Capital Markets Treasury

The division will also continue with its involvement in the IFIS project to ensure that the OFA’s cash management needs are satisfactorily met. As part of improving cash management, the division will continue the implementation of a streamlined cash forecasting system that effectively uses the capabilities of IFIS. This system is part of a comprehensive central agency reporting and monitoring system that is aimed at reducing information duplication and enhancing the value-added contribution of central agencies, including the cash management function. It is anticipated that the new system will significantly contribute to improved forecasts of cash information, thereby reducing cash volatility, which in turn impacts positively on the IOD expenditures.

In conjunction with banking services, cash management is in the process of implementing/improving web-based real-time platforms with major banks, thus allowing for a more efficient cash management function.

Banking Services

In 2004-05, bids received for the FRO banking services tender issued in February 2004 will be evaluated and the business awarded to the successful bidder for a five year term. The tender is expected to be awarded in June 2004.

The ongoing review of current IFIS banking practices and procedures will result in a reduced number of bank accounts, streamlined payments and receipts processing and increased usage of the IFIS automated bank account reconciliation system in 2004.

Accounting and Settlement

Accounting developments will continue to be followed to ensure that the OFA remains current with accounting pronouncements that could potentially affect the Province and OEFC’s programs.

A review of industry settlements and fiscal agency practices is ongoing with a view to improving the branch’s procedures and operations, as required. The division is enhancing operating policies and procedures and support systems (e.g. ITS-Liability System and OSIFA Loans System) to continue to meet the settlement, payments and fiscal agent requirements of the Province and crown corporations such as OSIFA. In addition, the division is working with Capital Markets on the pooled investment funds project.