Financial and Operational Performance Management Policy

Intent

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

Scope

This policy applies to the management and reporting of the University’s financial and operational performance.

Definitions

Accountable Officer

Agency

Annual Report

KPI – Key Performance Indicator

Operational Plan

OPT – Operational Performance Target

Objective

PI - 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.

It is the responsibility of the Director, Quality, Planning and Analytics 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 sustainability of the University’s operations

Responsibilities

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

Relevant Committee(s) of Council are responsible for the oversight and approval of Performance Indicators.

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

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).

Reports on performance must be provided:

• to the Vice Chancellor and University Council:
• financial performance - at least once every 3 months;
• operational performance – at least once every 6 months¹;
• when the Vice Chancellor or University Council requests the information;

or

• to the appropriate Minister at least annually, or 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.

Related documents and legislation

Planning Management Policy

Financial and Performance Management Standard 2009

Financial Accountability Act 2009

Agency Planning Requirements 2011

A Guide to the Queensland Government Performance Management Framework May

Financial Reporting Requirements for Queensland Government agencies (including Accounting Policy Guidelines)

James Cook University Act 1997

Administration

NOTE: Printed copies of this policy are uncontrolled, and currency can only be assured at the time of printing.

Approval Details

Revision History

NOTE: A minor amendment will not result in a change of the next major review date.

Approval date - the date the approval authority approved the establishment, minor or major amendment or disestablishment

Implementation Date - the date the policy was published in the Policy Library and is the date the policy takes effect