Territory Stories

Budget 2011-12 Budget Paper No.3 The Budget

Details:

Title

Budget 2011-12 Budget Paper No.3 The Budget

Other title

Tabled paper 1279

Collection

Tabled papers for 11th Assembly 2008 - 2012; Tabled papers; ParliamentNT

Date

2011-05-03

Description

Tabled By Delia Lawrie

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/Details/C2019C00042

Parent handle

https://hdl.handle.net/10070/277286

Citation address

https://hdl.handle.net/10070/424039

Page content

1 Overview The 201112 Budget is an accrual outputbased budget prepared in accordance with the Territorys fiscal management legislation and framework. Budget Paper No. 3 provides detailed information on the budgets of Northern Territory Government agencies and business divisions, and focuses on the services and outputs delivered across Government. The information provided in BudgetPaperNo.3 for 2010 11 and 201112 encompasses: agency expenses and appropriation amounts; agency profiles, strategic issues and budget highlights; description of variations between years; output statements for agencies and business line statements for government business divisions, including key deliverables and estimates; accrual financial statements (Operating Statement, Balance Sheet and Cash Flow Statement); community service obligation payments to government business divisions and government owned corporations; and a summary of revenue received by the Central Holding Authority, agencies and government business divisions. For the 201112 Budget, a review of the agency budget presentation (Part 1) of Budget Paper No. 3 was undertaken to align with contemporary practice and the Territorys 2030 strategic plan. This chapter includes details of the changes resulting from the review. The legislative basis for the 201112 Budget and the Territorys financial management framework is explained below. Legislative Basis Two principal Acts combine to form the framework for the management of the Territorys financial resources and ensure that the range of accountability requirements are satisfied: Fiscal Integrity and Transparency Act whole of government reporting requirements; and Financial Management Act agency and government business division accountability requirements. These Acts are supplemented by the annual Appropriation Act, which provides legal authority for the Governments funding decisions. Fiscal Integrity and Transparency Act The Fiscal Integrity and Transparency Act (FITA) requires the reporting of the budget and forward estimates on the basis of external reporting standards. The reporting standard used in the Northern Territory is the Uniform Presentation Framework as agreed by states, territories and the Commonwealth. This is based on AASB 1049 Whole of Government and General Government Sector Financial Reporting. The 201112 Budget is presented in accordance with the FITA. Financial Management Act The Financial Management Act (FMA) provides a financial framework within which the Territory Government as a whole, agencies and government business divisions operate and


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