Financial Management and Accountability Act 1997 - Determination pursuant to subsection 20(4) (24/03/1998)

This official order shuts down the political Exchange Program, which was a special reserve fund (like a dedicated bank account) operating under the Financial Management and Accountability Act 1997.

What it does:

Closes the fund: The Program is officially abolished from 1 July 1998 onwards.
Moves the money: Any remaining cash in the Program must be transferred to the Consolidated Revenue Fund — the government's main bank account where all tax revenue and public money is pooled.
Who made the call: The Secretary of the Department of Finance and Administration, acting as a delegate (official representative) of the Finance Minister.

Why it matters: This is administrative housekeeping. It tidies up the government's books by closing a specific funding reserve and returning any leftover money to the general budget, ensuring public funds are held in the standard government account rather than in separate, potentially dormant, reserves.

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Determination pursuant to subsection 20(4) of the Financial

Management and Accountability Act 1997

I, Peter J Boxall, Secretary of the Department of Finance and Administration, delegate of the Minister for Finance and Administration, determine that the political Exchange Program, a component of the Reserved Money Fund established by section 20 of the Financial Management and Accountability Act 1997, shall be abolished on and from 1 July 1998.

Any amount in the component shall be transferred to the Consolidated Revenue Fund.

Peter J Boxall

24 March 1998