❓ Question regarding the Treasurer's approval of bank overdrafts for government agencies and departments, and instances of unauthorized overdrafts, during the 2010-2011 financial year. The answer indicates overdrafts occurred due to revenue shortfalls and underestimation of funds, covered by a global overdraft.
AnsweredQoN 4907Legislative Assembly
QuestionView source ↗
During the 2010–2011 financial year to date:
(a) on how many occasions has the Treasurer approved for bank accounts to be overdrawn in accordance with sections 14 and 19(2) of the
Financial Management Act 2006
;
(b) to which agencies or departments did the use of sections 14 and 19(2) of the
Financial Management Act 2006
apply;
(c) what was the value of the overdrawn amount;
(d) what was the reason for the account to be overdrawn; and
(e) were any bank accounts overdrawn without the prior approval of the Treasurer; and
(i) if so, which agencies or departments were involved;
(ii) if so, what was the value of the overdrawn amount; and
(iii) if so, why was the account overdrawn?
(a) on how many occasions has the Treasurer approved for bank accounts to be overdrawn in accordance with sections 14 and 19(2) of the
Financial Management Act 2006
;
(b) to which agencies or departments did the use of sections 14 and 19(2) of the
Financial Management Act 2006
apply;
(c) what was the value of the overdrawn amount;
(d) what was the reason for the account to be overdrawn; and
(e) were any bank accounts overdrawn without the prior approval of the Treasurer; and
(i) if so, which agencies or departments were involved;
(ii) if so, what was the value of the overdrawn amount; and
(iii) if so, why was the account overdrawn?
AnswerView source ↗
Answered
17 May 2011
Response time
55 days
anticipated revenue not received as expected by the agencies on the day the payments were made; and underestimation of available funds in agencies' bank accounts. It should be noted that, while the above list identifies overdrafts where the agencies were not individually authorised, it is recognised that there will be occasions, given the enormous volume of transactions undertaken across the public sector, where such overdrafts will occur. Consequently there is in place a global overdraft, approved by the Treasurer, to ensure that these occurrences have legal authorisation at a whole-of-government level. Bank accounts are monitored on a daily basis by Treasury and agencies are required to promptly clear such overdrafts when they occur. 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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