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This is a Bill, not an Act. For current law, see the Acts databases.
FINANCIAL MANAGEMENT AMENDMENT BILL 2003
2003
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Financial
Management Amendment Bill 2003
Contents
Page
2003
THE LEGISLATIVE ASSEMBLY
FOR THE AUSTRALIAN CAPITAL
TERRITORY
(As presented)
(Treasurer)
Financial Management
Amendment Bill 2003
A Bill for
An Act to amend the
Financial Management Act
1996
The Legislative Assembly for the Australian Capital Territory enacts as
follows:
This Act is the Financial Management Amendment Act 2003.
This Act commences on the day after its notification day.
Note The naming and commencement provisions automatically commence
on the notification day (see Legislation Act, s 75 (1)).
This Act amends the Financial Management Act 1996.
insert
16A Amendment of budgets on transfer of functions
between departments
(1) If there is a transfer of responsibility for a service or function
between departments in a financial year and the Treasurer gives a direction in
relation to the transfer under section 16 (1), the Treasurer may, in writing,
amend the budgets for the year for the departments affected by the direction to
show the expected effects of the transfer of responsibility.
(2) Amendments of a budget for a department for a financial year under
this section may only consist of amendments of the following:
(a) the amount shown as the expected total revenue of the department for
the year;
(b) the amount shown as the expected total expenses of the department for
the year;
(c) the amount shown as the expected operating surplus or deficit of the
department for the year;
(d) the amount shown as the expected total value of the assets of the
department at the end of the year;
(e) the amount shown as the expected total liabilities of the department
at the end of the year;
(f) the amount shown as the expected value of the net assets of the
department at the end of the year;
(g) the amount shown as the expected net increase or decrease in cash held
by the department at the end of the year;
(h) the classes of outputs to be provided by the department during the
year and amounts shown for classes of outputs as—
(i) the expected total revenue of the department for each class of outputs
for the year; and
(ii) the expected total expenses of the department for each class of
outputs for the year; and
(iii) the expected operating surplus or deficit of the department for each
class of outputs for the year.
(3) Amendments of a budget for a department under subsection (1) for a
transfer of responsibility for a service or function may be made at the same
time as the direction is given under section 16 (1) in relation to the transfer
or later.
(4) If the Treasurer amends the budget of a department in relation to a
financial year under this section, the Treasurer must present to the Legislative
Assembly a statement of the amendments made.
(5) In this section:
budget, for a department for a financial year, means the
budget for the department for the year presented to the Legislative Assembly
under section 10 (b) (Budget papers) and, if that budget has been amended under
this Act, the budget as amended.
5 Budgets
for Legislative Assembly secretariatSection
20 (b)
omit
subsections (1) (e) and (2) (b)
substitute
subsection (1) (b)
6 Investment
of certain public moneyNew section 38
(1A)
insert
(1A) However, an investment may be made under this section only to
increase or protect the financial wealth of the Territory.
insert
(3A) However, if an investment of public money is made or managed for the
Territory by an entity other than a department, the entity may deduct from the
interest received by the entity for the investment—
(a) a fee charged by the entity for making or managing the investment;
and
(b) expenses reasonably incurred by the entity in making or managing the
investment.
renumber subsections when Act next republished under Legislation Act
2001
9 InvestmentSection
56 (1) (c)
substitute
(c) by the Treasurer, for the Territory authority, in an investment
mentioned in section 38 (1) (a) to (e); or
insert
(1A) However, the funds of a Territory authority may only be invested
under this section to increase or protect the financial wealth of the
authority.
substitute
(4) However, if an investment of funds of a Territory authority is made or
managed by a department, the department may deduct from the interest received by
the department for the investment—
(a) a fee charged by the department for making or managing the investment;
and
(b) expenses reasonably incurred by the department in making or managing
the investment.
insert
(7) This section does not apply to money held on trust by a Territory
authority.
renumber subsections when Act next republished under Legislation Act
2001
14 Dictionary,
definition of public trading enterprise
after
who
insert
may
Endnote
Republications of amended laws
For the latest republication of amended laws, see
www.legislation.act.gov.au.
© Australian Capital Territory
2003
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