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

Overview

The Appropriation (No. 2) Act 2001-2002 was enacted by the Australian Parliament to address the need for additional funding allocations in the middle of a financial year, supplementing the primary annual appropriation acts. This particular legislative instrument, F2007B00847, pertains to an increase in appropriation for the Stevedoring Industry Finance Committee, as determined by the Finance Minister. The policy objective here is to ensure that agencies continue to receive the necessary funding to carry out their functions and obligations without undue interruption. Jim Kerwin, as Branch Manager of the Commonwealth Financial Reporting Unit in the Department of Finance and Administration, has been authorised to make this adjustment pending the presentation of Additional Estimates. This measure facilitates the government's fiscal management by allowing for the reallocation of funds as operational needs and economic conditions evolve.

Scope and Application

The legislative instrument F2007B00847, pursuant to Section 11 of the Appropriation Act (No. 2) 2001-2002, provides for the temporary increase of appropriations for specific entities pending the issuance of Additional Estimates. This particular instrument applies to the Stevedoring Industry Finance Committee, with the appropriation item for an equity injection being increased by $9,627,000. The authority to make this determination lies with Jim Kerwin, who is identified as the Branch Manager of the Commonwealth Financial Reporting Unit, Budget Group within the Department of Finance and Administration. The increased appropriation is to be managed under the Commonwealth's jurisdiction, and its reach is confined to the specified appropriation item for the identified entity. This instrument does not specify any exclusions, exemptions, or thresholds beyond what is delineated in the legislative text. The Act's application might be further detailed or modified through subordinate instruments, which may provide additional guidelines or clarifications to the primary legislation.

Key Provisions

Section 11 of the Appropriation Act (No. 2) 2001-2002, as referenced in the legislative instrument F2007B00847, outlines the process for advancing funds to the Finance Minister. According to this section, the Branch Manager of the Commonwealth Financial Reporting Unit, Budget Group, Department of Finance and Administration is authorised to determine an increase in the appropriation for specific items pending the issuance of Additional Estimates. In this particular legislative instrument, the appropriation item for the Stevedoring Industry Finance Committee is to be increased by $9,627,000 under the Equity Injection category. This determination is made to ensure that the agency has the necessary funds to continue its operations until the Additional Estimates are formally presented. The obligations and requirements imposed by this Act are primarily administrative and financial in nature. The Branch Manager, Jim Kerwin, must ensure that the increased appropriation is properly accounted for and that the funds are allocated to the Stevedoring Industry Finance Committee as specified. The Act mandates that this determination is to be made in good faith and in accordance with the financial needs of the agency, with the understanding that these funds are temporary until the Additional Estimates are passed. Additionally, there is an obligation on the part of the Stevedoring Industry Finance Committee to utilise these funds responsibly and in line with their operational requirements. The legislative instrument does not explicitly detail offences, penalties, or consequences for breaches of its provisions. However, the nature of the Act implies that any misuse of the advanced funds could lead to financial mismanagement and potential legal repercussions. The determination made by the Branch Manager is subject to audit and review by relevant authorities to ensure compliance with financial regulations and the proper use of public funds. Any discrepancies or irregularities in the use of these advanced funds could result in administrative or legal action against the responsible parties, including possible sanctions or financial penalties as prescribed by other relevant legislation.