The NSW Government will have real-time and detailed information about the $70 billion it oversees in its budget by modernising its financial management systems, Treasurer Gladys Berejiklian has announced.
In what is the biggest financial governance reform in the country, the Financial Management Transformation (FMT) program will create a world-class financial management framework for NSW.
“NSW has not fundamentally changed its approach to financial management for more than 30 years and reform in this space is well overdue,” Ms Berejiklian said.
“For the first time in NSW, Government will have real-time data on all of its spending decisions as they are being implemented – allowing us to better track how policies are performing.
“This means we can dedicate resources where they are needed most.”
Ms Berejiklian said the reform will provide the Government with a one-stop shop for financial information, allowing it to more effectively manage and deliver public resources.
“The program will deliver timely and clearer financial information to government at the push of a button – enabling us to make the best decisions about public spending,” the Treasurer said.
Tech firm Oracle is providing software for Treasury’s new budget management and reporting system, at a cost of $6 million.
PricewaterhouseCoopers is Treasury’s integration partner and is helping overhaul NSW’s budgeting and financial management system on a fixed price of $25.5 million. The FMT program will result in a fundamental change to financial practices across the NSW public sector.
The new FMT system is expected to be in place and operational in 2017.