Page 4503 - Week 14 - Thursday, 28 November 2013

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Answers to questions

Denman Prospect—sale
(Question No 148)

Mr Smyth asked the Treasurer, upon notice, on 19 September 2013:

(1) In relation to the Land Development Agency’s decision to develop Denman Prospect, where is the sale of Denman Prospect listed in the ACT Budget.

(2) What was the forecasted revenue to be generated through this initiative and how will this be recorded in the Territory’s financials.

(3) What are the forecasted costs to the Territory to develop Denman Prospect and how will this be recorded in the Territory financials.

(4) How is released land recorded in the Budget, is this at time of offer or at time of sale.

Mr Barr: The answer to the member’s question is as follows:

(1) Denman Prospect is included in the 2013-14 Budget as an englobo sale and the associated revenue was incorporated into the 2013-14 land sales estimates.

(2) The revenue forecast for the Land Development Agency was $100 million in 2013-14 with the revenue recorded in the financial statements for that year offset by any costs that were incurred in the sale.

(3) The Economic Development Directorate (EDD) has advised that the Land Development Agency is currently preparing a business plan for the development of Denman Prospect, including financial forecasts for development costs and revenue. The development costs and revenues are expected to be reflected as part of the 2013-14 Budget Review update.

(4) Land revenue is recognised in the Territory’s financial statements when the significant risks and rewards of the sale of land are transferred to the purchaser. While the point of recognition from one sale may differ from another, depending on the terms of the individual contract, in the majority of cases revenue is recognised on settlement.

Government—executive contracts
(Question No 152)

Mr Hanson asked the Chief Minister, upon notice, on 22 October 2013:

(1) In relation to the 61 long term Executive contracts tabled by the Chief Minister in the Assembly on 6 and 15 August 2013 and 17 September 2013, how many Executives provided a written statement of personal financial interests at the time they signed the contract under the Public Sector Management Act 1994, as required by section 17a of their contract.

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