Two Acts underpin the Territory’s financial management framework:
The Financial Management Act provides governing principles for the financial management of the Territory and a financial framework within which agencies are required to manage their resources. This includes the accounting framework, duties of accountable officers and principles of budget and funds management. The Fiscal Integrity and Transparency Act establishes the principles underpinning the Government’s financial policy, financial management and reporting to include the Budget and the Annual Financial Report.
The above Acts are supplemented by an annual Appropriation Act, which provides the legal authority for the Government’s funding decisions in each year’s Budget.
In addition, the financial principles specified in the Acts are supported and elaborated through Treasurer’s Directions, which emphasise the practices and procedures to be observed by Accountable Officers in the administration of the financial affairs of individual agencies and the Territory.