Victorian Consolidated Legislation

Financial Management Act 1994 - SECT 28

PART 6 BUDGET MANAGEMENT

Appropriation for borrowing against future appropriation

28. Appropriation for borrowing against future appropriation



(1) The Governor in Council, on the recommendation of the Minister, may by
Order published in the Government Gazette approve the allocation to a
department of amounts in addition to the amounts appropriated for the purposes
of that department in the annual appropriation.

(2) The Minister must not recommend an allocation under this section unless
satisfied-

   (a)  that it is for purposes considered prudent and advantageous in the
        current financial year; and

   (b)  that the benefit of that allocation will accrue, or continue, in the
        next financial year.



(3) An amount approved for allocation to a department in a financial year must
not exceed an amount equal to 3 per centum of the amount appropriated for the
purposes of the department in the annual appropriation for that year.

(4) The Minister may issue out of the Consolidated Fund amounts not exceeding
in a financial year a total amount equal to one half of one per centum of the
annual appropriation for that year and the Consolidated Fund is appropriated
accordingly.