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Legislative Assembly for the ACT: 2012 Week 8 Hansard (14 August) . . Page.. 3098..

Commonwealth public servants—Contribution to the ACT—Letter to the Speaker from Senator the Hon Jan McLucas, Parliamentary Secretary to the Prime Minister, dated 19 June 2012, concerning the resolution of the Assembly of 9 May 2012.

Code of Conduct for Members of the Legislative Assembly for the Australian Capital Territory—Review, prepared by Stephen Skehill, Ethics and Integrity Adviser, dated 31 July 2012.

Ms Gallagher presented the following paper:

Gene Technology Act, pursuant to subsection 136A(3)—Operations of the Gene Technology Regulator—Quarterly report—1 January to 31 March 2012, dated 5 June 2012.

Financial Management Act—consolidated financial report

Paper and statement by minister

MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development and Minister for Tourism, Sport and Recreation): For the information of members I present the following paper:

Financial Management Act, pursuant to section 26—Consolidated Financial Report—Financial quarter ending 30 June 2012.

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

Leave granted.

MR BARR: I present to the Assembly the June quarter 2012 consolidated financial report for the territory. This report is required under section 26 of the Financial Management Act 1996.

The June quarter interim headline net operating balance has improved by $175.9 million and the territory has recorded a surplus of $50.4 million compared to the estimated outcome of a $125.5 million deficit.

The improvement is largely due to a number of accounting adjustments in relation to income tax equivalents, but it is also due to commonwealth revenues received late in the financial year, lower expenditures, actuarial re-evaluations and higher returns from land-related activities.

Total revenue has increased by $112.4 million, mainly due to an increase in dividend and income tax equivalents revenue. This is largely as a result of additional tax equivalents recognised from ACTEW Corporation due to a change in the Australian Taxation Office treatment of unassessed revenues for tax purposes. It is important to stress that this change does not impact on customer billing, the cost of energy or cash returns to government.

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