Advance to the Finance Minister – section 11 of Appropriation Act (No. 2) 2001-2002 (No. 14 of 2001-2002)

Overview

The Appropriation Act (No.2) 2001-2002, as amended by the legislative instrument F2007B00876, pertains to the advancement of funds to the Finance Minister and was enacted to address the need for adjustments in budgetary allocations. This legislative instrument empowers the Branch Manager of the Commonwealth Financial Reporting Unit within the Department of Finance and Administration to increase certain appropriation items for specific agencies. The purpose of this instrument is to provide flexibility in budget management, enabling the reallocation of funds to meet emergent needs or operational adjustments as identified by the relevant authorities. This legislative measure ensures that the Finance Minister can facilitate financial adjustments in a timely and authorised manner, thereby supporting the efficient operation of government agencies and the effective execution of public policy objectives.

Scope and Application

Section 11 of the Appropriation Act (No. 2) 2001-2002 applies to the allocation of specific appropriation items for particular agencies within the Australian federal government. In this case, the legislative instrument F2007B00876 pertains to an increase in the appropriation item for the Stevedoring Industry Finance Committee, amounting to $6,265,739. The Act is enacted under the authority of the Commonwealth of Australia and extends to federal agencies and entities within the administrative framework of the Department of Finance and Administration. The geographic reach of this Act is national, as it pertains to the federal budget and the allocation of funds across the Commonwealth. There are no explicit exclusions or exemptions mentioned in this particular legislative instrument, but the application is limited to the specified appropriation item and agency. Subordinate instruments may further define or refine the application of this Act, extending or restricting its provisions as necessary for the proper management of federal finances.

Key Provisions

Section 11 of the Appropriation Act (No. 2) 2001-2002 provides the authority for the Finance Minister to adjust appropriation items as needed to meet the fiscal requirements of government agencies. This particular legislative instrument, F2007B00876, utilises this authority to increase the appropriation for the Equity Injection program under the Stevedoring Industry Finance Committee by $6,265,739. This increase is formally determined and authorised by Jim Kerwin, Branch Manager of the Commonwealth Financial Reporting Unit, Budget Group, Department of Finance and Administration, and is effective as of 12 April 2002. The obligations imposed by this legislative instrument are primarily administrative and financial in nature. Jim Kerwin, as the authorised Branch Manager, is required to ensure that the increase in appropriation is accurately reflected in the relevant financial records and that all subsequent budget allocations and financial management practices comply with the new appropriation amount. This involves meticulous record-keeping and adherence to financial protocols to maintain the integrity of the government's fiscal management. Failure to comply with the provisions of this legislative instrument could lead to significant consequences. The Act does not specify particular offences or penalties within the text of the legislative instrument itself, but breaches of appropriation regulations generally could result in legal actions, including potential audits or investigations by the Australian National Audit Office. Additionally, if the increased appropriation is not managed correctly, it could lead to financial mismanagement charges or other civil liabilities. The maximum penalties for such breaches could range from fines to more severe sanctions, depending on the nature and severity of the violation.