Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated ActsSchedule 1 Modifications of Financial Management Act 1996, pt 8
(see s 35 (2) (d))
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56 Responsibilities of governing boards
(1) This section applies to a territory authority if the authority has a governing board.
(2) The governing board of the territory authority is responsible, under the responsible Minister, for the efficient and effective financial management of the authority.
(3) Without limiting subsection (2), the governing board of the territory authority is responsible, under the responsible Minister, for ensuring the following:
(a) that expenses incurred by the authority are properly authorised;
(b) that payments made by the authority are properly authorised and correctly made;
(c) that the staff of the authority comply with the requirements of this Act;
Note A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including in this case the financial management guidelines (see Legislation Act, s 104).
(d) that proper accounts and records are kept of the transactions and affairs of the authority in accordance with generally accepted accounting principles;
(e) that adequate control is maintained over the assets of the authority and assets under the authority's control;
(f) that adequate control is maintained over the incurring of liabilities by the authority.
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57 Banking accounts of territory authorities
(1) A territory authority may open 1 or more banking accounts for the purposes of the authority.
(2) A territory authority must at all times maintain at least 1 banking account.
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58 Investment by territory authorities
(1) Funds not immediately required for the purposes of a territory authority may be invested—
(a) on deposit with an authorised deposit-taking institution; or
(b) in securities of the Territory, a State or the Commonwealth; or
(c) by the Treasurer, for the territory authority, in an investment mentioned in section 38 (1) (a) to (e); or
(d) in an investment prescribed under the financial management guidelines for this paragraph; or
(e) on deposit with an eligible money market dealer under the Corporations Act; or
(f) in bills of exchange that—
(i) have been accepted by an authorised deposit-taking institution (an ADI ); and
(ii) have been endorsed by 1 or more ADIs; and
(iii) have not been endorsed by anyone other than an ADI.
(2) However, the funds of the territory authority may only be invested under this section to increase or protect the financial wealth of the authority.
(3) Transfers between the territory banking account and the banking account of a territory authority to facilitate investments may be made without appropriation.
(4) Interest received by the Treasurer for the investment of funds of a territory authority must be paid to the territory authority.
(5) However, if an investment of funds of a territory authority is made or managed by a department, the department may deduct from the interest received by the department for the investment—
(a) a fee charged by the department for making or managing the investment; and
(b) expenses reasonably incurred by the department in making or managing the investment.
(6) Interest that is to be paid to a territory authority under subsection (4) may be paid direct to the territory authority or through the territory banking account.
(7) If interest to be paid to a territory authority is paid into the territory banking account under subsection (6), the interest may be paid to the authority from that account without further appropriation.
(8) This section does not apply to money held on trust by a territory authority.
[1.4] Section 61 (Territory authority statements of intent)
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[1.5] Section 62 (Presentation of statements of intent of territory authorities)
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63 Annual financial statements of territory authorities
(1) A territory authority must prepare annual financial statements relating to its operations during each year.
(2) The annual financial statements for a year must be prepared within—
(a) 2 months after 31 December in each year; or
(b) any further period that the Treasurer allows in writing.
(3) The annual financial statements must be prepared in accordance with generally accepted accounting principles.
(4) The annual financial statements must include—
(a) the financial statements required under the financial management guidelines; and
(b) any other statement necessary to fairly reflect the financial operations of the authority during the year and its financial position at the end of the year.
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65 Audit of annual financial statements
(1) The chief executive officer of a territory authority must give the auditor-general a copy of the annual financial statements of the authority for a financial year within 2 weeks after preparing them.
(2) The copy of the financial statements given to the auditor-general must have endorsed on them, or attached to them, a signed copy of the statement of responsibility made for the financial statements under section 64.
(3) The auditor-general must give the chief executive officer an audit opinion about the financial statements as soon as practicable after the auditor-general receives them.
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66 Presentation of annual financial statements of territory authorities
(1) This section applies if, under section 65 (3), the chief executive officer of a territory authority receives an audit opinion about annual financial statements of the authority.
(2) Within 7 days after the day the chief executive officer receives the audit opinion, the chief executive officer must give the responsible Minister of the territory authority the following documents:
(a) a copy of the annual financial statements;
(b) a copy of the opinion;
(c) the authority's response (if any) to the opinion.
(3) The responsible Minister must present the documents to the Legislative Assembly within 6 sitting days after the day the Minister receives them.
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67 Treasurer may require interim financial statements etc
(1) The Treasurer may, in writing, direct the chief executive officer of a territory authority to give the Minister and Treasurer financial or other statements relating to the authority.
(2) The Treasurer must present a copy of the direction to the Legislative Assembly within 6 sitting days after the day when the Treasurer gives the direction.
(3) The relevant person must prepare the statements required by the direction and give them to the responsible Minister and Treasurer within 1 month after the day the person receives the direction or, if a longer period for compliance is stated in the direction, within the longer period.
(4) In this section:
"relevant person", for a territory authority, means—
(a) if the authority has a governing board—the chair of the governing board; or
(b) if the authority does not have a governing board—the chief executive officer.
[1.10] Section 68 (Statements of performance of territory authorities)
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[1.11] Section 69 (Responsibility for territory authority statements of performance)
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[1.12] Section 70 (Scrutiny of territory authority statements of performance)
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[1.13] Section 71 (Presentation of territory authority statements of performance)
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