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Legislative Assembly for the ACT: 1999 Week 12 Hansard (25 November) . . Page.. 3781 ..


QUESTIONS UPON NOTICE

Asset Sales

(Question No. 196)

Mr Quinlan asked the Treasurer, upon notice, on 13 October 1999:

"In relation to past budgets and the effect of certain major asset sale on transactions, and in preparation for the possible draft process:

(1) Will the Treasurer itemise by year and amount the money raised through transactions (i.e. transactions which are not incurred in the normal course of operations, but which have provided operating cash or have had an accrual effect on the operating statement) such as , but not limited to, the sale/leaseback of the vehicle and bus fleet, the Magistrates Court and one-off financing strategies such as the capital repatriation from ACTEW, since the introduction of accrual accounting.

(2) Will the Treasurer state how each of the transactions in (1) were treated in the (a) General Government Sector operating Statement, (b) balance sheet and (c) cash flow statement in both gross and net terms where relevant.

(3) Will the Treasurer itemise each asset disposal that has raised greater than one million dollars, by year and amount, since the introduction of accrual accounting.

(4) What was the effect on each transaction in (3) on the (a) General Government Sector operating statement, (b) balance sheet and (c) cash flow statement.

(5) What asset sales, which will raise greater than one million dollars are included in the 1999-2000 budget that have already happened or are scheduled tohappen before the end of financial year."

Mr Humphries: The answer to the Member's question is as follows:

Questions 1 and 2

Magistrates Court and Dame Pattie Menzies Buildings

In the 1996-97 financial year, the Territory entered into a lease/leaseback over the Magistrates Court ($28.3m) and the Dame Pattie Menzies ($20.9m) buildings.

The transactions had the following impact on the GGS financial statements:

Operating statement:

The leaseback increased expenses for interest paid on borrowings.

Balance sheet:

The sale of the buildings reduced non-current assets and increased cash

The leaseback increased non-current assets and increased borrowings


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