MOF’s mission is to advance the well-being and development of Singapore through Finance. We will accomplish this with:

A total budget of $594.21 million (excluding EOI) has been allocated to MOF in FY2007 to achieve this mission.

A government that lives within its means

MOF will continue to encourage prudent spending by the Government through the management of sound financial policies. We will continue to establish clear limits by setting appropriate budget ceilings for the Government. At the same time, we will ensure that we remain flexible to allow us to allocate resources to new and worthwhile initiatives. Features of our budgetary framework include:

• Smoothened GDP
  Public spending is designed to be smoothened over the medium term and ensures that Government expenditure is not pro-cyclical.
• Block Budgets and Flexibility Mechanisms
  Ministries’ budgets are capped at a fixed percentage of nominal smoothened GDP. Besides setting limits for Government spending, Block Budgets also maximise discretion by giving Ministries greater autonomy and flexibility in managing their financial resources through budget flexibility mechanisms such as carry-forwards, advances and roll-overs.

A government that plans for effective use of public funds

MOF actively plans and ensures that public funds go towards areas of strategic priority. At the same time, MOF will achieve value for the Government’s money through the continued implementation of initiatives that encourage efficiency, effectiveness, and economy. Initiatives that we will continue and introduce include:

• Reinvestment Fund
  To create flexibility for re-allocation towards new strategic priorities, MOF extracts from each Ministry a certain percentage of its operating budget and pools these funds into a central Reinvestment Fund. Ministries are then invited to bid for funding for new and worthwhile initiatives.
• Best Sourcing
  Best Sourcing assures the most economical delivery of Government services through market testing. By comparing with market alternatives, Government can select the service channel and service provider that offers the best value for money.
• Public-Private-Partnerships (PPP)
  Public-Private-Partnerships effect greater efficiency in the management of government development projects by having the Government partner the private sector. PPP subject Government projects to the rigour of market discipline and pricing.
• Civil Service-wide Economy Drive (ED)
  This initiative inculcates the value of prudence in the use of resources in the public sector. Under the ED, the Cut Waste Panel evaluates public feedback and suggestions to reduce inefficient practices in the delivery of public services.
• Value-For-Money Review Office

A Value-For-Money (VFM) Review Office will be set up under MOF to conduct VFM reviews for the whole of government. VFM reviews will examine the outcomes of government expenditure, whether the various programmes are achieving their aims and doing so in the most cost-efficient manner.  It also aims to help engender a culture of “value-for-money” within the Government by sharing lessons across the public sector.  

An Integrated Government that delights customers and connects citizens through the use of infocomm technology

The iGov2010 masterplan, launched in May 2006, is a five-year masterplan to help the Singapore Government to realise the vision to be an Integrated Government (iGov) that delights customers and connects citizens through the use of infocomm technology.

In FY2007, the Ministry expects to devote $21.87 million to carry out i-Gov initiatives and projects. Major FY2007 initiatives and projects include:

• Personalised and Customer-centric services on My.eCitizen and My.Business
  Citizens and businesses can look forward to personalised and customer-centric e-services via one single front at My.eCitizen and My.Business personalized portals. Citizens and businesses can tailor the portals to suit their own needs and interests, and have relevant services, alerts or materials sent to them based on their preferences and usage patterns. This will enhance the convenience and satisfaction of the citizens and businesses.
• Revamp of Singapore Government Online Portal
  The Singapore Government On-line Portal, www.gov.sg, is the gateway to all the Government e-services, comprising the Government, Citizens & Residents, Businesses and Non-Residents segments. First launched in 1997, it was last revamped in 2004.
  
  As part of the Government’s continuous efforts to improve the on-line experience of the public, plans are underway to transform the Portal into one which is even more user-friendly and delightful to use. In the pipeline is a study on the needs and preferences of the customers and public in areas such as content, navigation and personalization requirements for on-line information and services. The findings from the study will be used to create a blueprint for the transformation of the Portal.
• Mobile-Government Services for Citizens and Businesses
  Today, citizens and businesses can access more than 150 Government information and services via their mobile phone. By 2008, citizens and businesses can look forward to about 300 mobile Government services.
  
  Some of these upcoming mobile services to be made available in 2007 include a 3G video conferencing system to facilitate court hearings and ERP fine payment. A mobile portal which aggregates all Government m-services that can be accessed from the mobile phone will also be implemented.
  
  The Government will also be exploring the feasibility of using two-dimensional (2D) barcode technology to improve the mobile services. Information will be embedded on printed images to allow citizens and businesses to access Government information and services easily via their mobile phones.
  
  
• Government "Frequently Asked Questions" (FAQ) Initiative
  The Government FAQ initiative will provide a standard platform for Government ministries and statutory boards to implement a FAQ capability offering integrated search capabilities to the public. Agencies that implement the standardised FAQ platform will ensure that the public have a seamless interface with the agency regardless of the interaction channel and minimise any conflict of information. This capability will also allow the user to obtain answers faster and possibly at anytime of the day. In addition, the initiative will look into how questions can be asked in a natural way and still ensure that the most relevant answers to FAQs are offered. Where answers are not available or not satisfactory, the public is given a venue to raise a query so that the agency can close the loop with them. In the longer term, this initiative can also be extended to allow inter-agency “sharing” of FAQ so that a search may be performed across participating agencies to retrieve relevant answers spanning multiple Government bodies.

A Regulatory Environment Conducive for Business and Enterprise

In our continual efforts to create a regulatory environment conducive for free trade and enterprise, we will be embarking on the following major initiatives in FY2007:

• Development of TradeXchange^TM
  TradeXchange^® is a neutral IT platform that will provide a single interface that allows users to seamlessly access all the Critical Systems, the Value Added Services (VAS), TradeNet^® and any other end-user systems connected to the common platform. To be implemented in Oct 2007, it is envisaged that the common platform will allow VAS providers to develop and market innovative solutions efficiently to end-users in the Trade and Logistics sectors, thereby enhancing the capabilities and sophistication of these sectors.
  
  In addition, the new TradeNet^® system, a core application within TradeXchange^®, will offer a reduction in fees as well as a more streamlined and simplified permit structure.
• Development of eCustoms Masterplan
  The e-Customs MasterPlan aims to streamline and rebuild systems that are critical to Customs operations. Major back-end systems will be revamped to support the upcoming TradeXchange^® and streamlined to enable Singapore Customs to deliver its services with greater effectiveness and efficiency to customers.
• Implementation of National Supply Chain Programme
  Singapore Customs has been appointed the lead agency for the implementation of our national supply chain security programme, the Secure Trade Partnership (STP). The STP is a voluntary programme that encourages companies to adopt robust security practices and partner Singapore Customs to improve the security of the global supply chain. As the administrator of STP, Singapore Customs will be publishing a set of security guidelines as well as certifying companies under the programme. Companies that have implemented security measures in accordance with the guidelines will enjoy an increase in visibility of goods in the supply chain, a reduction in pilferages, etc. In addition, companies certified under the STP will also enjoy greater facilitation for being recognized as a Secured Partner of Singapore Customs.

A Ministry that is Efficient and Effective

• E-invoice system
  The E-invoice system provides a seamless and transparent payment process for Government's suppliers. With the e-invoice system, vendors can simply send their e-invoices electronically to AGD and they will automatically be uploaded to the Government's financial system for processing. Without the need to wait for hardcopy invoices to be delivered before data entry is performed, invoices can reach the user and be processed much faster. The transparency of the e-invoice system means that any delays will be captured in the system and reflected to suppliers or users, which ensures accountability. This leads to greater accuracy, transparency and convenience for all parties involved as duplicated efforts in data entry and misplaced invoices are eliminated. Most importantly, vendors can expect to receive their payments promptly.
• Implementation of XBRL
  The Accounting and Corporate Regulatory Authority (ACRA) currently administers a public repository of company documents and information. To improve the accessibility and usefulness of the financial information, ACRA has embarked on a project to implement eXtensible Business Reporting Language (XBRL) in the preparation of financial statements. With its implementation, companies that are required by law to file their financial statements with ACRA will file them in XBRL with their annual returns.
  
  With XBRL, the business reporting extension of XML (Extensible Markup Language), financial information can be retrieved from online records and transferred directly to financial analysts, regulators, auditors and other users of financial reports.