Victorian Current Acts

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FINANCIAL MANAGEMENT ACT 1994


TABLE OF PROVISIONS

   PART 1--PRELIMINARY

   1.      Purposes  
   2.      Commencement  
   3.      Definitions  
   4.      Act binds the Crown  
   5.      Relevant Minister  
   6.      Declaration of financial year  
   7.      Delegation  
   8.      Directions  

   PART 2--THE CONSOLIDATED FUND

   9.      The Consolidated Fund  
   10.     Appropriation of Commonwealth grants etc.  
   11.     Liability under guarantees  
   12.     Loans from Consolidated Fund  

   PART 3--PUBLIC LEDGER AND PUBLIC ACCOUNT

   13.     Public ledger  
   14.     Public Account  
   15.     Accounts of departments  
   16.     Receipt of public money  
   17.     How money is to be issued  
   18.     Investment of money in Public Account  

   PART 4--THE TRUST FUND

   19.     The Trust Fund  
   20.     Deposits in Trust Fund  
   21.     Investment of money in Trust Account  
   22.     Expenditure of money in Trust Fund  
   23.     Departmental Working Accounts  

   PART 5--FINANCIAL RESPONSIBILITY

           Division 1--Introduction

   23A.    Definitions  
   23B.    Application of Part  

           Division 2--Principles of sound financial management

   23C.    Government to operate in accordance with principles of sound financial management  
   23D.    Principles of sound financial management  

           Division 3--Financial policy objectives and strategies statements

   23E.    Financial policy objectives and strategies statement  
   23F.    Purpose of statement  
   23G.    Content of statement  

           Division 4--Estimated financial statements and budget update

   23H.    Estimated financial statements  
   23I.    Purpose of estimated financial statements  
   23J.    Content of estimated financial statements  
   23K.    Accompanying statement  
   23L.    Budget update  
   23M.    Purpose of budget update  
   23N.    Content of budget update  

           Division 5--Disclosure of financial results

   24.     Annual financial report  
   25.     Mid-year report  
   26.     Quarterly financial report  

           Division 6--Pre-election budget update

   27.     Pre-election budget update  
   27A.    Purpose of pre-election budget update  
   27B.    Contents of pre-election budget update  
   27C.    Release of pre-election budget update  

           Division 7--Release of reports, statements and updates

   27D.    Transmission of documents to Parliament  
   27DA.   Publication of documents protected  
   27E.    Release of estimated financial statements and budget financial policy objectives and strategies statement[1]  

   PART 6--BUDGET MANAGEMENT

   28.     Appropriation for borrowing against future appropriation  
   29.     Appropriation of certain revenue and asset proceeds  
   30.     Transfer between items of departmental appropriation  
   31.     Transfer between items of Parliamentary appropriation  
   31A.    Transfer between items of Court Services Victoria appropriation  
   32.     Unused appropriation  
   33.     Appropriation to meet certain obligations  
   34.     Reduction in amount applied to meet future payments  
   35.     Temporary advances  
   36.     Temporary advances to authorities  
   37.     Issue of money out of Public Account  
   38.     Application of money in Public Account to meet appropriations  
   39.     Arrangements for temporary advances  
   40.     Annual budget estimates  

   PART 6A--INDEMNITIES

   40A.    Definitions  
   40B.    Provisions of this Part in addition to all other powers  
   40C.    Indemnity for directors  
   40D.    Indemnity for statutory authorities and State companies  
   40E.    Indemnity for owner of goods  
   40F.    Charge for indemnities  
   40G.    Confirmation of certain indemnities  
   40H.    Appropriation  

   PART 6B--GUARANTEE CHARGE

   40I.    Definitions  
   40J.    Application of Part  
   40K.    Guarantee charge  
   40L.    Information to be supplied  

   PART 6C--FINANCIAL ACCOMMODATION LEVY

   40M.    Leviable authority  
   40N.    Financial accommodation levy  
   40O.    Leviable authority not liable to pay guarantee charge  

   PART 7--ACCOUNTABILITY AND REPORTING

   42.     Accountable officer  
   43.     Chief finance and accounting officer and other persons  
   44.     Accounts to be kept  
   44A.    Accountable officer of public body must provide financial information  
   44B.    Asset registers and risk management strategies  
   45.     Report of operations and financial statements to be prepared  
   46.     Tabling requirements  
   47.     Minister may vary reporting requirements  
   48.     Report of operations  
   49.     Financial statements  
   50.     Information  
   51.     Relevant Minister may require additional information  
   52.     Minister may direct public body to submit financial statements  
   53.     Composite reports  
   53A.    Annual reports of State-owned corporations and other bodies  
   54.     Part to prevail  

   PART 7A--SUPPLY MANAGEMENT

   54AA.   Specified entities  
   54A.    Establishment of Victorian Government Purchasing Board  
   54B.    Functions of Board  
   54C.    Powers of Board  
   54D.    Membership of Board and terms of office  
   54E.    Payment of members  
   54F.    Procedure of Board  
   54G.    Validity of Board decisions  
   54H.    Members' pecuniary interests  
   54I.    Improper use of information  
   54J.    Delegation  
   54K.    Minister's directions  
   54L.    Supply policies  
   54M.    Annual report  

   PART 7B--ACQUISITION, LEASING AND LICENSING OF LAND AND PREMISES

   54N.    Minister may acquire land  
   54O.    Minister may lease land or premises for other Ministers  
   54P.    Licensing and leasing of surplus Crown land and buildings  

   PART 8--GENERAL

   55.     Writing off  
   56.     Recovery of overpayments  
   57.     Liability in respect of loss or damage  
   58.     Unclaimed property  
   59.     Regulations  

   PART 9--TRANSITIONAL AND CONSEQUENTIAL

   62.     Transitional provisions  
   62A.    Further transitional provisions  
   63.     References to receiver of revenue  
   64.     Saving of payments under Mint Act 1958  
           SCHEDULE 1
           ENDNOTES


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