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Legislative Assembly for the ACT: 1997 Week 1 Hansard (20 February) . . Page.. 349 ..
APPENDIX 3: Incorporated in Hansard on 20 February 1997 at page 243
TABLING STATEMENT
Mr Speaker, section 26 of the Financial Management Act requires whole of Government financial statements to be prepared each month which are comparable to general purpose accounting statements presented in this year's Budget documentation. The statements are to be presented to the Assembly within three sitting days of completion.
The December report, as with each monthly consolidated financial management report this Government has presented this financial year, continues to improve on previous reports which is another quantum leap in accountability not only for the Territory, but presents a precedent in Government accountability in this country.
The report presents consolidated financial statements at the whole of the Territory level, and for the general government sector and public trading enterprise sector.
As members will see from the December report, the Territory operating account shows an operating loss of $78m for the first half of the financial year, an improvement of almost a half of the $148m loss expected at this time of the year.
All agencies have been required to ensure monthly and year to date budgets include seasonal activity so as to ensure assessment of actual results is accurate and meaningful.
The general government sector Mr Speaker, has achieved an operating loss to the end of December of $84m, some $39m improved on the position expected. This improvement comprises a $41m favourable variation in revenue to date, offset by a $2m increase in expenses.
With the Territory's taxation effort $23m above expectations to date, and lower than expected economic growth imposing downward pressure on the prices of goods and services purchased by the Government, the position to date stands the ACT in good stead to end the present financial year better than expected.
Mr Speaker, I commend the December Consolidated Financial Management Report to the Assembly.
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