An overriding objective for 2003-04 was to have in place financial management processes and policies consistent with the operation of a Prescribed Agency. Processes were improved, in particular those relating to the preparation of month-end and year-end financial statements. Particular attention was given to improving the quality and frequency of reconciliation of data in the financial system. Benchmarks for financial processing were, in some areas, exceeded. The percentage of payments by means of Electronic Funds Transfer (EFT), for example, increased to 95 per cent, compared with the benchmark of 90 per cent.

The progressively tighter reporting schedule set by the Department of Finance and Administration has required improvements in closing off the books at month and year-end and the development of new approaches in order to provide timely audit information and draft financial statements.

The ability to respond to the new requirements for financial management was in part assisted by the progressive restructuring of the Finance and Supply Section, which handles much of the information required for effective internal program management and external reporting.