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This is a Bill, not an Act. For current law, see the Acts databases.
PARLIAMENT OF VICTORIA
Financial Management (Financial Responsibility)
Act 2000
Act No.
TABLE OF PROVISIONS
Clause Page
PART 1--PRELIMINARY 1
1. Purpose 1
2. Commencement 2
PART 2--FINANCIAL MANAGEMENT ACT 1994 3
3. New section 4 inserted 3
4. Act binds the Crown 3
4. New Part 5 substituted 3
PART 5--FINANCIAL RESPONSIBILITY 3
Division 1--Introduction 3
23A. Definitions 3
23B. Application of Part 4
Division 2--Principles of Sound Financial Management 4
23C. Government to operate in accordance with principles of
sound financial management 4
23D. Principles of sound financial management 5
Division 3--Financial Policy Objectives and Strategies
Statements 6
23E. Financial policy objectives and strategies statement 6
23F. Purpose of statement 6
23G. Content of statement 7
Division 4--Estimated Financial Statements and Budget
Update 8
23H. Estimated financial statements 8
23I. Purpose of estimated financial statements 8
23J. Content of estimated financial statements 9
23K. Accompanying statement 9
23L. Budget update 11
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Clause Page
23M. Purpose of budget update 11
23N. Content of budget update 11
Division 5--Disclosure of Financial Results 12
24. Annual financial report 12
25. Mid-year report 15
26. Quarterly financial report 15
Division 6--Pre-election Budget Update 16
27. Pre-election budget update 16
27A. Purpose of pre-election budget update 16
27B. Contents of pre-election budget update 17
27C. Release of pre-election budget update 18
Division 7--Release of Reports, Statements and Updates 18
27D. General provision for release of documents 18
27E. Release of estimated financial statements and budget
financial policy objectives and strategies statement 20
27F. Release of documents when Parliament is not sitting 21
5. Consequential amendment of Financial Management Act 22
PART 3--AUDIT ACT 1994 23
6. New Part 3A inserted 23
PART 3A--REVIEW OF ESTIMATED FINANCIAL
STATEMENTS 23
16B. Review and report to Parliament on estimated financial
statements 23
7. Consequential amendment of Audit Act 25
8. New section 27 inserted 25
27. Annual financial statement 25
NOTES 26
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541031B.I1-3/3/2000 BILL LA CIRCULATION 3/3/2000
PARLIAMENT OF VICTORIA
Initiated in Assembly 1 March 2000
A BILL
to amend the Financial Management Act 1994 and the Audit Act
1994 to provide for the enhanced disclosure of financial and budget
information by the Victorian Government and the review of estimated
financial statements by the Auditor-General and for other purposes.
Financial Management (Financial
Responsibility) Act 2000
The Parliament of Victoria enacts as follows:
PART 1--PRELIMINARY
1. Purpose
The purpose of this Act is to amend the Financial
Management Act 1994 and the Audit Act 1994
5 to provide for the enhanced disclosure of financial
and budget information by the Victorian
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Government and the review of estimated financial
statements by the Auditor-General.
2. Commencement
This Act comes into operation on the day after the
5 day on which it receives the Royal Assent.
_______________
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PART 2--FINANCIAL MANAGEMENT ACT 1994
No. 18/1994.
3. New section 4 inserted
Reprint No. 3
After section 3 of the Financial Management as at 25
March 1999.
Act 1994 insert-- Further
amended by
5 "4. Act binds the Crown No. 53/1999.
This Act binds the Crown not only in right of
Victoria but also, so far as the legislative
power of the Parliament permits, the Crown
in all its other capacities.".
10 4. New Part 5 substituted
For Part 5 of the Financial Management Act
1994 substitute--
'PART 5--FINANCIAL RESPONSIBILITY
Division 1--Introduction
15 23A. Definitions
In this Part--
"budget" means the State budget;
"current financial policy objectives and
strategies statement"--
20 (a) in relation to the estimated
financial statements for a financial
year, means the financial policy
objectives and strategies statement
prepared under section 23E in
25 association with the budget for
that financial year;
(b) in relation to a budget update for a
financial year, means the financial
policy objectives and strategies
30 statement prepared under section
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23E in association with the budget
update;
(c) in relation to a pre-election budget
update, means the financial policy
5 objectives and strategies statement
prepared under section 23E in
association with the most recent
budget or budget update (as the
case may be);
10 "Government" means the Government of
the State of Victoria;
"quarter" of a financial year, means the
period of 3 months ending on
30 September, 31 December, 31 March
15 and 30 June in that year;
"Secretary" means Secretary to the
Department of Treasury and Finance.
23B. Application of Part
This Part applies in respect of the financial
20 year 2000/2001 and each subsequent
financial year.
Division 2--Principles of Sound Financial
Management
23C. Government to operate in accordance with
25 principles of sound financial management
It is the intention of the Parliament that the
Government establish and maintain a
budgeting and reporting framework that is
consistent with the principles of sound
30 financial management so as to form a basis
for the provision of sustainable social and
economic services and infrastructure fairly to
all Victorians.
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23D. Principles of sound financial management
(1) The principles of sound financial
management are that the Government
must--
5 (a) manage financial risks faced by the
State prudently, having regard to
economic circumstances;
(b) pursue spending and taxing policies
that are consistent with a reasonable
10 degree of stability and predictability in
the level of the tax burden;
(c) maintain the integrity of the Victorian
tax system;
(d) ensure that its policy decisions have
15 regard to their financial effects on
future generations;
(e) provide full, accurate and timely
disclosure of financial information
relating to the activities of the
20 Government and its agencies.
(2) The financial risks referred to in sub-section
(1)(a) include--
(a) risks arising from the level of the
State's general government sector debt;
25 (b) commercial risks arising from
ownership of public non-financial
corporations and public financial
corporations;
(c) risks arising from changes in the
30 structure of the Victorian tax base;
(d) risks arising from management of
assets and liabilities of the State.
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Division 3--Financial Policy Objectives and
Strategies Statements
23E. Financial policy objectives and strategies
statement
5 (1) The Minister must prepare two financial
policy objectives and strategies statements
for each financial year.
(2) The first financial policy objectives and
strategies statement for a financial year must
10 be--
(a) prepared in association with the budget
for that financial year;
(b) laid before each House of the
Parliament in accordance with
15 section 27E.
(3) The second financial policy objectives and
strategies statement for a financial year must
be--
(a) prepared in association with the budget
20 update for that financial year;
(b) laid before, or given to the clerk of,
each House of the Parliament in
accordance with section 27D.
23F. Purpose of statement
25 The purpose of a financial policy objectives
and strategies statement is to make
transparent the Government's financial
strategies and to establish a benchmark for
evaluating the Government's conduct of
30 financial policy.
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23G. Content of statement
(1) A financial policy objectives and strategies
statement must--
(a) specify the Government's long-term
5 financial objectives within which
financial policy for the financial year to
which the budget or budget update
relates and the following 3 financial
years will be framed;
10 (b) explain the broad strategic priorities on
which the budget or budget update is
based;
(c) specify the key financial measures that
the Government has identified as being
15 important and against which financial
policy will be set and assessed;
(d) specify, for the financial year to which
the budget or budget update relates and
the following 3 financial years--
20 (i) the Government's short-term
financial objectives;
(ii) the targets for each specified key
financial measure;
(e) explain how the financial objectives
25 and strategic priorities specified or
explained in paragraphs (a), (b) and (d)
relate to the principles of sound
financial management;
(f) specify any financial policy actions
30 taken or to be taken by the Government
that are temporary in nature, state the
reasons for taking them and indicate the
process for their revision;
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(g) identify the reporting basis on which
subsequent Government financial
reports will be prepared;
(h) state the reasons for any changes from
5 the previous financial policy objectives
and strategies statement.
(2) A financial policy objectives and strategies
statement must be based on the principles of
sound financial management.
10 (3) If particular information required to be
included in a financial policy objectives and
strategies statement is unchanged from
information set out in full in an earlier
statement, the statement may instead
15 summarise the information and state that it is
unchanged from what was set out in the
earlier statement.
Division 4--Estimated Financial Statements
and Budget Update
20 23H. Estimated financial statements
(1) The Minister must prepare estimated
financial statements for each financial year
in association with the budget for that
financial year.
25 (2) Estimated financial statements must be laid
before each House of the Parliament in
accordance with section 27E.
23I. Purpose of estimated financial statements
The purpose of estimated financial
30 statements is to set out the projected
financial results for the Victorian budget
sector calculated on the basis of the
Government's stated financial policies and
assumptions.
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23J. Content of estimated financial statements
(1) Estimated financial statements comprise--
(a) for the financial year in respect of
which they are prepared and the
5 following 3 financial years--
(i) an estimated statement of
financial performance of the
Victorian budget sector for the
year;
10 (ii) an estimated statement of
financial position of the Victorian
budget sector at the end of the
year;
(iii) an estimated statement of cash
15 flows of the Victorian budget
sector for the year;
(b) a statement of the accounting policies
on which the statements required by
paragraph (a) are based and explanatory
20 notes.
(2) The information in the estimated financial
statements must take into account
Government decisions and other
circumstances that may have a material
25 effect on the estimated financial statements.
(3) Estimated financial statements must be based
on--
(a) the current financial policy objectives
and strategies statement;
30 (b) generally accepted accounting
principles.
23K. Accompanying statement
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(1) The Minister must prepare an accompanying
statement in association with each set of
estimated financial statements.
(2) An accompanying statement comprises--
5 (a) a statement of the material economic
and other assumptions that have been
used in preparing the estimated
financial statements;
(b) a discussion of the sensitivity of the
10 estimated financial statements to
changes in those economic and other
assumptions;
(c) an overview of the estimated tax
expenditures for the financial years
15 covered by the estimated financial
statements;
(d) a statement of the risks, quantified
where feasible, that may have a
material effect on the estimated
20 financial statements, including--
(i) contingent liabilities;
(ii) publicly announced Government
commitments that are not yet
included in the estimated financial
25 statements.
(3) The information in an accompanying
statement must take into account
Government decisions and other
circumstances that may have a material
30 effect on the estimated financial statements.
(4) An accompanying statement must be laid
before each House of the Parliament with the
estimated financial statements to which it
relates in accordance with section 27E.
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23L. Budget update
(1) The Minister must prepare a budget update
for each financial year.
(2) A budget update must be laid before, or
5 given to the clerk of, each House of the
Parliament in accordance with section 27D.
23M. Purpose of budget update
The purpose of a budget update is to provide
updated information to allow the assessment
10 of the Government's financial performance
against the financial policy objectives and
strategies set out in its current financial
policy objectives and strategies statement.
23N. Content of budget update
15 (1) A budget update comprises--
(a) updated estimated financial statements;
(b) Victorian budget sector financial
statements for the 4 months to the end
of October, although the Minister may
20 instead include financial statements
covering a longer period of the
financial year if they are available.
(2) The updated estimated financial statements
must--
25 (a) take into account Government decisions
and other circumstances that may have
a material effect on them;
(b) state the date on which the updating
was undertaken.
30 (3) A budget update must be based on--
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(a) the current financial policy objectives
and strategies statement;
(b) generally accepted accounting
principles.
5 (4) If particular information required to be
included in a budget update is unchanged
from information set out in full in the
estimated financial statements, the update
may instead summarise the information and
10 state that it is unchanged from what was set
out in the estimated financial statements.
Division 5--Disclosure of Financial Results
24. Annual financial report
(1) The Minister must prepare an annual
15 financial report for each financial year.
(2) The annual financial report--
(a) must be prepared in the manner and
form determined by the Minister;
(b) must present fairly the financial
20 position of the State and the Victorian
budget sector at the end of the financial
year and--
(i) the transactions on the Public
Account;
25 (ii) the transactions of the Victorian
budget sector;
(iii) other financial transactions of the
State--
in respect of the financial year;
30 (c) must include details of amounts paid
into Working Accounts under
section 23;
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(d) must include details of amounts
allocated to departments during the
financial year under section 28;
(e) must include details of money credited
5 under section 29 to an item in a
Schedule to an appropriation Act for
that financial year;
(f) must include particulars of amounts
transferred in accordance with
10 determinations under section 30 or 31;
(g) must include details of--
(i) amounts appropriated in respect of
the financial year as a result of a
determination under section 32 in
15 the preceding financial year;
(ii) the application during the
financial year of amounts to which
any such determination applies;
(h) must include--
20 (i) details of expenses and
obligations met from money
advanced to the Minister under
section 35(1) during the financial
year;
25 (ii) a statement of the reasons for
carrying forward any part of an
unused advance to the next
financial year under section 35(4);
(i) must include details of payments made
30 during the financial year out of money
advanced to the Treasurer in an annual
appropriation Act for that year to meet
urgent claims;
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(j) must include details of--
(i) payments made during the
financial year in fulfilment of any
guarantee by the Government
5 under any Act;
(ii) money received or recovered by
the Minister or Treasurer during
the financial year in respect of any
guarantee payments;
10 (k) must include details, as at the end of the
financial year, of--
(i) the liabilities (including
contingent liabilities under
guarantees and indemnities or in
15 respect of superannuation
payments and all other contingent
liabilities) and assets of the State;
and
(ii) prescribed assets and prescribed
20 liabilities of prescribed bodies;
(l) may include any other information the
Minister considers appropriate;
(m) must be audited by the Auditor-
General.
25 (3) The Minister must cause a copy of each
annual financial report to be given to the
Auditor-General on or before 20 September
next following the financial year to which it
relates.
30 (4) An audited annual financial report must be
laid before, or given to the clerk of, each
House of the Parliament in accordance with
section 27D.
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25. Mid-year report
(1) The Minister must prepare a mid-year report
for each financial year.
(2) The mid-year report--
5 (a) must be prepared in the manner and
form determined by the Minister;
(b) must present fairly the financial
position of the State and the Victorian
budget sector at midnight on
10 31 December in the financial year
and--
(i) the transactions on the Public
Account;
(ii) the transactions of the Victorian
15 budget sector;
(iii) other financial transactions of the
State--
in respect of the period of 6 months
ending on that day;
20 (c) may include any other information the
Minister considers appropriate.
(3) A mid-year report must be laid before, or
given to the clerk of, each House of the
Parliament in accordance with section 27D.
25 26. Quarterly financial report
(1) The Minister must prepare a quarterly
financial report for each quarter of each
financial year.
(2) A quarterly financial report comprises--
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(a) a statement of financial performance of
the Victorian budget sector for the
quarter;
(b) a statement of financial position of the
5 Victorian budget sector at the end of
the quarter;
(c) a statement of cash flows of the
Victorian budget sector for the quarter;
(d) a statement of the accounting policies
10 on which the statements required by
paragraphs (a), (b) and (c) are based;
(e) any other information the Minister
considers appropriate.
(3) The quarterly financial report for the quarter
15 ending on 31 March in a financial year must
include, in addition to the statements referred
to in sub-section (2)(a) to (d) for that quarter,
those statements for the period of 9 months
ending on that 31 March.
20 (4) A quarterly financial report must be laid
before, or given to the clerk of, each House
of the Parliament in accordance with
section 27D.
Division 6--Pre-election Budget Update
25 27. Pre-election budget update
If a writ is issued for a general election of
members of the Legislative Assembly, the
Secretary must prepare a pre-election budget
update in accordance with this Division.
30 27A. Purpose of pre-election budget update
The purpose of a pre-election budget update
is to provide updated information on the
estimated financial statements.
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27B. Contents of pre-election budget update
(1) A pre-election budget update comprises--
(a) updated estimated financial statements
for the Victorian budget sector for the
5 financial year in respect of which they
are prepared and the following
3 financial years;
(b) a statement of the material economic
and other assumptions that have been
10 used in preparing the updated
statements;
(c) discussion of the sensitivity of the
updated statements to changes in those
economic and other assumptions;
15 (d) a statement of the risks, quantified
where feasible, that may have a
material effect on the updated
statements, including--
(i) contingent liabilities;
20 (ii) publicly announced Government
commitments that are not yet
included in the updated
statements.
(2) The information in a pre-election budget
25 update must take into account, to the fullest
extent possible, all Government decisions
and all other circumstances that may have a
material effect on the estimated financial
statements.
30 (3) A pre-election budget update must be based
on--
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(a) the current financial policy objectives
and strategies statement;
(b) generally accepted accounting
principles.
5 (4) If particular information required to be
included in a pre-election budget update is
unchanged from information set out in full in
earlier estimated financial statements and
accompanying statement or an earlier budget
10 update, the pre-election budget update may
instead summarise the information and state
that it is unchanged from what was set out in
the earlier statements or budget update.
27C. Release of pre-election budget update
15 The Secretary must publicly release the pre-
election budget update within 10 days after
the issue of the writ for the election.
Division 7--Release of Reports, Statements and
Updates
20 27D. General provision for release of documents
(1) This section applies to--
(a) an audited annual financial report;
(b) a mid-year report;
(c) a quarterly financial report;
25 (d) a budget update;
(e) the financial policy objectives and
strategies statement prepared in
association with a budget update.
(2) Subject to this section, the Minister must
30 cause a document to which this section
applies to be laid before--
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(a) the Legislative Assembly on or before
the release day for that document; and
(b) the Legislative Council on the same day
that it is laid before the Legislative
5 Assembly or, if the Council is not then
sitting, on the next sitting day of the
Council.
(3) If--
(a) a document to which this section
10 applies is not laid before the Legislative
Assembly before the release day for
that document; and
(b) the Legislative Assembly is not sitting
on that day; and
15 (c) the Legislative Council is sitting on that
day--
the Minister must cause the document to be
laid before the Council on that day and the
Assembly on the next sitting day of the
20 Assembly.
(4) If--
(a) a document to which this section
applies is not laid before the Legislative
Assembly before the release day for
25 that document; and
(b) neither House of the Parliament is
sitting on that day--
the Minister must, on that day, give the
document to the clerk of each House of the
30 Parliament.
(5) In this section, "release day" for a
document specified in column 1 of the table
means the day specified in column 2 of the
table opposite that document.
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TABLE
Column 1 Column 2
Document Release day
audited annual financial report for 27 October
a financial year and quarterly next following
financial report for the quarter that financial
ending on 30 June in that year
financial year
mid-year report for a financial 15 March in
year and quarterly financial report that financial
for the quarter ending on 31 year
December in that financial year
quarterly financial report for the
quarter ending on 30
September--
(a) in 2000/2001 30 November
2000
(b) in each subsequent financial 15 November
year in that
financial year
quarterly financial report for the
quarter ending on 31 March--
(a) in 2000/2001 31 May 2001
(b) in each subsequent financial 15 May in that
year financial year
budget update for a financial year 15 January in
and financial policy objectives that financial
and strategies statement prepared year
in association with it
27E. Release of estimated financial statements
and budget financial policy objectives and
strategies statement1
5 The Minister must cause the estimated
financial statements for a financial year and
accompanying statement and the financial
policy objectives and strategies statement
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prepared in association with the budget for
that financial year to be laid before--
(a) the Legislative Assembly on or before
the day on which the second readings
5 of the annual appropriation Bills for
that year are moved; and
(b) the Legislative Council on the same day
that they are laid before the Legislative
Assembly or, if the Council is not
10 sitting on that day, on the next sitting
day of the Council.
27F. Release of documents when Parliament is
not sitting
(1) If a document is given to the clerk of a
15 House of the Parliament under section 27D,
the clerk must cause--
(a) a copy of the document to be given to
each member of the House; and
(b) the document to be laid before the
20 House on the next sitting day of the
House.
(2) If a document is given to the clerk of a
House of the Parliament under section
27D--
25 (a) a person may read, make a copy of,
take an extract from or take notes of the
document;
(b) a person does not incur any civil or
criminal liability for the doing by the
30 person or another person of anything
referred to in paragraph (a).'.
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5. Consequential amendment of Financial Management
Act
(1) In the Financial Management Act 1994--
(a) in section 35(4), omit ", and must include a
5 statement of the reasons for doing so in the
statement of operations under Part 5 in
respect of the financial year";
(b) section 41 is repealed.
(2) After section 62A(2) of the Financial
10 Management Act 1994 insert--
"(3) Despite the commencement of the Financial
Management (Financial Responsibility)
Act 2000, Part 5 and section 35(4), as in
force immediately before that
15 commencement, continue to apply in respect
of the financial year 1999/2000.".
_______________
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PART 3--AUDIT ACT 1994
No. 2/1994.
6. New Part 3A inserted
Reprint No. 3
After Part 3 of the Audit Act 1994 insert-- as at
1 January
2000.
'PART 3A--REVIEW OF ESTIMATED
5 FINANCIAL STATEMENTS
16B. Review and report to Parliament on
estimated financial statements
(1) The Auditor-General must review each set of
estimated financial statements prepared
10 under section 23H of the Financial
Management Act 1994 and make a report to
the Parliament as to whether it appears
that--
(a) the statements have been prepared on a
15 basis consistent with the accounting
policies on which they are stated to be
based;
(b) the statements are consistent with the
targets specified in the current financial
20 policy objectives and strategies
statement for each key financial
measure specified in that statement;
(c) the statements have been properly
prepared on the basis of the
25 assumptions contained in the
accompanying statement prepared in
association with the statements under
section 23K of the Financial
Management Act 1994;
30 (d) the methodologies used to determine
those assumptions are reasonable.
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(2) The Auditor-General must give each report
under this section to the Minister a
reasonable time before it is required to be
laid before each House of the Parliament
5 under sub-section (3).
(3) The Minister must cause each report under
this section to be laid before each House of
the Parliament with the estimated financial
statements to which it relates2.
10 (4) For the purposes of a review and report
under this section, the Minister must provide
the Auditor-General with access to any
documents requested by the Auditor-
General, including any drafts of the
15 estimated financial statements.
(5) Nothing in this section entitles the Auditor-
General to question the merits of policy
objectives of the Government.
(6) In this section--
20 "current financial policy objectives and
strategies statement", in relation to a
set of estimated financial statements for
a financial year, means the financial
policy objectives and strategies
25 statement prepared under section 23E
of the Financial Management Act
1994 in association with the budget for
that financial year;
"Minister" means the Minister who
30 prepares the estimated financial
statements;
"policy objectives" has the same meaning
as in section 16(9).'.
24
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Financial Management (Financial Responsibility) Act 2000
s. 7
Act No.
7. Consequential amendment of Audit Act
(1) In the Audit Act 1994--
(a) in section 1, after paragraph (a) insert--
"(ab) the review of the Government's
5 estimated financial statements by the
Auditor-General; and";
(b) in section 1(b) after "audits" insert "and
reviews";
(c) in section 16A(1), for "financial statement"
10 substitute "annual financial report".
(2) In section 16A of the Audit Act 1994, for sub-
section (4) substitute--
"(4) The Auditor-General must cause a copy of
each report under this section to be
15 transmitted to each House of the Parliament
as soon as practicable after the day on which
the audited annual financial report to which
it relates is laid before, or given to the clerk
of, that House under section 27D of the
20 Financial Management Act 1994 and in
any event within 7 sitting days after that
day.".
8. New section 27 inserted
After section 26 of the Audit Act 1994 insert--
25 "27. Annual financial statement
Despite the commencement of section 7 of
the Financial Management (Financial
Responsibility) Act 2000, section 16A, as in
force immediately before that
30 commencement, continues to apply in
respect of the financial year 1999/2000.".
25
541031B.I1-3/3/2000 BILL LA CIRCULATION 3/3/2000
Financial Management (Financial Responsibility) Act 2000
Notes
Act No.
NOTES
1
The Minister is also required, under section 16B of the Audit Act 1994, to
cause the report of the Auditor-General's review of the estimated financial
statements under that section to be laid before each House of the
Parliament with the estimated financial statements.
2
Section 27E of the Financial Management Act 1994 requires the Minister
to cause the estimated financial statements for a financial year to be laid
before the Legislative Assembly on or before the day that the second
readings of the annual appropriation Bills for that year are moved and the
Legislative Council on that day or the next sitting day.
By Authority. Government Printer for the State of Victoria.
26
541031B.I1-3/3/2000 BILL LA CIRCULATION 3/3/2000
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