Page 3453 - Week 11 - Tuesday, 14 November 2006
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MR STANHOPE: Mr Speaker, as required by the Territory-owned Corporations Act 1990, I have tabled ACTTAB’s statement of corporate intent. The act specifies that it be tabled in the Assembly within 15 days of its being received. The statement of corporate intent outlines ACTTAB’s commercial objectives and main undertakings and provides a performance report on each of ACTTAB’s products in 2005-06, along with a forecast for 2006-07. It also provides a financial forecast for 2005-06 and the four outyears and details the strategic objectives of the organisation. I commend the statement of corporate intent to the Assembly.
Consolidated financial report
Paper and statement by minister
MR STANHOPE (Ginninderra—Chief Minister, Treasurer, Minister for Business and Economic Development, Minister for Indigenous Affairs and Minister for the Arts): For the information of members, I present the following paper:
Financial Management Act, pursuant to section 26—Consolidated Financial Report for the financial quarter and year-to-date ending 30 September 2006.
I seek leave to make a statement on the paper.
Leave granted.
MR STANHOPE: Mr Speaker, I have presented to the Assembly the September quarterly management report for the territory. This report is required under section 26 of the Financial Management Act 1996. As part of the 2006-07 budget, the ACT government moved to using government finance statistics as its key budget measure. The September quarterly report is the first such report to be prepared on the government finance statistics basis.
At the end of September 2006, the net operating balance for the general government sector was a surplus of $126 million. This result for just a single quarter should, of course, be interpreted cautiously as the results from quarter to quarter can be quite volatile. Nevertheless, the outcome is broadly consistent with the budget forecast of an $80 million deficit for the year as a whole.
It should also be recognised that the September quarter results were influenced by the fact that a considerable amount of revenue for the year is recorded as a lump sum in September, boosting the budget outcome in that quarter at the expense of the remaining three quarters of the year. The September quarter result was also boosted by the impact of revenue from several large commercial property transactions.
Year-to-date expenditure is broadly in line with the budget estimates. In saying that, I also note that the rate of expenditure tends to increase in the second half of the year and this may offset the increases in revenues being demonstrated in the year-to-date figures.
In the 2006-07 budget the government changed the reporting of our headline budget indicators from an Australian accounting standards basis to a government finance
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