Page 95 - Week 01 - Tuesday, 27 November 2012

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improvement is mainly due to higher commonwealth grant payments than anticipated, associated with the national healthcare SPP and higher than anticipated revenues and dividends on financial investments.

Expenses were broadly in line with the year to date budget, with only marginally lower suppliers and services expenditure. On an Australian accounting standard basis, the general government sector recorded a surplus of $152. 5 million compared to a year to date budget surplus of $67.4 million. The improvement here is mainly due to higher capital gains on investments to the superannuation provision account associated with strong performance of the global equity markets in the first quarter.

Financial Management Act—consolidated annual financial statements 2011-2012

Paper and statement by minister

MR BARR (Molonglo—Deputy Chief Minister, Treasurer, Minister for Economic Development, Minister for Sport and Recreation, Minister for Tourism and Events and Minister for Community Services): For the information of members, I present the following paper:

Financial Management Act, pursuant to section 25—Consolidated Annual Financial Statements, including audit opinion—2011-2012 financial year, dated 26 and 27 September 2012.

I ask leave to make a statement in relation to the paper.

Leave granted.

MR BARR: I present to the Assembly the 2011-12 consolidated annual financial statements for the territory. I am pleased to report that the consolidated statements received an unqualified audit opinion from the Auditor-General on 28 September 2012. The final 2011-12 headline net operating balance for the general government sector is a surplus of $43.8 million, representing a $163.9 million improvement from the 2011-12 estimated outcome.

In an election year, an audit opinion is required on the territory’s financial statements one month earlier, aligning the submission of the territory’s financial statements with the audit of agency financial statements. As a result of agency audit findings, the headline net operating balance declined by $6.6 million compared to the June interim result. The variation to the interim outcome is mainly due to the identification of capital works expenditure during agency audit processes that was more appropriately classified as expenses rather than capitalised.

While key financial indicators in the balance sheet have deteriorated compared to 30 June 2011, largely due to the rating factor utilised under accounting standards to value employee liabilities, the general government sector still demonstrates a very strong financial position.

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