The Department is on target to install a new management information framework by end 2004. The new system will modernise the Department's accounting systems and will deliver enhanced financial management, costing, performance reporting and decision making. A comprehensive review of the existing financial management systems was undertaken with external consultancy support during 2003. The Department has completed the tendering and selection process for the new system which is now being implemented across the Department.
The management information framework will provide enhanced management accounting capability coupled with performance and resource utilisation reporting to support effective decision making, strategic planning and deployment of resources. The new financial system will ensure more efficient processing of financial transactions and will support both cash and accruals accounting. The system will provide for cost allocation on a programme, project or individual cost centre basis thus underpinning the ongoing devolution of financial responsibility and accountability to managers. The Department's implementation plan is on target for the system to go live by the December 2004 deadline.
The Department in tandem with the rollout of the management information framework, is finalising a key performance indicators framework which will, when fully implemented, ensure a fully results based strategic focus to delivery of our sectoral and organisational objectives.