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Legislative Assembly for the ACT: 2001 Week 1 Hansard (14 February) . . Page.. 200 ..

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Schedule 2

FINANCIAL MANAGEMENT (AMENDMENT) BILL 1998

Amendment circulated by Mr Quinlan

1.

Clause 4

Proposed new subsection 11 (5)

Page 2, line 10-

Omit the subsection, substitute the following subsection:

"(5) The Principles of responsible fiscal management are:

(a) maximise the net asset position of the General Government Sector so as to provide a buffer against factors which may, in the future, impact adversely on the level of liabilities of the General Government Sector by ensuring that the total operating expenses of the General Government Sector do not exceed the level of that sector's operating revenue in the same financial year;

(b) when optimum levels of net General Government Sector assets have been achieved, maintain a optimum position by ensuring that, on average, over a reasonable period of time, the total operating expenses of the General Government Sector do not exceed the sector's operating revenue; .

(c) manage prudently the fiscal risks of the General Government Sector; and

(d) apply all available revenue for the maximum benefit of the people of the Territory."

Amendments circulated by the Treasurer

1

Clause 4

Proposed new paragraph 11 (5) (a)

Page 2, line 11-

Omit "reducing the total liabilities of the Territory to", substitute "ensuring that the total liabilities of the Territory are at".

2

Clause 4

Proposed new paragraph 11 (5) (a)

Page 2, line 13-

Omit "by", substitute "and".

3

Clause 4

Proposed new subsection 11 (6)

Page 2, line 25-

Omit "Executive", substitute "proposed budget".

4

Clause 4

Proposed new paragraph 11 (6) (b) (ii)

Page 2, line 33-

Omit "the Executive intends to take", substitute "intended to be taken".

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