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FINANCIAL MANAGEMENT ACT 1994

Table of Provisions

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[1]  

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  
  • 31A Transfer between items of Court Services Victoria 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

  • 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

  • 54AA Specified entities  
  • 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 7C--POWER TO WAIVE, DEFER, REFUND OR REDUCE FEES AND CHARGES UNDER ACTS, STATUTORY RULES AND OTHER SUBORDINATE INSTRUMENTS

  • 54Q Application of this Part  
  • 54R Definitions for this Part  
  • 54S Fee or charge collector may waive, defer, refund or reduce fees and charges  
  • 54T Payment of refunds  
  • 54U Treasurer may make and publish guidelines  
  • 54V Part does not limit other powers  

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

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