Page 62 - Week 01 - Tuesday, 15 February 2011

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I present the following paper:

Financial Management Act, pursuant to section 26—Consolidated Financial Report—Financial quarter ending 31 December 2010.

This report was circulated to members when the Assembly was not sitting. I seek leave to make a short statement in relation to the paper.

Leave granted.

MS GALLAGHER: I present to the Assembly the December quarter consolidated financial report for the territory. The report is required under section 26 of the Financial Management Act.

The December quarter headline net operating balance for the general government sector was a surplus of $137.2 million, which is a $130.2 million improvement from the year to date budget of $7 million. The improvement in the year to date of the territory can be largely attributed to stronger revenue performance, including increases in taxation revenue, mainly due to the finalisation of a large, one-off tax assessment in 2010-11 relating to prior years, increased grant revenue due to timing of payments from the commonwealth, higher than anticipated private equity distributions to the superannuation provision account increasing dividend revenue, and increases in interest revenue mainly associated with interest received on moneys held pending the finalisation of the one-off large tax assessment in 2010-11.

Increases in revenue were offset by an increase in expenses, mainly associated with the timing of payments and grants and increased supplies and services expenses. On an AAS basis, the GGS recorded a surplus of $224.6 million, which is $198.6 million higher than the year to date budget of $26 million. The primary reason for this result, compared to the headline net operating balance, is the year to date performance of debt and equity markets.

The territory continues to maintain a strong balance sheet, as reflected in a number of key indicators, such as net worth, net financial liabilities and net debt. These improvements in activity and returns over the past six months have been reflected in our revised budget estimates as presented in the 2010-11 budget review, which will also be tabled today.

This report separately addresses and updates the territory’s economic and financial forecasts, and I commend the quarterly report to the Assembly.

I move:

That the Assembly take note of the paper.

Debate (on motion by Mr Smyth) adjourned to the next sitting.

2010-2011 budget review

Paper and statement by minister

MS GALLAGHER (Molonglo—Deputy Chief Minister, Treasurer, Minister for Health and Minister for Industrial Relations) (3.26): For the information of members,

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