Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .

Legislative Assembly for the ACT: 1997 Week 13 Hansard (4 December) . . Page.. 4592 ..

MRS CARNELL (Chief Minister and Treasurer): Mr Speaker, for the information of members, I present, pursuant to sections 26 and 25, respectively, of the Financial Management Act 1996, the "Consolidated Financial Management Report" for the period ended 30 September 1997 and the "Consolidated Annual Financial Statements" for the 1996-97 financial year, together with the audit opinion. I ask for leave to make a statement in relation to the 1996-97 annual financial statements.

Leave granted.

MRS CARNELL: I am pleased to present to the Assembly the ACT Government's consolidated financial statements for the year ended 30 June 1997. The statements also contain, as comparative data, the audited results for the previous year which were prepared recently as a trial exercise. The consolidated operating loss for the Territory for 1996-97 was $100m before abnormal and extraordinary items. This is compared to an equivalent loss of $253m in the previous year and a budgeted loss for 1996-97 of $232m. The statement has been audited by the Auditor-General, who has given an unqualified opinion. The unqualified opinion completes a perfect score for the 1996-97 financial statements for the Territory and its full compliance with the reporting and tabling deadlines set under the Financial Management Act 1996. I think it is appropriate to congratulate all of those people in OFM and other departments who have achieved that. Unqualified audit opinions right across the Government plus meeting reporting and tabling deadlines in only the second year of accrual accounting is very impressive.

Mr Speaker, the consolidated 1996-97 financial statements also marked the end of the first full cycle of accrual and outputs-based budget management and reporting across all agencies and at the whole-of-government level by any Australian government. These reforms, which focus on services and the full cost of their delivery at both an agency and whole-of-government level, have brought the Territory to the forefront of government financial management in this country and have contributed to a significant financial improvement in 1996-97. The reforms also lead the way in a new level of government financial accountability. The consolidated financial statements have been prepared and audited in accordance with the new Australian accounting standard AAS31, "Financial Reporting by Governments", two years ahead of the standard becoming mandatory for Australian governments.

Perhaps more importantly, the consolidated financial statements and the improved operating results are the product of the ongoing financial management of the Territory and its agencies, including full consolidated financial management reports to the Legislative Assembly each month. In accordance with accepted accounting principles, the Territory's consolidated operating result for 1996-97 includes all departments, statutory authorities and corporations owned by the ACT as well as entities controlled by the ACT Government. To accurately reflect the financial performance of the Territory as a whole, internal transactions and balances between ACT agencies are eliminated so that only external trading of the Territory entities remains.

Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Debates(HTML) . . . .