Statement of Receipts and Payments of the Consolidated Fund and ...

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Table A.4 compares actual Recurrent receipts in 1991-92 with the Budget estimates. Taxation Recoveries of Debt Charges Land Revenue Harbour Revenue Fees and Charges for Departmental Services Forestry Revenue Rural Water Commission Public Authorities Miscellaneous Receipts Revenue Previously Paid to the Trust Fund Commonwealth Payments Current Account Advances — Cash Management Account Capital Works Authority TABLE A.4 RECURRENT RECEIPTS 1991-92 Estimate $m 5 645.4 269.6 149.6 400.5 61.4 92.4 720.8 337.5 188.8 4 153.3 12 019.2 1991-92 Actual $m 5 449.5 275.8 160.8 0.2 350.5 57.4 83.3 739.2 325.2 177.0 4 229.0 11 847.9 Variation $m -195.9 6.2 11.2 0.2 -50.0 -4.0 -9.1 18.4 -12.3 -11.8 75.7 -171.3 786.1 94.6 -691.5 1 267.2 1 267.2 Total Recurrent Receipts 12 805.3 13 209.7 404.4 Note: Totals may not add due to rounding. Some of the major variations in receipts are discussed below. 3.1.1 Taxation Receipts Total receipts from State Taxation in 1991-92 were $5 449.5 million, $195.9 million below the Budget forecast. Some of the major variations from Budget estimates are shown in the following table: TABLE A.5 TAXATION RECEIPTS 1991-92 1991-92 Estimate Actual Variation $m $m $m Pay-roll Tax Stamp Duty — Land Transfers Motor Vehicle Transfers Marketable Securities Other Stamp Duty Land Tax Financial Institutions Duty Road Safety Act Fees Electronic Gaming Machines Petroleum Franchise Fees Tobacco Franchise Fees Liquor Franchise Fees Other Taxation 2 065.0 542.0 207.0 109.0 328.1 442.0 336.0 161.0 5.0 377.9 235.0 158.3 679.1 1 995.2 524.1 196.3 99.3 288.3 465.0 293.5 147.4 0.2 371.6 241.6 153.1 673.9 Total Taxation 5 645.4 5 449.5 -69.8 -17.9 -10.7 -9.7 -39.8 23.0 -42.5 -13.6 -4.8 -6.3 6.6 -5.2 -5.2 -195.9
Pay-roll Tax Receipts from Pay-roll tax in 1991-92 were $1 995.2 million, $69.8 million or 3.4 per cent below the Budget estimate. The shortfall was predominantly related to the recession which resulted in average weekly earnings being below forecast and a larger fall in wage and salary earner employment (5.5%) than anticipated at the time of the Budget. Stamp Duty In aggregate, receipts from stamp duties were $1 108.0 million or $78.1 million below the Budget estimate. Receipts from stamp duty on land transfers were $524.1 million in 1991-92, $17.9 million below the Budget estimate and $10.6 million lower than collections in 1990-91. The shortfall is a reflection of a longer than expected weakness in the property market. Throughout the year, the commercial and industrial property sectors displayed litfle sign of recovery. Stamp duty receipts on motor vehicle transfers were $196.3 million, $10.7 million lower than Budget. The sluggish performance of the motor market resulted in both subdued prices and volumes over a longer time period than initially forecast. The $9.7 million shortfall in stamp duties on marketable securities reflected weaker business confidence than expected in a year of low economic activity. Land Tax Receipts from land tax amounted to $465.0 million, $23.0 million above Budget. The overrun was a result of a combination of factors, namely a higher proportion of taxpayers paying on time; a successful compliance effort and to a lesser extent changes in land ownership which led to an increase in the tax base. Financial Institutions Duty Receipts from Financial Institutions Duty were severely affected by the longer than anticipated recession and there was a $42.5 million shortfall against Budget. Actual collections in 1991-92 amounted to $293.5 million. Road Safety Act Fees Receipts from Road Safety Act Fees were $147.4 million, $13.6 million below Budget. The shortfall was due predominantly to lower registration fees than anficipated and a higher than forecast number of exemptions. Electronic Gaming Machines Budgeted receipts were $5.0 million against actual receipts of $0.2 million. As the introduction of the machines was delayed beyond 1991-92, collections reflected only licence fees.
Page 1 and 2: •^ .,^^^ ^ Victoria Finance State
Page 3 and 4: The Honourable the Speaker Legislat
Page 5 and 6: VICTORIA HNANCE STATEMENT 1991-92 P
Page 7 and 8: 1. INTRODUCTION EXPLANATORY NOTES T
Page 9 and 10: meet urgent claims may also be prov
Page 11: TABLE A,2 BALANCING THE CONSOLIDATE
Page 15 and 16: Offsetting these shortfalls were ad
Page 17 and 18: An amount of $24.2 million, reflecf
Page 19 and 20: Other significant payments related
Page 21 and 22: VICTORIA nNANCE STATEMENT 1991-92 S
Page 23 and 24: FINANCE STATEMENT 1991-92 SUMMARY O
Page 25 and 26: TEMENT 1991-92 IDATED FUND THE YEAR
Page 27 and 28: VICTORIA HNANCE STATEMENT 1991-92 A
Page 29 and 30: 1990-91 Actual $ 17 449 641 440 043
Page 31 and 32: 1990-91 Actual $ 87 840 142 87 840
Page 33 and 34: 1990-91 Actual $ 758 331 212 2 700
Page 35 and 36: VICTORIA nNANCE STATEMENT 1991-92 A
Page 37 and 38: 1990-91 Aaual nNANCE STATEMENT 1991
Page 39 and 40: nNANCE STATEMENT 1991-92 PAYMENTS F
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nNANCE STATEMENT 1991-92 PAYMENTS F
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nNANCE STATEMENT 1991-92 STATEMENT
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ETHNIC, MUNICIPAL AND COMMUNITY AFF
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ATTORNEY-GENERAL CONSERVATION AND E
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151 VICTORIA nNANCE STATEMENT 1991-
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nNANCE STATEMENT 1991-92 THE TRUST
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Brought Forward Manufacturing and I
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8. WORKS AND SERVICES ACCOUNT nNANC
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Department and Programs PARLIAMENT:
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Department and Programs FINANCE: 35
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Department and Programs POLICE AND
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Financial commitments represent var
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Government of Victoria Capital Work
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4. EXPLANATORY NOTES ON SPECIFIC MA
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Financial Year Ending 30 June 1991
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5. LEASING COMMITMENTS The followin
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(b) Operating Leases for Transport
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7. CONTINGENT LIABILITIES IN RESPEC
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Table B.6 provides details of conti
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TABLE B.7 (Cont.) CONTINGENT LIABIL
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The scheme was originally establish
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The Bonds are secured by a second g
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(c) World Congress Centre The World
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10. EQUITY CAPITAL OF THE STATE Tab
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12. SUMMARY OF CREDITORS A Summary
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14. COMMONWEALTH FUNDS UNSPENT Comm
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209 VICTORIA FINANCE STATEMENT 1991
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Contract Auditing Coode Island Revi
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Metropolitan Fire Brigades Superann
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Tobacco Franchise Licences 11 Total
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