Western Australian Current Acts Western Australian Current Acts (1) The Treasurer is
to release a Government Mid-year Financial Projections Statement not later
than 31 December in each budget year.
(2) A Government
Mid-year Financial Projections Statement is to include the following —
(a)
financial projections for the Government for the budget year and the 3
following financial years;
(b) an
account of the economic and other assumptions on which the financial
projections are based;
(c) an
explanation of the implications of the financial projections for meeting the
financial targets set out in the last Government Financial Strategy Statement;
(d) an
analysis of the degree to which the financial projections are likely to be
affected by changes in the circumstances on which the economic and other
assumptions are based;
(e) a
statement of any risks, quantified as far as practicable, that could
materially affect the financial projections, including particulars of any
contingent liabilities and any government negotiations that have not been
finalized;
(f) a
certificate by the Under Treasurer under subsection (6).
(3) When preparing a
Government Mid-year Financial Projections Statement, the Under Treasurer is to
take account of the following —
(a) the
implications of all relevant decisions that were taken by the Government
before the cut-off date referred to in the certificate under subsection (6)
and that are known to the Under Treasurer (excluding any interim decisions
taken in the course of planning the budget to be brought down in the next
budget year);
(b) any
other relevant information available to the Under Treasurer before the cut-off
date noted in the certificate under subsection (6).
(4) The Government
Mid-year Financial Projections Statement does not have to include commercially
confidential information.
(5) If information
that is otherwise required to be included in a Government Mid-year Financial
Projections Statement is excluded because of subsection (4), the statement
must contain a general description of the excluded information.
(6) The Under
Treasurer is to certify to the effect that —
(a) the
financial projections, and the economic forecasts and assumptions, in the
Government Mid-year Financial Projections Statement were prepared by the Under
Treasurer;
(b) the
statement takes account of all relevant information available to the Under
Treasurer on the cut-off date noted in the certificate;
(c) the
statement sets out the implications of all relevant decisions that were known
to the Under Treasurer on the cut-off date; and
(d) the
economic assumptions on which the financial projections in the statement are
based were finalized on the date set out in the certificate.
(7) If any information
to be included in a Government Mid-year Financial Projections Statement under
subsection (2) is the same as information included in the last Government
Financial Projections Statement to be released then, instead of setting out
the information in full, the Government Mid-year Financial Projections
Statement may include a summary of the information, with a note to the effect
that the information is unchanged from the previous statement.
(8) If —
(a) the
last financial projections statement released before a Government Mid-year
Financial Projections Statement is released was a Pre-election Financial
Projections Statement; and
(b) the
information to be included in the Government Mid-year Financial Projections
Statement is the same as information included in the Pre-election Financial
Projections Statement,
then, instead of
setting out the information in full, the Government Mid-year Financial
Projections Statement may consist of a statement to the effect that the
information given in the Pre-election Financial Projections Statement is still
current.
[ 14. Deleted: No. 5 of 2005 s. 31.]