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

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gjYTHFR COMMITMENTS (a) Delay Cost Compensation Payment Commencing in 1991-92, the Government undertook to provide an armual grant of $6 million to the Portland Smelter Unit Trust (PSUT) to fund the annual amortisation of the Delay Cost Compensation Payment (DCCP). The armual grant will apply in those years where the profits of PSUT from the sale of aluminium or other sources are insufficient to cover the annual amortisation of DCCP. Appropriations were included in the 1991-92 and 1992-93 Budgets for these grants. Based on the present arrangement, a commitment arises for the Government in respect of future year's grants. However, in the event that a proposed financial restructuring of the PSUT proceeds, annual grants may no longer be required. (b) Flexible Tariff Management Unit Trust Flexible Tariff Management Unit Trust (FTMUT) is responsible for meeting the Government's obligations to the State Electricity Commission of Victoria (SECV) to make and receive payments in relation to flexible electricity tariffs for the PorUand and Point Henry smelters. These flexible tariff arrangements are set out in detail in Victoria, The Portland Aluminium Smelter of August 1984. The units in FTMUT are owned by the Treasurer with the State Trust Corporation as trustee. These arrangements were entered into in consideration of the SECV renegotiating the supply of electricity for the Point Henry and the Portland smelters, so that electricity would be supplied under a flexible tariff which would vary according to the level of world aluminium prices. The flexible tariff was designed to ensure that over the long term the average tariff paid by the smelters would be equal to the SECV's base tariff. The Government bears the cost and receives the benefit arising from deviations of the actual tariff from the base tariff. Because of continuing low aluminium prices, the Government was required to make payments under the flexible tariff arrangements in 1990-91 and 1991-92. These payments were financed by a loan guaranteed by the Treasurer from the Victorian Development Fund (VDF). At 30 June 1992, the loan balance outstanding was $280.3 million. Based on the current low level of aluminium prices, further flexible tariff payments of up to $200 million will be required in 1992-93. This will be principally funded from borrowings. However, an amount of $121 million is included in the Budget estimate in 1992-93 to meet payments of principal ($80 million) and interest on the funding ($41 million). Given current forecasts of future aluminium prices, payments under these arrangements are anticipated to continue in the medium term. 199
(c) World Congress Centre The World Congress Centre (WCC) is a world-class convention centre which is owned by the Melbourne Convention Centre Property Trust and managed by the Centre Manager (World Congress Centre Management Pty Ltd, or WCCM). The Government has provided indemnities to WCCM, the Trustee of the Trust (Allco Nominees (Victoria) Pty Ltd), and Bankers Trust Australia Limited (the counter-party to an interest rate swap with the Trustee). Unitholders in the Melbourne Convention Centre Property Trust receive an after-tax return in the form of quarterly distributions. These distributions are made by the Trustee. Under the WCC transaction documents, the Centre Manager guarantees the net operating income of the Trust Fund. WCCM is to make these payments in the first instance. As WCCM is yet to make an operating profit, the Government makes subsidy payments each quarter to the Centre Manager. These quarterly subsidy payments cover the distributions and any interest swap payments required (that is, net payments under the interest swap entered into in 1990) and payments to meet the operating losses of the Centre. Total payments under these arrangements to 30 June 1992 was $38.2 million. Payments in respect of the WCC in the 1992-93 Budget total $22.1 million. The extent of the required Government subsidy depends on movements in Bank bill rates and any WCCM operating surpluses or losses. There is also a potential exposure to Capital Gains Tax (CGT) when the units in the Trust are redeemed in 1997. The existence and extent of this exposure depends on whether capital gains on such units are taxable (a question which is unresolved as yet), inflation and future Bank Bill rates. If the units in the Trust are liable to CGT, the amount raised to redeem the units in the Trust in 1997 will need to be increased accordingly. On current estimates, the amount to be refinanced if CGT applies will increase from $149 million to $175 — $185 million. WCCM expect operating subsidy requirements will continue to decline, with the first operating profit projected in 1995-96. In 1990 WCCM terminated the car park management agreement with Adams Parking (City) Pty Ltd. Adams Parking (City) Pty Ltd has claimed a total of $10 million damages in relation to this action. WCCM is defending that claim and pursuing a counter-claim for damages arising from the termination of the agreement. (id) National Tennis Centre The Government and Tennis Australia have in place, a set of arrangements to ensure that the Australian Open Tennis Tournament remains at the National Termis Centre and to enhance the financial viability of the Centre. The Government will provide financial certainty to the Centre by way of annual grants up to $12 million for a period of 12 years. The first $12 million payment was provided in the 1991-92 Budget. 200
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•^ .,^^^ ^ Victoria Finance State
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The Honourable the Speaker Legislat
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VICTORIA HNANCE STATEMENT 1991-92 P
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1. INTRODUCTION EXPLANATORY NOTES T
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meet urgent claims may also be prov
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TABLE A,2 BALANCING THE CONSOLIDATE
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Pay-roll Tax Receipts from Pay-roll
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Offsetting these shortfalls were ad
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An amount of $24.2 million, reflecf
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Other significant payments related
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VICTORIA nNANCE STATEMENT 1991-92 S
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FINANCE STATEMENT 1991-92 SUMMARY O
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TEMENT 1991-92 IDATED FUND THE YEAR
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VICTORIA HNANCE STATEMENT 1991-92 A
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1990-91 Actual $ 17 449 641 440 043
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1990-91 Actual $ 87 840 142 87 840
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1990-91 Actual $ 758 331 212 2 700
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VICTORIA nNANCE STATEMENT 1991-92 A
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1990-91 Aaual nNANCE STATEMENT 1991
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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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Page 189 and 190: Government of Victoria Capital Work
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Page 213 and 214: 12. SUMMARY OF CREDITORS A Summary
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Page 219 and 220: Contract Auditing Coode Island Revi
Page 221 and 222: Metropolitan Fire Brigades Superann
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