Tasmanian Bills Fact Sheets Tasmanian Bills Fact Sheets[Index] [Search] [Download] [Bill] [Help]
Legislation Fact Sheet
Financial Management and Audit Amendment Act 2012
The Government is in the process of reviewing Tasmania's Financial Management
Framework. As part of the review, consideration has been given to the trend in other
jurisdictions towards the preparation of more frequent financial reports, including
quarterly and monthly reports.
Treasury has examined options for increased frequency in financial reporting and has
identified a model that would balance the benefit to users with a manageable impact
on resources.
The Financial Management and Audit Amendment Bill 2012 lays out the framework for a
new reporting model that incorporates a September Quarterly Report, a Revised
Estimates Report, a December Quarterly Report, a March Quarterly Report and the
Treasurer's Annual Financial Report.
In addition, the Bill requires the preparation of a Preliminary Outcomes Report if the
preliminary outcomes result at 31 July differs materially from the revised estimates
published in the Budget Papers.
The September Quarterly Report will be a report for the three months ending on
30 September that would be published within 45 days of the Auditor-General
preparing his or her Report on the Treasurer's Annual Financial Report as required
by section 16(2) of the Audit Act 2008. This would enable all agency audits to have
been finalised and for agencies to use the final audited Balance Sheet balances as their
opening balances for September reporting purposes.
Currently, the Financial Management and Audit Act 1990 requires 31 December actuals
to be provided with mid-year revised budget information as part of the Mid-Year
Financial Report. This amendment removes that requirement to enable revised
estimates to be published earlier if required.
The Revised Estimates Report may be published separately from the Treasurer's
December Quarterly Report, at any stage of the financial year prior to l5 February.
The December Quarterly Report is required to be published by l5 February with the
same disclosures as currently required for the Mid-Year Financial Report. The
December Quarterly Report will also require the disclosure of balances of accounts
in the Special Deposits and Trust Fund as at 31 December.
The March Quarterly Report would disclose results for the nine months ending on
31 March. If an Appropriation Bill is tabled before the commencement of the financial
year to which it applies, the March Quarterly Report would be included in the Budget
Papers. However, if an Appropriation Bill is tabled prior to 15 May, the March
Quarterly Report may be published separately from the Budget Papers but must be
published by 15 May.
2
The publication of the Preliminary Outcomes Report would be dependent on the
outcome of a review of the preliminary results for the previous financial year. The
Secretary of Treasury will be required, by 31 July in each financial year, to review the
preliminary outcomes result and determine whether those results materially differ
from the revised estimates published in the Budget Papers. If there is no material
variation, the Secretary would inform the Treasurer and issue a notice that no
Report will be issued. If there is a material difference, the Secretary would inform the
Treasurer and a Report would be required to be published by no later than
l5 August.
Currently, the Financial Management and Audit Act requires the tabling of the
Treasurer's Annual Financial Report by 31 October in each year. This requirement is
unchanged by this amendment.
The Amendment Bill also requires that the expected publication date of the three
Treasurer's Quarterly Reports and the Revised Estimates Report will be published by
the Treasurer at least seven days prior to the expected date of each report.