Page 96 - Week 01 - Tuesday, 27 November 2012
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Net debt remains negative, indicating the territory’s cash reserves and investments are greater than our gross debt liabilities, and net worth remains very strong at $13.8 billion. Whilst the 2011-12 final outcome indicates we are in a surplus position, this result was largely driven by one-off accounting adjustments, including the accounting for unassessed revenue for taxation purposes by ACTEW Corporation, the advance receipt of commonwealth grants, lower expenditure, actuarial re-evaluations, and higher returns from land-related activities.
These impacts are not expected to flow through to forward estimates; so the government remains mindful of the need to return the budget to surplus in the fiscal year 2015-16 in line with our 2012-13 budget plan. The next update to the territory’s financial position will be released with the budget review in February of next year.
The financial statements I present today have been prepared in accordance with the Australian accounting standards and are in line with the requirements of the Financial Management Act 1996. I commend the 2011-12 consolidated annual financial statements for the territory and audit opinion to the Assembly.
Papers
Mr Barr presented the following papers, which were circulated to members when the Assembly was not sitting:
Annual Reports (Government Agencies) Act, pursuant to section 13—Annual Reports 2011-2012—
Economic Development Directorate (1 volume), dated 7 September 2012.
Exhibition Park Corporation, dated 14 September 2012.
Land Development Agency, dated 4 September 2012.
Mr Corbell presented the following papers, which were circulated to members when the Assembly was not sitting:
Annual Reports (Government Agencies) Act, pursuant to section 13—Annual Reports 2011-2012—
ACT Electoral Commission, dated 31 August 2012.
ACT Human Rights Commission, dated 24 September 2012.
ACT Ombudsman, dated 12 September 2012, including a corrigendum.
Director of Public Prosecutions, dated 24 September 2012.
Justice and Community Safety Directorate (2 volumes), dated 14 September 2012.
Legal Aid Commission (ACT), dated 15 August and 5 September 2012.
Public Advocate of the ACT, dated 24 September 2012.
Public Trustee for the ACT, dated 7 August 2012.
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