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

• Financial Assistance Grants (net of the Higher Education Superannuation
DeducUon) and Hospital Grants were together under Budget by $51.2 million. The
shortfall in Financial Assistance Grants was due to lower inflafion and slower
relative populadon growth than forecast, and the shortfall in Hospital Grants was
due to lower than expected award wages and inflafion, and slower population
growth.
3.2 WORKS AND SERVICES RECEIPTS
Global Borrowings
As noted earlier, relative to budget, budget sector global limit borrowings exceeded budget
by $43.3 million as a consequence of the revenue shortfall associated with the economic
downturn. These additional borrowings formed part of Works and Services receipts for 1991-92.
Property Asset Sales
The amount budgeted during 1991-92 from the sale of surplus property was $400.0
million. This amount comprised $341.1 million in general sales and $58.9 million from specific
sales to repay borrowings undertaken in lieu of asset sales in the 1989-90 financial year.
Receipts for the year totalled $92.3 million. The sale program included a number of
significant sale and leaseback transactions which were either not finalised or not proceeded with
during the year. In addition, the depressed state of the property market adversely impacted on
sales.
3.3 PAYMENTS
For the 1991-92 financial year, excluding the repayment of prior year advances. Recurrent
payments were $76.7 million less than budgeted and Works and Services payments $202.5
million less than budgeted.
Special Appropriations
Special appropriations, excluding the repayment of prior year advances, were $128.8
million less than the budget estimate.
Interest payable on advances under Section 21 of the Public Account Act (1958), the Cash
Management Account (CMA) and the State Development Account were less than Budget by
$58.8 million. This reducfion in interest expenditure resulted from a combination of the effects of
a greater fall in interest rates than was expected and the refinancing of short-term CMA advances
into medium term funding.
Repayments to the CMA of the 1989-90 advances received in lieu of asset sales was
budgeted at $59.0 million in 1991-92. The advance is to be repaid from the proceeds of sale of
specific development properties. The market for this type of property is particularly depressed
and no repayments were made in 1991-92.