CASH ALIGNMENT POLICY

98 Mr HAMILTON-SMITH (Waite—Leader of the Opposition) (30 September 2008). With respect to the 2008-09 budget papers, why was there an estimated $75.4 million result for the 'return of cash to Consolidated Account—cash alignment policy' in 2007-08 when $3.9 million was budgeted for, and from what sources did this revenue come?

The Hon. K.O. FOLEY (Port Adelaide—Deputy Premier, Treasurer, Minister for Industry and Trade, Minister for Federal/State Relations): I am advised that under the Cash Alignment Policy, the Department of Treasury and Finance undertakes regular management and monitoring of agency surplus cash balances that are, in turn, transferred to the Consolidated Account. The amounts to be transferred are based on agency year-end cash balances from the previous budget year. With respect to the 2008-09 Budget Papers, the variance on the line entitled 'Return of Cash to Consolidated Account—Cash Alignment Policy' between the budget estimate and the estimated result in 2007-08 was largely the result of below budget agency expenditure and above budget receipts in 2006-07. There was no budget impact as a result of this transfer to Consolidated Account.