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Legislative Assembly for the ACT: 2011 Week 6 Hansard (21 June) . . Page.. 2106..

Pursuant to section 19B—Instrument varying appropriations related to National Partnership—Support Local Government and Regional Development—Territory and Municipal Services Directorate, including a statement of reasons, dated 9 June 2011.

Pursuant to section 19B—Instrument varying appropriations related to National Partnership—Water for the Future—National Framework for Compliance and Enforcement—Environment and Sustainable Development Directorate, including a statement of reasons, dated 25 May 2011.

Pursuant to section 19B—Instrument varying appropriations related to Pre-Apprenticeship Training NPP—Education and Training Directorate, including a statement of reasons, dated 16 June 2011.

Financial Management Act—consolidated financial report

Paper and statement by minister

MS GALLAGHER (Molonglo—Chief Minister, Minister for Health, Minister for Industrial Relations and Treasurer): I present the following paper:

Financial Management Act, pursuant to section 26—Consolidated Financial Report—Financial quarter ending 31 March 2011.

I ask leave to make a statement in relation to the paper.

Leave granted.

MS GALLAGHER: I present to the Assembly the March quarter 2011 consolidated financial report for the territory. This report is required under section 26 of the Financial Management Act. The March quarter headline net operating balance for the general government sector was a surplus of $13.4 million, which is a $21.4 million improvement from the year-to-date budgeted deficit of $8 million.

The improvement in year-to-date performance in the territory can be largely attributed to stronger revenue performance, including: increases in other revenue due to a number of items, which included higher than anticipated reinsurance recoveries and higher than expected research and other health-related grants; higher than expected interest revenue, mainly due to higher interest rates on larger than anticipated investment balances; increased dividends, mainly due to higher than anticipated private equity distributions to the superannuation provision account; higher grants revenue, mainly due to the timing of payments from the commonwealth; and a small increase in the sales of goods and services. There was also a decrease in total expenses of $7.1 million. This marginal variance was mainly due to lower than budgeted depreciation expense as a result of revised timing of capital works projects.

On an AAS basis the GGS recorded a surplus of $160.6 million, which is $53.1 million higher than the year-to-date budget of $107.5 million. The primary reason for this result, compared to the headline net operating balance, is the year-to-date performance of debt and equity markets. The territory continues to maintain a strong balance sheet, as reflected in a number of key indicators such as net worth, net financial liabilities and net debt. I commend the March quarterly report to the Assembly.

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