Treasury Board is established by the Executive Council Act as a committee of Executive Council. Treasury Board acts on behalf of and/or advises Executive Council in areas of management of the Public Service, budgetary and financial matters.

More specifically, the Board is responsible for:

- general policy on the administration of the public service of Prince Edward Island;

- the organization of the public service or any portion thereof;

- establishment, control and determination of terms and conditions of employment of persons employed by the Province of Prince Edward Island;

- the preparation of the Estimates of Revenue and Expenditure;

- the review of expenditure plans and programs and the recommendation of priorities;

- financial management, including estimates, expenditures, financial commitments, accounts, fees or charges for the provision of services or the use of facilities, rentals, licenses, leases, revenues from the disposition of property, and procedures by which departments or crown corporations manage, record and account for revenues received or receivable from any source; and

- such other matters as may be referred to it by the Lieutenant-Governor in Council.

The Board is supported in its work by the staff of the Fiscal Management Division of the Department of the Provincial Treasury who are responsible for assessing financial, administrative and budgetary proposals and monitoring continuous liaison between Treasury Board and the various government departments and agencies.