Page 4210 - Week 14 - Tuesday, 26 November 2013

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This is $2.5 million lower than the September year-to-date budget of $1,271.7 million. Major variations in total revenue included lower goods and services revenue, mainly due to the timing of signing and commencing a new cross-border health agreement with New South Wales and lower commonwealth grants revenue due to the timing of payments.

These decreases in revenue were partially offset by higher than expected taxation revenue and interest income. Total expenses of $1,135.6 million were broadly in line with the year-to-date budget of $1,133 million. The GGS balance sheet remains strong, with key indicators such as net financial liabilities and net worth improving, mainly as a result of increases in the value of investments held by the superannuation provision account and the higher level of accounts receivable.

Net debt increased compared to 30 June 2013 as a result of higher borrowings that are used to support the territory’s infrastructure program. I commend the September quarterly report to the Assembly.

Financial Management Act—consolidated annual financial statements 2012-2013

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—2012-2013 financial year, dated 28 and 31 October 2013.

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

Leave granted.

MR BARR: I present to the Assembly the 2012-13 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 31 October 2013. The final 2012-13 headline net operating balance for the general government sector is a deficit of $273.8 million, representing a $66 million lower deficit than the 2012-13 estimated outcome.

As a result of findings during the audit process, the headline net operating balance increased by approximately $15 million compared to the June interim result. This variation was mainly due to a correction to dividends and income tax equivalents income relating to the accrual of income tax equivalent revenue and distributions from the Forde joint venture.

Key financial indicators in the balance sheet have largely improved compared to 30 June 2012. Balance sheet increases were evident mainly as a result of an increase

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