Budget Paper No.2 Fiscal and Economic Outlook 2008-2009
Tabled paper 1293
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
Tabled By Delia Lawrie
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.
19 Agencies will be required to manage their forward estimates to ensure that efficiency dividends are achieved. Underlying growth in other operating expenses continues to grow marginally due to the contingency allowance included and the CPI inflator included in agency budgets, offset by the efficiency dividend. There is minimal growth estimated in current and capital grants, or grants and subsidies paid, reflecting both the level of SPPs from the Commonwealth, which is slightly declining over the forward period and the fact that capital SPPs are largely spent on infrastructure rather than on operational items. This decline in SPPs over the forward years is offset by the application of parameters to Territory-funded grants. As with receipts, the Cash Flow Statement includes capital payments. This element of the Cash Flow Statement is expected to remain high across the forward estimates, with a peak in 2009-10 due to the anticipated significant spending on multi-year infrastructure projects in that year, to include Indigenous housing and roads such as Tiger Brennan Drive and the Victoria Highway. Table 2.7 provides a summary of assets, liabilities and balance sheet measures for the non financial public sector. 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 Outcome Estimate Budget Forward Estimates $M $M $M $M $M $M Total Assets 7 944 8 226 8 581 8 950 9 339 9 673 Financial Assets 1 516 1 515 1 504 1 536 1 604 1 688 Non Financial Assets 6 428 6 710 7 077 7 414 7 735 7 985 Total Liabilities 5 225 5 491 5 635 5 761 5 913 6 003 Net Worth 2 719 2 735 2 946 3 189 3 426 3 671 Net Debt 1 413 1 477 1 578 1 637 1 687 1 676 Net Debt to Revenue (%) 39 37 38 38 38 36 Net Debt + Employee Liabilities 3 908 4 203 4 382 4 510 4 623 4 663 Net Debt + Employee Liabilities to Revenue (%) 106 104 106 104 104 101 Source: Northern Territory Treasury Net Worth Since the 2007-08 Budget, projected net worth for the non financial public sector has risen in all forward years. The improving trend over 2007-08 and the forward years is due to: cash surpluses in all years for general government; increases in the projected net worth of government trading entities; and projected increases in the value of the Territorys financial assets. Since the introduction of accrual accounting in 2002-03, the Territorys net worth has risen in successive years to $2719 million in 2006-07 (actual outcomes). This is largely the result of continued improvement in the valuation of the Territorys assets Balance Sheet Non Financial Public Sector Table 2.7: Balance Sheet Non Financial Public Sector
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