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Legislative Assembly for the ACT: 1999 Week 7 Hansard (2 July) . . Page.. 2144 ..

MS CARNELL (continuing):

� the bi-annual update and amendment to the Accounting Policy Manual. This is done in full consultation with the Auditor-General; and

� agencies are also encouraged to consult with the AuditorGeneral on any significant accounting issues prior to budget and the preparation of financial statements to avoid possible inconsistencies.

Mr Speaker. I would like to comment on one of the observations in the Committee's report in relation to Bruce Stadium. In its report the Committee observed that Bruce Stadium redevelopment is the subject of a separate audit, and indicates that in due course will examine and report to Assembly on the audit.

Mr Speaker, I must point out that the Bruce financing transaction has already been audited by the Auditor-General. The financial statements for 1997-98 for Chief Minister's Department disclosed the loan transaction.

On page 200, Volume 2, it states and I quote:

"a loan amounting to $9,714,700 was raised from the Commonwealth Bank of Australia by Bruce Property Trust on the 30th of June 1998 ... pending formation of the Trust, interim funding via the CFU Whole of Government account was used until the external financing structure was put in place."

Mr Speaker, in the Report No. 9, the Auditor-General concluded that the responsible agency had managed both its departmental and territorial operations "to its budget".

Mr Speaker, the Committee has now examined that Report and again it has not come out with any recommendation.

Mr Speaker, I might also add that the financial statements were also examined by the Estimates Committee in October 1998. This issue was neither discussed nor reported on by that Committee.

Mr Speaker, the Auditor-General's Report No.8 on the Territory operating losses has proven the government's dedication to the continuous improvement of the ACT's financial position, which continues to be presented by way of the Consolidated Financial Statements each month and year ended 30 June providing an excellent reporting mechanism.

Indeed, the Auditor-General states in this report that 'The preparation and presentation to the Legislative Assembly of Consolidated Financial Statements for the Territory...is an excellent initiative

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