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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Financial Management (Amendment) Act 2004
Act No.
Victorian Legislation Parliamentary Documents
TABLE OF PROVISIONS
Clause Page
1. Purpose 1
2. Commencement 1
3. Principal Act 2
4. Definition 2
5. Financial policy objectives and strategies statements 2
6. Estimated financial statements 2
7. Budget updates 3
8. Annual financial report 3
9. Mid-year report 4
10. Quarterly financial report 4
11. Pre-election budget update 5
12. New section 27D substituted and 27DA inserted 5
27D. Transmission of documents to Parliament 5
27DA. Publication of documents protected 8
13. Consequential repeal of section 27F 8
14. Updated references to accounting bodies 8
15. Consequential amendment of Audit Act 1994 8
ENDNOTES 9
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PARLIAMENT OF VICTORIA
Initiated in Assembly 4 May 2004
Victorian Legislation Parliamentary Documents
A BILL
to amend the Financial Management Act 1994 with respect to
government financial reporting and for other purposes.
Financial Management (Amendment)
Act 2004
The Parliament of Victoria enacts as follows:
1. Purpose
The purpose of this Act is to amend the Financial
Management Act 1994 with respect to
government financial reporting.
2. Commencement
5
This Act comes into operation on the day after the
day on which it receives the Royal Assent.
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3. Principal Act
See: In this Act, the Financial Management Act 1994
Act No.
is called the Principal Act.
18/1994.
Reprint No. 5
Victorian Legislation Parliamentary Documents
as at
1 July 2003.
LawToday:
www.dms.
dpc.vic.
gov.au
4. Definition
In section 3 of the Principal Act, after the
5
definition of "Board" insert--
' "business day" means a day other than a
Saturday, a Sunday or a public holiday
appointed under the Public Holidays Act
1993;'.
10
5. Financial policy objectives and strategies statements
For section 23E(3)(b) of the Principal Act
substitute--
"(b) transmitted to the Parliament in accordance
with section 27D.".
15
6. Estimated financial statements
(1) In sections 23I and 23J(1) of the Principal Act, for
"budget sector" (wherever occurring) substitute
"general government sector".
(2) For section 23J(3) of the Principal Act
20
substitute--
"(3) Estimated financial statements must be
prepared--
(a) on a basis consistent with the current
financial policy objectives and
25
strategies statement; and
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(b) in the manner and form determined by
the Minister, having regard to
appropriate financial reporting
frameworks.".
Victorian Legislation Parliamentary Documents
7. Budget updates
5
(1) For section 23L(2) of the Principal Act
substitute--
"(2) A budget update must be transmitted to the
Parliament in accordance with section 27D.".
(2) For section 23N(1) of the Principal Act
10
substitute--
"(1) A budget update comprises updated
estimated financial statements.".
(3) For section 23N(3) of the Principal Act
substitute--
15
"(3) A budget update must be prepared--
(a) on a basis consistent with the current
financial policy objectives and
strategies statement; and
(b) in the manner and form determined by
20
the Minister, having regard to
appropriate financial reporting
frameworks.".
8. Annual financial report
(1) In section 24(2) of the Principal Act--
25
(a) in paragraph (a), after "Minister" insert
", having regard to appropriate financial
reporting frameworks";
(b) in paragraph (b), for "budget sector"
(wherever occurring) substitute "general
30
government sector".
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(2) For section 24(4) of the Principal Act
substitute--
"(4) An audited annual financial report must be
transmitted to the Parliament in accordance
Victorian Legislation Parliamentary Documents
with section 27D.".
5
9. Mid-year report
(1) In section 25(2) of the Principal Act--
(a) in paragraph (a), after "Minister" insert
", having regard to appropriate financial
reporting frameworks";
10
(b) in paragraph (b), for "budget sector"
(wherever occurring) substitute "general
government sector".
(2) For section 25(3) of the Principal Act
substitute--
15
"(3) A mid-year report must be transmitted to the
Parliament in accordance with section 27D.".
10. Quarterly financial report
(1) In section 26(2) of the Principal Act, for "budget
sector" (wherever occurring) substitute "general
20
government sector".
(2) After section 26(2) of the Principal Act insert--
"(2A) A quarterly financial report must be prepared
in the manner and form determined by the
Minister, having regard to appropriate
25
financial reporting frameworks.
(2B) The quarterly financial report for the quarter
ending on 31 December in a financial year
must include, in addition to the statements
referred to in sub-section (2)(a) to (d) for that
30
quarter, those statements for the period of
6 months ending on that 31 December.".
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(3) After section 26(3) of the Principal Act insert--
"(3A) The quarterly financial report for the quarter
ending on 30 June in a financial year must
include, in addition to the statements referred
Victorian Legislation Parliamentary Documents
to in sub-section (2)(a) to (d) for that quarter,
5
those statements for the period of 12 months
ending on that 30 June.".
(4) For section 26(4) of the Principal Act
substitute--
"(4) A quarterly financial report must be
10
transmitted to the Parliament in accordance
with section 27D.".
11. Pre-election budget update
(1) In section 27B(1)(a) of the Principal Act, for
"budget sector" substitute "general government
15
sector".
(2) For section 27B(3) of the Principal Act
substitute--
"(3) A pre-election budget update must be
prepared on a basis consistent with--
20
(a) the current financial policy objectives
and strategies statement; and
(b) the most recent estimated financial
statements or budget update, as
applicable.".
25
12. New section 27D substituted and 27DA inserted
For section 27D of the Principal Act substitute--
'27D. Transmission of documents to Parliament
(1) This section applies to the following
documents--
30
(a) an audited annual financial report;
(b) a mid-year report;
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(c) a quarterly financial report;
(d) a budget update;
(e) the financial policy objectives and
Victorian Legislation Parliamentary Documents
strategies statement prepared in
association with a budget update.
5
(2) The Minister must cause a document to be
transmitted to each House of the Parliament
on or before the due date for that document.
(3) The "due date" for a document specified in
column 1 of the following table is the date
10
set out in column 2 of the table opposite that
document.
TABLE
Column 1 Column 2
Document Due date
audited annual financial report 15 October next
for a financial year following that
financial year
mid-year report for a financial 15 March in that
year financial year
quarterly financial report for the 15 November in
quarter ending on 30 September that financial
in a financial year year
quarterly financial report for the 15 March in that
quarter ending on 31 December financial year
in a financial year
quarterly financial report for the 15 May in that
quarter ending on 31 March in a financial year
financial year
quarterly financial report for the 15 October next
quarter ending on 30 June in a following that
financial year financial year
budget update for a financial 15 December in
year and financial policy that financial
objectives and strategies year
statement prepared in association
with it
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(4) The clerk of each House of the Parliament
must cause the document to be laid before
the House on the day on which it is received
or on the next sitting day of the House.
Victorian Legislation Parliamentary Documents
(5) If the Minister proposes to transmit a
5
document to the Parliament when the
Parliament is in recess, the Minister must--
(a) give one business day's notice of his or
her intention to do so to the clerk of
each House of the Parliament; and
10
(b) give the document to the clerk of each
House on the day indicated in the
notice; and
(c) publish the report on a Government
Internet website as soon as practicable
15
after giving it to the clerks.
(6) The clerk of each House must--
(a) notify each member of the House of the
receipt of a notice under sub-section
(5)(a) on the same day that the clerk
20
receives that notice; and
(b) give a copy of a document to each
member of the House as soon as
practicable after the document is
received under sub-section (5)(b); and
25
(c) cause the document to be laid before
the House on the next sitting day of the
House.
(7) For the purposes of this section, the
Parliament is in recess when each House
30
stands adjourned to a date to be fixed by the
presiding officer of that House.
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27DA. Publication of documents protected
(1) A document that is given to the clerks under
section 27D(5)(b) is taken to have been
published by order, or under the authority, of
Victorian Legislation Parliamentary Documents
the Houses of the Parliament.
5
(2) The publication of a document by the
Minister under section 27D(5)(c) is
absolutely privileged and the provisions of
sections 73 and 74 of the Constitution Act
1975 and any other enactment or rule of law
10
relating to the publication of the proceedings
of the Parliament apply to and in relation to
the publication of the document as if it were
a document to which those sections applied
and had been published by the Government
15
Printer under the authority of the
Parliament.'.
13. Consequential repeal of section 27F
Section 27F of the Principal Act is repealed.
14. Updated references to accounting bodies
20
In section 59(3) of the Principal Act--
(a) for paragraph (a) substitute--
"(a) CPA Australia;";
(b) for paragraph (e) substitute--
"(e) Australian Bureau of Statistics;".
25
15. Consequential amendment of Audit Act 1994
In section 9A(2) of the Audit Act 1994, for "laid
before, or given to the clerk of, each House of the
Parliament" substitute "transmitted to the
Parliament".
30
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Financial Management (Amendment) Act 2004
Endnotes
Act No.
ENDNOTES
Victorian Legislation Parliamentary Documents
By Authority. Government Printer for the State of Victoria.
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