NSW Generations Funds Act 2018

This Act is the NSW Generations Funds Act 2018.

This Act commences on the date of assent to this Act, except as provided by this section.

Section 20 commences on the day on which Division 6.4 (Financial arrangements) of the Government Sector Finance Act 2018 commences.

In this Act—

Community Services and Facilities Fund means the NSW Generations (Community Services and Facilities) Fund established under this Act.

Debt Retirement Fund means the NSW Generations (Debt Retirement) Fund established under this Act.

financial year means the year commencing 1 July.

function includes a power, authority or duty, and exercise a function includes perform a duty.

GSF agency has the same meaning as in the Government Sector Finance Act 2018.

interest includes any legal or equitable estate or interest (whether present or future, whether vested or contingent and whether personal or assignable) in real or personal property of any description (including money, securities and choses in action).

NSW Generations Funds means the Community Services and Facilities Fund and the Debt Retirement Fund.

Public Service agency has the same meaning as in the Government Sector Employment Act 2013.

relevant NSW equity interest means an interest specified by Schedule 1.

State tax means a duty or any other tax imposed by or under an Act.

Note—

The Interpretation Act 1987 contains definitions and other provisions that affect the interpretation and application of this Act.

Notes included in this Act do not form part of this Act.

The following are to be established in the Special Deposits Account—

NSW Generations (Debt Retirement) Fund,

NSW Generations (Community Services and Facilities) Fund.

The Minister is to control and manage each of the NSW Generations Funds.

The Minister may, in exercising functions under this Act, obtain and have regard to any advice, recommendations or other information provided to the Minister by any person or body that the Minister considers relevant.

The Minister is to produce an annual report.

The annual report is to be in the form, and contain such information (including details of payments into and out of each of the NSW Generations Funds), as the Treasurer may determine.

The annual report is to include an audit of each of the NSW Generations Funds by the Auditor-General (including a report of the Auditor-General on whether the payments from the Funds have been made in accordance with this Act).

The annual report is to be made publicly available within 6 months after the end of the financial year to which it relates.

The purpose of the Debt Retirement Fund is to provide funding for reducing the debt of the State in accordance with the principles of sound financial management set out in section 7 of the Fiscal Responsibility Act 2012.

The following are to be paid into the Debt Retirement Fund—

all money appropriated by Parliament, or advanced by the Treasurer, for payment into the Fund,

all money appropriated by Parliament to the Treasurer for the general purposes of the Government (and not for the purposes of individual GSF agencies) and directed by the Treasurer to be paid into the Fund,

any money that is directed by the Treasurer under subsection (2) to be paid into the Fund,

all money that is income (including distributions, dividends and interest) paid to the holder of any relevant NSW equity interest,

the proceeds of the sale of any relevant NSW equity interest,

the proceeds of the investment of money in the Fund,

all other money directed or authorised to be paid into the Fund by or under any Act or law.

The Treasurer may direct that an amount of money be paid into the Debt Retirement Fund if the Treasurer is satisfied that it is windfall tax revenue in excess of Budget forecasts.

The Treasurer is taken to have been given an appropriation out of the Consolidated Fund under the authority of this section, on the day a direction is given under subsection (2), for the amount specified in the direction for the purpose of its payment into the Debt Retirement Fund.

The following may be paid out of the Debt Retirement Fund—

the payment of all or any part of a debt of the State that the Minister is satisfied is a payment that promotes the purpose of the Fund,

administrative expenses relating to the control and management of the Fund.

The Minister may invest money in the Debt Retirement Fund—

if the Minister is a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in any way that the Minister is permitted to invest money under that Part, or

if the Minister is not a GSF agency for the purposes of Part 6 of the Government Sector Finance Act 2018—in any way approved by the Treasurer.

The purpose of the Community Services and Facilities Fund is to provide funding for cost-effective facilities and services throughout New South Wales that improve the wellbeing of communities and the lives of the people of New South Wales, including facilities and services for the purposes of—

protecting public health and preventing disease, illness, injury, disability or premature death, and

promoting conditions in which persons can be healthy and safe, and

promoting involvement with community or culture, and

increasing participation in programs, services or activities that aim to improve the overall wellbeing of the community, and

any other purposes prescribed by the regulations.

The Minister is not to recommend the making of a regulation for the purposes of subsection (1) (e) unless the Minister certifies that the Minister is satisfied that the purpose to be prescribed is a purpose that relates to the improvement of the wellbeing of communities and the lives of the people of New South Wales.