Queensland: Financial Accountability Act 2009 (Qld)

Financial Accountability Act 2009 An Act to provide for accountability in the administration of the State's finances, to provide for financial administration of departments and statutory bodies, and to repeal the Financial Administration and Audit Act 1977 Part 1 Introduction Division 1 Preliminary 1 Short title This Act may be cited as the Financial Accountability Act 2009. 2 Commencement (1) Sections 77 and 78 commence on 1 July 2009. (2) The remaining provisions of this Act commence on a date to be fixed by proclamation. 3 Property in public moneys and public property All public moneys and public property are the property of the State. Division 2 Interpretation 4 Definitions The dictionary in schedule 3 defines particular words used in this Act. 5 Interpretation of words used in appropriation Act Words used in an appropriation Act that are defined in this Act have the same meaning the words have in this Act, subject to a contrary intention in the appropriation Act. 6 Meaning of terms relating to annual appropriation Act (1) An annual appropriation Act is— (a) an ordinary annual appropriation Act; or (b) a parliamentary annual appropriation Act. (2) An ordinary annual appropriation Act is an Act that, for departments other than the Legislative Assembly and parliamentary service— (a) authorises the Treasurer to pay from the consolidated fund an amount for the departments for a financial year; and (b) appropriates for the financial year an amount to be applied to the departmental services, administered items and equity adjustment of each department. (3) A parliamentary annual appropriation Act is an Act that, for the Legislative Assembly and parliamentary service— (a) authorises the Treasurer to pay from the consolidated fund an amount for the Legislative Assembly and parliamentary service for the financial year; and (b) appropriates for the financial year an amount to be applied to the departmental services, administered items and equity adjustment of the Legislative Assembly and parliamentary service. (4) The annual appropriation Acts for a financial year are both— (a) the ordinary annual appropriation Act for the financial year; and (b) the parliamentary annual appropriation Act for the financial year. 7 Meaning of administered receipt and controlled receipt (1) An administered receipt is an amount of public moneys received by a department that is not a controlled receipt. (2) A controlled receipt is each of the following amounts of public moneys received by a department— (a) a fee or charge fixed by the accountable officer of the department under this or another Act for goods or services supplied by the department; (b) financial assistance for recurrent expenses granted to the State under section 96 of the Commonwealth Constitution if the grant is subject to conditions the department is responsible for complying with; (c) a bequest, contribution, donation, gift or grant to the department; (d) the proceeds of the disposal of an asset, or the rent under a lease of an asset, if under the prescribed requirements the proceeds must be recorded in the department's balance sheet; (e) an amount that, under another Act, must be paid into a fund mentioned in this Act if— (i) the accounts for the fund are part of the departmental accounts of the department; and (ii) under the prescribed requirements, the amount must be recorded in the department's balance sheet; (f) an amount paid into the department's departmental financial institution accounts— (i) under section 51(2) as interest; or (ii) under section 51(5) as moneys received from an investment; (g) an amount received by the department as reimbursement for the cost of supplying goods or services; (h) an amount received by the department if, under the prescribed requirements, the amount must be recorded in the department's balance sheet as a liability; (i) an amount paid to the department by the Treasurer— (i) under an annual appropriation Act to be applied to a departmental service or equity adjustment of the department; or (ii) under a statement under section 31 to be applied to a departmental service of the department or an equity injection to the department; or (iii) under an authority under section 35 for unforeseen expenditure in relation to a departmental service or equity adjustment of the department. Note— A balance sheet of a department may be referred to as a statement of financial position of the department. (3) Subsections (1) and (2) are subject to an annual appropriation Act for a financial year that prescribes an amount of public moneys received by a department for the financial year as— (a) an administered receipt for the year; or (b) a controlled receipt for the year. (4) In this section— recurrent expenses means all expenses, other than expenses for capital works or redeeming loans. rent under a lease includes income under a lease. 8 Meaning of department (1) Each of the following is a department— (a) a department of government under the Public Sector Act 2022, section 10; (b) an entity for which an accountable officer is appointed under section 65(2); (c) an entity for which an accountable officer is prescribed under section 65(3); (d) the Office of the Governor; (e) the Legislative Assembly and parliamentary service. (2) However, a department is— (a) for an ordinary annual appropriation Act—a department mentioned in subsection (1)(a), (b), (c) or (d); or (b) for a parliamentary annual appropriation Act—the department mentioned in subsection (1)(e). (3) Subject to subsection (4), an entity is part of a department if— (a) the entity— (i) represents the State; or (ii) is established under an Act; or (iii) is established for a purpose connected with the government of the State; and (b) the entity's expenditure is payable, wholly or partly, out of— (i) amounts paid to the department from the consolidated fund; or (ii) the controlled receipts of the department. (4) For this Act, an entity mentioned in subsection (1)(b) is taken not to be part of a department mentioned in subsection (1)(a) even if the entity is taken to be part of the department for other purposes. (5) Expenditure is not taken to be payable as mentioned in subsection (3)(b)(i) merely because a payment in the nature of an endowment, grant in aid or subsidy may be made to the entity from amounts paid to a department from the consolidated fund. (6) In this section— entity does not include a corporation registered under the Corporations Act. 9 Meaning of statutory body (1) A statutory body is an entity that— (a) is established under an Act; and (b) has control of funds; and (c) includes, or whose governing body includes, at least 1 member— (i) who is appointed under an Act by the Governor in Council or a Minister; or (ii) whose appointment is approved by the Governor in Council or a Minister. (2) However, an entity is not a statutory body for this Act if it is— (a) a department; or (b) a part of a department as mentioned in section 8(3); or (c) a local government; or (d) an entity prescribed under another Act not to be a statutory body for this Act. (3) If an Act that establishes an entity states that the entity is a statutory body for this Act, the entity— (a) is a statutory body for this Act; and (b) is not part of a department for this Act despite section 8(3). Part 2 Provisions applying to Ministers Division 1 Objectives of government 10 Community objectives of government (1) From time to time, the Premier must prepare and table in the Legislative Assembly a statement of the State government's broad objectives for the community. (2) The statement must include details of arrangements for regular reporting to the community about the outcomes the government has achieved against its objectives for the community. (3) The Premier must prepare and table the first statement of broad objectives within 90 days after the commencement of this section. 11 Fiscal objectives of government (1) From time to time, the Treasurer must prepare and table in the Legislative Assembly a charter of fiscal responsibility giving details of the government's fiscal objectives. (2) The charter must include details of the fiscal principles that support the government's fiscal objectives. (3) The Treasurer must report regularly to the Legislative Assembly on the outcomes the government has achieved against the objectives stated in the charter. (4) The Treasurer must prepare and table the first charter of fiscal responsibility within 90 days after the commencement of this section. Division 2 Ministerial offices expenses 12 Report of ministerial offices expenses (1) The chief executive of the department in which the Auditor-General Act 2009 is administered must prepare— (a) a report of expenditure for ministerial offices for the first 6 months of each financial year (a half year report); and (b) a report of expenditure for ministerial offices for each financial year (a full year report). (2) The chief executive mentioned in subsection (1) must sign each report and certify on it that it is an accurate report of expenditure for ministerial offices for the period of the report. (3) The chief executive mentioned in subsection (1) must give the Premier— (a) the half year report for a financial year by 15 February of the financial year; and (b) the full year report for a financial year by 15 August of the next financial year. 13 Tabling of half year report The Premier must table each half year report in the Legislative Assembly within 5 sitting days after the Premier receives it. 14 Audit of full year report (1) The Premier must, as soon as practicable after receiving a full year report, give it to the auditor-general for a report (the auditor-general's report). (2) The auditor-general must give the auditor-general's report to the Premier by the date agreed between the Premier and the auditor-general. (3) The date agreed must allow the Premier to comply with section 15. 15 Tabling of full year report The Premier must table the auditor-general's report and the full year report in the Legislative Assembly by 31 August of the next financial year mentioned in section 12(3)(b). Part 3 Consolidated fund and Treasurer's responsibilities Division 1 The consolidated fund 16 Consolidated fund The consolidated fund established under the Financial Administration and Audit Act 1977 is continued in existence under this Act. 17 Accounts for consolidated fund (1) The Treasurer must keep ledger accounts for the consolidated fund (the consolidated fund account) consisting of— (a) the Treasurer's consolidated fund operating account; and (b) the Treasurer's consolidated fund investment account. (2) All moneys received by the Treasurer from accountable officers must be recorded as received in the Treasurer's consolidated fund operating account, including the following— (a) all administered receipts; (b) all moneys received as repayment of advances or loans, or payment of interest on advances or loans, from the consolidated fund; (c) all moneys required under this Act, or another Act or law, to be paid into the consolidated fund; (d) amounts paid by departments as equity withdrawals. (3) Only the following may be charged to the Treasurer's consolidated fund operating account— (a) moneys for expenditures authorised to be made by the Treasurer under— (i) this Act; or (ii) an appropriation Act; or (iii) an Act that appropriates public moneys, other than an appropriation Act; (b) refunds of moneys incorrectly recorded in the consolidated fund account. 18 Treasurer's consolidated fund bank account (1) The Treasurer must keep at a bank an account for the consolidated fund (the Treasurer's consolidated fund bank account). (2) All public moneys received by the Treasurer must be paid daily to the credit of the Treasurer's consolidated fund bank account. (3) Moneys may be withdrawn from the Treasurer's consolidated fund bank account only for— (a) recouping or advancing moneys to a departmental financial institution account under— (i) an appropriation Act; or (ii) another Act that appropriates the amount involved; or (iii) an approval for unforeseen expenditure; or (b) paying an amount to a department under section 34; or (c) making an investment under section 50; or (d) refunding moneys incorrectly paid into the bank account. (4) The Treasurer has power to do all things necessary or convenient to be done for keeping the Treasurer's consolidated fund bank account. 19 Overdrawn accounts (1) This section applies if— (a) the net credit balance of the Treasurer's consolidated fund bank account and all the departmental financial institution accounts is overdrawn unintentionally; and (b) the overdrawing is rectified as soon as is practicable. (2) The overdrawing is authorised by this section and a Treasurer's approval is not needed. (3) This section has effect despite section 18. Example of unintentional overdrawing of accounts— Each morning departments give the treasury department a forecast of their cash flow for the day. Officers of the treasury department add the total of the departmental forecasts to the net credit balance of the Treasurer's consolidated fund bank account and all the departmental financial institution accounts, including the treasury offset bank account, to decide the surplus or deficit of moneys on the day. If there is a surplus, it is invested. If the forecasts are incorrect because a department receives less or withdraws more on the day than the department forecast, the net credit balance may be unintentionally overdrawn. 20 Entries in Treasurer's consolidated fund operating account (1) Subsection (2) applies if the Treasurer, in a financial year, pays to a department an amount other than unforeseen expenditure from the consolidated fund. (2) The Treasurer must— (a) enter the amount in the Treasurer's consolidated fund operating account as paid to the department as part of its vote for the financial year; and (b) allocate the amount entered to 1 or more of the department's headings for which the amount was paid. Note— Entries for unforeseen expenditure are dealt with under section 36. 21 Write-off of losses The Treasurer may write off losses relating to the consolidated fund account. Division 2 Consolidated fund reporting 22 Quarterly statement by Treasurer (1) As soon as practicable after the end of each quarter of a financial year, the Treasurer must prepare a statement for the quarter (the quarterly statement) of— (a) the amounts received in the quarter by the Treasurer (the received amounts) that must be recorded as received in the Treasurer's consolidated fund operating account; and (b) for each department—the amounts paid by the Treasurer in the quarter from the department's vote (the paid amounts) from the Treasurer's consolidated fund operating account, including the amounts allocated to the department's headings (the heading amounts); and (c) the opening and closing balances for the quarter of the Treasurer's consolidated fund bank account and Treasurer's consolidated fund investment account. (2) A quarterly statement must not include a controlled receipt appropriated under section 28. (3) A quarterly statement for the second, third or fourth quarter of a financial year must also include the received amounts, paid amounts and heading amounts for the financial year up to and including the end of the quarter. (4) Also, a quarterly statement must include comparative figures for— (a) received amounts, paid amounts, heading amounts and quarterly balances for the corresponding quarter of the immediately preceding financial year; and (b) for a quarterly statement for the second, third or fourth quarter—the cumulative received amounts, paid amounts and heading amounts for the immediately preceding financial year. (5) As soon as practicable after a quarterly statement is prepared for the first, second or third quarter of a financial year, the Treasurer must make the statement publicly available. Example of making the statement publicly available— publishing the statement on the treasury department's website (6) If the Treasurer pays an amount from, or receives an amount into, the consolidated fund account within the further 2 weeks for the financial year to which the payment or receipt relates, the Treasurer must ensure the amount is included in— (a) the quarterly statement for the fourth quarter of the financial year; and (b) the consolidated fund financial report for the financial year if the received amount is— (i) the return of appropriation paid in excess of the appropriation authorised for the financial year for a department; or (ii) an equity withdrawal from a department for the financial year. 23 Consolidated fund financial report (1) This section applies to the quarterly statement the Treasurer must prepare under section 22 for the fourth quarter of a financial year (the consolidated fund financial report). (2) In addition to the matters included under section 22, the Treasurer must include the following, for each department, in the consolidated fund financial report for the financial year— (a) the department's vote, and the amounts for application to the department's headings, under the annual appropriation Acts for the financial year; (b) any change under this Act to the department's vote or the amounts for application to 1 or more of the department's headings; (c) the total amount paid to the department for the financial year and the amounts allocated to the department's headings; (d) amounts paid to the department as unforeseen expenditure and particulars of the amounts; (e) amounts appropriated to the department for the financial year that have lapsed under section 29(3); (f) amounts written off by the Treasurer under section 21 as losses relating to the consolidated fund account. (3) The consolidated fund financial report must not include a controlled receipt appropriated under section 28. (4) The Treasurer must, under section 24, sign the consolidated fund financial report and give it to the auditor-general for a report by the auditor-general. (5) Within 14 days after the auditor-general returns the consolidated fund financial report to the Treasurer with the auditor-general's report, the Treasurer must table the reports in the Legislative Assembly. 24 Timing for giving consolidated fund financial report to auditor-general (1) For section 23(4), the Treasurer must sign the consolidated fund financial report and give it to the auditor-general by a date agreed between the Treasurer and the auditor-general. (2) The agreed date must be one that allows the audit of the consolidated fund financial report, and auditor-general's report for the consolidated fund financial report, to be completed no later than 3 months after the end of the financial year to which the consolidated fund financial report relates. (3) However, if the Treasurer considers there is a whole-of-government reason that makes it impracticable to give the consolidated fund financial report for the financial year to the auditor-general by the date agreed under subsection (1), the Treasurer may give it to the auditor-general by a later date agreed with the auditor-general. Example of a whole-of-government reason— complex end of financial year changes to the machinery of government (4) The later date must allow the audit of the consolidated fund financial report, and the auditor-general's report for the consolidated fund financial report, to be completed no later than 6 months after the end of the financial year to which the consolidated fund financial report relates. 25 Consolidated whole-of-government financial statements (1) The Treasurer must prepare, under the prescribed requirements, the following financial statements for each financial year (together the consolidated whole-of-government financial statements)— (a) financial statements for the whole of government; (b) financial statements for the general government sector. (2) The consolidated whole-of-government financial statements must be prepared within 6 months after the end of each financial year or a later date agreed between the Treasurer and the auditor-general. (3) The Treasurer, the under-Treasurer and the most senior officer of the department responsible for preparing the statements (the officers) must each sign the statements and certify on the statements whether, in the opinion of each of them, the statements have been properly drawn up, under the prescribed requirements, to present a true and fair view of— (a) the financial operations and cash flows of the State for the financial year; and (b) the financial position at the end of the financial year to which the statements relate. (4) As soon as practicable after the statements have been prepared and certified by the officers, the Treasurer must send the statements to the auditor-general for a report by the auditor-general. (5) Within 14 days after the auditor-general returns the statements to the Treasurer with the auditor-general's report, the Treasurer must table the statements and report in the Legislative Assembly. (6) In this section— general government sector means the institutional sector comprising all government units and non-profit institutions controlled and mainly financed by government, as defined in Australian Accounting Standard AASB 1049. Editor's note— The standard is available on the Australian Accounting Standards Board website at www.aasb.gov.au . 26 Information for preparing consolidated whole-of-government financial statements (1) The Treasurer may exercise a power under this section only if the Treasurer considers it is necessary to do so— (a) for preparing the consolidated whole-of-government financial statements for a financial year; or (b) for whole-of-government budgeting or monitoring purposes. (2) The Treasurer may, by notice given to the accountable officer of a department or to a statutory body, ask the officer or body to give information to the Treasurer. (3) The notice must state the following— (a) particulars of the information that must be given; (b) the date by which the information must be given. (4) The accountable officer or statutory body must comply with the notice. Division 3 Appropriations 27 Annual appropriation Acts For each financial year, the Treasurer must present to the Legislative Assembly— (a) a Bill for an ordinary annual appropriation Act for the financial year; and (b) a Bill for a parliamentary annual appropriation Act for the financial year. 28 Appropriation of particular controlled receipts (1) A department's controlled receipts may be retained by the department. (2) For each financial year, the consolidated fund is appropriated for application to the departmental services, administered items and equity adjustment of the department in an amount equal to the department's controlled receipts for the financial year. (3) In subsection (2)— controlled receipts does not include a controlled receipt mentioned in section 7(2)(i). 29 Availability of appropriated amount for payment to departments (1) The total amount appropriated for a department for a financial year under an annual appropriation Act (the available amount) is available for the Treasurer to pay to the department in the financial year or within the further 2 weeks. (2) The Treasurer may pay an amount from the available amount for a department if the payment is made for a departmental service, administered item or equity adjustment— (a) delivered in the financial year or the previous financial year; or (b) to be delivered in the financial year or in the next financial year. (3) If all of the available amount for a financial year is not paid to the department under this section in the financial year or within the further 2 weeks, the unpaid amount of the appropriation lapses at the end of the further 2 weeks. 30 Payment of equity withdrawal under annual appropriation Act (1) This section applies if, under an annual appropriation Act for a financial year, the equity adjustment of a department is an equity withdrawal. (2) On payment by the accountable officer of the department of the equity withdrawal to the Treasurer, the Treasurer must— (a) enter the amount in the Treasurer's consolidated fund operating account to the department's vote for the financial year; and (b) credit the amount to the heading in the ledger for equity adjustment. 31 Supply before ordinary annual appropriation Act for financial year (1) This section applies if, before the enactment of the ordinary annual appropriation Act for a financial year, the Legislative Assembly authorises the payment of an amount (the ordinary supply amount) from the consolidated fund to departments, other than the Legislative Assembly and parliamentary service, but does not appropriate a total amount for each of the departments for the financial year. (2) The Treasurer must prepare a statement setting out— (a) the total amount available for each of the departments from the ordinary supply amount; and (b) the way the total amount available for each of the departments is to be applied. (3) As soon as practicable after preparing the statement, the Treasurer must give notice to the accountable officer of each of the departments about— (a) the total amount available for the department from the ordinary supply amount before the enactment of the ordinary annual appropriation Act; and (b) the way the total amount available for the department is to be applied. (4) The Treasurer may pay an amount to a department under the statement. (5) A payment under the statement is taken to be authorised by the ordinary annual appropriation Act for the financial year. 32 Supply before parliamentary annual appropriation Act for financial year (1) This section applies if, before the enactment of the parliamentary annual appropriation Act for a financial year, the Legislative Assembly— (a) authorises the payment of an amount (the parliamentary supply amount) from the consolidated fund for the Legislative Assembly and parliamentary service; but (b) does not appropriate the amount for the Legislative Assembly or parliamentary service for the financial year. (2) The Treasurer must prepare a statement setting out the amount available for the Legislative Assembly and parliamentary service from the parliamentary supply amount. (3) As soon as practicable after preparing the statement, the Treasurer must give notice to the Clerk of the Parliament about the amount available for the Legislative Assembly and parliamentary service from the parliamentary supply amount before the enactment of the parliamentary annual appropriation Act. (4) The Treasurer may pay an amount to the Legislative Assembly and parliamentary service under the statement. (5) A payment under the statement is taken to be authorised by the parliamentary annual appropriation Act for the financial year. 33 Varying the amounts of department's headings (1) Subsection (2) applies if the Treasurer considers there is— (a) a surplus in 1 or more of the headings of a department for a financial year; and (b) a deficiency in 1 or more other headings of the department. (2) The Treasurer may allocate an amount to the heading or headings that are deficient from the heading or headings in surplus. (3) As soon as practicable after the Treasurer allocates the amount, the Treasurer must give notice to the accountable officer of the department about the surplus, deficiency and allocation of the amount. (4) Subsection (2) does not authorise the Treasurer to pay more than the department's vote for the financial year. 34 When part of vote for treasury department may be applied for headings of another department (1) This section applies if— (a) an amount (the Treasurer's advance) is included in the vote for the treasury department for a financial year for purposes that may be delivered by any department; and (b) the Treasurer is satisfied a particular department (the delivering department) is to achieve 1 or more of the purposes by delivering a departmental service, administered item or equity adjustment for which the vote for the delivering department for the financial year did not provide or sufficiently provide. (2) The Treasurer may pay to the delivering department a part of the Treasurer's advance that the Treasurer considers reflects the value of the service, item or adjustment to be delivered in the financial year by the delivering department. (3) The Treasurer may pay an amount to the delivering department even though the amount appropriated to the department under the relevant annual appropriation Act for the financial year will be exceeded. (4) The Treasurer must make appropriate entries for the payment in the accounts of the treasury department and the delivering department. 35 Unforeseen expenditure (1) Subsection (2) applies if the Governor in Council decides, on the recommendation of the Treasurer, during a financial year or within the further 4 weeks, that expenditure is required from the consolidated fund for the financial year for which— (a) there is no appropriation; or (b) there is an appropriation but the making or charging of the expenditure to a department's vote would mean the amount allocated to the vote would be exceeded. (2) The Governor in Council may authorise the expenditure (the unforeseen expenditure) to be— (a) made before an appropriation of an amount for the expenditure; and (b) charged as unforeseen expenditure to the consolidated fund; and (c) allocated, as directed by the Governor in Council, to 1 or more of the department's headings. 36 Entries in Treasurer's consolidated fund operating account for unforeseen expenditure If an amount is paid from the consolidated fund as unforeseen expenditure for a financial year, the Treasurer must, in the Treasurer's consolidated fund operating account for the financial year, enter the amount to 1 or more of the headings stated in the Governor in Council's authority for the unforeseen expenditure. 37 Entries by Treasurer on repayment of incorrectly paid amounts (1) This section applies to an amount, or part of an amount (the incorrectly paid amount)— (a) that was paid to a department by the Treasurer from the consolidated fund in error or by overpayment; or (b) that was— (i) paid to a department by the Treasurer from the consolidated fund in error or by overpayment for a non-departmental service to be delivered by a statutory body; and (ii) repaid by the statutory body to the department for payment to the Treasurer. (2) The accountable officer of the department must pay the Treasurer the incorrectly paid amount. (3) On payment of the incorrectly paid amount to the Treasurer in the same financial year in which it was paid to the department, or within the further 2 weeks, the Treasurer must— (a) credit the amount to the vote of the department for the financial year; and (b) allocate the amount to the appropriate heading or headings of the department in the Treasurer's consolidated fund operating account for the year. (4) On payment of the incorrectly paid amount to the Treasurer after the further 2 weeks of the financial year in which it was paid to the department, the Treasurer must enter the amount as a receipt in the Treasurer's consolidated fund operating account for the next financial year. (5) On receipt of the incorrectly paid amount, the Treasurer must pay it into the consolidated fund bank account. Division 4 Approvals by Treasurer 38 Definition for div 4 In this division— department includes the accountable officer of the department. 39 Exercise of power by department or statutory body (1) This division applies if a power under this Act may be exercised by a department or a statutory body under a Treasurer's approval. (2) The department or statutory body may exercise the power only if— (a) an approval under section 40 applies to the department or body; or (b) the exercise of the power is the subject of an approval under section 43. 40 Treasurer's general approval (1) The Treasurer may, by gazette notice, approve the exercise of powers under this Act by departments and statutory bodies (a Treasurer's general approval). (2) The Treasurer's general approval may— (a) apply generally to all departments, statutory bodies, powers and matters; or (b) be limited in its application to— (i) particular departments, statutory bodies, powers or matters; or (ii) particular classes of departments, statutory bodies, powers or matters; or (c) be limited in its application by reference to stated exceptions or factors. (3) Also, the approval may— (a) make different provision for— (i) different departments, statutory bodies, powers or matters; or (ii) different classes of departments, statutory bodies, powers or matters; or (b) apply differently to stated exceptions or factors. (4) A Treasurer's general approval may apply to a department or statutory body even if the department or body was not established when the approval was given. 41 Application for Treasurer's specific approval (1) A department or statutory body may apply to the Treasurer for approval of the exercise of a power under this Act (a Treasurer's specific approval). (2) The application— (a) must be in writing; and (b) may relate to the exercise of the power generally or in relation to a particular matter. (3) If the Treasurer considers the approval should be given as a Treasurer's general approval, the Treasurer may deal with the application by giving an approval under section 40 that applies to the applicant. 42 Requirement to give documents or information The Treasurer may, by notice to the department or statutory body, require it to give the Treasurer a document or information the Treasurer considers necessary for considering the department's or the body's application. 43 Decision on application (1) The Treasurer may approve all or part of the application or refuse the application. (2) A Treasurer's specific approval may be on written conditions the Treasurer considers appropriate. (3) The Treasurer must inform the applicant, in writing, of the decision and, if the application is approved, any conditions of the approval. 44 Amendment or repeal of Treasurer's specific approval (1) A department or statutory body may apply to the Treasurer for amendment or repeal of a Treasurer's specific approval. (2) The application— (a) must be in writing; and (b) state the reasons for the amendment or repeal. (3) Sections 41(3), 42 and 43 apply to the application as if it were an application for a Treasurer's specific approval. (4) The Treasurer may amend or repeal a Treasurer's specific approval even if the department or statutory body does not apply for the amendment or repeal. (5) The amendment or repeal of a Treasurer's specific approval does not affect its previous operation. 45 Register of specific approvals (1) The treasury department must keep a register of all Treasurer's specific approvals granted. (2) Each department and statutory body granted a Treasurer's specific approval must keep a register of the approvals. 46 False or misleading documents (1) A person must not, under section 41 or 42, give the Treasurer a document containing information the person knows is false or misleading in a material particular. Maximum penalty—50 penalty units. (2) Subsection (1) does not apply to a person if the person, when giving the document— (a) advises the Treasurer, in writing, to the best of the person's ability, how the information is false or misleading; and (b) gives the correct information if the person has, or can reasonably obtain, the correct information. 47 False or misleading information A person must not, under section 42, give the Treasurer information the person knows is false or misleading in a material particular. Maximum penalty—50 penalty units. Division 5 Delegation by Treasurer 48 Delegation by Treasurer of particular powers (1) The Treasurer may delegate the Treasurer's powers mentioned in subsection (2) to an officer or employee of the treasury department who has the qualifications, experience or standing appropriate to exercise the power. Example of standing— an officer's classification level in the public service (2) Subsection (1) applies to the powers of the Treasurer under sections 17, 18, 21, 23, 24, 26, 50, 51, 55, 59, 71, 77, 78, 81, 83, 84, 85, 87 and 97 to the extent it continues the application of section 46(4) of the repealed Act. (3) Also, the Treasurer may delegate the Treasurer's powers under— (a) section 21 to an accountable officer to the extent the losses relate to administered receipts of the accountable officer's department; and (b) section 50 or 53(5) to either of the following who has the qualifications, experience or standing appropriate to exercise the power— (i) the chief executive officer or another officer or employee of the Queensland Investment Corporation; (ii) an officer or employee of the Queensland Treasury Corporation. (4) In this section— repealed Act means the Financial Administration and Audit Act 1977. Division 6 Investment by Treasurer 49 Treasury offset account (1) The Treasurer must establish— (a) in the treasury department, an account called the 'treasury offset account' for recording transactions about the matters mentioned in section 50; and (b) at a financial institution, an account relating to the treasury offset account called the 'treasury offset bank account'. (2) For this Act— (a) the treasury offset account is taken to be a departmental account; and (b) the treasury offset bank account is taken to be a departmental financial institution account. 50 Use of accounts (1) Subject to this Act, the Treasurer may— (a) if the balance of the Treasurer's consolidated fund bank account and the departmental financial institution accounts is a net credit balance— (i) make an investment under subsection (4) based on the balance at the time of the investment; and (ii) pay moneys out of the treasury offset bank account to make the investment; or (b) if the balance of the Treasurer's consolidated fund bank account is a net credit balance— (i) make an investment under subsection (4) based on the balance at the time of the investment; and (ii) pay moneys out of the Treasurer's consolidated fund bank account to make the investment; or (c) if the balance in a departmental financial institution account is a net credit balance— (i) make an investment under subsection (4) based on the balance at the time of the investment; and (ii) pay moneys out of the departmental financial institution account to make the investment. (2) However, if the balance of the Treasurer's consolidated fund bank account and the departmental financial institution accounts is a net debit balance, the Treasurer may— (a) arrange with the Queensland Treasury Corporation to offset the net debit balance by paying moneys into the treasury offset bank account; and (b) pay all or part of the moneys mentioned in paragraph (a) from the treasury offset bank account into the Treasurer's consolidated fund bank account. (3) If non-public moneys are held by or given to the Treasurer for investment or as security, the Treasurer may— (a) pay the non-public moneys into the treasury offset bank account; and (b) invest the non-public moneys and, for that purpose, pay moneys out of the treasury offset bank account. (4) For subsections (1) and (3), the Treasurer may make the following investments— (a) in securities of, guaranteed by, accepted by or endorsed by the Commonwealth or a State; (b) a loan to, investment in or financial arrangement with an entity authorised by an Act or law to borrow money from the Treasurer, on the security the Treasurer considers appropriate; (c) with, or on deposit with, a bank, or in securities of, guaranteed by, accepted by or endorsed by a bank; (d) with, or on deposit with, the Queensland Investment Corporation or the Queensland Treasury Corporation for investment in a fund of either of the corporations that the Treasurer considers appropriate; (e) in other securities approved by the Governor in Council; (f) by deposit on the security of any of the securities in which the Treasurer is permitted by this subsection to invest; (g) in other investments or financial arrangements approved by the Governor in Council. (5) However, if the Treasurer invests non-public moneys under subsection (3), moneys received from the investment are moneys payable to the person entitled to the non-public moneys despite section 51. 51 Dealing with moneys earned on investment (1) If moneys for an investment were paid out of the treasury offset bank account, moneys received from the investment must be paid into the treasury offset bank account and dealt with as follows— (a) the moneys necessary to fully recoup the treasury offset bank account for the amount paid from it for the investment must be kept in the treasury offset bank account but may be used for a further investment; (b) as soon as practicable after the moneys received from the investment are paid into the treasury offset bank account, the Treasurer must identify the amount (the investment earnings) that exceeds the moneys recouped into the treasury offset bank account. (2) To the extent the moneys for the investment were, under an arrangement with the Treasurer, attributable to a departmental financial-institution account, the Treasurer must— (a) declare an amount from the investment earnings to be paid to the department as interest (the departmental interest); and (b) arrange for the payment of the departmental interest from the treasury offset bank account into the departmental financial institution account. (3) The Treasurer must arrange for the payment of the balance of the investment earnings, less departmental interest to be paid under subsection (2), into a departmental financial institution account of the treasury department. (4) If moneys for an investment were paid out of the Treasurer's consolidated fund bank account, moneys received from the investment must be paid into the account. (5) If moneys for an investment were paid out of a departmental financial institution account, other than the treasury offset bank account, moneys received from the investment must be paid into— (a) for an investment made for the purpose of a fund for which a special purpose account must be established under section 69A—a special purpose financial institution account established for the special purpose account; or (b) otherwise—the departmental financial institution account from which the moneys for the investment were paid. 52 Appropriation for investment If moneys are required to be paid out of the Treasurer's consolidated fund bank account for an investment that may be made by the Treasurer, the payment of the moneys out of the account for the investment is appropriated. 53 Corporation sole of The Treasurer of Queensland (1) The corporation sole constituted by the Treasurer under the Financial Administration and Audit Act 1977, section 43 is continued in existence under the name The Treasurer of Queensland (the Treasurer). (2) The Treasurer — (a) is a body corporate with perpetual succession; and (b) has a seal; and (c) may sue and be sued in the Treasurer's corporate name. (3) The Treasurer represents the State. (4) Without limiting subsection (3), the Treasurer has all the State's privileges and immunities. (5) The Treasurer has all the powers of an individual and may, for example— (a) enter into contracts; and (b) acquire, hold, dispose of, and deal with, property; and (c) appoint agents and attorneys; and (d) engage consultants; and (e) fix charges, and other terms, for services the Treasurer supplies; and (f) enter into derivative transactions; and (g) do anything necessary or convenient to be done in the performance of the Treasurer's functions under this or another Act. (6) However, the Treasurer may enter into a derivative transaction only to hedge against a risk to which the State is or will be exposed. (7) The Treasurer also has the powers conferred on the Treasurer by this or another Act. (8) The Treasurer may exercise the Treasurer's powers inside and outside Queensland. (9) Without limiting subsection (8), the Treasurer may exercise the Treasurer's powers outside Australia. 54 Limitations on investment powers Nothing in this Act authorises the Treasurer to invest moneys relating to a departmental account contrary to— (a) an Act; or (b) an agreement, arrangement, contract, court order, law or transaction applying to the account. Division 7 Borrowings 55 Borrowings by the State (1) The Treasurer may borrow amounts for the State. (2) Amounts may be borrowed within the State, outside the State but within Australia, or outside Australia. 56 Liability of department for borrowing fee (1) This section applies if the Treasurer borrows amounts for the State and considers all or part of the amounts borrowed have been used by a department. (2) The Treasurer may, by notice given to the accountable officer of the department, declare the department liable for an amount (the borrowing fee). (3) The notice must state— (a) the amount of the borrowings the Treasurer considers have been used by the department; and (b) the borrowing fee for which the department is liable; and (c) the date by which the borrowing fee is to be paid to the Treasurer. (4) An accountable officer given a notice under subsection (2) must comply with the notice. Division 8 Standards about financial and performance management 57 Financial and performance management standards (1) The Treasurer may make standards about the policies and principles to be observed in financial and performance management. (2) If the Treasurer considers it appropriate, a financial and performance management standard may include a commentary about the operation of a provision of the standard. (3) If the standard includes a commentary about the operation of a provision— (a) the commentary is not part of the standard; and (b) the commentary is not meant to be exhaustive; and (c) the commentary, the provision and the other provisions of the standard are to be read together but, if the commentary and the provision are inconsistent, the provision prevails. (4) Each accountable officer and statutory body must comply with the provisions of a standard that apply respectively to the officer and body. (5) A standard is subordinate legislation. 58 Requirements before making a financial and performance management standard Before making a financial and performance management standard, the Treasurer must consult with the auditor-general and, to the extent the standard relates to planning or performance management, the Premier. 59 Exemption from complying with financial and performance management standard (1) The Treasurer may, wholly or partly, exempt a department or statutory body from complying with a financial and performance management standard. (2) The exemption must— (a) be in writing; and (b) state— (i) the day the exemption ends; or (ii) the day by which the Treasurer must review the exemption to decide whether it is appropriate for the exemption to continue. (3) Before granting the exemption, the Treasurer must consult with the auditor-general and, to the extent the proposed exemption relates to planning or performance management, the Premier. (4) The Treasurer may impose conditions on the exemption. (5) If the exemption relates to prescribed accounting standards, the department or statutory body must disclose the extent and financial implications of noncompliance with the prescribed accounting standards in its annual financial statements. (6) In this section— prescribed accounting standards means the following documents published by the Australian Accounting Standards Board— (a) Australian Accounting Standards; (b) Statements of Accounting Concepts; (c) Interpretations; (d) Framework for the Preparation and Presentation of Financial Statements. Note— The documents mentioned in the definition prescribed accounting standards are available on the website of the Australian Accounting Standards Board at www.aasb.gov.au . Part 4 Provisions applying to departments and statutory bodies 60 Application of ss 61 – 63 The functions or requirements imposed by section 61, 62 or 63 on accountable officers and statutory bodies are imposed— (a) for each accountable officer—in relation to the accountable officer's department; and (b) for each statutory body—in relation to that statutory body. 61 Functions of accountable officers and statutory bodies Accountable officers and statutory bodies have the following functions— (a) to achieve reasonable value for money by ensuring the operations of the department or statutory body are carried out efficiently, effectively and economically; (b) to establish and maintain appropriate systems of internal control and risk management; (c) to establish and keep funds and accounts in compliance with the prescribed requirements; (d) to ensure annual financial statements are prepared, certified and tabled in Parliament in accordance with the prescribed requirements; (e) to undertake planning and budgeting for the accountable officer's department or the statutory body that is appropriate to the size of the department or statutory body; (f) to perform other functions conferred on the accountable officers or statutory bodies under this or another Act or a financial and performance management standard. 62 Annual financial statements (1) Accountable officers and statutory bodies must, in the way and within the time stated in a financial and performance management standard— (a) prepare annual financial statements for the department or statutory body in accordance with the prescribed requirements; and (b) certify on the statements whether the statements comply in all material respects with the prescribed requirements in relation to the establishment and keeping of accounts; and (c) have the statements audited as required under the Auditor-General Act 2009; and (d) include the statements in the annual report of the department or statutory body. (2) In this section— annual financial statements includes final financial statements. department includes an abolished department. final financial statements, for an abolished department or an abolished statutory body, means the financial statements for the final period for the department or statutory body. final period, for an abolished department or an abolished statutory body, means the period stated for the department or statutory body in a financial and performance management standard. statutory body includes an abolished statutory body. 63 Annual reports (1) Accountable officers and statutory bodies must, in the way and within the time stated in a financial and performance management standard— (a) prepare an annual report; and (b) give the report to the appropriate Minister. Note— See the Human Rights Act 2019, section 97, for particular information relating to human rights that must be included in an annual report. (2) The Minister must table the annual report in the Legislative Assembly within the time stated in the financial and performance management standard. (3) In this section— annual report includes a final report. department includes an abolished department. final period, for an abolished department or an abolished statutory body, means the period stated for the department or statutory body in a financial and performance management standard. final report, for an abolished department or an abolished statutory body, means a report about the operations of the department or statutory body for the final period for the department or statutory body statutory body includes an abolished statutory body. 64 Investments gifted or bequeathed to departments or statutory bodies (1) A department or statutory body may divest itself of an investment gifted or bequeathed to the department or statutory body only with the Treasurer's approval. (2) However, the Treasurer may exempt a statutory body from requiring the Treasurer's approval if the Treasurer is satisfied the statutory body has appropriate procedures in place for divesting itself of the investment. Part 5 Provisions applying only to departments Division 1 Accountable officers 65 Accountable officers generally (1) The chief executive of a department of government under the Public Sector Act 2022, section 10, is the accountable officer of the department. (2) The Treasurer may appoint a person to be the accountable officer of— (a) a public service entity mentioned in the Public Sector Act 2022, section 9(b); or (b) another entity, whether or not the entity is part of a department, if— (i) the entity— (A) represents the State; or (B) is established under an Act; or (C) is established for a purpose connected with the government of the State; and (ii) the entity's expenditure is payable, wholly or partly, out of— (A) amounts paid to a department from the consolidated fund; or (B) the controlled receipts of a department. (3) A regulation may prescribe the accountable officer of an entity mentioned in the regulation. (4) For an entity mentioned in subsection (3)— (a) subsection (1) does not apply to the chief executive of the entity even if the entity is a department of government under the Public Sector Act 2022, section 10; and (b) a person can not be appointed the accountable officer of the entity under subsection (2). 66 Legislative Assembly and parliamentary service (1) The Clerk of the Parliament is the accountable officer of the Legislative Assembly and parliamentary service. (2) This section does not limit or otherwise interfere with the role of the Speaker relating to the Legislative Assembly or parliamentary service, including the role of the Speaker in relation to the Clerk of the Parliament. 67 Office of the Governor (1) The official secretary is the accountable officer of the Office of the Governor. (2) This section does not limit or otherwise interfere with the role of the Governor relating to the Office of the Governor, including the role of the Governor in relation to the official secretary. Division 2 Accountable officer responsibilities 68 Departmental budgets (1) The accountable officer of a department must— (a) prepare a budget for the department for each financial year (an annual departmental budget); and (b) give the annual departmental budget to the appropriate Minister. (2) The appropriate Minister must table the annual departmental budget in the Legislative Assembly at the same time as the budget for the State for that financial year is tabled. 69 Departmental accounts (1) The accountable officer of a department must establish, in accordance with the prescribed requirements, the accounts (the departmental accounts) necessary— (a) to account, under a financial and performance management standard, for public moneys, public property, non-public moneys, other property and other resources administered or controlled by the department; and (b) to produce— (i) the financial statements required to be produced by this Act; and (ii) other financial statements or information required to be produced by the prescribed requirements or the Treasurer. (2) The accounts, other than the consolidated fund account, established by the under-Treasurer for preparing the consolidated whole-of-government financial statement for a financial year are departmental accounts of the treasury department. (3) Subsection (1) does not apply to the extent the accounts are necessary under section 69A(2). 69A Special purpose accounts (1) This section applies in relation to the accountable officer of a department that is responsible for administering an Act that— (a) establishes a fund; and (b) requires accounts for the fund to be kept as special purpose accounts of the department. (2) The accountable officer must establish the accounts (the special purpose accounts) necessary— (a) to account for contributions made to the fund, moneys paid from the fund and other transactions made in relation to the fund; and (b) to produce the financial statements and information mentioned in section 69(1)(b), to the extent the statements or information must include matters in relation to the fund. (3) To remove any doubt, it is declared that special purpose accounts are not, and do not form part of, departmental accounts. 70 Payment of tax equivalents and dividends (1) This section applies if the accountable officer of a department has entered into an arrangement with the Treasurer about a business unit within the department and, under the arrangement, the accountable officer must pay— (a) an amount decided by applying the tax equivalents manual to the business unit (the tax equivalent); or (b) an amount decided under the arrangement as a dividend (the dividend). (2) If the accountable officer has not paid the tax equivalent or dividend under the arrangement, and within the time stated in the arrangement, the Treasurer may, by notice given to the accountable officer, require the officer to pay the Treasurer the tax equivalent or dividend. (3) The notice must state— (a) the amount of the tax equivalent or dividend; and (b) when the tax equivalent or dividend must be paid to the Treasurer. (4) The accountable officer must comply with the notice. (5) This section does not apply to the official secretary, the Clerk of the Parliament or an accountable officer prescribed, in a regulation made under section 65(4), for an entity mentioned in the regulation. (6) In this section— tax equivalents manual means the tax equivalents manual issued by the Treasurer under the Government Owned Corporations Act 1993, section 129. 71 Borrowings by accountable officers The accountable officer of a department may, under a Treasurer's approval, borrow amounts for the State. 72 Losses and special payments (1) The accountable officer of a department may— (a) write off losses relating to the departmental accounts of the department; and (b) authorise special payments to be made from the departmental accounts. (2) A special payment may be made to an accountable officer only with the approval of the Governor in Council. 73 Recovery of moneys (1) Subsection (2) applies if a loss of or deficiency in either of the following occurs— (a) public moneys that have been advanced to an officer or employee of a department; (b) public moneys or non-public moneys while the moneys are under the control of an officer or employee of a department. (2) The loss or deficiency is a debt due to the State and may be recovered from the officer or employee by action in a court of competent jurisdiction. (3) It is a defence to an action for the recovery of moneys from an officer or employee (a person) under subsection (2) if the person proves that the loss or deficiency was not caused or contributed to by a failure by the person to fulfil any of the person's duties in relation to the moneys including the person's duties under the prescribed requirements. (4) For this section, public moneys or non-public moneys are taken to be under the control of an officer or employee of a department if the moneys— (a) have been received by or have come into the custody of the officer or employee; and (b) have not been paid to another person or to the credit of an account at a financial institution as required by the prescribed requirements. (5) In this section, a reference to an officer or employee of a department includes a reference to a person who has been an officer or employee of the department. 74 Recovery of value of property (1) Subsection (2) applies if loss or destruction of or damage to public property or other property occurs wh