Page 3156 - Week 08 - Thursday, 25 June 2009
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and community information management systems. Further, the Department’s Data and Research Unit is used by the OCYFS in the analysis of data for the purpose of improved service delivery.
As this work develops it is important that the Department’s obligations in relation to privacy and appropriate sharing of information are met.
Actew—profits and dividends
(Question No 210)
Mrs Dunne asked the Treasurer, upon notice, on 5 May 2009:
(1) In relation to the answer to question on notice No. 111 relating to the profits and dividends for ACTEW Corporation (ACTEW) for 2007-08 in which it was stated that “ACTEW’s profits were not to be quarantined for infrastructure projects”, however, on page 7 of the annual report for ACTEW, it was stated that the profit was affected by “… recovering ACTEW’s investment in projects to secure the ACT’s water supply during the continuing drought”, how much of the profit was affected by “recovering ACTEW’s investment in projects to secure the ACT’s water supply during the continuing drought”.
(2) Where was that figure disclosed in the financial statements.
(3) How is this reconciled with the answer given to question on notice No. 128, in which it was stated that “ACTEW will fund 100% of the Water Security Major Projects capital expenditure through borrowings”.
Mr Gallagher: The answer to the member’s question is as follows:
(1) The comment on page 7 of the annual report refers to the ICRC 2007-08 pricing decision which allowed ACTEW to recover $3.2m for expenditure previously incurred on the following projects:
• Future Water Options Phase I & II
• Extended Cotter-Googong Bulk Transfer (ECGBT) and CGBT
• Accelerated Lower Cotter Catchment Remediation
• Cotter Pumping.
Overall ACTEW’s water revenues in 2007-08 were significantly below the ICRC revenue allowance due to reduced water consumption.
(2) The recovered expenditure is included as part of water and sewerage revenue in note 5 on page 75 of the financial statements.
(3) ACTEW currently operates with a 100 per cent dividend policy which means that all of its after-tax profits are provided to the Government as a dividend payment. Therefore there are no retained earnings available to fund the Water Security Major Projects which means that they need to be 100 per cent funded through borrowings.
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