❓ Mr. Wyatt questions discrepancies in the 2010-2011 State Budget regarding the Economic Regulation Authority's (ERA) Asset Investment Program and property, plant, and equipment estimates. The Treasurer attributes the discrepancies to data entry errors in the Treasury Information Management System (TIMS).
AnsweredQoN 3340Legislative Assembly
QuestionView source ↗
In relation to the Economic Regulation Authority (ERA) within the 2010–2011 State Budget Paper No. 2:
(a) the 2009–2010 State Budget included $143,000 in the forward estimates under the Asset Investment Program – why is this not in the 2010–2011 State Budget;
(b) why is property, plant and equipment estimated to decrease by $80,000 in 2010–2011;
(c) why is property, plant and equipment estimated to be $3,000 in 2013–2014; and
(d) how will the ERA operate with this minimal level of property, plant and equipment in 2013–2014?
(a) the 2009–2010 State Budget included $143,000 in the forward estimates under the Asset Investment Program – why is this not in the 2010–2011 State Budget;
(b) why is property, plant and equipment estimated to decrease by $80,000 in 2010–2011;
(c) why is property, plant and equipment estimated to be $3,000 in 2013–2014; and
(d) how will the ERA operate with this minimal level of property, plant and equipment in 2013–2014?
AnswerView source ↗
Answered
10 August 2010
Response time
48 days
(a) A TIMS (Treasury Information Management System) entry error made within the ERA in 2009-10 incorrectly removed the ERA's Asset Investment Program in the forward estimates.
In loading the journal in TIMS to report the audited actual figure for 2008/09, an incorrect adjustment occurred which removed expenditure for asset purchases to an expense item in the out years. This resulted in the ERA not having a capital works program in the out years. As the ERA is a small agency and does not have an annual capital works program the impact of this adjustment was not obvious at the time. This error was corrected after the 2010-11 State Budget estimates were published and the ERA's Asset Investment Program has been reinstated.
Once the error was realised, the ERA contacted the Department of Treasury and Finance. To correct the error, the journal in TIMS was reversed in 2009/10. As a result, the $143,000 in the Asset Investment Program for the out years was reinstated.
(b) A TIMS entry error made in 2009-10 incorrectly reduced the value of property, plant and equipment by $80,000. This error was corrected after the 2010-11 State Budget estimates were published and the TIMS system now shows property plant and equipment decreasing by $31,000.
(c) A TIMS entry error made in 2009-10 incorrectly adjusted property, plant and equipment to show an estimate of $3,000 in 2013-14. This error was corrected after the 2010-11 State Budget estimates were published and the TIMS system now shows property plant and equipment as $82,000 in 2013-14.
(d) The corrected estimate of $82,000 for property, plant and equipment is sufficient for the Authority to operate in 2013-14.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
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In loading the journal in TIMS to report the audited actual figure for 2008/09, an incorrect adjustment occurred which removed expenditure for asset purchases to an expense item in the out years. This resulted in the ERA not having a capital works program in the out years. As the ERA is a small agency and does not have an annual capital works program the impact of this adjustment was not obvious at the time. This error was corrected after the 2010-11 State Budget estimates were published and the ERA's Asset Investment Program has been reinstated.
Once the error was realised, the ERA contacted the Department of Treasury and Finance. To correct the error, the journal in TIMS was reversed in 2009/10. As a result, the $143,000 in the Asset Investment Program for the out years was reinstated.
(b) A TIMS entry error made in 2009-10 incorrectly reduced the value of property, plant and equipment by $80,000. This error was corrected after the 2010-11 State Budget estimates were published and the TIMS system now shows property plant and equipment decreasing by $31,000.
(c) A TIMS entry error made in 2009-10 incorrectly adjusted property, plant and equipment to show an estimate of $3,000 in 2013-14. This error was corrected after the 2010-11 State Budget estimates were published and the TIMS system now shows property plant and equipment as $82,000 in 2013-14.
(d) The corrected estimate of $82,000 for property, plant and equipment is sufficient for the Authority to operate in 2013-14.
Notice: This document is created or edited using unregistered or evaluation copy of rtLib valid for testing or development purposes only. To use it for productive or any other purposes please register it. You may purchase the license on
http://www.rtlib.com
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