Financial Management Act 1994 (Vic)
Version No. 068
Financial Management Act 1994
No. 18 of 1994
Version incorporating amendments as at
20 August 2025
TABLE OF PROVISIONS
Section Page
Part 1—Preliminary
1Purposes
2Commencement
3Definitions
4Act binds the Crown
5Relevant Minister
6Declaration of financial year
7Delegation
8Directions
8AGuidelines
8BEstablishment or abolition of certain entities
Part 2—The Consolidated Fund
9The Consolidated Fund
10Appropriation of Commonwealth grants etc.
11Liability under guarantees
12Loans from Consolidated Fund
Part 3—Public ledger and Public Account
13Public ledger
14Public Account
15Accounts of departments
16Receipt of public money
18Investment of money in Public Account
Part 4—The Trust Fund
19The Trust Fund
20Deposits in Trust Fund
21Investment of money in Trust Account
22Expenditure of money in Trust Fund
23Departmental Working Accounts
Part 5—Financial responsibility
Division 1—Introduction
23ADefinitions
23BApplication of Part
Division 2—Principles of sound financial management
23CGovernment to operate in accordance with principles of sound financial management
23DPrinciples of sound financial management
Division 3—Financial policy objectives and strategies statements
23EFinancial policy objectives and strategies statement
23FPurpose of statement
23GContent of statement
Division 4—Estimated financial statements and budget update
23HEstimated financial statements
23IPurpose of estimated financial statements
23JContent of estimated financial statements
23KAccompanying statement
23LBudget update
23MPurpose of budget update
23NContent of budget update
Division 4A—Gender equality and the budget
23OStatement of gender impacts of the budget
23PPurpose of statement of gender impacts of the budget
23QContent of statement of gender impacts of the budget
Division 5—Disclosure of financial results
24Annual financial report
25Mid-year report
26Quarterly financial report
Division 6—Pre-election budget update
27Pre-election budget update
27APurpose of pre-election budget update
27BContents of pre-election budget update
27CRelease of pre-election budget update
Division 7—Release of reports, statements and updates
27DTransmission of documents to Parliament
27DAPublication of documents protected
27ERelease of statements
Part 6—Budget management
28Appropriation for borrowing against future appropriation
29Appropriation of certain revenue and asset proceeds
30Transfer between items of departmental appropriation
31Transfer between items of Parliamentary appropriation
31ATransfer between items of Court Services Victoria appropriation
32Unused appropriation
33Appropriation to meet certain obligations
34Reduction in amount applied to meet future payments
35Temporary advances
36Temporary advances to authorities
37Issue of money out of Public Account
38Application of money in Public Account to meet appropriations
39Arrangements for temporary advances
40Annual budget estimates
40AAGender impact assessments
40AABMinister may determine certain provisions of this Part apply to public body
Part 6A—Indemnities
40ADefinitions
40BProvisions of this Part in addition to all other powers
40CIndemnity for directors
40DIndemnity for statutory authorities and State companies
40EIndemnity for owner of goods
40FCharge for indemnities
40GConfirmation of certain indemnities
40HAppropriation
Part 6B—Guarantee charge
40IDefinitions
40JApplication of Part
40KGuarantee charge
40LInformation to be supplied
Part 6C—Financial accommodation levy
40MLeviable authority
40NFinancial accommodation levy
40OLeviable authority not liable to pay guarantee charge
Part 7—Accountability and reporting
41Definitions
41ADeclared body
42Accountable officer
43Chief finance officer
43AFinancial management responsibilities—board of prescribed office or public body
43BFinancial management responsibilities—accountable officer of department or public body
43CFinancial management responsibilities—chief finance officer
43DFinancial management responsibilities—board of declared body
43EFinancial management responsibilities—accountable officer of declared body
44Accounts to be kept
44AAccountable officer must provide financial information
44ABAccountable officer of declared body must provide financial information
44ACChief finance officer must provide information on material risks
44ADChief finance officer of declared body must provide information on material risks
44BAsset registers and risk management strategies
44CDepartment or public body to report if likely to exceed budget
45Report of operations and financial statements to be prepared
46Tabling requirements
47Minister may vary reporting requirements
48Report of operations
49Financial statements
50Information
51Relevant Minister may require additional information
52Minister may direct public body to submit financial statements
52AMinister may dispense with financial statements
53Composite reports
53AAnnual reports of State-owned corporations and other bodies
54Part to prevail
Part 7A—Supply management
54AASpecified entities
54AEstablishment of Victorian Government Purchasing Board
54BFunctions of Board
54CPowers of Board
54DMembership of Board and terms of office
54EPayment of members
54FProcedure of Board
54GValidity of Board decisions
54HMembers' pecuniary interests
54IImproper use of information
54JDelegation
54KMinister's directions
54LSupply policies
54MAnnual report
Part 7B—Acquisition, leasing and licensing of land and premises
54NMinister may acquire land
54OMinister may lease land or premises for other Ministers
54PLicensing and leasing of surplus Crown land and buildings
Part 7C—Power to waive, defer, refund or reduce fees and charges under Acts, statutory rules and other subordinate instruments
54QApplication of this Part
54RDefinitions for this Part
54SFee or charge collector may waive, defer, refund or reduce fees and charges
54TPayment of refunds
54UTreasurer may make and publish guidelines
54VPart does not limit other powers
Part 8—General
55Writing off
56Recovery of overpayments
57Liability in respect of loss or damage
58Unclaimed property
59Regulations
Part 9—Transitional and consequential
62Transitional provisions
62AFurther transitional provisions
63References to receiver of revenue
64Saving of payments under Mint Act 1958
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Endnotes
1 General information
2 Table of Amendments
3 Explanatory details
Version No. 068
Financial Management Act 1994
No. 18 of 1994
Version incorporating amendments as at
20 August 2025
The Parliament of Victoria enacts as follows:
PART 1—PRELIMINARY
1Purposes
The purposes of this Act are—
(a)to improve financial administration of the public sector;
(b)to make better provision for the accountability of the public sector;
(c)to provide for annual reporting to the Parliament by departments and public sector bodies.
2Commencement
(1)Part 1 and sections 60 and 61 come into operation on the day on which this Act receives the Royal Assent.
(2)The remaining provisions of this Act come into operation on 1 July 1994.
3Definitions
In this Act—
accountable officer means—
(a)in relation to a department or public body, the accountable officer for the department or public body as determined under section 42;
(b)in relation to a specified entity that is not a department or public body, the chief executive officer (by whatever name called) of the specified entity;
accounting records includes—
(a)invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry; and
(b)such working papers and other documents as are necessary to explain the methods and calculations by which accounts are made up;
authorised deposit-taking institution has the same meaning as in the Banking Act 1959 of the Commonwealth;
authoritymeans—
(a)a department; or
(b)a person or body prescribed as an authority for the purposes of this Act;
Board, in Part 7A, means the Victorian Government Purchasing Board established by section 54A;
business day means a day other than a Saturday, a Sunday or a public holiday appointed under the Public Holidays Act 1993;
chief finance officer, in relation to an authority or public body, means the person designated as that officer for the purposes of section 43;
Court Services Victoria means Court Services Victoria established under section 5 of the Court Services Victoria Act 2014;
Courts Council means the Courts Council established under section 10 of the Court Services Victoria Act 2014;
department means—
(a)a department within the meaning of the Public Administration Act 2004;
(b)a prescribed office;
Department Head means—
(a)in relation to a department within the meaning of the Public Administration Act 2004, a person employed as the Department Head of that department under section 12 of that Act; and
(b)in relation to a prescribed office, the prescribed officer for the prescribed office;
enactmentmeans a rule, regulation, by-law, order, Order in Council, proclamation or other instrument of a legislative character;
financial accommodation has the same meaning as in the Borrowing and Investment Powers Act 1987;
financial year means—
(a)in relation to a public body—
(i)if the Minister has made a determination under section 6 with respect to the financial year of that public body, the period referred to in the determination;
(ii)if a period is determined by or under any other Act to be the financial year for that public body, that period;
(b)in any other case, the period of 12 months ending at midnight on 30 June;
gender equality has the same meaning as in section 3 of the Gender Equality Act 2020;
prescribed office has the same meaning as in section 4(1) of the Public Administration Act 2004;
prescribed officer has the same meaning as in section 4(1) of the Public Administration Act 2004;
public body means—
(a)a public statutory authority;
(b)a State business corporation or State body within the meaning of the State Owned Enterprises Act 1992;
(ba)Court Services Victoria;
(c)a body, office or trust body—
(i)established by or under an Act or enactment; or
(ii)established by the Governor in Council or a Minister—
and that is declared by the Minister, by notice published in the Government Gazette, to be a body or office to which Part 7 applies;
outputs means goods produced or services provided by or on behalf of an authority or public body;
* * * * *
specified entity means an entity specified under section 54AA for the purposes of Part 7A;
the relevant Minister means—
(a)in relation to a department, the Minister or Ministers for the time being responsible for any part of that department;
(b)in relation to a public body established by or under a provision of an Act or enactment, the Minister or Ministers for the time being administering that provision or enactment;
(c)in relation to any other public body, the Minister declared by Order under section 5 to be the relevant Minister;
(d)in relation to a body to which section 53A applies, the Minister declared by notice under section 53A(3) to be the relevant Minister in relation to the body for the purposes of section 53A;
trust bodymeans a body (including a trustee or trustees) who or which, or any office the holder of which, is charged with the control or management of any trust, fund, account or superannuation scheme which is established by an Act or enactment or by the Governor in Council or a Minister.
4Act binds the Crown
This Act binds the Crown not only in right of Victoria but also, so far as the legislative power of the Parliament permits, the Crown in all its other capacities.
5Relevant Minister
The Governor in Council may, by Order, declare a Minister to be the relevant Minister in relation to a public body for the purposes of this Act.
6Declaration of financial year
(1)The Minister may determine in writing that a period, other than the period of 12 months ending at midnight on 30 June or the period determined by or under any other Act, is the financial year for a public body for the purposes of its first or final report of operations and financial statements under Part 7.
(2)Unless inconsistent with another Act, the Minister may, in relation to a public body or class of public bodies, in writing determine that a period, other than the period of 12 months ending at midnight on 30 June, is the financial year for that public body or public bodies of that class for the purposes of Part 7.
7Delegation
The Minister may, by instrument, delegate to any person or class of persons employed in the administration of this Act any power of the Minister under this Act or the regulations, other than this power of delegation.
8Directions
(1)The Minister may give an authority, a public body, an accountable officer or a chief finance officer directions in writing for or with respect to any of the matters for or with respect to which regulations may be made under this Act.
Note
Section 59 sets out the matters for or with respect to which regulations may be made under this Act.
(2)Directions referred to in subsection (1) must not be inconsistent with this Act or the regulations.
(3)Directions—
(a)may be of a general or limited application;
(b)may differ according to differences in time, place or circumstances;
(c)may confer a discretionary authority or impose a duty on a specified person or class of person;
(d)may provide in a specified case or class of case for the exemption of persons or things or class of persons or things from any of the provisions of the directions, whether unconditionally or on specified conditions and either wholly or to such an extent as is specified.
(4)A direction may adopt, apply or incorporate the whole or any part of a statement of accounting standards or statement of accounting practice issued at any time before the direction is made by all or any of the persons or bodies referred to in section 59(3).
(5)For the avoidance of doubt, the power to make directions under subsection (1) extends to directions with respect to money in a Trust Account in the Trust Fund that is established by or under another Act.
(6)A person or body given a direction under subsection (1) must comply with the direction.
8AGuidelines
The Minister may issue guidelines in relation to—
(a)statements of the gender impacts of budgets under Division 4A of Part 5; and
(b)gender impact assessments under section 40AA.
8BEstablishment or abolition of certain entities
(1)A Minister (other than the Minister administering this section) who intends to establish a body, office or trust body must consult the Minister administering this section before the body, office or trust body is established.
(2)A Minister (other than the Minister administering this section) who intends to abolish a body, office or trust body must consult the Minister administering this section before the body, office or trust body is abolished.
(3)Notice of the establishment or abolition of a body, office or trust body by a Minister must be published in the Government Gazette by that Minister.
PART 2—THE CONSOLIDATED FUND
9The Consolidated Fund
(1)There shall be established and kept an account to be known as the Consolidated Fund.
(2)There shall be credited to the Consolidated Fund—
(a)all money forming part of the Consolidated Revenue under the Constitution Act 1975;
(b)all money—
(i)raised by or on behalf of or received by the State; or
(ii)which by or under an Act is payable to a person holding an office or place in the public service—
and which is not, by or under an Act, required or authorised to be paid to the Trust Fund, or an account in the Trust Fund, or to any other fund.
(3)If the purpose for which money must be applied is defined by the Commonwealth, the Minister may accept the money and credit it to a suitable account in the Trust Fund and, without any other authority than this Act, authorise the disbursement of the money for that purpose.
10Appropriation of Commonwealth grants etc.
If, under an Act of the Commonwealth or an arrangement between the Commonwealth and the State, money is or will be made available by the Commonwealth to the State by way of grant or otherwise, the Minister may, with approval of the Governor in Council, issue out of the Consolidated Fund such amount as is required to be expended in pursuance of the Act of the Commonwealth or the arrangement and the Consolidated Fund is to the necessary extent appropriated accordingly.
11Liability under guarantees
If any borrowing or other contract or agreement or the performance of any other contract or agreement is by any Act declared to be guaranteed by the Government of Victoria, any sums required by the Minister or the Treasurer for fulfilling any such guarantee shall be paid out of the Consolidated Fund (which is to the necessary extent appropriated accordingly) and any sums received or recovered by the Minister or the Treasurer in respect of any sum so paid by the Minister or the Treasurer shall be paid into the Consolidated Fund.
12Loans from Consolidated Fund
Despite anything in any Act, if a payment is made by way of a loan from the Consolidated Fund, the Minister may determine from time to time the terms and conditions of the loan.
PART 3—PUBLIC LEDGER AND PUBLIC ACCOUNT
13Public ledger
The Minister must ensure that a ledger is established and maintained to record—
(a)transactions on the Public Account; and
(b)expenses and obligations incurred that are to be met out of the Public Account; and
(c)such other transactions and such account balances as the Minister determines.
14Public Account
The Minister must open and maintain the Public Account with such authorised deposit-taking institution or institutions as the Minister determines.
15Accounts of departments
(1)A department may, with the approval in writing of the Minister, and in accordance with such terms and conditions as the Minister determines, open and maintain an account with an authorised deposit-taking institution or institutions.
(2)Unless the Minister otherwise determines in writing, an account opened under this section does not form part of the Public Account.
(3)Money must not be withdrawn from an account opened under this section except in accordance with the regulations and directions.
16Receipt of public money
A person who collects or receives public money must, in accordance with the regulations and directions, daily or at such intervals as the Minister determines, pay the money into the Public Account or an account opened under section 15.
* * * * *
18Investment of money in Public Account
(1)Any money standing to the credit of the Public Account may be invested by the Minister in any manner in which trust funds may be invested under the Trustee Act 1958.
(2)Except where otherwise expressly provided, interest received from the investment of any money under subsection (1) shall be credited to the Consolidated Fund.
PART 4—THE TRUST FUND
19The Trust Fund
(1)The Minister may establish Trust Accounts in the Trust Fund and define the purposes for which they are established.
(2)Subject to this section, Trust Accounts existing immediately before the commencement of this section (whether or not established by an Act) continue as Trust Accounts under this section.
(3)All money standing to the credit of an account which is a Trust Account for the purposes of this section is deemed to be money standing to the credit of the Trust Fund.
(4)The Minister may direct that a Trust Account be closed and, after all liabilities of the Trust Account have been met, the Trust Account must be closed accordingly.
(5)The Minister may direct that—
(a)any money standing to the credit of a Trust Account which is not required for the purposes of the Trust Account; and
(b)the balance of money standing to the credit of a Trust Account closed under this section—
be credited to another Trust Account or to the Consolidated Fund.
20Deposits in Trust Fund
The Minister may—
(a)accept deposits and credit the deposits to an appropriate Trust Account in the Trust Fund; and
(b)allow interest on the deposits at such rates as are from time to time prescribed.
21Investment of money in Trust Account
The Minister may invest money standing to the credit of a Trust Account in any manner in which trust funds may be invested under the Trustee Act 1958.
22Expenditure of money in Trust Fund
The Minister must not expend any money standing to the credit of a Trust Account in the Trust Fund except for the purposes of that Account or under the authority of this or another Act.
23Departmental Working Accounts
(1)The Minister may establish a Trust Account in the Trust Fund as a Working Account for each nominated department.
(2)There shall be paid into the Working Account of a nominated department amounts equal to amounts received from the provision of outputs by the nominated department to the extent, and on the conditions, agreed between the Minister administering this section and the Minister responsible for the nominated department.
(3)For the purposes of the payment of an amount of money into a Working Account under subsection (2)—
(a)an amount equal to that amount of money is deemed to have been appropriated to that Account; and
(b)the Minister may issue the amount out of the Consolidated Fund and apply it for the purpose of that Account.
(4)Money in the Working Account of a nominated department may be expended for the provision of such outputs by the nominated department, and on such conditions, as are agreed between the Minister administering this section and the Minister responsible for the nominated department.
(5)In this section, nominated department means a department, or part of a department, that—
(a)provides outputs to the public or an authority or public body; and
(b)receives fees for those outputs that, in the opinion of the Minister, are not less than the cost of providing the outputs; and
(c)is declared by the Minister to be a nominated department for the purposes of this section.
PART 5—FINANCIAL RESPONSIBILITY
Division 1—Introduction
23ADefinitions
In this Part—
budget means the State budget;
current financial policy objectives and strategies statement—
(a)in relation to the estimated financial statements for a financial year, means the financial policy objectives and strategies statement prepared under section 23E in association with the budget for that financial year;
(b)in relation to a budget update for a financial year, means the financial policy objectives and strategies statement prepared under section 23E in association with the budget update;
(c)in relation to a pre-election budget update, means the financial policy objectives and strategies statement prepared under section 23E in association with the most recent budget or budget update (as the case may be);
Government means the Government of the State of Victoria;
quarter of a financial year, means the period of 3 months ending on 30 September, 31 December, 31 March and 30 June in that year;
Secretary means Secretary to the Department of Treasury and Finance.
23BApplication of Part
This Part applies in respect of the financial year 2000/2001 and each subsequent financial year.
Division 2—Principles of sound financial management
23CGovernment to operate in accordance with principles of sound financial management
It is the intention of the Parliament that the Government establish and maintain a budgeting and reporting framework that is consistent with the principles of sound financial management so as to form a basis for the provision of sustainable social and economic services and infrastructure fairly to all Victorians.
23DPrinciples of sound financial management
(1)The principles of sound financial management are that the Government must—
(a)manage financial risks faced by the State prudently, having regard to economic circumstances;
(b)pursue spending and taxing policies that are consistent with a reasonable degree of stability and predictability in the level of the tax burden;
(ba)set an expectation that each department and public body should operate within its budget;
(c)maintain the integrity of the Victorian tax system;
(d)ensure that its policy decisions have regard to their financial effects on future generations;
(da)consider and promote gender equality and inclusivity in the pursuit of its spending and taxing policies;
(e)provide full, accurate and timely disclosure of financial information relating to the activities of the Government and its agencies.
(2)The financial risks referred to in subsection (1)(a) include—
(a)risks arising from the level of the State's general government sector debt;
(b)commercial risks arising from ownership of public non-financial corporations and public financial corporations;
(c)risks arising from changes in the structure of the Victorian tax base;
(d)risks arising from management of assets and liabilities of the State.
(3)The consideration and promotion of gender equality and inclusivity referred to in subsection (1)(da) includes taking into account, where possible, that gender inequality may be compounded by other forms of disadvantage or discrimination that a person may experience on the basis of Aboriginality, age, disability, ethnicity, gender identity, race, religion, sexual orientation and other attributes.
Division 3—Financial policy objectives and strategies statements
23EFinancial policy objectives and strategies statement
(1)The Minister must prepare two financial policy objectives and strategies statements for each financial year.
(2)The first financial policy objectives and strategies statement for a financial year must be—
(a)prepared in association with the budget for that financial year;
(b)laid before each House of the Parliament in accordance with section 27E.
(3)The second financial policy objectives and strategies statement for a financial year must be—
(a)prepared in association with the budget update for that financial year;
(b)transmitted to the Parliament in accordance with section 27D.
(4)Despite subsections (1) and (3), the Minister is not required to prepare a financial policy objectives and strategies statement referred to in subsection (3) for a financial year if a pre-election budget update prepared in accordance with Division 6 is released on or after 15 September and before 15 December in that financial year.
23FPurpose of statement
The purpose of a financial policy objectives and strategies statement is to make transparent the Government's financial strategies and to establish a benchmark for evaluating the Government's conduct of financial policy.
23GContent of statement
(1)A financial policy objectives and strategies statement must—
(a)specify the Government's long-term financial objectives within which financial policy for the financial year to which the budget or budget update relates and the following 3 financial years will be framed;
(b)explain the broad strategic priorities on which the budget or budget update is based;
(c)specify the key financial measures that the Government has identified as being important and against which financial policy will be set and assessed;
(d)specify, for the financial year to which the budget or budget update relates and the following 3 financial years—
(i)the Government's short-term financial objectives;
(ii)the targets for each specified key financial measure;
(e)explain how the financial objectives and strategic priorities specified or explained in paragraphs (a), (b) and (d) relate to the principles of sound financial management;
(f)specify any financial policy actions taken or to be taken by the Government that are temporary in nature, state the reasons for taking them and indicate the process for their revision;
(g)identify the reporting basis on which subsequent Government financial reports will be prepared;
(h)state the reasons for any changes from the previous financial policy objectives and strategies statement.
(2)A financial policy objectives and strategies statement must be based on the principles of sound financial management.
(3)If particular information required to be included in a financial policy objectives and strategies statement is unchanged from information set out in full in an earlier statement, the statement may instead summarise the information and state that it is unchanged from what was set out in the earlier statement.
Division 4—Estimated financial statements and budget update
23HEstimated financial statements
(1)The Minister must prepare estimated financial statements for each financial year in association with the budget for that financial year.
(2)Estimated financial statements must be laid before each House of the Parliament in accordance with section 27E.
23IPurpose of estimated financial statements
The purpose of estimated financial statements is to set out the projected financial results for the Victorian general government sector calculated on the basis of the Government's stated financial policies and assumptions.
23JContent of estimated financial statements
(1)Estimated financial statements comprise—
(a)for the financial year in respect of which they are prepared and the following 3 financial years—
(i)an estimated statement of financial performance of the Victorian general government sector for the year;
(ii)an estimated statement of financial position of the Victorian general government sector at the end of the year;
(iii)an estimated statement of cash flows of the Victorian general government sector for the year;
(b)a statement of the accounting policies on which the statements required by paragraph (a) are based and explanatory notes.
(2)The information in the estimated financial statements must take into account Government decisions and other circumstances that may have a material effect on the estimated financial statements.
(3)Estimated financial statements 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.
23KAccompanying statement
(1)The Minister must prepare an accompanying statement in association with each set of estimated financial statements.
(2)An accompanying statement comprises—
(a)a statement of the material economic and other assumptions that have been used in preparing the estimated financial statements;
(b)a discussion of the sensitivity of the estimated financial statements to changes in those economic and other assumptions;
(c)an overview of the estimated tax expenditures for the financial years covered by the estimated financial statements;
(d)a statement of the risks, quantified where feasible, that may have a material effect on the estimated financial statements, including—
(i)contingent liabilities;
(ii)publicly announced Government commitments that are not yet included in the estimated financial statements.
(3)The information in an accompanying statement must take into account Government decisions and other circumstances that may have a material effect on the estimated financial statements.
(4)An accompanying statement must be laid before each House of the Parliament with the estimated financial statements to which it relates in accordance with section 27E.
23LBudget update
(1)The Minister must prepare a budget update for each financial year.
(2)A budget update must be transmitted to the Parliament in accordance with section 27D.
(3)Despite subsection (1), the Minister is not required to prepare a budget update for a financial year if a pre-election budget update prepared in accordance with Division 6 is released on or after 15 September and before 15 December in that financial year.
23MPurpose of budget update
The purpose of a budget update is to provide updated information to allow the assessment of the Government's financial performance against the financial policy objectives and strategies set out in its current financial policy objectives and strategies statement.
23NContent of budget update
(1)A budget update comprises updated estimated financial statements.
(2)The updated estimated financial statements must—
(a)take into account Government decisions and other circumstances that may have a material effect on them;
(b)state the date on which the updating was undertaken.
(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.
(4)If particular information required to be included in a budget update is unchanged from information set out in full in the estimated financial statements, the update may instead summarise the information and state that it is unchanged from what was set out in the estimated financial statements.
Division 4A—Gender equality and the budget
23OStatement of gender impacts of the budget
(1)The Minister must prepare a statement of the gender impacts of the budget for each financial year in association with the budget for that financial year.
(2)A statement of the gender impacts of the budget must be laid before each House of the Parliament in accordance with section 27E.
23PPurpose of statement of gender impacts of the budget
The purpose of a statement of the gender impacts of the budget is to recognise and describe the expected impact of the budget on gender equality and inclusivity.
23QContent of statement of gender impacts of the budget
A statement of the gender impacts of the budget must set out—
(a)the expected impact of the budget on gender equality and inclusivity; and
(b)such other information as the Minister determines.
Division 5—Disclosure of financial results
24Annual financial report
(1)The Minister must prepare an annual financial report for each financial year.
(2)The annual financial report—
(a)must be prepared in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks;
(b)must present fairly the financial position of the State and the Victorian general government sector at the end of the financial year and—
(i)the transactions on the Public Account;
(ii)the transactions of the Victorian general government sector;
(iii)other financial transactions of the State—
in respect of the financial year;
(c)must include details of amounts paid into Working Accounts under section 23;
(d)must include details of amounts allocated to departments during the financial year under section 28;
(e)must include details of money credited under section 29 to an item in a Schedule to an appropriation Act for that financial year;
(f)must include particulars of amounts transferred in accordance with determinations under section 30 or 31;
(g)must include details of—
(i)amounts appropriated in respect of the financial year as a result of a determination under section 32 in respect of unused appropriation for the preceding financial year;
(ii)the application during the financial year of amounts referred to in subparagraph (i);
(iii)amounts appropriated in respect of the next financial year as a result of a determination under section 32 in respect of unused appropriation for the financial year;
(h)must include—
(i)details of expenses and obligations met from money advanced to the Minister under section 35(1) during the financial year;
(ii)a statement of the reasons for carrying forward any part of an unused advance to the next financial year under section 35(4);
(i)must include details of payments made during the financial year out of money advanced to the Treasurer in an annual appropriation Act for that year to meet urgent claims;
(j)must include details of—
(i)payments made during the financial year in fulfilment of any guarantee by the Government under any Act;
(ii)money received or recovered by the Minister or Treasurer during the financial year in respect of any guarantee payments;
(k)must include details, as at the end of the financial year, of—
(i)the liabilities (including contingent liabilities under guarantees and indemnities or in respect of superannuation payments and all other contingent liabilities) and assets of the State; and
(ii)prescribed assets and prescribed liabilities of prescribed bodies;
(l)may include any other information the Minister considers appropriate;
(m)must be audited by the Auditor-General.
(3)The Minister must cause a copy of each annual financial report to be given to the Auditor-General on or before 20 September next following the financial year to which it relates.
(4)An audited annual financial report must be transmitted to the Parliament in accordance with section 27D.
25Mid-year report
(1)The Minister must prepare a mid-year report for each financial year.
(2)The mid-year report—
(a)must be prepared in the manner and form determined by the Minister, having regard to appropriate financial reporting frameworks;
(b)must present fairly the financial position of the State and the Victorian general government sector at midnight on 31 December in the financial year and—
(i)the transactions on the Public Account;
(ii)the transactions of the Victorian general government sector;
(iii)other financial transactions of the State—
in respect of the period of 6 months ending on that day;
(ba)must include details of payments made during the period of 6 months ending on 31 December in the financial year out of money advanced to the Treasurer in an annual appropriation Act for that year to meet urgent claims;
(c)may include any other information the Minister considers appropriate.
(3)A mid-year report must be transmitted to the Parliament in accordance with section 27D.
26Quarterly financial report
(1)The Minister must prepare a quarterly financial report for each quarter of each financial year.
(2)A quarterly financial report comprises—
(a)a statement of financial performance of the Victorian general government sector for the quarter;
(b)a statement of financial position of the Victorian general government sector at the end of the quarter;
(c)a statement of cash flows of the Victorian general government sector for the quarter;
(d)a statement of the accounting policies on which the statements required by paragraphs (a), (b) and (c) are based;
(e)any other information the Minister considers appropriate.
(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 subsection (2)(a) to (d) for that quarter, those statements for the period of 6 months ending on that 31 December.
(3)The quarterly financial report for the quarter ending on 31 March in a financial year must include, in addition to the statements referred to in subsection (2)(a) to (d) for that quarter, those statements for the period of 9 months ending on that 31 March.
(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 subsection (2)(a) to (d) for that quarter, those statements for the period of 12 months ending on that 30 June.
(4)A quarterly financial report must be transmitted to the Parliament in accordance with section 27D.
(5)Despite subsection (1), the Minister is not required to prepare a quarterly financial report for the quarter ending on 30 September in a financial year if a pre‑election budget update is released on or after 15 September and before 15 December in that financial year.
Division 6—Pre-election budget update
27Pre-election budget update
If a writ is issued for a general election within the meaning of section 3 of the Electoral Act 2002, the Secretary must prepare a pre-election budget update in accordance with this Division.
27APurpose of pre-election budget update
The purpose of a pre-election budget update is to provide updated information on the estimated financial statements.
27BContents of pre-election budget update
(1)A pre-election budget update comprises—
(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.
(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.
27CRelease of pre-election budget update
The Secretary must publicly release the pre-election budget update within 10 days after the issue of the writ for the election.
Division 7—Release of reports, statements and updates
27DTransmission of documents to Parliament
(1)This section applies to the following documents—
(a)an audited annual financial report;
(b)a mid-year report;
(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
DocumentColumn 2
Due dateaudited 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 December 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 (3A)Despite subsection (3), if in any financial year the budget for the following financial year (or, if applicable, the current financial year) is delivered within 30 days after the due date set out in Column 2 of the Table for a document (other than the budget update), the due date for the document is extended so as to allow the document to be transmitted to each House of the Parliament on the day on which the budget is delivered.
(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 on a day on which neither House of the Parliament is actually sitting, 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 subsection (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 subsection (5)(b); and
(c)cause the document to be laid before the House on the next sitting day of the House.
* * * * *
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.
27ERelease of statements
(1)The Minister must cause the documents set out in subsection (2) to be laid before—
(a)the Legislative Assembly on or before the day on which the second readings of the annual appropriation Bills for that year are moved; and
(b)the Legislative Council on the same day that they are laid before the Legislative Assembly or, if the Council is not sitting on that day, on the next sitting day of the Council.
(2)For the purposes of subsection (1), the documents are—
(a)the estimated financial statements for a financial year; and
(b)the accompanying statement prepared in association with that set of estimated financial statements; and
(c)the financial policy objectives and strategies statement prepared in association with the budget for that financial year; and
(d)the statement of the gender impacts of the budget prepared in association with the budget for that financial year.
* * * * *
PART 6—BUDGET MANAGEMENT
28Appropriation for borrowing against future appropriation
(1)The Governor in Council, on the recommendation of the Minister, may by Order published in the Government Gazette approve the allocation to a department of amounts in addition to the amounts appropriated for the purposes of that department in the annual appropriation.
(2)The Minister must not recommend an allocation under this section unless satisfied—
(a)that it is for purposes considered prudent and advantageous in the current financial year; and
(b)that the benefit of that allocation will accrue, or continue, in the next financial year.
(3)An amount approved for allocation to a department in a financial year must not exceed an amount equal to 3 per centum of the amount appropriated for the purposes of the department in the annual appropriation for that year.
(4)The Minister may issue out of the Consolidated Fund amounts not exceeding in a financial year a total amount equal to one half of one per centum of the annual appropriation for that year and the Consolidated Fund is appropriated accordingly.
(5)In this section—
department includes Court Services Victoria.
29Appropriation of certain revenue and asset proceeds
(1)This section applies if a Schedule to an appropriation Act provides that this section applies in relation to an item in respect of a department set out in that Schedule.
(2)If this section applies—
(a)revenue receivable—
(i)from the provision of outputs by the department; or
(ii)by way of specific purpose payment by the Commonwealth; or
(iii)by way of specific purpose payment by a municipal council; or
(b)proceeds received from the disposal of assets shown in the accounts of the department—
may be credited to the item to the extent, and on the conditions, agreed between the Minister administering this section and the Minister responsible for the administration of the item.
(3)For the purposes of subsection (2)—
(a)an amount equal to an amount credited under that subsection is deemed to have been appropriated for the purposes of the item; and
(b)the Minister may issue that amount out of the Consolidated Fund and apply it accordingly.
(4)In this section—
department includes Court Services Victoria.
30Transfer between items of departmental appropriation
(1)The relevant Minister in relation to a department, with the consent of the Treasurer, may determine that part of an amount appropriated for an item in a Schedule to an annual appropriation Act in respect of the department may be transferred to, and applied for the purposes of, another such item.
(2)The relevant Minister must be of the opinion, before making a determination under subsection (1), that—
(a)the amount to be transferred from an item is not required for the purposes of that item; and
(b)the amount assigned to the item to which the amount is to be transferred is insufficient for the purposes of that item.
(3)A relevant Minister (other than the Minister administering this section) who makes a determination under subsection (1) must ensure that particulars of the transfer are given to the Minister administering this section as soon as possible.
31Transfer between items of Parliamentary appropriation
(1)The Presiding Officers—
(a)may determine that part of an amount appropriated for an item in a Schedule to an annual appropriation Act in respect of a department of the Parliament may be transferred to, and applied for the purposes of, a corresponding item in that Schedule in respect of another department of the Parliament;
(b)may determine, with the consent of the Treasurer, that part of an amount appropriated for an item in a Schedule to an annual appropriation Act in respect of a department of the Parliament may be transferred to, and applied for the purposes of, another item in that Schedule in respect of that or another department.
(2)The Presiding Officers must be of the opinion, before making a determination under subsection (1), that—
(a)the amount to be transferred from an item is not required for the purposes of that item; and
(b)the amount assigned to the item to which the amount is to be transferred is insufficient for the purposes of that item.
(3)The Presiding Officers must ensure that particulars of a transfer under subsection (1) are given to the Minister administering this section as soon as possible.
(4)In this section, a reference to the Presiding Officers is a reference to—
(a)in relation to a transfer referred to in subsection (1)(b) in respect of the Department of Legislative Council, the President of the Legislative Council;
(b)in relation to a transfer referred to in subsection (1)(b) in respect of the Department of Legislative Assembly, the Speaker of the Legislative Assembly;
(c)in any other case, the President of the Legislative Council and the Speaker of the Legislative Assembly acting jointly.
31ATransfer between items of Court Services Victoria appropriation
(1)The Courts Council, with the consent of the Treasurer and Attorney-General, may determine that part of an amount appropriated for an item in a Schedule to an annual appropriation Act in respect of Court Services Victoria may be transferred to, and applied for the purposes of, another item in that Schedule.
(2)The Courts Council must be of the opinion, before making a determination under subsection (1), that—
(a)the amount to be transferred from an item is not required for the purposes of that item; and
(b)the amount assigned to the item to which the amount is to be transferred is insufficient for the purposes of that item.
(3)The Courts Council must ensure that particulars of a transfer under subsection (1) are given to the Attorney-General and the Minister administering this section as soon as possible.
32Unused appropriation
(1)If an amount appropriated for a financial year for an authority or for a department of the Parliament is not applied, or is not likely to be applied, in that year, the Minister may determine that the amount, or part of it, may not be applied in that financial year but may be applied for the authority or department (as the case requires) in the next financial year.
* * * * *
(3)If the Minister makes a determination under subsection (1), the amount appropriated for the authority or for the department of the Parliament (as the case requires) in respect of the next financial year is deemed to have been increased accordingly.
(4)A statement under section 40 must include the estimated amounts for which determinations under this section may be made in respect of unused appropriation for the preceding financial year.
(5)In this section—
authority includes Court Services Victoria.
33Appropriation to meet certain obligations
(1)If an amount is applied in a financial year for the purpose of an item in Schedule 1 to the annual appropriation Act for that year, the Consolidated Fund is appropriated to the extent necessary to enable money, not exceeding the total of the amount applied or such lesser amount as is determined by the Minister under section 34, to be paid in a future financial year in discharge of the expenses or obligations, or in furtherance of the arrangements, to which the amount applied relates.
(2)If an amount is applied in a financial year for the purpose of an item in Schedule 1 to the annual appropriation Act for that year in respect of depreciation of an asset, the Consolidated Fund is appropriated to the extent necessary to enable money, not exceeding the total of the amount applied or such lesser amount as is determined by the Minister under section 34, to be paid in a future financial year in respect of the acquisition of assets.
(3)Subsections (1) and (2) apply in respect of an amount applied under an annual appropriation Act for 1998/99 or a subsequent financial year.
34Reduction in amount applied to meet future payments
(1)If the Minister is satisfied that all or part of an amount applied in a financial year for the purpose of an item in Schedule 1 to the annual appropriation Act for that year is no longer required for that purpose, the Minister may determine that the amount so applied be reduced accordingly.
(2)If the Minister makes a determination under subsection (1), the amount appropriated for the purpose of the relevant item is reduced by an amount equal to the amount reduced in accordance with that determination.
35Temporary advances
(1)There may be issued temporarily out of the Public Account in a financial year any money (not exceeding in total 0×5% of the total amount appropriated by the annual appropriation Act for that year) required to be provided for advances to the Minister to enable him or her to meet urgent claims before Parliamentary sanction is obtained.
(2)All money issued under subsection (1) must be paid back into the Public Account immediately Parliamentary sanction is obtained.
(3)All expenses and obligations met from money issued under subsection (1) must be included in the expenses and obligations of the financial year in respect of which the advances were made.
(4)If—
(a)Parliamentary sanction has not been obtained for the expenses or obligations during the financial year in which an advance under this section was made; and
(b)the Minister considers it necessary or expedient to carry forward any part of the unused advance to the accounts of the next financial year—
the Minister may do so.
36Temporary advances to authorities
(1)There may be issued temporarily out of the Public Account any money required to provide—
(a)advances to authorities not exceeding at any time an amount estimated by the Minister to be sufficient to meet one month's expenses, but no such advances may be made unless Parliamentary sanction has been obtained (whether under this or any other Act) for the incurring of those expenses;
(b)special advances to authorities of specific amounts for specific purposes pending adjustment when payment is made.
(2)All money issued under this section must be paid back into the Public Account in the financial year in which the money was issued unless otherwise approved by the Minister.
(3)In this section—
authority includes Court Services Victoria.
37Issue of money out of Public Account
(1)There may be issued out of the Public Account—
(a)money required for payment by the Minister by agreement with or on account of any other Government;
(b)money required for payment by the Minister to or on account of an authority or public body—
pending repayment by the Government or authority or public body.
(2)If the Minister so determines, interest must be paid by an authority or public body on money issued to it under this section—
(a)at such rate or rates calculated on such basis or bases as are determined by the Minister from time to time; and
(b)when the money is refunded and paid into the Public Account.
38Application of money in Public Account to meet appropriations
(1)If at any time the money in the Consolidated Fund is insufficient to meet appropriations authorised by any Act, the Minister may apply other moneys in the Public Account to meet the appropriations.
(2)Moneys applied under subsection (1) shall be deemed to be a temporary advance and shall be refunded and paid back into the Public Account immediately upon receipt of moneys under section 39.
39Arrangements for temporary advances
(1)If at any time the Minister is of the opinion that the money in the Consolidated Fund is likely to be insufficient to meet appropriations authorised by any Act, the Governor in Council, on the recommendation of the Minister, may authorise the Minister to make arrangements for obtaining temporary advances.
(2)Advances arranged under subsection (1) shall be deemed to be money legally available to meet appropriations from the Consolidated Fund authorised by any Act.
(3)Subject to subsection (5), money raised by temporary advance during any financial year under this section—
(a)must be credited to a special account in the Trust Fund; and
(b)must be issued and applied solely for the purposes for which the Consolidated Fund has been appropriated by any Act; and
(c)must be repaid with interest during the financial year in which the temporary advance is obtained.
(4)The interest on a temporary advance under this section shall be at a rate not exceeding that for the time being fixed by order of the Minister and shall be chargeable upon the Consolidated Fund, which is to the necessary extent appropriated accordingly.
(5)If, in a financial year, money received in the Consolidated Fund is insufficient to provide for the repayment of a temporary advance in whole or in part during that year, the temporary advance or part not repaid shall be repaid out of money received into the Consolidated Fund during a succeeding financial year.
40Annual budget estimates
(1)The Minister must prepare, in association with the annual appropriation Bills, a statement of information under departmental headings setting out—
(a)a description of the goods and services to be produced or provided by each department during the period to which the statement relates, together with comparative information for the preceding financial year;
(b)a description of the amount available or to be available to each department during the period to which the statement relates, whether appropriated by the Parliament for that purpose or otherwise received or to be received by the department, together with comparative figures for the preceding financial year;
(c)the estimated amount of the receipts and receivables of each department during the period to which the statement relates, together with comparative figures for the preceding financial year;
(d)any other information required by this Act to be included in the statement;
(e)such other information as the Minister determines.
(2)The Minister must cause the statement to be laid before—
(a)the Legislative Assembly on or before the day on which the second readings of the annual appropriation Bills are moved; and
(b)the Legislative Council on the same day that it is laid before the Legislative Assembly or, if the Council is not sitting on that day, on the next sitting day of the Council.
(3)In this section—
department includes a department of the Parliament.
40AA Gender impact assessments
(1)The Minister may request a gender impact assessment in relation to any matter under this Act.
(2)A gender impact assessment under this section must comply with section 9(2) of the Gender Equality Act 2020.
(3)Compliance with section 9(1) of the Gender Equality Act 2020 in relation to a policy, program or service is sufficient compliance with a request under subsection (1) in relation to that policy, program or service.
(4)Nothing in this section limits the operation of the Gender Equality Act 2020.
40AAB Minister may determine certain provisions of this Part apply to public body
The Minister, by notice published in the Government Gazette, may determine that any one or more of the following sections applies to a public body as if the public body were a department—
(a)section 28;
(b)section 29;
(c)section 30.
PART 6A—INDEMNITIES
40ADefinitions
In this Part—
company means a company within the meaning of the Corporations Act that is taken to be registered in Victoria;
eligible director means an officer of a State company or statutory authority;
officer, in relation to a statutory authority or State company, means director or member of the board of management of the authority or company or secretary, executive officer or person concerned in, or who takes part in, the management of the authority or company;
State company means a company—
(a)a majority of the shares in which are held by, or on behalf of, the State or a statutory authority; or
(b)a majority of the directors of which is appointed by, or by a person acting on behalf of, the State or a statutory authority;
statutory authority includes a State body within the meaning of the State Owned Enterprises Act 1992.
40BProvisions of this Part in addition to all other powers
The provisions of this Part are in addition to, and do not in any way restrict or limit, and must not be taken to restrict or limit, any other powers (whether under an Act or otherwise) of the Treasurer or the State to give, or authorise the giving of, indemnities.
40CIndemnity for directors
The Treasurer may, on behalf of the Government of Victoria, give an indemnity to a person who is or has been an eligible director, on such terms and conditions as the Treasurer determines, and, despite anything to the contrary in any Act, against such liabilities as the Treasurer determines, being liabilities that by law may attach to the person as an officer, or former officer, of a statutory authority or State company.
40DIndemnity for statutory authorities and State companies
The Treasurer may, on behalf of the Government of Victoria, give an indemnity to a statutory authority or State company, on such terms and conditions as the Treasurer determines, against such liabilities as the Treasurer determines, being liabilities that by law may attach to the authority or company in carrying out or purporting to carry out its functions and powers.
40EIndemnity for owner of goods
The Treasurer may, on behalf of the Government of Victoria, give an indemnity, on such terms and conditions as the Treasurer determines, to the owner of goods that are lent for temporary exhibition or are otherwise made available for a limited period to the State or to a statutory authority or an agency or instrumentality of the State against such loss or damage to the goods as the Treasurer determines.
40FCharge for indemnities
The Treasurer, as a condition of giving an indemnity under this Part, may require the payment to the Treasurer of an amount determined by the Treasurer for payment into a trust account in the Trust Fund established under section 19.
40GConfirmation of certain indemnities
(1)This section applies to an indemnity given by the Treasurer before the commencement of this section to—
(a)an officer of an electricity corporation, Victorian Power Exchange or distribution company within the meaning of the Electricity Industry Act 1993;
(b)the Administrator for the restructuring of the electricity supply industry appointed under section 48 of the Electricity Industry Act 1993;
(c)a person in respect of his or her position as an officer of the Totalizator Agency Board established under the Racing Act 1958;
(d)a person in respect of his or her position as an officer of TABCORP Holdings Limited, A.C.N. 063 780 709.
(2)If a person to whom an indemnity to which this section applies was given makes a written request to the Treasurer for a certificate under this section confirming the indemnity, the Treasurer may issue such a certificate, and upon the giving of the certificate, the indemnity has effect for the purposes of section 40H as if it had been given under this Part.
40HAppropriation
(1)Any sums required by the Treasurer in fulfilling any liability arising under an indemnity given by the Treasurer under this Part shall be paid out of the Consolidated Fund (which is hereby to the necessary extent appropriated accordingly).
(2)Any sums received or recovered by the Treasurer from a person who is or has been an eligible director or from a statutory authority, State company or any other person or otherwise in respect of any sums paid by the Treasurer under an indemnity given under this Part shall be paid into the Consolidated Fund.
PART 6B—GUARANTEE CHARGE
40IDefinitions
In this Part—
State guarantee means—
(a)a guarantee under an Act; or
(b)a guarantee executed by the Treasurer—
guaranteeing the due satisfaction of amounts payable in respect of financial accommodation.
40JApplication of Part
This Part does not apply in relation to financial accommodation obtained before the commencement of this section.
40KGuarantee charge
(1)The Treasurer may determine, before financial accommodation to which a State guarantee is to apply is provided to a person, that an annual guarantee charge is payable by that person in respect of the financial accommodation at an annual percentage rate specified in the determination, being a rate that, in the opinion of the Treasurer, does not exceed the difference between—
(a)the annual interest or discount rate and other costs of the financial accommodation; and
(b)the estimated annual interest or discount rate and other costs of the financial accommodation that would apply if the State guarantee did not apply.
(2)A person who is required to pay a guarantee charge in respect of financial accommodation must pay to the Treasurer, for payment into the Consolidated Fund—
(a)if the financial accommodation is provided for less than 12 months, an amount determined—
(i)if the guarantee is under an Act, by multiplying the amount of the financial accommodation by the rate referred to in subsection (1); or
(ii)if the guarantee is executed by the Treasurer, by multiplying the amount of the limit of the guarantee by the rate referred to in subsection (1); or
(b)if the financial accommodation is provided for 12 months or more, an amount in respect of each financial year during which the guarantee is in force determined by multiplying the sum of the person's liabilities in respect of the financial accommodation as at the end of that financial year by the rate referred to in subsection (1).
(3)A guarantee charge is payable on or before 31 December next following the financial year, or part of a financial year, to which it relates and may be recovered as a debt due to the State.
40LInformation to be supplied
A person who is required to pay a guarantee charge must give to the Treasurer, or a person authorised by the Treasurer, such information as the Treasurer or authorised person reasonably requires for the purpose of determining the amount of the charge in respect of a financial year.
PART 6C—FINANCIAL ACCOMMODATION LEVY
40MLeviable authority
(1)In this Part, leviable authority means an authority in respect of which an Order under subsection (2) is in force.
(2)The Governor in Council may, by Order published in the Government Gazette, declare a public authority within the meaning of the Treasury Corporation of Victoria Act 1992 to be a leviable authority for the purposes of this Part.
40NFinancial accommodation levy
(1)A leviable authority must pay to the Treasurer for payment into the Consolidated Fund a levy, in respect of each leviable period, in respect of financial accommodation provided to the authority, or in respect of such part of that accommodation as the Treasurer determines from time to time.
(2)The levy payable by a leviable authority in respect of each leviable period is determined by multiplying the liabilities of the authority in respect of the financial accommodation to which the levy relates as at the end of that leviable period by a percentage rate determined in relation to that authority by the Treasurer, or a person authorised by the Treasurer, in respect of the financial year in which the leviable period falls, being a rate that, in the opinion of the Treasurer or authorised person, does not exceed the difference between—
(a)the annual interest or discount rate and other costs of the financial accommodation; and
(b)the estimated annual interest or discount rate and other costs of the financial accommodation that would apply if the leviable authority were not a public authority.
(3)The Treasurer or authorised person may, in determining the levy in accordance with subsection (1), have regard to such matters as the Treasurer or person determines.
(4)The levy is payable at such times, and in such manner, as the Treasurer determines and may be recovered as a debt due to the State.
(5)In this section, leviable period, in relation to a leviable authority, means a financial year or such shorter period as the Treasurer determines from time to time in relation to that authority.
40OLeviable authority not liable to pay guarantee charge
A leviable authority that is liable to pay a financial accommodation levy under this Part in respect of financial accommodation is not liable to pay a guarantee charge under Part 6B in respect of that financial accommodation.
PART 7—ACCOUNTABILITY AND REPORTING
41Definitions
In this Part—
board
, in relation to a public body or
prescribed office that has a governing body (by whatever name called), means that governing body;
declared body means a prescribed office or public body specified in an Order made under section 41A;
overarching obligation—
(a)of the accountable officer of a department or public body (other than a declared body), means the obligation set out in section 43B(1); or
(b)of the accountable officer of a declared body, means the obligation set out in section 43E(1);
relevant department chief finance officer, for a prescribed office or public body, means the chief finance officer of the department which has responsibility to the relevant Minister for that prescribed office or public body.
41ADeclared body
The Governor in Council, by Order published in the Government Gazette, may declare a prescribed office or a public body to be a declared body for the purposes of this Part.
42Accountable officer
(1)For the purposes of this Act, there must be an accountable officer for each department and public body.
(2)Unless the Minister otherwise determines—
(a)the accountable officer for a department is the Department Head of that department; and
(b)the accountable officer for a public body is the chief executive officer, by whatever name called, of that body.
43Chief finance officer
(1)The accountable officer of a department or public body must designate, in respect of the financial administration of the department or public body—
(a)a position of chief finance officer.
* * * * *
(2)The chief finance officer is responsible to the accountable officer for ensuring that proper accounting records and systems and other records are maintained in accordance with the regulations and directions.
43AFinancial management responsibilities—board of prescribed office or public body
(1)The board (if any) of a prescribed office or a public body must ensure that the accountable officer of the prescribed office or public body fulfils the accountable officer's overarching obligation.
(2)The board is responsible to the relevant Minister for the public body or prescribed office in fulfilling the board's obligation under subsection (1).
(3)The board must report on the board's obligation under subsection (1) to—
(a)the Department Head of the Department of Treasury and Finance; and
(b)in the case of a public body, the Department Head of the department which has responsibility to the relevant Minister for that public body.
(4)This section does not apply to the board of a declared body.
43BFinancial management responsibilities—accountable officer of department or public body
(1)The accountable officer of a department or public body must manage the following in a financially effective, economical, efficient and sustainable manner—
(a)the operations of the department or public body;
(b)the public resources for which the department or public body is responsible.
(2)Without limiting subsection (1), the accountable officer of a department or public body must—
(a)establish and maintain effective controls and reporting mechanisms for matters relating to the financial management of the department or public body; and
(b)ensure that the person who holds the position of chief finance officer of the department or public body can meet the responsibilities of that position under this Act or any other Act.
(3)In fulfilling the accountable officer's overarching obligation, the accountable officer of a department or public body is responsible to—
(a)the relevant Minister for the department or public body; and
(b)in the case of a public body, the board (if any) of the public body.
(4)The accountable officer must report on the accountable officer's overarching obligation to—
(a)the Department Head of the Department of Treasury and Finance; and
(b)in the case of a public body, the Department Head of the department which has responsibility to the relevant Minister for that public body.
(5)If deductions are made under this section from the salary or wages of an officer—
(a)the officer may apply to the relevant Minister for the weekly amount of the deductions to be reduced; and
(b)the relevant Minister may give such directions as he or she thinks fit as to the amount of deductions to be made from the salary or wages of the officer.
(6)An officer may apply in writing to the relevant Minister to be relieved from all or any of the liability with respect to the repayment of an overpayment and the relevant Minister may at any time in his or her absolute discretion by writing relieve the officer from all or any of such liability.
(7)Without derogating from the rights conferred on the State by this section, the State must before making any deduction under this section consider any proposal made by the officer with respect to the repayment of the overpayment.
(8)Subsection (4) does not apply to a deduction in respect of an overpayment that has not been repaid at the date the officer ceases for any reason to be employed in the service of the State or a department.
57Liability in respect of loss or damage
(1)In this section, officer means a person who is or was employed in the service of an authority.
(2)An officer who, by misconduct or by performing any duties in a grossly negligent manner, causes or contributes to a loss or deficiency in public money or the loss or destruction of or damage to other property of the State is liable to pay to the State an amount equal to the amount of the loss or deficiency or the value of the property lost or destroyed.
(3)If an accountable officer, or the chief finance officer, of an authority is of the opinion that an officer of the authority may be liable for a loss, deficiency, destruction or damage under subsection (2), the accountable officer or chief finance officer may direct that an investigation be held.
(4)An investigation for the purposes of subsection (3) must be conducted in accordance with, and by a person appointed under, the regulations.
(5)After considering the report of an investigation under this section, the accountable officer or chief finance officer must determine whether or not to seek to recover an amount specified in the report of the investigation from the officer.
58Unclaimed property
(1)If the Crown is entitled to any property whether real or personal as unclaimed property (otherwise than by reason of the Unclaimed Money Act 2008), the Minister on behalf of the Crown may, subject to and in accordance with subsection (3), grant, convey, transfer, assign or deliver that property on such terms as the Minister thinks fit.
(2)If any money or the proceeds of the realisation of any property has been paid into the Consolidated Fund as unclaimed property, the Minister may, subject to and in accordance with subsection (3), authorise the payment of the whole or any part of the money out of the Consolidated Fund (which is to the necessary extent appropriated accordingly).
(3)A grant, conveyance, transfer, assignment, delivery or payment of property under this section may be made by the Minister—
(a)if the Crown became entitled to the property as the result of the death of any person—
(i)to any person whether related to the deceased or not who was dependent upon the deceased; or
(ii)to any person for whom in the opinion of the Minister the deceased might reasonably have been expected to make provision; and
(b)in any other case to any person who in the opinion of the Minister has a just claim in relation to that property or money.
59Regulations
(1)The Governor in Council may make regulations for or with respect to—
(a)financial governance and oversight, including financial risk management and internal audit;
(b)structures, systems and procedures in authorities and public bodies to ensure proper financial management;
(ba)matters relating to financial planning for authorities and public bodies;
(bb)policies, systems and procedures for managing the financial performance of authorities and public bodies;
(bc)policies, systems and procedures for the management of public resources by authorities and public bodies;
(bd)policies, systems and procedures for implementing a response to an audit conducted under the Audit Act 1994;
(be)policies, systems and procedures for recording and reporting on the application of appropriations;
(bf)subject to consultation with the Minister responsible for the administration of Part 4 of the Project Development and Construction Management Act 1994, policies, systems and procedures for the procurement of any public construction by or on behalf of the State or by or on behalf of departments or public bodies;
(c)the issue, control and disbursement of money applied temporarily from the Public Account;
(d)financial reporting, including the form and content of reports of operations, financial statements and information required under Part 7;
(da)prescribing any matter for the purposes of Part 7C, including, but not limited to, the following—
(i)matters to be considered before a decision is made on waiver, deferral, refund or reduction under Part 7C;
(ii)when waiver, deferral, refund or reduction under Part 7C is appropriate or not appropriate;
(iii)communication regarding waiver, deferral, refund or reduction under Part 7C;
(iv)additional requirements in relation to collection of certain types of fees or charges or fees and charges above or below a specified monetary threshold;
(v)any procedural matters relating to waiver, deferral, refund or reduction under Part 7C;
(e)policies and procedures to ensure that authorities and public bodies comply with obligations imposed on them by or under this Act;
(f)the management and disposal or writing off of the assets (other than money) and liabilities of the State and the recording of and accounting for those assets and liabilities;
(g)prescribing forms for the purposes of this Act or the regulations;
(h)the method of dealing with and accounting for securities coming into the possession of an accountable officer or other person;
(i)systems and procedures for the purchase and supply of goods and services for or on behalf of the State;
(ia)statements of the gender impacts of budgets prepared under Division 4A of Part 5;
(ib)gender impact assessments under section 40AA;
(ic)without limiting paragraphs (ia) and (ib), prescribing any other matter for the purposes of Division 4A of Part 5 or section 40AA, including, but not limited to, the form, content of, or requirements (including timing) in relation to, statements of the gender impacts of budgets or gender impact assessments;
(j)generally prescribing any other matter or thing required or permitted by this Act to be prescribed or necessary to be prescribed to give effect to this Act.
(1A)For the avoidance of doubt, the power to make regulations under subsection (1) extends to regulations with respect to money in a Trust Account in the Trust Fund that is established by or under another Act.
(2)The regulations—
(a)may be of a general or limited application;
(b)may differ according to differences in time, place or circumstances;
(c)may confer a discretionary authority or impose a duty on a specified person or class of person;
(d)may provide in a specified case or class of case for the exemption of persons or things or class of persons or things from any of the provisions of the regulations, whether unconditionally or on specified conditions and either wholly or to such an extent as is specified;
(e)may impose a penalty not exceeding 5 penalty units for a contravention of the regulations.
(3)Any regulation may adopt, apply or incorporate the whole or any part of any statement of accounting standards or statement of accounting practice issued at any time before the regulation is made by all or any of the following—
(a)CPA Australia;
(b)Institute of Chartered Accountants in Australia;
(c)Australian Securities and Investments Commission;
(d)Australian Accounting Standards Board;
(e)Australian Bureau of Statistics;
(f)any other prescribed person or body.
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PART 9—TRANSITIONAL AND CONSEQUENTIAL
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62Transitional provisions
(1)Sections 46 and 47 of the Audit Act 1958 continue to apply in respect of the financial year ending on 30 June 1994 as if that Act had not been repealed by this Act.
(2)A person who, immediately before the commencement of this section, was a receiver of revenue under the Audit Act 1958 continues, until his or her appointment is revoked by the Minister, to be a person whose duty it is to receive public money.
(3)Each contract or other document in effect immediately before the commencement of this subsection that refers to the Tender Board continues to have effect according to its tenor on and after that commencement as if a reference in the document to the Tender Board were a reference to the Board.
(4)In this section Tender Board means the Tender Board established by Regulation 7 of the Supply Management Regulations 1994.
62AFurther transitional provisions
(1)Despite the amendment of section 46 by the Financial Management (Amendment) Act 1997, section 46 has effect, in relation to a public body the financial year of which ends in 1997 before 30 June, as if it had not been so amended.
(2)Despite the commencement of the Financial Management (Amendment) Act 1998—
(a)the financial statement under section 24 in respect of the financial year 1997/98; and
(b)the report of operations and financial statements of a department or public body under Part 7 in respect of that financial year—
must be prepared as if that Act had not come into operation.
(3)Despite the commencement of the Financial Management (Financial Responsibility) Act 2000, Part 5 and section 35(4), as in force immediately before that commencement, continue to apply in respect of the financial year 1999/2000.
63References to receiver of revenue
A reference in an Act or in regulations under an Act to a receiver of revenue is to be taken to be a reference to a person, or persons included in a class of persons, declared by order of the Minister published in the Government Gazette to be an officer whose duty it is to receive payment of fees by way of money or otherwise to collect public money.
64Saving of payments under Mint Act 1958
Despite the repeal of the Mint Act 1958 by the Treasury Legislation (Repeal) Act 2005, any obligation under that 1958 Act to pay an amount to Her Majesty in England continues to apply as if that 1958 Act had not been repealed.
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ENDNOTES
1 General information
See for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.
Minister's second reading speech—
Legislative Assembly: 19 November 1993
Legislative Council: 19 April 1994
The long title for the Bill for this Act was "A Bill relating to financial management, to repeal the Public Account Act 1958 and the Annual Reporting Act 1983, to make consequential amendments to other Acts and for other purposes.".
The Financial Management Act 1994 was assented to on 10 May 1994 and came into operation as follows:
Part 1 (sections 1–8), sections 60, 61 on 10 May 1994: section 2(1); rest of Act on 1 July 1994: section 2(2).
INTERPRETATION OF LEGISLATION ACT 1984 (ILA)
Style changes
Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.
References to ILA s. 39B
Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided section or clause of a Schedule is amended by the insertion of one or more subsections or subclauses, the original section or clause becomes subsection or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original section or clause.
Interpretation
As from 1 January 2001, amendments to section 36 of the ILA have the following effects:
• Headings
All headings included in an Act which is passed on or after 1 January 2001 form part of that Act. Any heading inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. This includes headings to Parts, Divisions or Subdivisions in a Schedule; sections; clauses; items; tables; columns; examples; diagrams; notes or forms. See section 36(1A)(2A).
• Examples, diagrams or notes
All examples, diagrams or notes included in an Act which is passed on or after 1 January 2001 form part of that Act. Any examples, diagrams or notes inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, form part of that Act. See section 36(3A).
• Punctuation
All punctuation included in an Act which is passed on or after 1 January 2001 forms part of that Act. Any punctuation inserted in an Act which was passed before 1 January 2001, by an Act passed on or after 1 January 2001, forms part of that Act. See section 36(3B).
• Provision numbers
All provision numbers included in an Act form part of that Act, whether inserted in the Act before, on or after 1 January 2001. Provision numbers include section numbers, subsection numbers, paragraphs and subparagraphs. See section 36(3C).
• Location of "legislative items"
A "legislative item" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of an Act is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.
• Other material
Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of an Act.
See section 36(3)(3D)(3E).
2 Table of Amendments
This publication incorporates amendments made to the Financial Management Act 1994 by Acts and subordinate instruments.
–––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––
Financial Management (Amendment) Act 1994, No. 75/1994
Assent Date: 22.11.94 Commencement Date: S. 7(6) on 10.5.94: s. 2(1); rest of Act on 1.1.95:
s. 2(2)CurrentState: All of Act in operation
Electricity Industry (Further Amendment) Act 1994, No. 110/1994
Assent Date: 20.12.94 Commencement Date: S. 43 on 20.12.94: Special Gazette (No. 100) 20.12.94 p. 1 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Financial Management and Audit Acts (Amendment) Act 1995, No. 43/1995
Assent Date: 14.6.95 Commencement Date: S. 7(2) on 10.5.95: s. 2(1); ss 1–6, 7(1), 8, 9 on 14.6.95: s. 2(6) CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Miscellaneous Acts (Omnibus Amendments) Act 1995, No. 100/1995
Assent Date: 5.12.95 Commencement Date: S. 26 on 5.12.95: s. 2(1) CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Trustee and Trustee Companies (Amendment) Act 1995, No. 104/1995
Assent Date: 5.12.95 Commencement Date: 1.1.96: s. 2 CurrentState: All of Act in operation
Zoological Parks and Gardens Act 1995, No. 106/1995
Assent Date: 5.12.95 Commencement Date: S. 53 on 30.4.96: Special Gazette (No. 45) on 30.4.96 p. 1 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Miscellaneous Acts (Further Omnibus Amendments) Act 1996, No. 73/1996
Assent Date: 17.12.96 Commencement Date: S. 24 on 17.12.96: s. 2(1) CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Financial Management (Amendment) Act 1997, No. 42/1997
Assent Date: 11.6.97 Commencement Date: 11.6.97: s. 2 CurrentState: All of Act in operation
Audit (Amendment) Act 1997, No. 93/1997
Assent Date: 16.12.97 Commencement Date: Ss 25, 28 (Sch. item 13) on 1.7.98: s. 2(2) CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Financial Management (Amendment) Act 1998, No. 1/1998
Assent Date: 31.3.98 Commencement Date: 1.7.98: s. 2 CurrentState: All of Act in operation
Public Sector Reform (Miscellaneous Amendments) Act 1998, No. 46/1998
Assent Date: 26.5.98 Commencement Date: S. 7(Sch. 1) on 1.7.98: s. 2(2) CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Audit (Amendment) Act 1999, No. 53/1999
Assent Date: 14.12.99 Commencement Date: S. 24 on 1.1.00: Government Gazette 23.12.99 p. 2764 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Financial Management (Financial Responsibility) Act 2000, No. 9/2000
Assent Date: 18.4.00 Commencement Date: Ss 3–5 on 19.4.00: s. 2 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Statute Law Amendment (Authorised Deposit-taking Institutions) Act 2001, No. 11/2001
Assent Date: 8.5.01 Commencement Date: S. 3(Sch. item 26) on 1.6.01: s. 2(2) CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Corporations (Consequential Amendments) Act 2001, No. 44/2001
Assent Date: 27.6.01 Commencement Date: S. 3(Sch. item 43) on 15.7.01: s. 2 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Victorian Managed Insurance Authority (Amendment) Act 2001, No. 50/2001
Assent Date: 27.6.01 Commencement Date: S. 9 on 28.6.01: s. 2 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Constitution (Parliamentary Reform) Act 2003, No. 2/2003 (as amended by No. 44/2006)
Assent Date: 8.4.03 Commencement Date: S. 52 on 31.10.06: s. 2(3) CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Audit (Amendment) Act 2003, No. 36/2003
Assent Date: 11.6.03 Commencement Date: S. 25 on 1.7.03: s. 2(2) CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Financial Management (Amendment) Act 2004, No. 43/2004
Assent Date: 16.6.04 Commencement Date: Ss 4–14 on 17.6.04: s. 2 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Public Administration Act 2004, No. 108/2004
Assent Date: 21.12.04 Commencement Date: S. 117(1)(Sch. 3 item 77) on 5.4.05: Government Gazette 31.3.05 p. 602 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Treasury Legislation (Miscellaneous Amendments) Act 2005, No. 72/2005
Assent Date: 25.10.05 Commencement Date: S. 3 on 26.10.05: s. 2 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Treasury Legislation (Repeal) Act 2005, No. 73/2005
Assent Date: 25.10.05 Commencement Date: S. 4(Sch. 2 item 2) on 26.10.05: s. 2 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Financial Management (Miscellaneous Amendments) Act 2006, No. 26/2006
Assent Date: 6.6.06 Commencement Date: 7.6.06: s. 2 CurrentState: All of Act in operation
Public Sector Acts (Further Workplace Protection and Other Matters) Act 2006, No. 80/2006
Assent Date: 10.10.06 Commencement Date: S. 26(Sch. item 38) on 11.10.06: s. 2(1) CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Unclaimed Money Act 2008, No. 44/2008
Assent Date: 26.8.08 Commencement Date: S. 110 on 1.1.09: s. 2(2) CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
State Taxation and Financial Legislation Amendment Act 2013, No. 69/2013
Assent Date: 19.11.13 Commencement Date: Ss 11–13 on 20.11.13: s. 2(1) Current State: This information relates only to the provision/s amending the Financial Management Act 1994
Court Services Victoria Act 2014, No. 1/2014
Assent Date: 11.2.14 Commencement Date: Ss 63–65 on 1.7.14: s. 2(2) Current State: This information relates only to the provision/s amending the Financial Management Act 1994
Victoria Police Amendment (Consequential and Other Matters) Act 2014, No. 37/2014
Assent Date: 3.6.14 Commencement Date: S. 10(Sch. item 62) on 1.7.14: Special Gazette (No. 200) 24.6.14 p. 2 Current State: This information relates only to the provision/s amending the Financial Management Act 1994
Court Services Victoria and Other Acts Amendment Act 2015, No. 25/2015
Assent Date: 29.6.15 Commencement Date: Ss 6–8 on 30.6.15: Special Gazette (No. 183) 30.6.15 p. Current State: This information relates only to the provision/s amending the Financial Management Act 1994
Regulatory Legislation Amendment (Reform) Act 2022, No. 13/2022
Assent Date: 29.3.22 Commencement Date: Ss 31, 32 on 30.3.22: s. 2(3) Current State: This information relates only to the provision/s amending the Financial Management Act 1994
Financial Management Amendment (Gender Responsive Budgeting) Act 2024, No. 21/2024
Assent Date: 4.6.24 Commencement Date: Ss 4–10 on 5.6.24: s. 2 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
Financial Management Legislation Amendment Act 2025, No. 30/2025
Assent Date: 19.8.25 Commencement Date: Ss 3–22 on 20.8.25: s. 2 CurrentState: This information relates only to the provision/s amending the Financial Management Act 1994
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3 Explanatory details
[1] S. 27E: The Minister is also required, under section 16B (repealed) of the Audit Act 1994, to cause the report of the Auditor-General's review of the estimated financial statements under that section to be laid before each House of the Parliament with the estimated financial statements.
[2] S. 45(5): The requirements for the report of operations and financial statements of the Victorian Auditor-General's Office are contained in section 7B of the Audit Act 1994.
[3] S. 46(4): See note 2.
[4] S. 53(3): See note 2.
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