Victorian Consolidated Legislation

Financial Management Act 1994 - SECT 39

Arrangements for temporary advances

39. Arrangements for temporary advances



(1) If at any time the Minister is of the opinion that the money in the
Consolidated Fund is likely to be insufficient to meet appropriations
authorised by any Act, the Governor in Council, on the recommendation of the
Minister, may authorise the Minister to make arrangements for obtaining
temporary advances.

(2) Advances arranged under subsection (1) shall be deemed to be money legally
available to meet appropriations from the Consolidated Fund authorised by any
Act.

(3) Subject to subsection (5), money raised by temporary advance during any
financial year under this section-

   (a)  must be credited to a special account in the Trust Fund; and

   (b)  must be issued and applied solely for the purposes for which the
        Consolidated Fund has been appropriated by any Act; and

   (c)  must be repaid with interest during the financial year in which the
        temporary advance is obtained.

(4) The interest on a temporary advance under this section shall be at a rate
not exceeding that for the time being fixed by order of the Minister and shall
be chargeable upon the Consolidated Fund, which is to the necessary extent
appropriated accordingly.

(5) If, in a financial year, money received in the Consolidated Fund is
insufficient to provide for the repayment of a temporary advance in whole or
in part during that year, the temporary advance or part not repaid shall be
repaid out of money received into the Consolidated Fund during a succeeding
financial year.