Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .

Legislative Assembly for the ACT: 1997 Week 8 Hansard (28 August) . . Page.. 2703 ..

The public trading enterprise sector has achieved a preliminary operating surplus of $43m. This is slightly better than the $42m estimate in the Budget, despite an abnormal downwards adjustment to asset values of $10m following a review of their useful lives and associated depreciation rates.

Mr Speaker, the financial reforms implemented by this Government, including the recognition of expenses and revenues as they accrue, and comprehensive reporting each month by all Territory entities, has allowed the ACT Government to properly manage, for the first time, the opportunities and pressures facing its budget as they arise. This is evident in the improved preliminary result for the year.

The June monthly consolidated financial management report explains in detail many of the issues arising during the year and contains explanations of variations over the original Budget. This high standard of disclosure demonstrates the commitment to accountability and openness that this Government has been able to achieve, and represents a degree of Government accountability without precedent in this country.

I expect that the continued responsible and prudent management of the Territory's finances and economy places us well to continue our record of improved financial performance this financial year and beyond.

The fully audited financial statements for the Territory will be presented in accordance with the Financial Management Act later in the year.

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .