Northern Territory budget papers 2003 - 2004
2003/04 Budget paper
Northern Territory. Department of Treasury
Northern Territory budget papers; E-Journals; PublicationNT
2003-05-29
Made available via the Publications (Legal Deposit) Act 2004 (NT).; Please Note: This can't be read online. Please download to read the documents
Northern Territory Budget paper No. 01 2003-04 Speech and Appropriation Bill -- Northern Territory Budget paper No. 02 2003-04 Fiscal and Economic Outlook -- Northern Territory Budget paper No. 03 2003-04 The Budget -- Northern Territory Budget paper No. 04 2002-03 Capital Works Program -- Northern Territory Budget paper No. 05 2002-03 Budget Overview -- Budget paper No. 06 2002-03 NT Economy -- Northern Territory Budget paper No. 07 2002-03 Regional Highlights -- Northern Territory Budget paper No. 08 2002-03 Building Territory Business
English
Appropriations and expenditures; Periodicals; Budget; Finance, Public
Northern Territory Government
Darwin
2003/04
application/pdf
Attribution International 4.0 (CC BY 4.0)
Northern Territory Government
https://creativecommons.org/licenses/by/4.0/
https://hdl.handle.net/10070/591859 [LANT: E-Journals: Northern Territory Budget paper No. 01 2003-04 The Speech and Appropriation Bill]; https://hdl.handle.net/10070/591861 [LANT: E-Journals: Northern Territory Budget paper No. 02 2003-04 Fiscal and Economic Outlook]; https://hdl.handle.net/10070/591863 [LANT: E-Journals: Northern Territory Budget paper No. 03 2003-04 The Budget]; https://hdl.handle.net/10070/591865 [LANT: E-Journals: Northern Territory Budget paper No. 04 2003-04 Capital Works Program]; https://hdl.handle.net/10070/591867 [LANT: E-Journals: Northern Territory Budget paper No. 05 2003-04 Budget Overview]; https://hdl.handle.net/10070/591869 [LANT: E-Journals: Northern Territory Budget paper No. 06 2003-04 NT Economy]; https://hdl.handle.net/10070/591871 [LANT: E-Journals: Northern Territory Budget paper No. 07 2003-04 Regional Highlights]; https://hdl.handle.net/10070/591873 [LANT: E-Journals: Northern Territory Budget paper No. 08 2003-04 Building Territory Business]
https://hdl.handle.net/10070/244898
https://hdl.handle.net/10070/591861
https://hdl.handle.net/10070/591865; https://hdl.handle.net/10070/591867; https://hdl.handle.net/10070/591869; https://hdl.handle.net/10070/591871; https://hdl.handle.net/10070/591873; https://hdl.handle.net/10070/591859; https://hdl.handle.net/10070/591863
Chapter 4 ________________________________________________________________________________________________ 29 FINANCIAL PROJECTIONS OVERVIEW This chapter presents the financial statements for the 2002-03 Revised Budget, the 2003-04 Budget, and three forward estimate years. It includes a discussion of the movement between years for both general government and the non financial public sector. It also presents detailed projections of the Territorys own source revenue. OPERATING STATEMENT General Government TABLE 4.1: OPERATING STATEMENT GENERAL GOVERNMENT 2002-03 2003-04 2004-05 2005-06 2006-07 Revised Budget Forward Estimates $M $M $M $M $M Operating Revenue 2 368 2 407 2 445 2 560 2 667 Operating Expenses 2 406 2 405 2 473 2 536 2 643 Net Operating Balance -38 2 -28 24 24 less Net Acquisition of Non Financial Assets 87 29 7 6 4 GFS Fiscal Balance -125 -27 -35 18 21 OPERATING REVENUE In 2003-04 operating revenue is expected to increase by 1.6 per cent from 2002-03 with further increases of 1.6 per cent, 4.7 per cent and 4.2 per cent in 2004-05, 2005-06 and 2006-07 respectively. The increase in 2003-04 is relatively low due to some large one-off revenues in 2002-03 and the removal of certain taxes in 2003-04. With these large oneoff items removed, the increase is 3.5 per cent. The large one-off revenue items in 2002-03 are the result of an overpayment of the budget balancing assistance of $17.5 million and the additional dividend paid by Treasury Corporation of $17 million. While this dividend will not be received until 2003-04, under an accrual framework it is recorded as revenue in the year in which it is declared. Taxes have decreased between the years slightly as a result of an expected increase in economic activity which has been offset by the removal of the Temporary Budget Improvement Levy and the rate reduction in pay-roll tax from 6.3 per cent to 6.2 per cent. These two items result in a revenue loss of $10 million. A further discussion of own source revenue is presented later in this chapter. The low increase in revenue in 2004-05 is the result of an expected reduction in the Northern Territorys relativity as a result of the Commonwealth Grants Commissions major review due in February 2004. This is likely to significantly reduce GST Revenue and a reduction of $80 million has been included in the 2004-05 estimates. This results in an increase between 2003-04 and 2004-05 of only $44 million for GST revenue, compared to increases of between $100 and $120 million in both the earlier and later years.