Budget 2012-2013 Budget Paper No.3 The Budget
Tabled paper 1785
Tabled papers for 11th Assembly 2008 - 2012; 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.
315 Glossary Accrual Accounting Accrual accounting is the accounting basis where assets, liabilities, equity, income and expenses are recognised in the reporting periods to which they relate, regardless of when cash is received or paid. Agency A unit of government administration, or office or statutory corporation, nominated in an Administrative Arrangements Order for the purposes of the Financial Management Act and including, where the case requires, a part or division (bywhatever name called) of an agency. Business Line Goods and services produced by government business divisions which are sold to the community and to agencies on a fee-for-service basis, similar to a commercial enterprise. Capital Appropriation Capital appropriation represents an increase in the Governments investment in an agency for asset purchases and capital works projects. A capital appropriation is provided to agencies by the Central Holding Authority. Capital Grants Capital grants are provided to fund the construction or upgrade of significant assets that are owned by entities outside the Budget Sector (grant recipients). Works may either be managed by the grant recipient (to which the grant is provided directly), or by the Department of Construction and Infrastructure, in which case grant funds are held by the agency that is providing the grant and the asset is handed over to the grant recipient on completion of construction. Capital Works Capital works are defined as building and engineering works that create an asset, as well as constructing or installing facilities and fixtures associated with, and forming an integral part of, those works. This definition focuses on capital projects where construction activity is required in order to create an asset. Capital works projects would typically include constructing buildings, roads and bridges, installing large airconditioning plants or lifts, upgrading or extending existing buildings, and major roadworks that upgrade existing roads. A further breakdown is provided with a split between major and minor new works (refer to Budget PaperNo. 4). Carry Forward Funding that has not been fully expended within a financial year and is carried over into the following year to be utilised. Cash Accounting Cash accounting recognises revenue and expenditure only at the time cash is received or paid. Community Service Obligation A community service obligation (CSO) arises when the Government requires a government business division or government owned corporation to carry out activities which it would not choose to do on a commercial basis or would only do so at higher commercial prices. CSOs allow the Government to achieve identifiable community or social objectives that would not be achieved if left to commercial considerations.
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