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Legislative Assembly for the ACT: 1996 Week 8 Hansard (27 June) . . Page.. 2473 ..

(7)(a) The actual price received for passenger and light commercial vehicles: (1) for vehicles included in the sale to the lessor (approximately 1249) - the written down value on the date of sale - $26.4m; and (2) vehicles due for replacement in July 1996 (approximately 54) will be disposed of at auction at the market value on the date of auction; and (b) the 1995-96 Budget provided for the sale and lease back of vehicles with an estimated total cost of $22.5million over a three year period, with proceeds of $5million expected to be received in 1995-96.

(8) The cost of leasing back vehicles will vary depending on the purchase price of vehicles, their residual value and the interest rate at the time of draw down from the facility. The estimated cost of leasing vehicles is $3.1 m per annum plus operating costs. The arrangement is expected provide savings to the Government of about $0.2m per annum.

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