Why we’re investing in Finance for Yukon’s future
To make responsible choices with taxpayer money, we need accurate information so that we can properly understand the challenges we face, and be able to measure progress towards our goals. That’s why we’re enhancing the Finance department’s capacity to evaluate and adjust its business model and systems to meet the needs of government so that it can deliver on its mandate.
Modernizing business practices
To ensure a whole of government approach is taken towards budget development, Finance will take a leadership role in making more detailed, high-quality and Yukon-specific information available in an integrated way across departments. Restructuring and adding capacity to the department will allow it to coordinate financial management practices and effectively evaluate programs across government, improving efficiency and creating greater transparency and accountability.
In the past, the government estimated its tax revenue based on a share of Canadian forecasts. This often led to major adjustments over the fiscal year in light of lower anticipated tax revenues, creating financial pressures and forcing broader changes to the budget.
We need a Yukon-specific forecast that’s more accurate and reduces the need for adjustment throughout the year. By bringing together the Yukon Bureau of Statistics and the Business and Economic Research branch within Finance, we are pooling knowledge and creating a consistent population and economic forecast that contains more data and increases accuracy. Integrating fiscal forecasting with budget planning is a new direction for the Yukon government and will create Yukon-specific budget forecasts, allowing us to make evidence-based budget decisions in the years ahead.
With greater financial planning capacity, the modernized Finance department will enhance our ability to manage taxpayer money responsibly while meeting the needs of Yukoners now and in the future.
Learn about the Yukon Financial Advisory Panel.