1 Reduction to our parliamentary appropriations Our challenge doesn’t end there.

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Presentation transcript:

1 Reduction to our parliamentary appropriations Our challenge doesn’t end there

Meeting the financial challenges head-on (in $millions) 2

Main budget reductions implemented by Corporate Finance and Administration 4 Reduce SAP enhancement budget Reduce consulting fee budget Reduction of premium following insurance policy renewal Savings generated by the Next Generation procurement project Reduce Corporate form budget (implement mandatory use of some electronic forms)

Next steps – 2012/13 Workforce adjustment 5

Corporate Finance and Administration team – 2012/13 objectives 1.Track CBC/R-C’s financial performance against the financial plan and budgets and report to SET and the Board of Directors on : Strategy 2015 initiatives; DRAP and programming reductions; Making It Happen and other efficiency reduction. 2.Ensure targeted savings are realized by assisting in identifying and implementing plans for reductions (e.g. $10M efficiency improvement, vertical/horizontal review targets). 3.Deliver on the Next Generation Procurement Initiative. 4.Perform a review of our Capital investment priorities over the next 6 months. 5.Ensure business risks are continuously tracked and contingency plans are monitored, adjusted and reported. 6.Continue to improve cash forecasts and reporting by working with components. 6

Corporate Finance and Administration team – 2012/13 objectives 7.Continue leading the Making It Happen project for the Corporation and to assess business cases for new payback initiatives. 8.Carry out our Finance Making It Happen Projects, and maximize the use of our technology tools. 9.Ensure that we maintain effective internal controls and reflect the appropriate accounting and reporting in a year of operational changes. 10.Maintain effective relationships with government stakeholders and facilitate Heritage/Treasury Board approvals. 11.Continue to bring strong project management and change management support to strategic projects being lead by the CFO and Finance team. 12.Get through all of this together, as a strong team with ongoing communication. 7