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Financial Management Practice Manual

FMPM 850: Policy

Performance Management

Intent

This policy sets out the requirements in respect of the preparation and reporting of the University’s financial and operational performance.

Scope

Function	Responsibility Of
Establishment and maintenance of a Performance Management System	Director, Corporate Performance and Reporting
Approval of performance indicators: Key Performance Indicators Financial Key Performance Measures Operational Performance Targets	Council Finance Committee Vice-Chancellor
Preparation of financial performance reports	Director, Financial and Business Services
Preparation of operational performance reports	Director, Corporate Performance and Reporting
Reporting performance to the Minister	Vice-Chancellor

Definitions

Accountable Officer

Agency

Annual Report

KPI – Key Performance Indicator

Operational Plan

Objective

Performance Indicator

Performance Management

Performance Management Framework (PMF)

Strategic Plan

Strategy

University Plan

Policy

In managing the performance of the University, the University must comply with ‘A guide to the Queensland Government Performance Management Framework’ prepared by the Department of the Premier and Cabinet and the financial management framework must follow the “Toward Q2” ambitions for the direction of the state of QLD - Strong / Green / Smart / Healthy / Fair.

It is the responsibility of the Director, Corporate Planning and Performance to establish systems for obtaining information which enables the University to decide whether it is:

achieving the objectives stated in its strategic plan efficiently, effectively and economically; and
delivering the services stated in its operational plan to the standard stated in the plan.

The systems in place to evaluate the achievement of objectives must include assessing the following:

the appropriateness of the objectives and the services delivered to achieve the objectives;
whether the University’s performance indicators are suitable to assess the extent to which the objectives have been achieved; and
the options to improve the efficiency, effectiveness and economy of the University’s operations

Council of the University is responsible for approving the Key Performance Indicators (measures of overall performance at a University level).

Finance Committee is responsible for approving the financial Key Performance Indicators (measures of financial performance at a University level).

The Vice-Chancellor is responsible for approving Operational Performance Targets (measures performance at Faculty and Divisional level).

The Director, Financial and Business Services is responsible for the preparation of Financial Performance reports comprising:

Financial Management Reports; and
Statutory Accounts (included in the Annual Report).

The Director, Corporate Planning and Performance is responsible for the preparation of the Operational Performance report which must contain information on whether the University is:

achieving its goals efficiently, effectively and economically;
allocating its resources to produce best value for money;
achieving agreed objectives and strategies;
providing its outputs at the standards stated in the Faculty and Divisional operational plans;
measurable by way of agreed Key Performance Indicator targets;
consistent with the required financial performance management framework and ambitions for the direction of the state of Queensland.

Reports on performance must be provided:

to the Vice-Chancellor and University Council:

financial performance - at least once every 3 months;
operations performance – at least once every 6 months¹; or
when the Vice-Chancellor or University Council requests the information;

to the appropriate Minister:

at least annually, and
when the Minister requests the information.

1 The Financial Performance Management Standard 2009 (s13) requires that reports on operational performance be provided to the Accountable Officer (Vice Chancellor) and Council every 3 months. The University reports operational performance via KPI/KPM acquittals every 6 months, and due to the nature of the data provided, there is no value-add benefit in reporting at a shorter timeframe. Consequently, the Policy proposes a reporting timeframe of 6 months.

Policy sponsor:	Executive Director, Finance and Resource Planning
Approval authority:	Finance Committee
Version no:	11-01
Date for next review:	08/2016

Version no.	Approval date	Date notification sent by Approval Authority to policy@jcu.edu.au	Implementation date	Details
11-01	18/08/2011		18/08/2011	Finance Committee (6/11)
02-1	08/2002		08/2002

Financial Management Practice Manual

FMPM 850: Policy

Performance Management

Intent

Scope

Definitions

Policy

Related documents, legislation or JCU Statutes

Approval Details

Modification History