Financial Management (Amendment) Act 2004

Victorian Legislation and Parliamentary Documents i Financial Management (Amendment) Act 2004 Act No. 43/2004 TABLE OF PROVISIONS Section Page 1. Purpose 1 2. Commencement 1 3. Principal Act 2 4. Definition 2 5. Financial policy objectives and strategies statements 2 6. Estimated financial statements 2 7. Budget updates 3 8. Annual financial report 3 9. Mid-year report 4 10. Quarterly financial report 4 11. Pre-election budget update 5 12. New section 27D substituted and 27DA inserted 5 27D. Transmission of documents to Parliament 5 27DA. Publication of documents protected 8 13. Consequential repeal of section 27F 8 14. Updated references to accounting bodies 8 15. Consequential amendment of Audit Act 1994 8 ═══════════════ ENDNOTES 9 -- 1 of 10 -- Victorian Legislation and Parliamentary Documents 1 Financial Management (Amendment) Act 2004† [Assented to 16 June 2004] The Parliament of Victoria enacts as follows: 1. Purpose The purpose of this Act is to amend the Financial Management Act 1994 with respect to government financial reporting. 2. Commencement This Act comes into operation on the day after the day on which it receives the Royal Assent. Victoria No. 43 of 2004 -- 2 of 10 -- Victorian Legislation and Parliamentary Documents Act No. 43/2004 Financial Management (Amendment) Act 2004 2 3. Principal Act In this Act, the Financial Management Act 1994 is called the Principal Act. 4. Definition In section 3 of the Principal Act, after the definition of "Board" insert— ' "business day" means a day other than a Saturday, a Sunday or a public holiday appointed under the Public Holidays Act 1993;'. 5. Financial policy objectives and strategies statements For section 23E(3)(b) of the Principal Act substitute— "(b) transmitted to the Parliament in accordance with section 27D.". 6. Estimated financial statements (1) In sections 23I and 23J(1) of the Principal Act, for "budget sector" (wherever occurring) substitute "general government sector". (2) For section 23J(3) of the Principal Act substitute— "(3) Estimated financial statements must be prepared— (a) on a basis consistent with the current financial policy objectives and strategies statement; and s. 3 See: Act No. 18/1994. Reprint No. 5 as at 1 July 2003. LawToday: www.dms. dpc.vic. gov.au -- 3 of 10 -- Victorian Legislation and Parliamentary Documents Act No. 43/2004 Financial Management (Amendment) Act 2004 3 (b) in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks.". 7. Budget updates (1) For section 23L(2) of the Principal Act substitute— "(2) A budget update must be transmitted to the Parliament in accordance with section 27D.". (2) For section 23N(1) of the Principal Act substitute— "(1) A budget update comprises updated estimated financial statements.". (3) For section 23N(3) of the Principal Act substitute— "(3) A budget update must be prepared— (a) on a basis consistent with the current financial policy objectives and strategies statement; and (b) in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks.". 8. Annual financial report (1) In section 24(2) of the Principal Act— (a) in paragraph (a), after "Minister" insert ", having regard to appropriate financial reporting frameworks"; (b) in paragraph (b), for "budget sector" (wherever occurring) substitute "general government sector". s. 7 -- 4 of 10 -- Victorian Legislation and Parliamentary Documents Act No. 43/2004 Financial Management (Amendment) Act 2004 4 (2) For section 24(4) of the Principal Act substitute— "(4) An audited annual financial report must be transmitted to the Parliament in accordance with section 27D.". 9. Mid-year report (1) In section 25(2) of the Principal Act— (a) in paragraph (a), after "Minister" insert ", having regard to appropriate financial reporting frameworks"; (b) in paragraph (b), for "budget sector" (wherever occurring) substitute "general government sector". (2) For section 25(3) of the Principal Act substitute— "(3) A mid-year report must be transmitted to the Parliament in accordance with section 27D.". 10. Quarterly financial report (1) In section 26(2) of the Principal Act, for "budget sector" (wherever occurring) substitute "general government sector". (2) After section 26(2) of the Principal Act insert— "(2A) A quarterly financial report must be prepared in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks. (2B) The quarterly financial report for the quarter ending on 31 December in a financial year must include, in addition to the statements referred to in sub-section (2)(a) to (d) for that quarter, those statements for the period of 6 months ending on that 31 December.". s. 9 -- 5 of 10 -- Victorian Legislation and Parliamentary Documents Act No. 43/2004 Financial Management (Amendment) Act 2004 5 (3) After section 26(3) of the Principal Act insert— "(3A) The quarterly financial report for the quarter ending on 30 June in a financial year must include, in addition to the statements referred to in sub-section (2)(a) to (d) for that quarter, those statements for the period of 12 months ending on that 30 June.". (4) For section 26(4) of the Principal Act substitute— "(4) A quarterly financial report must be transmitted to the Parliament in accordance with section 27D.". 11. Pre-election budget update (1) In section 27B(1)(a) of the Principal Act, for "budget sector" substitute "general government sector". (2) For section 27B(3) of the Principal Act substitute— "(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.". 12. New section 27D substituted and 27DA inserted For section 27D of the Principal Act substitute— '27D. Transmission of documents to Parliament (1) This section applies to the following documents— (a) an audited annual financial report; (b) a mid-year report; s. 11 -- 6 of 10 -- Victorian Legislation and Parliamentary Documents Act No. 43/2004 Financial Management (Amendment) Act 2004 6 (c) a quarterly financial report; (d) a budget update; (e) the financial policy objectives and strategies statement prepared in association with a budget update. (2) The Minister must cause a document to be transmitted to each House of the Parliament on or before the due date for that document. (3) The "due date" for a document specified in column 1 of the following table is the date set out in column 2 of the table opposite that document. TABLE Column 1 Document Column 2 Due date audited annual financial report for a financial year 15 October next following that financial year mid-year report for a financial year 15 March in that financial year quarterly financial report for the quarter ending on 30 September in a financial year 15 November in that financial year quarterly financial report for the quarter ending on 31 December in a financial year 15 March in that financial year quarterly financial report for the quarter ending on 31 March in a financial year 15 May in that financial year quarterly financial report for the quarter ending on 30 June in a financial year 15 October next following that financial year budget update for a financial year and financial policy objectives and strategies statement prepared in association with it 15 December in that financial year s. 12 -- 7 of 10 -- Victorian Legislation and Parliamentary Documents Act No. 43/2004 Financial Management (Amendment) Act 2004 7 (4) The clerk of each House of the Parliament must cause the document to be laid before the House on the day on which it is received or on the next sitting day of the House. (5) If the Minister proposes to transmit a document to the Parliament when the Parliament is in recess, the Minister must— (a) give one business day's notice of his or her intention to do so to the clerk of each House of the Parliament; and (b) give the document to the clerk of each House on the day indicated in the notice; and (c) publish the report on a Government Internet website as soon as practicable after giving it to the clerks. (6) The clerk of each House must— (a) notify each member of the House of the receipt of a notice under sub-section (5)(a) on the same day that the clerk receives that notice; and (b) give a copy of a document to each member of the House as soon as practicable after the document is received under sub-section (5)(b); and (c) cause the document to be laid before the House on the next sitting day of the House. (7) For the purposes of this section, the Parliament is in recess when each House stands adjourned to a date to be fixed by the presiding officer of that House. s. 12 -- 8 of 10 -- Victorian Legislation and Parliamentary Documents Act No. 43/2004 Financial Management (Amendment) Act 2004 8 27DA. Publication of documents protected (1) A document that is given to the clerks under section 27D(5)(b) is taken to have been published by order, or under the authority, of the Houses of the Parliament. (2) The publication of a document by the Minister under section 27D(5)(c) is absolutely privileged and the provisions of sections 73 and 74 of the Constitution Act 1975 and any other enactment or rule of law relating to the publication of the proceedings of the Parliament apply to and in relation to the publication of the document as if it were a document to which those sections applied and had been published by the Government Printer under the authority of the Parliament.'. 13. Consequential repeal of section 27F Section 27F of the Principal Act is repealed. 14. Updated references to accounting bodies In section 59(3) of the Principal Act— (a) for paragraph (a) substitute— "(a) CPA Australia;"; (b) for paragraph (e) substitute— "(e) Australian Bureau of Statistics;". 15. Consequential amendment of Audit Act 1994 In section 9A(2) of the Audit Act 1994, for "laid before, or given to the clerk of, each House of the Parliament" substitute "transmitted to the Parliament". ═══════════════ s. 13 -- 9 of 10 -- Victorian Legislation and Parliamentary Documents Act No. 43/2004 Financial Management (Amendment) Act 2004 9 ENDNOTES † Minister's second reading speech— Legislative Assembly: 12 May 2004 Legislative Council: 3 June 2004 The long title for the Bill for this Act was "to amend the Financial Management Act 1994 with respect to government financial reporting and for other purposes." Endnotes -- 10 of 10 --