Australian Capital Territory Numbered Acts

FINANCIAL MANAGEMENT ACT 1996 (NO 22 OF 1996)

TABLE OF PROVISIONS

           Long Title

   PART I--PRELIMINARY

   1.      This Act may be cited as the Financial Management Act 1996.  
   2.      This Act commences on 1 July 1996.  
   4.      Unless the contrary intention appears, the provisions of Parts II, III and V apply to the Legislative Assembly Secretariat as if—  

   PART II--TERRITORY BUDGET AND APPROPRIATIONS

   5.      Except as otherwise provided by a resolution of the Legislative Assembly, the first Appropriation Bill relating to a financial year shall be introduced into the Legislative Assembly not later than 3 months after the commencement of the financial year.  
   6.      No payment of public money shall be made otherwise than in accordance with an appropriation.  
   7.      If, before the end of a financial year, no Act other than this Act has been passed appropriating public money to meet the requirements of the next financial year, the Treasurer may pay such sums as are necessary to meet those requirements subject to the following provisions:  
   8.      An Appropriation Act shall make separate appropriations in respect of each department for—  
   10.     The Treasurer shall, for each financial year, immediately after the presentation of the Bill for the first Appropriation Act relating to the year, cause to be laid before the Legislative Assembly—  
   11.     A proposed budget for the Territory for a financial year that is laid before the Legislative Assembly pursuant to paragraph 10 (a) shall include—  
   20.     Before the commencement of a financial year, the Speaker of the Legislative Assembly may—  

   PART III--FINANCIAL REPORTS

   21.     In this Division, a reference to the Territory shall be read as including a reference to all Territory authorities and all Territory owned corporations.  
   25.     Where the Treasurer receives, under subsection 24 (2), an audit opinion concerning annual financial statements, he or she shall cause to be laid before the Legislative Assembly, within 3 sitting days after receiving the opinion—  
   30.     Where, under subsection 29 (2), the responsible Chief Executive of a department receives an audit opinion concerning annual financial statements of the department, the responsible Minister of the department shall cause to be laid before the Legislative Assembly, within 6 sitting days after the Chief Executive receives the audit opinion—  

   PART IV--FINANCIAL MANAGEMENT RESPONSIBILITIES OF CHIEF EXECUTIVES OF DEPARTMENTS

   PART V--BANKING AND INVESTMENT

   33.     The Treasurer shall open and maintain a bank account for the purposes of the Territory.  

   PART VI--BORROWING, GUARANTEES AND FINANCIAL DERIVATIVES

   39.     The Territory may only borrow in accordance with this Act or another law of the Territory.  
   40.     The Treasurer may, on behalf of the Territory, if necessary or expedient in the public interest to do so—  
   41.     Despite any other Act, a Territory authority may only borrow (other than from the Territory) in accordance with this Act.  
   42.     A Territory authority shall not borrow unless—  
   43.     Subject to the Treasurer's approval of the borrowing under paragraph 42 (a), a Territory authority may give security for the repayment of an amount borrowed, or for the payment of interest on that amount, by issuing securities.  
   44.     The Treasurer shall not delegate to any person his or her power under paragraph 42 (a) to approve borrowings by Territory authorities.  
   45.     Subject to this Act and any other Act, the proceeds of a loan raised on behalf of the Territory or by a Territory authority shall be paid into the Territory bank account.  
   46.     The Treasurer may make such payments as are required in respect of expenses incurred in borrowing on behalf of the Territory, and in respect of repayments of borrowings on behalf of the Territory, without further appropriation.  
   48.     (1) This section applies to transactions known as financial derivatives, for example—  

   PART VII--TRUST MONEY

   49.     All trust money held by the Territory shall be accounted for separately from public money.  
   52.     Money may be transferred between trust bank accounts and the Territory bank account only for purposes related to investment.  
   53.     The Treasurer may invest trust money in any investment specified in section 14 of the Trustee Act, 1925 of the State of New South Wales in its application in the Territory.  

   PART VIII--FINANCIAL PROVISIONS RELATING TO TERRITORY AUTHORITIES

   55.     (1) A Territory authority may open 1 or more bank accounts for the purposes of the authority.  

   PART IX--MISCELLANEOUS