Financial Management Act 2016

The Treasurer must properly record all expenditure from the Public Account.

An officer must not draw money from the Public Account except under the authority of this Act or some other Act.

Every appropriation out of the Public Account for any financial year lapses and ceases to have effect for any purpose at the close of that year.

The Treasurer may cause to be opened the accounts he or she considers necessary for the purpose of recording transactions in connection with the Public Account.

Except as otherwise provided by this or any other Act, all receipts of the State, including – all money received by the Treasurer after the commencement of this Act in repayment of advances or loans made, or money borrowed, for the public purposes of the State under an Act; and all money borrowed for the purposes of an Appropriation Act; and all money received from the Commonwealth; and all money received by the Treasurer from the sale of lands or other property belonging to the State; and all money received by an Agency, unless the Treasurer determines otherwise; and any other receipts determined by the Treasurer – are to be credited to the Public Account.

Any money borrowed by, or on behalf of, the State is to be recorded through an account of the State established for that purpose – by the Treasurer; or by an Agency, if the money has been borrowed pursuant to a determination under section 53.

If an Agency is unable to determine correctly the purpose for which any money has been paid to that Agency, the money is to be retained by the Agency until the Agency has determined the purpose or the Treasurer determines the purpose for which the money is to be applied.