2012-13 Government Mid-year Financial Projections Statement

APPENDIX 5Special Purpose AccountsSpecial Purpose Accounts (SPAs) are established under various sections of the FinancialManagement Act 2006 (FMA). All such accounts include a trust fund statement outliningthe purpose of the individual SPA. Some SPAs arise as a result of statute (e.g. the FionaStanley Hospital Construction Account and the Royalties for Regions Fund), while othersare established administratively under the authority of the FMA.This appendix contains information on SPAs established to deliver key Governmentpolicy outcomes. This is not an exhaustive list of all SPAs, but covers themajor/material SPAs in existence as at 10 December 2012. The SPA balances andtransactions in and out of these accounts form part of the overall consolidated projectionsfor 2012-13 outlined elsewhere in this mid-year review.The SPA balances detailed in this appendix provide a funding source for particularinitiatives. However, it is important to note that each dollar that is spent from these SPAbalances will increase net debt (and reduce the net operating balance if the spending is forrecurrent purposes) by the same amount. In this way, these SPA balances are no differentfrom other funding sources, including new borrowings.Fiona Stanley Hospital Construction AccountThis SPA was established in October 2007 to set aside funds to be used for theconstruction of the Fiona Stanley Hospital. The hospital is expected to reach practicalcompletion in December 2013 and to commence operation in April 2014. Constructionwill utilise all available funds in the SPA.Receipts reflect interest revenue earned on the account balances. Funds are drawn fromthe account and paid to WA Health as payments for construction work fall due.133