The Finance Section aims at achieving an efficient allocation of resources within the HKMA.
The HKMA's administration budget is prepared annually to ensure that sufficient resources are available for carrying out its functions. The budgeting process takes into account both the continuing operations of the HKMA and its strategic development set out in a three-year plan approved by the Financial Secretary on the advice of
EFAC. During the budgeting process, departments are required to assess their needs for the coming year and to consider where savings in staffing and expenditure can be achieved. This process requires departments to critically assess each year the value of existing services and the cost-effectiveness of different methods of delivering them. The Finance Section scrutinises all budget requests and discusses with individual departments before submitting a consolidated draft budget for scrutiny by the senior management. The Governance Sub-Committee of
EFAC then deliberates on the budget and recommends any changes it believes are necessary, before putting it through EFAC to the Financial Secretary for his approval. |
