Commonwealth Numbered Acts

FEDERAL AIRPORTS CORPORATION AMENDMENT ACT 1990 No. 26 of 1990 - SECT 36

36. Before section 66 of the Principal Act the following section is inserted
in Part VIII: Annual report

"65. (1) The Corporation must, as soon as practicable after 31 March in each
year, prepare and give to the Minister a report on its operations during the
financial year that ended on that day, together with financial statements for
that year in such form as the Minister for Finance approves.

"(2) Without limiting the generality of the matters to be included in an
annual report, an annual report in respect of a financial year must include:

   (a)  an evaluation of the Corporation's overall performance against:

        (i)    the objectives, including operational targets, set out in the
               Corporate plan in force during the financial year; and

        (ii)   the financial targets and performance indicators set out in the
               financial plan in force during the financial year; and

   (b)  an assessment of the adverse effect, if any, that meeting the
        non-commercial commitments imposed on the Corporation has had on the
        Corporation's profitability during the financial year; and

   (c)  assessments of the financial performance of each Federal airport
        during the financial year.

"(3) Before giving financial statements to the Minister, the Corporation must
submit them to the Auditor-General, who is to report to the Minister:

   (a)  whether, in the Auditor-General's opinion, the statements are based on
        proper accounts and records; and

   (b)  whether the statements are in agreement with the accounts and records
        and, in the Auditor-General's opinion, show fairly the financial
        transactions and the state of the affairs of the Corporation; and

   (c)  whether, in the Auditor-General's opinion, the receipt, expenditure
        and investment of money, and the acquisition and disposal of assets by
        the Corporation, during the financial year concerned have been in
        accordance with this Act; and

   (d)  as to such other matters arising out of the statements as the
        Auditor-General considers should be reported to the Minister.

"(4) The Minister must cause the annual report and financial statements,
together with the report of the Auditor-General, to be laid before each House
of the Parliament within 15 sitting days of that House after their receipt by
the Minister.".