❓ Opposition asks about the deferral of METRONET projects and the reasons behind it, referencing a significant decrease in restricted cash. The Minister's response avoids specifics, stating projects are awaiting formal investment decisions.
AnsweredQoN 230Legislative Council
QuestionView source ↗
METRONET —
PROJECTS UNDER DEVELOPMENT
230. Hon PETER COLLIER to
the minister representing the Minister for Transport:
I refer to page 157 of the ''Public
Transport Authority Annual Report 2018–19'', which states —
Restricted cash and cash equivalents
lower than estimated by $263.9 million (-49%) mainly due to the METRONET
Special Purpose Account movement resulting from the deferral of METRONET
projects under development.
(1) What Metronet projects were
deferred?
(2) What was the reason for each
project being deferred?
(3) By how many months or years was
each project deferred?
PROJECTS UNDER DEVELOPMENT
230. Hon PETER COLLIER to
the minister representing the Minister for Transport:
I refer to page 157 of the ''Public
Transport Authority Annual Report 2018–19'', which states —
Restricted cash and cash equivalents
lower than estimated by $263.9 million (-49%) mainly due to the METRONET
Special Purpose Account movement resulting from the deferral of METRONET
projects under development.
(1) What Metronet projects were
deferred?
(2) What was the reason for each
project being deferred?
(3) By how many months or years was
each project deferred?
AnswerView source ↗
I thank the Leader of the Opposition
for some notice of the question. The following answer has been provided to me
by the Minister for Transport.
(1)–(3) The Metronet provision for projects under
development is a global provision for additional asset investment for
Metronet projects that are currently under development. Business cases for each
of the projects under development will be submitted to the government for a formal
investment decision. At that point, these projects
will be allocated to the relevant delivery agency's asset investment
program, with a corresponding reduction in the provision.
Accordingly, although the Metronet
special purpose account contains cash balances for the provision of projects
under development, these funds will gradually be drawn down only after a formal
investment decision, and as the projects progress through the delivery phase
and payments are made.
for some notice of the question. The following answer has been provided to me
by the Minister for Transport.
(1)–(3) The Metronet provision for projects under
development is a global provision for additional asset investment for
Metronet projects that are currently under development. Business cases for each
of the projects under development will be submitted to the government for a formal
investment decision. At that point, these projects
will be allocated to the relevant delivery agency's asset investment
program, with a corresponding reduction in the provision.
Accordingly, although the Metronet
special purpose account contains cash balances for the provision of projects
under development, these funds will gradually be drawn down only after a formal
investment decision, and as the projects progress through the delivery phase
and payments are made.
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