Territory Stories

Annual report 2003 - 2004



Annual report 2003 - 2004

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Department of the Chief Minister


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




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






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

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Dept. of the Chief Minister

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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