Territory Stories

Annual report 2003 - 2004

Details:

Title

Annual report 2003 - 2004

Other title

Department of the Chief Minister

Collection

Dept. of the Chief Minister annual report; Department of the Chief Minister annual report; Reports; PublicationNT

Date

2004

Description

Made available via the Publications (Legal Deposit) Act 2004 (NT).

Notes

Date:2004

Language

English

Subject

Northern Territory. Dept. of the Chief Minister -- Periodicals; Executive departments -- Northern Territory -- Periodicals

Publisher name

Dept. of the Chief Minister

Place of publication

Darwin

Copyright owner

Check within Publication or with content Publisher.

Parent handle

https://hdl.handle.net/10070/231446

Citation address

https://hdl.handle.net/10070/668403

Page content

84 DEPARTMENT OF THE CHIEF MINISTER FI N A N C IA L ST A TE M EN TS 20 CONTINGENT LIABILITIES Several indemnities and guarantees have been provided in support of the Adelaide to Darwin Railway Project. The AustralAsia Railway Corporation (AARC) and the Northern Territory and South Australian governments have entered into a concession arrangement for the design, construction, operation and maintenance of the Alice Springs to Darwin Railway on a Build Own Operate and Transfer back basis. Quantifiable contingent liabilities of the Department in relation to the project arises from the commitment to provide a capped amount of $25 million in contingent equity, of which 50 per cent will be provided by the Commonwealth if called. Unquantifiable contingent liabilities of the Territory, and possibly this Department, in relation to the Project arise from the following: joint guarantee of the obligations of the AARC; guarantee of the agreed level of Government financial contribution of the Territory; indemnities granted in relation to title over the railway corridor (title is secure but the indemnity continues); agreement to compensate in the case of early termination of the Project (where a termination event is caused by the Territory); and indemnities in favour of the Commonwealth for the Commonwealths financial contribution. For all of the events that would give rise to the liabilities, there are comprehensive risk management procedures in place. Several other minor indemnities have been provided by the Department, however none of these are considered significantly material. 21 ACCOUNTABLE OFFICERS TRUST ACCOUNT 22 WRITE OFFS, POSTPONEMENTS AND WAIVERS Write offs, waivers and postponements under the Financial Management Act Represented by: Amounts written off, waived and postponed by Delegates - - - Irrecoverable amounts payable to the Territory or an Agency written off - - 2 6 Total - - 2 6 2004 $000 No. of Trans. 2003 $000 No. of Trans. DEPARTMENT OF THE CHIEF MINISTER, NOTES TO FINANCIAL STATEMENTS - FOR THE YEAR ENDED 30 JUNE 2004 Nature of Trust Money Election nomination money - 9 8 1 Bond money - 56 23 33 - 65 31 34 Opening Balance 01/07/03 $000 Receipts $000 Payments $000 Closing Balance 30/06/04 $000


Aboriginal and Torres Strait Islander people are advised that this website may contain the names, voices and images of people who have died, as well as other culturally sensitive content. Please be aware that some collection items may use outdated phrases or words which reflect the attitude of the creator at the time, and are now considered offensive.

We use temporary cookies on this site to provide functionality.
By continuing to use this site without changing your settings, you consent to our use of cookies.