Financial Management and Accountability Act 1997 - Determination pursuant to subsection 20(4) (24/03/1998)

Overview

The Financial Management and Accountability Act 1997 was enacted to address issues related to the management, accountability, and transparency of financial practices within government agencies in Australia. This legislation was introduced to ensure that public funds are managed responsibly and that there is adequate accountability for the use of these funds. The Act was enacted by the Parliament of Australia, reflecting a policy objective to strengthen the integrity and transparency of financial management across the government sector. In line with these objectives, the 1998 legislative instrument, F2007B00009, concerns the abolition of the political Exchange Program, which was a part of the Reserved Money Fund. This decision, made by Peter J Boxall, the Secretary of the Department of Finance and Administration and delegate of the Minister for Finance and Administration, aimed to streamline financial operations by consolidating funds into the Consolidated Revenue Fund, thereby enhancing overall financial oversight and accountability.

Scope and Application

The Financial Management and Accountability Act 1997, through its legislative instrument F2007B00009, pertains to the abolition of the political Exchange Program, which is a part of the Reserved Money Fund established under the Act. This determination, made by Peter J Boxall, the Secretary of the Department of Finance and Administration and acting on behalf of the Minister for Finance and Administration, specifies that the political Exchange Program will be abolished effective from 1 July 1998. Any remaining amounts within this program will be transferred to the Consolidated Revenue Fund. The determination underscores the administrative and financial restructuring within the government's financial management framework, indicating the cessation of specific funds allocated to political exchanges and their redirection towards the broader revenue pool.

Key Provisions

The determination made under subsection 20(4) of the Financial Management and Accountability Act 1997 (section 20) instructs that the political Exchange Program, which forms a part of the Reserved Money Fund, is to be abolished. This abolition is set to take effect from 1 July 1998, as stated in the document signed by Peter J Boxall, the Secretary of the Department of Finance and Administration. The determination specifies that any remaining balance in the political Exchange Program will be transferred to the Consolidated Revenue Fund. The Act imposes specific obligations and requirements on the entities governed by it. The Secretary of the Department of Finance and Administration, as a delegate of the Minister for Finance and Administration, has the authority to make such determinations regarding the Reserved Money Fund and its components. This action ensures that the abolition of the political Exchange Program is carried out in accordance with the legislative provisions, and that any remaining funds are appropriately transferred to the Consolidated Revenue Fund. Failure to comply with the provisions of the Financial Management and Accountability Act 1997 can result in various consequences. Offences and breaches may lead to both civil and criminal penalties. The specific penalties for breaches are not detailed in the text of this determination, but generally, the Act provides for significant consequences for non-compliance. This includes potential fines, imprisonment, or other penalties as prescribed by the relevant laws and regulations. The maximum penalties can vary depending on the nature and severity of the breach.