Finance to deploy new Budget management system

Will provide a single, authoritative source of financial and budgetary information

The Department of Finance and Deregulation is to overhaul its Central Budget Management System (CBMS) in an effort to better meet its financial management, monitoring and reporting responsibilities.

In addition to these responsibilities, the CBMS is used by Finance for the collection and maintenance of up-to-date budget estimates, the management and tracking of cash, and the collection of monthly estimate profiles, and monthly and annual actuals.

According to Finance documents, the new CBMS would ensure that financial and budgetary information provided would be relevant, accurate, authoritative, and at a level suitable to support strategic decision making.

“This will ensure that decision makers can rely on the information provided by the system, and that there is no ambiguity around financial and budgetary information provided by the system,” the documents read.

“The CBMS… will be the single, authoritative source of financial and budgetary information and reduce the number of manual reconciliations and quality assurance checks currently in place to ensure data quality and integrity.”

The CBMS is also expected to provide better performance, stability and availability, and will cut the time and resources required to maintain and operate the system through the use of greater automation and analysis tools.

Some 1,200 users across Australian Government agencies use the current CBMS to perform activities to support the Budget cycle.

Some 177GB of data was transferred, and more than 1.5 million user transactions were performed on the CBMS during the last Budget.

In June, Finance said [artnid:350278| it would overhaul its IP network|new]] with an architectural redesign and installation of new hardware and software.

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