Finance Statement 1992-93 for the year ended 30 June 1993 and the Report of the Auditor-General
Overview
A review and analysis of the financial operations of the State's budget sector for the year ended 30 June 1993 and its financial position at that date. The Report also contains information on certain matters which are required to be reported to Parliament under other provisions of the Audit Act 1958. The Government has recognised as liabilities, for the first time, transport sale and lease-back transactions, deferred expenditure arrangements, the Portland Smelter Unit Trust delayed compensation payments and financing arrangements associated with the World Congress Centre and has commenced action to eliminate prior year expenditure deferrals. The 1993–94 Budget Papers identify further positive action for the current financial year, including: development of an integrated management cycle which provides, among other things, for a medium to long-term planning focus, accountability based on outcomes, and maintenance of appropriate information systems; introduction of new financial management legislation to consolidate current financial reporting and accountability requirements; report of the Auditor-General on the Finance Statement, 1992–93; reform of public sector superannuation arrangements to reduce associated costs and the level of unfunded liabilities; enhanced budgetary flexibility for departments through the provision of global appropriations, annotated allocations and the carry forward of unspent appropriations; elimination of further prior year expenditure deferral arrangements; and improved differentiation between operating and capital transactions within the budget sector.