Victorian Consolidated Legislation

Financial Management Act 1994 - SECT 27B

Contents of pre-election budget update

27B. Contents of pre-election budget update



(1) A pre-election budget update comprises-



   (a)  updated estimated financial statements for the Victorian general
        government sector for the 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 used in preparing the updated statements;

   (c)  discussion of the sensitivity of the updated statements to changes in
        those economic and other assumptions;

   (d)  a statement of the risks, quantified where feasible, that may have a
        material effect on the updated statements, including-

   (i)  contingent liabilities;

   (ii) publicly announced Government commitments that are not yet included in
        the updated statements.

(2) The information in a pre-election budget 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.

(3) A pre-election budget update must be prepared on a basis consistent with-

   (a)  the current financial policy objectives and strategies statement; and

   (b)  the most recent estimated financial statements or budget update, as
        applicable.

(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 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.