BUDGET OVERSPENDING

245 Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (23 October 2007). What processes are in place to ensure that there is limited overspending in 2007-08 Budget?

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I am advised that a budget monitoring regime is in place that provides the Expenditure Review and Budget Cabinet Committee (ERBCC) with regular information on the budget performance of each agency. Agencies provide year to date actual results and projected end of year outcomes to the Department of Treasury and Finance on a monthly basis, including commentary for major variances from the approved budget. In addition to the monthly reports, monitoring of the progress of individual budget initiatives, including savings, and progress on capital projects is conducted on a quarterly basis. These reports highlight to ERBCC where there is potential for over or underspending on specific agency projects.