Post by spindrift on Oct 31, 2012 16:17:04 GMT 10
$1b error: NSW swings from deficit to surplus
Date October 31, 2012 - 1:28PM
Anna Patty
State Political Reporter
NSW has moved from deficit to surplus due to "totally unacceptable" errors in its accounts, the Auditor-General says.
The government had allowed the budget deficit to bounce around "like a pinball machine", said Peter Achterstraat as he announced a budget result that was $1 billion better than predicted in the 2012-13 budget papers published in June 2012.
An expected deficit of $337 million in the middle of June became a surplus of $680 million by the end of June.
The total revenue was $6 million over budget.
Mr Achterstraat was critical of government departments, saying they needed to tighten up their budget predictions and financial reporting. He said he was not satisfied with the quality of financial accounts, saying they were "all over the shop".
There were 37 errors of over $20 million each in accounts the Auditor-General's office identified and corrected.
"I would say that a $1 million error is unfortunate, a $10 million error is undesirable but a $100 million error is totally unacceptable," he said.
"This is not acceptable for an entity the size of NSW that manages billions of dollars of assets and public funds.
"There is a lack of effective financial management capability in this state and it must improve.
"The state needs better systems, better processes and appropriately skilled and qualified people to produce the financial information it needs to properly manage public resources."
The Auditor General said Treasury should take steps to improve the accuracy of information it uses to prepare government reports.
The state government is due to revise its budget estimates as part of its mid-year review in December.
The NSW government has revenue of about $60 billion a year and employs nearly 400,000 public servants.
Read more: www.smh.com.au/nsw/1b-error-nsw-swings-from-deficit-to-surplus-20121031-28j8s.html#ixzz2Ar16NWWH
The Farrell govt would have to be either liars or dumb...hmmmm let me think about this in a matter of fact unbiased consideration deep thought...**ding**...all of less than a second: conclusion they ae both liars and dumb....who voted for these knuckleheads..??..
Date October 31, 2012 - 1:28PM
Anna Patty
State Political Reporter
NSW has moved from deficit to surplus due to "totally unacceptable" errors in its accounts, the Auditor-General says.
The government had allowed the budget deficit to bounce around "like a pinball machine", said Peter Achterstraat as he announced a budget result that was $1 billion better than predicted in the 2012-13 budget papers published in June 2012.
An expected deficit of $337 million in the middle of June became a surplus of $680 million by the end of June.
The total revenue was $6 million over budget.
Mr Achterstraat was critical of government departments, saying they needed to tighten up their budget predictions and financial reporting. He said he was not satisfied with the quality of financial accounts, saying they were "all over the shop".
There were 37 errors of over $20 million each in accounts the Auditor-General's office identified and corrected.
"I would say that a $1 million error is unfortunate, a $10 million error is undesirable but a $100 million error is totally unacceptable," he said.
"This is not acceptable for an entity the size of NSW that manages billions of dollars of assets and public funds.
"There is a lack of effective financial management capability in this state and it must improve.
"The state needs better systems, better processes and appropriately skilled and qualified people to produce the financial information it needs to properly manage public resources."
The Auditor General said Treasury should take steps to improve the accuracy of information it uses to prepare government reports.
The state government is due to revise its budget estimates as part of its mid-year review in December.
The NSW government has revenue of about $60 billion a year and employs nearly 400,000 public servants.
Read more: www.smh.com.au/nsw/1b-error-nsw-swings-from-deficit-to-surplus-20121031-28j8s.html#ixzz2Ar16NWWH
The Farrell govt would have to be either liars or dumb...hmmmm let me think about this in a matter of fact unbiased consideration deep thought...**ding**...all of less than a second: conclusion they ae both liars and dumb....who voted for these knuckleheads..??..
