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…