Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) This section applies to a territory authority if the authority does not have a governing board.
Note A territory authority has a governing board if the establishing Act for the authority establishes a governing board for the authority (see s 76).
(2) The chief executive officer of the territory authority is responsible, under the responsible Minister, for the efficient and effective financial management of the resources for which the authority is responsible.
(3) The chief executive officer of a territory authority must manage the authority in a way that promotes—
(a) the achievement of the purpose of the authority; and
(b) the financial sustainability of the authority.
(4) Without limiting subsections (2) and (3), the chief executive officer of the territory authority is responsible, under the responsible Minister, for ensuring the following:
(a) that the expenses incurred by the authority are properly authorised;
(b) that, if an appropriation is made in relation to the authority, any amount of the appropriation spent by the authority is spent in accordance with the appropriation;
(c) that, as far as practicable, the operations of the authority during a financial year are consistent with, and comparable to, the estimates in the authority's statement of intent for the year.
(d) that payments made by the authority are properly authorised and correctly made;
(e) that the staff of the authority comply with the requirements of this Act;
Note A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including in this case the financial management guidelines (see Legislation Act
, s 104).
(f) that proper accounts and records are kept of the transactions and affairs of the authority in accordance with accounting standards;
(g) that adequate control is maintained over the assets of the authority and assets under the authority's control;
(h) that adequate control is maintained over the incurring of liabilities by the authority.
(5) A report prepared by the territory authority under the Annual Reports (Government Agencies) Act 2004
for a financial year must include an explanation of material variations between the actual results of the authority for the year and the estimates in the authority's statement of intent for the year.
(6) In this section:
"property" means property, other than money, that is owned or held by the territory authority or held by a person on behalf of the authority.
"resources" means money or property.