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This is a Bill, not an Act. For current law, see the Acts databases.
TASMANIA
__________
FINANCIAL MANAGEMENT AND AUDIT
AMENDMENT BILL 2012
__________
CONTENTS
PART 1 - PRELIMINARY
1. Short title
2. Commencement
PART 2 - FINANCIAL MANAGEMENT AND AUDIT ACT 1990
AMENDED
3. Principal Act
4. Part 2, Division 7 substituted
Division 7 - Treasurer's reports
25. Interpretation of Division 7 of Part 2
26. Treasurer's September quarterly report
26A. Treasurer's revised estimates report
26B. Treasurer's December quarterly report
26C. Treasurer's March quarterly report
26D. Treasurer's preliminary outcomes report
26E. Treasurer's annual financial report
26F. Tabling of Treasurer's annual financial report
PART 3 - AUDIT ACT 2008 AMENDED
5. Principal Act
6. Section 16 amended (Auditor-General to be auditor of financial
statements of Treasurer)
[Bill 18]-I
PART 4 - CHARTER OF BUDGET RESPONSIBILITY ACT 2007
AMENDED
7. Principal Act
8. Schedule 1 amended (Charter of Budget Responsibility)
PART 5 - PUBLIC WORKS COMMITTEE ACT 1914 AMENDED
9. Principal Act
10. Section 15 amended (Functions of Committee)
PART 6 - MISCELLANEOUS
11. Repeal of Act
2
FINANCIAL MANAGEMENT AND AUDIT
AMENDMENT BILL 2012
(Brought in by the Treasurer, the Honourable Larissa Tahireh
Giddings)
A BILL FOR
An Act to amend the Financial Management and Audit Act
1990 and to make consequential amendments to the Audit
Act 2008, the Charter of Budget Responsibility Act 2007 and
the Public Works Committee Act 1914
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:
PART 1 - PRELIMINARY
1. Short title
This Act may be cited as the Financial
Management and Audit Amendment Act 2012.
2. Commencement
This Act commences on the day on which this
Act receives the Royal Assent.
[Bill 18] 3
Financial Management and Audit Amendment Act 2012
Act No. of
s. 3 Part 2 - Financial Management and Audit Act 1990 Amended
PART 2 - FINANCIAL MANAGEMENT AND AUDIT
ACT 1990 AMENDED
3. Principal Act
In this Part, the Financial Management and
Audit Act 1990* is referred to as the Principal
Act.
4. Part 2, Division 7 substituted
Division 7 of Part 2 of the Principal Act is
repealed and the following Division is
substituted:
Division 7 - Treasurer's reports
25. Interpretation of Division 7 of Part 2
In this Division -
Australian Accounting Standards
means the standards made or
formulated from time to time by
the Australian Accounting
Standards Board;
Australian Accounting Standards
Board means the body of that
name continued in existence
under the Australian Securities
*No. 28 of 1990
4
Financial Management and Audit Amendment Act 2012
Act No. of
Part 2 - Financial Management and Audit Act 1990 Amended s. 4
and Investments Commission Act
2001 of the Commonwealth;
Budget Papers means the papers
tabled in Parliament in
connection with the Bill for the
annual appropriation of money
out of the Consolidated Fund for
the service of a financial year;
General Government Sector means
the financial reporting sector that
is established in accordance with
Australian Accounting Standards
and other requirements issued by
the Australian Accounting
Standards Board;
Treasurer's annual financial report
means the report prepared by the
Treasurer under section 26E.
26. Treasurer's September quarterly report
(1) The Treasurer is to publish a report (the
September quarterly report) no later than
45 days after the Auditor-General's
report has been prepared pursuant to
section 16(2) of the Audit Act 2008.
(2) The Treasurer is to publish the expected
date for the publication of the September
quarterly report at least 7 days before the
expected date.
5
Financial Management and Audit Amendment Act 2012
Act No. of
s. 4 Part 2 - Financial Management and Audit Act 1990 Amended
(3) The September quarterly report is to
contain, in respect of the major General
Government Sector statements as defined
by Australian Accounting Standards and
disclosed in the Budget Papers, results
for the period of 3 months ending on the
previous 30 September.
(4) The September quarterly report is to
contain, in respect of the major
Consolidated Fund statements disclosed
in the Budget Papers, results for the
period of 3 months ending on the
previous 30 September.
(5) The Treasurer may include in the
September quarterly report, in such form
or manner as the Treasurer may
determine, any other financial or
statistical report.
26A. Treasurer's revised estimates report
(1) The Treasurer is to publish a report (the
revised estimates report) no later than 15
February in the financial year to which it
relates.
(2) The Treasurer is to publish the expected
date for the publication of the revised
estimates report at least 7 days before the
expected date.
(3) The revised estimates report is to contain,
in respect of the major General
6
Financial Management and Audit Amendment Act 2012
Act No. of
Part 2 - Financial Management and Audit Act 1990 Amended s. 4
Government Sector 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) revised forward estimates.
(4) The revised estimates report is to contain
an explanation of any material variation
between the original estimates disclosed
in the Budget Papers and the revised
estimates for the current financial year.
(5) The revised estimates 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.
(6) The revised estimates report is to contain,
in respect of the major Consolidated
Fund statements -
(a) original estimates of receipts and
expenditures disclosed in the
Budget Papers for the current
financial year; and
(b) revised estimates of receipts and
expenditures for the current
financial year.
7
Financial Management and Audit Amendment Act 2012
Act No. of
s. 4 Part 2 - Financial Management and Audit Act 1990 Amended
(7) The Treasurer may include in the revised
estimates report, in such form or manner
as the Treasurer may determine, any
other financial or statistical report.
26B. Treasurer's December quarterly report
(1) The Treasurer is to publish a report (the
December quarterly report) no later than
15 February in the financial year to
which it relates.
(2) The Treasurer is to publish the expected
date for the publication of the December
quarterly report at least 7 days before the
expected date.
(3) The December quarterly report is to
contain, in respect of the major General
Government Sector statements as defined
by Australian Accounting Standards and
disclosed in the Budget Papers, results
for the period of 6 months ending on the
previous 31 December.
(4) The December quarterly report is to
contain, in respect of the major
Consolidated Fund statements disclosed
in the Budget Papers, results for the
period of 6 months ending on the
previous 31 December.
(5) The December quarterly report is to
contain the balances of accounts within
the Special Deposits and Trust Fund as at
8
Financial Management and Audit Amendment Act 2012
Act No. of
Part 2 - Financial Management and Audit Act 1990 Amended s. 4
31 December in the financial year to
which the December quarterly report
relates.
(6) The Treasurer may include in the
December quarterly report, in such form
or manner as the Treasurer may
determine, any other financial or
statistical report.
26C. Treasurer's March quarterly report
(1) If a Bill for an Appropriation Act is
tabled within 45 days prior to the
commencement of the financial year to
which it applies, the Treasurer is to
publish a report (the March quarterly
report) which is to be included in the
Budget Papers.
(2) If a Bill for an Appropriation Act is
tabled more than 45 days prior to the
commencement of the financial year to
which it applies, the Treasurer is to
publish a report (the March quarterly
report) by no later than 15 May in the
financial year to which it relates.
(3) The Treasurer is to publish the expected
date for the publication of the March
quarterly report at least 7 days before the
expected date.
(4) The March quarterly report is to contain,
in respect of the major General
9
Financial Management and Audit Amendment Act 2012
Act No. of
s. 4 Part 2 - Financial Management and Audit Act 1990 Amended
Government Sector statements as defined
by Australian Accounting Standards and
disclosed in the Budget Papers, results
for the period of 9 months ending on the
previous 31 March.
(5) The March quarterly report is to contain,
in respect of the major Consolidated
Fund statements disclosed in the Budget
Papers, results for the period of 9 months
ending on the previous 31 March.
(6) The Treasurer may include in the March
quarterly report, in such form or manner
as the Treasurer may determine, any
other financial or statistical report.
26D. Treasurer's preliminary outcomes report
(1) Prior to 31 July in each year, the
Secretary is to review the preliminary
outcomes results for the previous
financial year and determine whether
those results vary materially from the
revised estimates published in the Budget
Papers that relate to the previous
financial year.
(2) If the Secretary's determination under
subsection (1) is that there is no material
variation, the Secretary must inform the
Treasurer and publicly release a notice
that no report will be issued.
10
Financial Management and Audit Amendment Act 2012
Act No. of
Part 2 - Financial Management and Audit Act 1990 Amended s. 4
(3) If the Secretary's determination under
subsection (1) is that there is material
variation, the Secretary must inform the
Treasurer.
(4) On receiving advice under
subsection (3), the Treasurer is to publish
a preliminary outcomes report for the
previous financial year by no later than
15 August, which is to contain, in respect
of the major General Government Sector
statements as defined by Australian
Accounting Standards and disclosed in
the Budget Papers -
(a) original estimates disclosed in the
Budget Papers for the previous
financial year; and
(b) preliminary results for the
previous financial year.
(5) The Treasurer may include in any
preliminary outcomes report prepared
under subsection (4), in such form or
manner as the Treasurer may determine,
any other financial or statistical report.
26E. Treasurer's annual financial report
(1) The Treasurer is to prepare an annual
financial report for each financial year no
later than 31 October immediately
following the financial year to which the
report relates.
11
Financial Management and Audit Amendment Act 2012
Act No. of
s. 4 Part 2 - Financial Management and Audit Act 1990 Amended
(2) The annual financial report is to contain
for the financial year to which the report
relates -
(a) the original estimates disclosed in
the Budget Papers in respect of
the major General Government
Sector statements as defined by
Australian Accounting Standards;
and
(b) the results in respect of the major
General Government Sector
statements; and
(c) statements reporting on the
transactions within the Public
Account during that financial
year and the balances in the
Public Account at the end of that
financial year; and
(d) 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; and
(e) the Auditor-General's report on
the statements referred to in
section 16(2) of the Audit Act
2008.
(3) The Treasurer may include in the annual
financial report, in such form or manner
12
Financial Management and Audit Amendment Act 2012
Act No. of
Part 2 - Financial Management and Audit Act 1990 Amended s. 4
as the Treasurer may determine, any
other financial or statistical report.
26F. Tabling of Treasurer's annual financial
report
(1) The Treasurer, on or before 31 October
in each year, is to cause copies of the
Treasurer's annual financial report to be
laid before each House of Parliament.
(2) If the Treasurer is unable to comply with
subsection (1) by reason of the fact that
neither House of Parliament is sitting, the
Treasurer is to immediately -
(a) forward copies of the Treasurer's
annual financial report to the
Clerk of the Legislative Council
or the Clerk of the House of
Assembly, as the case may
require; and
(b) make copies of the Treasurer's
annual financial report available
to the public -
and, on the next sitting-day of that
House, is to cause copies of the
Treasurer's annual financial report to be
laid before that House.
13
Financial Management and Audit Amendment Act 2012
Act No. of
s. 5 Part 3 - Audit Act 2008 Amended
PART 3 - AUDIT ACT 2008 AMENDED
5. Principal Act
In this Part, the Audit Act 2008* is referred to as
the Principal Act.
6. Section 16 amended (Auditor-General to be auditor
of financial statements of Treasurer)
Section 16(2) of the Principal Act is amended by
omitting "section 26C of the Financial
Management and Audit Act 1990" and
substituting "section 26F of the Financial
Management and Audit Act 1990".
*No. 49 of 2008
14
Financial Management and Audit Amendment Act 2012
Act No. of
Part 4 - Charter of Budget Responsibility Act 2007 Amended s. 7
PART 4 - CHARTER OF BUDGET RESPONSIBILITY
ACT 2007 AMENDED
7. Principal Act
In this Part, the Charter of Budget Responsibility
Act 2007* is referred to as the Principal Act.
8. Schedule 1 amended (Charter of Budget
Responsibility)
Clause 2(1) of Part 2 of Schedule 1 to the
Principal Act is amended as follows:
(a) by omitting "section 26A of the
Financial Management and Audit Act
1990" from the definition of Treasurer's
annual report and substituting "section
26E of the Financial Management and
Audit Act 1990";
(b) by omitting "section 26 of the Financial
Management and Audit Act 1990" from
the definition of Treasurer's half-yearly
report and substituting "section 26B of
the Financial Management and Audit Act
1990".
*No. 35 of 2007
15
Financial Management and Audit Amendment Act 2012
Act No. of
s. 9 Part 5 - Public Works Committee Act 1914 Amended
PART 5 - PUBLIC WORKS COMMITTEE ACT 1914
AMENDED
9. Principal Act
In this Part, the Public Works Committee Act
1914* is referred to as the Principal Act.
10. Section 15 amended (Functions of Committee)
Section 15(3) of the Principal Act is amended by
omitting "section 26A of the Financial
Management and Audit Act 1990" from the
definition of Treasurer's annual report and
substituting "section 26E of the Financial
Management and Audit Act 1990".
*No. 32 of 1914
16
Financial Management and Audit Amendment Act 2012
Act No. of
Part 6 - Miscellaneous s. 11
PART 6 - MISCELLANEOUS
11. Repeal of Act
This Act is repealed on the ninetieth day from
the day on which it commences.
Government Printer, Tasmania 17