20DPurpose and contents of pre-election budget update

20D Purpose and contents of pre-election budget update (1) The purpose of a pre-election budget update for an election is— (a) to allow the assessment of the government’s financial performance against the financial policy objectives and strategies set out in the latest financial policy objectives and strategies statement; and (b) to give the electorate an accurate picture of the Territory’s financial position before the election. (2) A pre-election budget update must be based on the latest financial policy objectives and strategies statement. (3) A pre-election budget update for an election must include— (a) updated financial statements required under the financial management guidelines for the financial year in which the election is to be held; and (b) updated budget estimates for the general government sector, the public trading enterprise sector and the Territory for that financial year and for each of the next 3 financial years; and (c) a statement of the economic or other assumptions used in preparing the updated financial statements and budget estimates; and (d) a statement about the sensitivity of the updated financial statements and budget estimates to changes in the economic or other assumptions; and

(e) a statement of the risks, quantified if possible, that may affect the economic or other assumptions, including— (i) contingent liabilities; and (ii) publicly announced government commitments that are not yet included in the updated financial statements and budget estimates. (4) Information in the pre-election budget update must— (a) take into account government decisions and other circumstances that may have material effect on the financial statements and budget estimates; and (b) state the date as at when the updating was done. (5) However, if particular information required to be included in the pre- election budget update is unchanged from information set out in full in the latest financial statements, the budget estimates mentioned in section 11 (Territory budgets) or budget review, the pre-election budget update may instead summarise the information and state that it is unchanged from that set out in the financial statements, budget estimates or budget review.

Financial reports of the Territory Division 3.1