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FMI
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IGF JOURNAL
VOLUME 25, NO. 1
• Makes financial literacy a core
competency in developing its staff;
• Links financial performance to overall
performance on objectives;
• Ensures that financial advisors are on
the team, that their work is integrated
and that they too are held to account for
achieving the organization’s mission; and
• Works hard to train managers and
upcoming staff on financial issues.
Financial Literacy is a Systemic Quality
Perhaps the final point with respect to
the search for financial literacy is that
it is not a matter of having finance for
non-financial managers training. The
reality is that financial literacy means that
financial matters are integrated into policy
design and delivery. This is everyone’s
responsibility. This is not to denigrate such
training, but the issue is a bit bigger than
that. Well-trained line managers need to
be supported by financial advisors who
also get it with respect to the link between
policy and finances and the need for useful
and relevant financial information. These
same managers need to know that being
financially literate also means there is
governance in place that actually uses the
financial information and makes decisions
based on it.
In the end, financial literacy is both
personal and organizational. It is also both
technique and art. Very few line managers
aspire to be financial managers. But the
reality is that they all are in modern terms.
However, it is only through time and
practice that an individual can be said to be
financially literate.
I am offering a small checklist of
questions that managers and their
organizations can ask themselves. It may
not fully answer the question “Are we
there yet?” but might help with the trip.
About the Author:
For the past 12 years, Professor Andrew Graham has taught in both the
graduate and professional development programs at Queen’s University’s
School of Policy Studies, as well as, its Industrial Relations Centre with a strong
focus on public sector management and financial management. He is also
National Editor of the Institute of Public Administration’s Case Study Program
and author of the book
“Making the Case: Using Case Studies in Public
Administration Teaching.”
Professor Graham has considerable experience in complex organizational management. Having
served as Assistant Deputy Minister for 14 years, he has over 30 years of service with the
federal government. He has extensive experience including: line operations, as Warden of the
Kingston Penitentiary; leading complex regional operations; and, numerous policy and corporate
leadership/management roles, such as Senior Deputy Commission of the Correctional Service
of Canada and the ADM, Corporate Services and Senior Financial Officer of Agriculture and Agri-
Food Canada.
Professor Graham researches and writes on public sector management, financial management,
integrated risk management and governance and has recently published the first textbook on
managing public money, entitled
Canadian Public Sector Financial Management
, available
through McGill-Queen’s University Press.
The Victoria Chapter kicked off its 31st year with a bang on
September 24th. The ½ day session focussed on accountability
within local government. In Greater Victoria there are thirteen
municipalities, and an umbrella regional district. Needless to say,
members, comprised mostly of provincial government employees,
always have an interest in less than subtle nuances of neighbourly
relations and our many major cross-jurisdictional projects. And with
major projects comes risk and oversight...
and in response to this, the Provincial
Government appointed an Auditor
General for Local Government, Basia
Ruta. Ms. Ruta is likely a familiar name to
colleagues in Ottawa. She is a grad from
the University of Ottawa, a former senior
executive at CRA/CBSA and Environment
Canada, and possesses extensive auditor
experience with the federal government.
She spoke candidly about the new role and her plans.
Following Ms. Ruta was a panel discussion on asset management
as an organizational project, rather than just engineering or
finance. Good dialogue focused on infrastructure planning and
legacy assets requiring more maintenance and earlier replacement,
and of course financing. The panel members, Bruce Greig and
Rosalyn Tanner, both from District of Central Saanich, along
with Glen Brown, Executive Director of Local Government
Infrastructure and Finance Branch (CSCD,) provided context
from financial, engineering, and full project management.
The event was concluded with our annual general meeting, a
review of Victoria Chapter’s 30th Anniversary year and a look
forward to 2013-2014.
In October, we had a successful luncheon event led by long-time
FMI sponsor, Deliotte. The theme was unlocking public sector
organizations. Correctional facility staff were cautioned not to
take this too literally.
Read full details of Victoria Chapter’s events and activities online
@
, click on the “Chapters” tab.
Victoria
Chapter News
Victoria Chapter
WHAT IS FINANCIAL LITERACY FOR THE PUBLIC MANAGER? THE ANSWER IS A TWO-WAY STREET
