Territory Stories

Ministerial Statement Reform of the Power and Water Authority Six months on

Details:

Title

Ministerial Statement Reform of the Power and Water Authority Six months on

Other title

Tabled paper 1301

Collection

Tabled Papers for 8th Assembly 1997 - 2001; Tabled Papers; ParliamentNT

Date

1999-06-03

Description

Tabled by Barry Coulter

Notes

Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.

Language

English

Subject

Tabled papers

File type

application/pdf

Use

Copyright

Copyright owner

See publication

License

https://www.legislation.gov.au/Series/C1968A00063

Parent handle

https://hdl.handle.net/10070/296056

Citation address

https://hdl.handle.net/10070/394163

Page content

12 revaluation exercise is being carried out in close consultation with NT Treasury and the Auditor-General. The Authoritys accounting ledger is also currently being rewritten to ensure business outcomes can be accurately measured. Implementation is targeted for 1 July 1999. This rewrite will enable line of business financial information to be captured and reported upon in a commercial format (that is, via profit and loss statements, funds flow statements and balance sheets). The ledger rewrite is being undertaken in consultation with DCIS and NT Treasury. Following extensive discussions with Treasury officials, agreement has been reached to restructure the Authoritys budget to a single line appropriation from 99/00. Detailed shareholder reporting will be made in a commercial format on a line of business basis. Major changes to the 99/00 budget resulted from an increase in community service obligation funding arising from the use of the Merrill Lynch Fay Richwhite financial model and a rational dividend policy. Mr Speaker, the savings that will be delivered by this package add up to nearly $7 million in ongoing financial improvement already with more to come from these same reforms in future years. The target for year one was $10 million and we are only six months into the job so it has been a good start. These savings are being returned to customers in the form of lower tariffs and more will come as more savings are realised. A num ber of large customers have already taken up the new demand tariff and some have entered into long term contracts. A word of caution, however. 12