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Legislative Assembly for the ACT: 2003 Week 4 Hansard (3 April) . . Page.. 1319..


Public Accounts-Standing Committee

Reference

MR SMYTH (Leader of the Opposition) (10.38): I seek leave to move a motion concerning the Rates and Land Tax Amendment Bill 2003.

Leave granted.

MR SMYTH: I move:

That notwithstanding the provisions of standing order 174 -

(a) the Rates and Land Tax Amendment Bill 2003 be referred to the Standing Committee on Public Accounts for report no later than 17 June 2003;

(b) on the Committee presenting its report to the Assembly resumption of debate on the question "That this Bill be agreed to in principle"be set down as an order of the day for the next sitting.

Question resolved in the affirmative.

Financial Management Amendment Bill 2003

Mr Quinlan , pursuant to notice, presented the bill and its explanatory statement.

Title read by Clerk.

MR QUINLAN (Treasurer, Minister for Economic Development, Business and Tourism and Minister for Sport, Racing and Gaming) (10.40): I move:

That this bill be agreed to in principle.

This bill provides for a number of minor amendments to the Financial Management Act 1996. Mr Speaker, the Financial Management Act 1996 is the cornerstone upon which effective financial management of the territory rests. For this reason, it is essential that the provisions of the act clearly and unambiguously convey financial requirements and obligations, and that the act impose obligations and requirements that result in effective and efficient financial management practices.

The first area that the bill addresses is the issue of amending budgets when there are changes to the structure and function of departments through amendment of the administrative arrangement orders during a financial year.

The Financial Management Act requires annual financial statements to be prepared in a form that facilitates comparison with budgets. Where major variations occur during a financial year due to changes in the administrative orders, it can be difficult to present financial statements that are comparable to the original budget presented in the budget papers.


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