Measure A new policy or savings decision of the government with financial impacts on the government’s underlying cash balance, fiscal balance, operating balance, headline cash balance, net debt or net worth. Such proposals are normally made in the context of the annual Budget, and are typically published in Budget Paper No. 2, in the Mid-Year Economic and Fiscal Outlook (MYEFO). Mid-Year Economic The provides an update of the government’s budget and Fiscal Outlook estimates by examining expenses and revenues in the year to date, as well as provisions for new decisions that have been taken since the Budget. The report provides updated information to allow the assessment of the government’s fiscal performance against the fiscal strategy set out in its current fiscal strategy statement. of Funds’ A of funds’ process is carried out twice each ‘Movement ‘movement between years year in relation to un-expensed administered operating appropriations. This involves portfolio ministers submitting requests to the Finance Minister advising of timing changes to funding requirements. If agreed by the Finance Minister, there will be an increase in the amount appropriated in later year(s). Net cash framework The net cash framework, implemented from the 2010-11 Budget, replaces funding for depreciation and amortisation expenses with a departmental capital budget (DCB) and the funding of make good expenses will cease to be paid in advance. The net cash framework applies to general government sector agencies that receive funding from annual appropriations directly or via a special account, with the exception of CAC Act bodies and the Department of Defence and the Defence Materiel Organisation. Non-operating Sometimes called costs. ‘capital’ Official Public The OPA is the Australian Government’s central bank Account (OPA) account held within the Reserve Bank of Australia. The OPA reflects the operations of the Consolidated Revenue Fund.
Measure A new policy or savings decision of the government with financial impacts on the government’s underlying cash balance, fiscal balance, operating balance, headline cash balance, net debt or net worth. Such proposals are normally made in the context of the annual Budget, and are typically published in Budget Paper No. 2, in the Mid-Year Economic and Fiscal Outlook (MYEFO). Mid-Year Economic and Fiscal Outlook The provides an update of the government’s budget estimates by examining expenses and revenues in the year to date, as well as provisions for new decisions that have been taken since the Budget. The report provides updated information to allow the assessment of the government’s fiscal performance against the fiscal strategy set out in its current fiscal strategy statement. ‘Movement of Funds’ between years A ‘movement of funds’ process is carried out twice each year in relation to un-expensed administered operating appropriations. This involves portfolio ministers submitting requests to the Finance Minister advising of timing changes to funding requirements. If agreed by the Finance Minister, there will be an increase in the amount appropriated in later year(s). Net cash framework The net cash framework, implemented from the 2010-11 Budget, replaces funding for depreciation and amortisation expenses with a departmental capital budget (DCB) and the funding of make good expenses will cease to be paid in advance. The net cash framework applies to general government sector agencies that receive funding from annual appropriations directly or via a special account, with the exception of CAC Act bodies and the Department of Defence and the Defence Materiel Organisation. Non-operating Sometimes called ‘capital’ costs. Official Public Account (OPA) The OPA is the Australian Government’s central bank account held within the Reserve Bank of Australia. The OPA reflects the operations of the Consolidated Revenue Fund.
pbs_2014-15_portfolio.docx