Victorian Consolidated Legislation

Financial Management Act 1994 - SECT 23G

Content of statement

23G. Content of statement



(1) A financial policy objectives and strategies statement must-

   (a)  specify the Government's long-term 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;

   (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 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-

   (i)  the Government's short-term financial objectives;

   (ii) the targets for each specified key financial measure;

   (e)  explain how the financial objectives 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 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;

   (g)  identify the reporting basis on which subsequent Government financial
        reports will be prepared;

   (h)  state the reasons for any changes from 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.

(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 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