Victorian Consolidated Legislation

FINANCIAL MANAGEMENT ACT 1994

No. 18 of 1994
Version incorporating amendments as at 26 September 2007

TABLE OF PROVISIONS

           Section Page

   PART 1-PRELIMINARY

   1.      Purposes
   2.      Commencement
   3.      Definitions
   4.      Act binds the Crown
   5.      Relevant Minister
   6.      Declaration of financial year
   7.      Delegation
   8.      Directions

   PART 2-THE CONSOLIDATED FUND

   9.      The Consolidated Fund
   10.     Appropriation of Commonwealth grants etc.
   11.     Liability under guarantees
   12.     Loans from Consolidated Fund

   PART 3-PUBLIC LEDGER AND PUBLIC ACCOUNT

   13.     Public ledger
   14.     Public Account
   15.     Accounts of departments
   16.     Receipt of public money
   17.     How money is to be issued
   18.     Investment of money in Public Account

   PART 4-THE TRUST FUND

   19.     The Trust Fund
   20.     Deposits in Trust Fund
   21.     Investment of money in Trust Account
   22.     Expenditure of money in Trust Fund
   23.     Departmental Working Accounts

   PART 5-FINANCIAL RESPONSIBILITY

           Division 1-Introduction

   23A.    Definitions
   23B.    Application of Part

           Division 2-Principles of sound financial management

   23C.    Government to operate in accordance with principles of
           sound financial management
   23D.    Principles of sound financial management

           Division 3-Financial policy objectives and strategies statements

   23E.    Financial policy objectives and strategies statement
   23F.    Purpose of statement
   23G.    Content of statement

           Division 4-Estimated financial statements and budget update

   23H.    Estimated financial statements
   23I.    Purpose of estimated financial statements
   23J.    Content of estimated financial statements
   23K.    Accompanying statement
   23L.    Budget update
   23M.    Purpose of budget update
   23N.    Content of budget update

           Division 5-Disclosure of financial results

   24.     Annual financial report
   25.     Mid-year report
   26.     Quarterly financial report

           Division 6-Pre-election budget update

   27.     Pre-election budget update
   27A.    Purpose of pre-election budget update
   27B.    Contents of pre-election budget update
   27C.    Release of pre-election budget update

           Division 7-Release of reports, statements and updates

   27D.    Transmission of documents to Parliament
   27DA.   Publication of documents protected
   27E.    Release of estimated financial statements and budget
           financial policy objectives and strategies statement
   27F.    Repealed

   PART 6-BUDGET MANAGEMENT

   28.     Appropriation for borrowing against future appropriation
   29.     Appropriation of certain revenue and asset proceeds
   30.     Transfer between items of departmental appropriation
   31.     Transfer between items of Parliamentary appropriation
   32.     Unused appropriation
   33.     Appropriation to meet certain obligations
   34.     Reduction in amount applied to meet future payments
   35.     Temporary advances
   36.     Temporary advances to authorities
   37.     Issue of money out of Public Account
   38.     Application of money in Public Account to meet
           appropriations
   39.     Arrangements for temporary advances
   40.     Annual budget estimates

   PART 6A-INDEMNITIES

   40A.    Definitions
   40B.    Provisions of this Part in addition to all other powers
   40C.    Indemnity for directors
   40D.    Indemnity for statutory authorities and State companies
   40E.    Indemnity for owner of goods
   40F.    Charge for indemnities
   40G.    Confirmation of certain indemnities
   40H.    Appropriation

   PART 6B-GUARANTEE CHARGE

   40I.    Definitions
   40J.    Application of Part 40K. Guarantee charge
   40L.    Information to be supplied

   PART 6C-FINANCIAL ACCOMMODATION LEVY

   40M.    Leviable authority
   40N.    Financial accommodation levy
   40O.    Leviable authority not liable to pay guarantee charge

   PART 7-ACCOUNTABILITY AND REPORTING

   41.     Repealed
   42.     Accountable officer
   43.     Chief finance and accounting officer and other persons
   44.     Accounts to be kept
   44A.    Accountable officer of public body must provide financial information
   44B.    Asset registers and risk management strategies
   45.     Report of operations and financial statements to be prepared
   46.     Tabling requirements
   47.     Minister may vary reporting requirements
   48.     Report of operations
   49.     Financial statements
   50.     Information
   51.     Relevant Minister may require additional information
   52.     Minister may direct public body to submit financial
           statements
   53.     Composite reports
   53A.    Annual reports of State-owned corporations and other bodies
   54.     Part to prevail

   PART 7A-SUPPLY MANAGEMENT

   54A.    Establishment of Victorian Government Purchasing Board
   54B.    Functions of Board
   54C.    Powers of Board
   54D.    Membership of Board and terms of office
   54E.    Payment of members
   54F.    Procedure of Board
   54G.    Validity of Board decisions
   54H.    Members' pecuniary interests
   54I.    Improper use of information
   54J.    Delegation
   54K.    Minister's directions
   54L.    Supply policies
   54M.    Annual report

   PART 7B-ACQUISITION, LEASING AND LICENSING OF LAND AND PREMISES

   54N.    Minister may acquire land
   54O.    Minister may lease land or premises for other Ministers
   54P.    Licensing and leasing of surplus Crown land and buildings

   PART 8-GENERAL

   55.     Writing off
   56.     Recovery of overpayments
   57.     Liability in respect of loss or damage
   58.     Unclaimed property
   59.     Regulations

   PART 9-TRANSITIONAL AND CONSEQUENTIAL

           60, 61. Repealed
   62.     Transitional provisions
   62A.    Further transitional provisions
   63.     References to receiver of revenue
   64.     Saving of payments under Mint Act 1958.
           65, 66. Repealed
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           SCHEDULE 1-Warrant
           SCHEDULE 2-Repealed
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           ENDNOTES
           1. General Information
           2. Table of Amendments
           3. Explanatory Details