Annual Performance Plan 2013
Print- Management Processes
- Cost Reduction and Budgetary Growth
Strategic Theme 6: Cost Reduction and Budgetary Growth
Establish a cost-reduction approach and a budgetary-growth target that maintains an effective and efficient use of financial resources.
Objective 6.1: Use financial resources efficiently and effectively.
In this Section:
Greater scrutiny of how financial resources are used will contribute to achieving budgetary-growth targets. Process changes that make the budget process more efficient will help ensure strategic investments remain within a sustainable budgetary range and provide the appropriate level of support for the Board to continue meeting its legislated mandates. The Board also needs the flexibility to provide an appropriate level of financial support to deliver new regulatory obligations and build capabilities to improve the way it delivers its mission for monetary policy, financial stability and supervision.
Projects and Initiatives
- Review key administrative processes to, among other objectives, identify opportunities for reducing redundancy and enhance operational efficiency.
- Track spending against key budgetary accounts to enhance annual spending projections.
- Establish a procedure using PeopleSoft to monitor and report hiring against strategic positions.
Objective 6.2: Achieve budgetary savings and expense growth in line with Board approved targets.
In this Section:
Budgetary discipline is necessary to manage the unavoidable expense growth required by the strategic framework. Enhanced cost-management strategies that help offset the strategic initiatives will contribute toward maintaining expense growth in line with approved targets.
Projects and Initiatives
- Identify opportunities for containing administrative service costs.
- Enhance budget forecasts by incorporating cost-management strategies.
- Draft a plan for communicating cost-management opportunities.
- Begin implementing cost-management initiatives.
