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This is a Bill, not an Act. For current law, see the Acts databases.
TASMANIA
FINANCIAL INTEGRITY AND TRANSPARENCY BILL 2010
________________________
CONTENTS
1. Short title
2. Commencement
3. Definitions
4. Quarterly Reports on the State Budget
5. Quarterly Reports on Government Business Enterprises and State-
owned Companies
6. Binding the Crown
7. Regulations
8. Administration of Act
FINANCIAL INTEGRITY AND TRANSPARENCY BILL 2010
(Brought in by Peter Carl Gutwein)
A BILL FOR
An Act to provide for quarterly reports on the State budget and the
financial performance of State-owned Companies and Government
Business Enterprises
Be it enacted by His Excellency the Governor of Tasmania, by and with the
advice and consent of the Legislative Council and House of Assembly, in
Parliament assembled, as follows:
1. Short title
This Act may be cited as the Financial Integrity and
Transparency Bill 2010.
2. Commencement
This Act commences on the day on which it receives the
Royal Assent.
3. Definitions
In this Act, unless the contrary intention appears -
"Government Business Enterprise" means an enterprise
referred to in Schedule 1 of the Government Business
Enterprise Act 1995.
"Government Finance Statistics" means the Government
Finance Statistics as reported by the Australian Bureau of
Statistics.
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"financial year" means a period of 12 months ending on
30th June in any year;
"quarter" in relation to a financial year, means a period of 3
months commencing on the first, fourth, seventh or tenth
month in that financial year.
"State-owned Company" means companies established
under any of the following acts:
Electricity Companies Act 1997
Tasmanian Ports Corporation Act 2005
Metro Tasmania Act 1997
TOTE Tasmania Act 2000
TT-Line Arrangements Act 1993
Racing (Tasracing Pty Ltd) Act 2009
Rail Company Act 2009
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4. Quarterly reports on the State Budget
1. The Treasurer is to publish in the Gazette a report ("the
quarterly report") within 15 days of the end of each
quarter.
2. The quarterly report is to contain in respect of the major
Government Finance Statistics statements disclosed in
the budget papers -
(a) original estimates disclosed in the budget papers for
the current financial year; and
(b) revised estimates for the current financial year; and
(c) results for the year to date as at the end of the most
recent quarter.
3. The quarterly report is to contain in respect of the
Consolidated Fund statements disclosed in the budget
papers -
(a) original estimates disclosed in the budget papers for
the current financial year; and
(b) revised estimates for the current financial year; and
(c) results for the year to date as at the end of the most
recent quarter.
4. The quarterly report is to contain an explanation of any
significant variation from the original estimates
disclosed in the budget papers and the revised estimates
for the current financial year.
5. The quarterly report is to contain an assessment of the
Government's fiscal performance against its current
fiscal strategy statement, within the meaning of the
Charter of Budget Responsibility Act 2007.
5. Quarterly reports on Government Business Enterprises and
State-owned Companies
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1. The Board of a Government Business Enterprise or
State-owned Company must prepare a quarterly report
on the operations of the Enterprise or Company for each
quarter of a financial year.
2. The Board is to publish in the Gazette a report within
15 days of the end of each quarter.
3. The report is to contain the following information:
(a) General Performance: - comments on the operating
environment, strategic issues, changes in law affecting
operations and other relevant issues that have affected
the Enterprise or Company in the most recent quarter;
and
(b) Financial Performance: - actual financial
performance information for the most recent quarter
compared with budgeted expectation, variance
explanations and whether budget revisions or changes
in estimated dividends and tax equivalents are required;
and
(c) Capital Expenditure Performance: - comments on
capital expenditure for the quarter and variance
explanations.
6. Binding the Crown
1. This Act binds the Crown in right of Tasmania and, in
so far as the legislative power of Parliament permits, the
Crown in all its other capacities.
2. Nothing in this Act renders the Crown liable to be
prosecuted for an offence.
7. Regulations
1. The Governor may make regulations for the purposes of
this Act.
2. The regulations may be made so as to apply differently
according to matters, limitations or restrictions, whether
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as to time, circumstance or otherwise, specified in the
regulations.
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8. Administration of Act
Until provision is made in relation to this Act by order under section 4 of
the Administrative Arrangements Act 1990 -
(a) the administration of this Act is assigned to the Treasurer;
and
(b) the department responsible to that Minister in relation to the
administration of this Act is the Department of Treasury and
Finance.
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