Page 739 - Week 03 - Tuesday, 12 April 1994
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MINISTER FOR HOUSING AND COMMUNITY SERVICES
LEGISLATIVE ASSEMBLY QUESTION
QUESTION NO 1213
Housing Rental Trust Account
MR CORNWELL: Asked the Minister for Housing and Community Services
In relation to the ACT Housing Trust Account as shown in the Treasurers Quarterly Financial Statements for the December 1993 quarter
(1) Why does recurrent expenditure total $42.7 million of an annual budget estimate of only $70 million.
(2) Why is capital expenditure only $8.4 million of an annual budget estimate of $30 million.
(3) Why are receipts only $39.6 million of an annual budget estimate of $93.6
million.
(4) Why are expenditures $39.2 million of an annual budget estimate of $95.1
million.
MR CONNOLLY: The answer to the Members question is as follows
(1) The figures quoted are recurrent expenditure for the Housing and Community Services Bureau through the Consolidated Fund - not recurrent expenditure from the Consolidated Fund to the Housing Rental Trust Account. For the December 1993 quarter the Housing Rental Trust Account had received $4.7 million of an annual budget of $7.5 million in recurrent expenditure from the Consolidated Fund. These are grants from the Commonwealth and ACT Governments for tied recurrent programs and are on schedule with anticipated cashflows.
(2) For the December 1993 quarter the Housing Rental Trust Account had received $8.4 million of an annual budget of $30.0 million in capital expenditure from the Consolidated Fund. These are grants from the Commonwealth and ACT Governments for capital programs, including the repayment of capital debts owed to the Commonwealth. Capital grants are only provided after the application of all internally generated funds to capital programs. The bulk of capital grants will not be received until the Housing Rental Trust Account repays its debt to the Commonwealth at the end of the financial year.
(3) Receipts for the Housing Rental Trust Account are on target with anticipated cashflows, taking into consideration that the bulk of capital grants will not be received until repayments of $10.1 million interest and principal are made at the end of the financial year.
(4) Expenditures for the Housing Rental Trust Account are on target with anticipated cashflows, taking into consideration the repayment of debt at the end of the financial year.
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