Victorian Current Acts

FINANCIAL MANAGEMENT ACT 1994 - SECT 27B

    (1)     A pre-election budget update comprises—

S. 27B(1)(a) amended by No. 43/2004 s. 11(1).

        (a)     updated estimated financial statements for the Victorian general government sector for the financial year in respect of which they are prepared and the following 3 financial years;

        (b)     a statement of the material economic and other assumptions that have been used in preparing the updated statements;

        (c)     discussion of the sensitivity of the updated statements to changes in those economic and other assumptions;

        (d)     a statement of the risks, quantified where feasible, that may have a material effect on the updated statements, including—

              (i)     contingent liabilities;

              (ii)     publicly announced Government commitments that are not yet included in the updated statements.

    (2)     The information in a pre-election budget update must take into account, to the fullest extent possible, all Government decisions and all other circumstances that may have a material effect on the estimated financial statements.

S. 27B(3) substituted by No. 43/2004 s. 11(2).

    (3)     A pre-election budget update must be prepared on a basis consistent with—

        (a)     the current financial policy objectives and strategies statement; and

        (b)     the most recent estimated financial statements or budget update, as applicable.

    (4)     If particular information required to be included in a pre-election budget update is unchanged from information set out in full in earlier estimated financial statements and accompanying statement or an earlier budget update, the pre-election budget update may instead summarise the information and state that it is unchanged from what was set out in the earlier statements or budget update.

S. 27C inserted by No. 9/2000 s. 4.