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Legislative Assembly for the ACT: 2002 Week 7 Hansard (6 June) . . Page.. 2090 ..

(5) The pattern changed to reflect a move from up front payment of BBA by the Commonwealth to a quarterly payment. The first year of BBA reflected the implementation of ANTS, with up front BBA providing the States and Territories with the capacity to absorb the change.

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Dividends

(Question No 170)

Mr Humphries asked the Treasurer, upon notice, on 4 June 2002:

(1) What is the quantum of dividends collected in the ACT for the current financial year as at 31 March 2002?

(2) Is the quantum of dividends collected as at 31 March 2002 greater or less than the estimates prepared for the 2001 ACT Budget?

(3) What has been the trend in the payment of dividends during the period between 1 October 2001 and 31 March 2002?

(4) How has this pattern of payment of dividends varied from the same period in the previous financial year?

(5) What has been the basis for any changes in the pattern of payments of dividends between this and the previous financial year?

Mr Quinlan: The answer to the member's question is as follows:

(1) In relation to the consolidated result of the General Government Sector, Dividend revenue relates to that declared by the Public Trading Sector. As at 31 March 2002 $0.2m had been recorded as revenue (and declared by PTEs). Cash receipts collected related to dividends of the previous year.

(2) The 2001 ACT Budget forecasts dividends totalling $41.6m to be recognised as revenue during the 2001-2002 financial year. Traditionally, dividends of the PTE sector are declared at the end of the financial year and, the associated revenue is therefore also not recognised until the end of the financial year. The end of year estimate for dividends has been revised from the original estimate of $41.6m to $46.1m.

Dividends are included in the line item 'other revenue' in the March Quarterly Report. Information on other revenue can be found in the response to Question On Notice No. 184.

(3) There were no dividends recognised as revenue as at October. During the period between 1 October 2001 and 31 March 2002 only $0.2m was recognised.

(4) The pattern of payments between 1 October and 31 March during the 2000-01 financial year was consistent with this financial year. $0.1m was recorded as revenue for the period ending 31 March 2001.

(5) There have been no significant changes in the pattern of recognition of dividends between this and the previous financial year.

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