

Planning

  • Consultation
  • Collaboration
  • Resourcing

Implementation

  • Responsibility is aligned
  • Training needs identified
  • Controls established

Monitoring and measuring

  • Reporting
  • Documented progress

Continuous improvement

  • Regular review
  • Intervention
  • Building capability

Cost drivers

  • Funding indexation per student, per federal legislation
  • Projected annual enrolment growth
  • Wage increase policy and staffing allocations
  • Projected price inflation
  • Projected Building Price Index inflation
  • Changes in curriculum
  • Policy and resourcing model changes

Roles and responsibilities

People, infrastructure and financial services

  • Lead and contribute to sound financial management practice including fraud prevention, internal controls, budgeting, long-term planning and forecasting.
  • Partner in service delivery, support and asset management.
  • Build relationships with funding agencies to improve revenue assurance and flexibility.
  • Optimise whole-of-life costs for infrastructure and systems to ensure value for money.
  • Reduce waste and improve efficiency.
  • Establish strategic procurement and policy arrangements that reduce cyclic costs.
  • Incorporate workplace health and safety efficiently and effectively into decision-making.
  • Collaborate in whole-of-government saving and debt reduction plans.

Early Childhood and Education Improvement, State Schools Division and regions

  • Support schools to align their budget to local and system priorities.
  • Pursue additional revenue opportunities through equitable user fees and charges, ethical funding sources and stakeholder partnerships.
  • Maintain key resourcing policies and promote training to enable accountability and efficiency.

Schools

  • Utilise funding to support outcomes for students in the current school year.
  • Align the school budget to local and system priorities.
  • Use discretionary school funds to give priority to initiatives aimed at improving outcomes for students.
  • Undertake proactive infrastructure and ICT asset planning including co-investments with central business units and providers.

Other divisions

  • Lead government funding negotiations.
  • Allocate funding and resourcing.
  • Promote training to enable accountability and efficiency.

Indicators of success

Performance and compliance

  • Services delivered within overall budget appropriation.
  • Meet the agency’s reprioritisation targets.
  • Average cost of service per student: primary and secondary (State Budget service performance measure).
  • Government expenditure per child on kindergarten (State Budget service performance measure)​
  • Annual procurement savings
  • Completion of internal Management Foundations Training – Finance module

Infrastructure and assets

  • Asset utilisation – schools
  • Staff, student and parent/caregiver perceptions that their school is well maintained.
  • School assets with Asset Lifecycle Assessment (ALCA) rating at 3 or above.
  • Asset maintenance backlog
  • Average bandwidth in schools

Resources efficiency

  • Cost attributed to frontline services
  • Electricity consumption (MW hours per annum per student)
  • Green energy production (MW hours per annum per student)
  • Staff perception that people in their workgroup use their time and resources efficiently
  • Water consumption (litres per annum per student)
  • School bank account balances per student (% as at end of June)

We are governed and guided by

Contact

Finance and Assurance Services

Phone: (07) 3055 2840

Email: stateschoolresourcing@qed.qld.gov.au

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Last updated 07 October 2021