Contents
- Part 1 Executive Summary
- Part 2 Performance reporting
- Part 3 Corporate governance and accountability
- Part 4 Appendices
- Part 5 Financial Management
Annual Report 2008–2009
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Annual Report 2008–2009
Annual Report 2008–2009 » Chapter 17: Financial Statements
The financial statements and notes are required by section 49 of the Financial Management and Accountability Act 1997 and are a General Purpose Financial Report.
The financial statements and notes have been prepared in accordance with:
Joining Dr Jeff Harmer and Ian McPhee (Auditor General, ANAO) at the official signing of the financial statements for the 2008–09 Annual Report were some of the ‘behind the scenes’ team (left to right): Loucas Nicolaou, Sasha Dordevic, Kurt Munro, Donna Moody, Ben Jiang, John Bowker, Lasantha Samaranayake, Bernie Yates, Deanne Jones, Ron Wah, Steve Jennaway, Dean Nulty and Puspa Dash.
The Aboriginals Benefit Account (ABA) was established under Part VI of the Aboriginal Land Rights (Northern Territory) Act 1976 (the ALRA) and is a special account for the purposes of the Financial Management and Accountability Act 1997 (FMA Act). The ABA is established for the receipt of statutory royalty equivalent monies generated from mining on Aboriginal land in the Northern Territory, and the distribution of these monies.
The ABA is administered by the Department in accordance with the requirements of the ALRA and the FMA Act.
Thirty per cent of royalty equivalent receipts are distributed to incorporated Aboriginal associations, communities or groups in order to benefit those Aboriginal people who are affected by mining operations. ABA funds are also used to meet the operational costs of the four Land Councils in the NT, to make payments for the acquisition and administration of township leases as well as payments for the benefit of Aboriginal people living in the Northern Territory made at the Minister’s discretion.
The Aboriginal and Torres Strait Islander Land Account (Land Account) operates under the Aboriginal and Torres Strait Islander Act 2005 (ATSI Act) and is a special account for the purposes of the Financial Management and Accountability Act 1997 (FMA Act). The Land Account is established for the purpose of making payments to the Indigenous Land Corporation (ILC).
The Land Account is administered by the Department in accordance with the requirements of ATSI Act and the FMA Act.
The Land Account is a self-sustaining capital fund. It provides a secure and ongoing source of funds to the ILC who assists Aboriginal and Torres Strait Islander people to acquire and manage Indigenous-held land so as to provide economic, environmental, social and cultural benefits.