APPENDIX G

GLOSSARY AND ABBREVIATIONS

GLOSSARY & ABBREVIATIONS 
Accountability Indicators
A measure of an agency’s performance in providing each class of outputs.  These indicators are subject to audit and may be measures of outcomes, outputs or inputs.
Accounting Policy
Specific accounting principles and practices applied in preparing and presenting financial statements.
Accrual Accounting
The recognition of income, expenses, assets, liabilities and equity when an economic transaction occurs giving rise to a movement of resources, irrespective of the timing of any related movement in cash.
Accrued Expenses
Expenses incurred during the accounting period that are yet to be paid at the end of the reporting period.  The expenses are expected to be paid in the next accounting period.
Accrued Income
Income earned during the accounting period, but not yet received by the end of the reporting period.  The income is expected to be received in the next accounting period.
Accumulated Amortisation
This is the total accumulation of amortisation expenses at a given point in time, generally charged for intangible and leased non current assets (refer to Amortisation).
Accumulated Depreciation
This is the total accumulation of depreciation expenses at a given point in time, charged for a particular depreciable asset or class of assets (refer to Depreciation).
Accumulated Funds
Represents the capital the Government has injected into an agency, less any capital distributions to Government, plus the surpluses and deficits accumulated in an agency as a result of operations.  For directorates, capital injections and distributions may occur as a result of a change in administrative arrangements.
Agency
This term is defined as an ACT Government Directorate, a Territory Authority or a Territory‑owned Corporation.
Amortisation
The systematic allocation of the cost of an asset less its residual value over its useful life.  The term amortisation is often used interchangeably with the term depreciation.  However, depreciation is generally used in relation to non current assets that have physical substance (for example property, plant and equipment), while amortisation is generally used in relation to intangible non current assets (for example leased assets).
Appropriation
The maximum amount of public money authorised by the ACT Legislative Assembly under a legislative authority for transfer from the Territory Banking Account to an agency.
Assets
Future economic benefits, or service potential, controlled by an agency as a result of past transactions or other events.
Asset Classes
A grouping of assets of a similar nature and use in the operation of an agency.
Australian Accounting Standards (The Standards)
The accounting and reporting framework issued and maintained by the Australian Accounting Standards Board (AASB).  The Standards prescribe the acceptable methods of measuring and recording accounting transactions and the required level of disclosure of those transactions in financial statements.
Australian Business Number (ABN)
A unique identifier for all business dealings with the Australian Taxation Office and for future dealings with other government agencies.
Budget Papers
These accompany an Appropriation Bill and contain detailed information on the Budget, as well as explanatory material on the context of the Budget.
Capital
The accumulated wealth that an agency is responsible for, resulting from Government contributions as owner and the retained earnings in the agency.
Capital Expenditure
Funds expended in the course of adding to the future economic benefits provided by an asset as a result of a physical addition, improvement or extension of the useful life of the asset.  Capital expenditure also includes the purchase or development of new assets.
Capital Grants
Transactions in which the ownership of an asset (other than cash and inventories) is transferred from one institutional unit to another.  Cash is transferred to enable the recipient to acquire another asset or in which the funds realised by the disposal of another asset are transferred, for which no economic benefits of equal value are receivable or payable in return.
Capital Injections
The means by which the Government injects funds into an agency for purposes such as the purchase or development of assets, the payment of debt, or to increase an agency’s working capital.  On occasion capital injections may be repayable, in which case the terms of these loans are outlined in the budget papers.
Capital Upgrades
Activities and minor works intended to extend the effective useful life of an existing asset, or improve an asset’s service potential.  They may also include works for ongoing programs vital to an agency’s service delivery objectives.
Capital upgrades do not include ongoing repairs and maintenance which do not extend the useful life of an asset and are funded through an agency’s recurrent appropriation.
Capital Works
Capital works are defined as:
•	the creation of a new Territory asset, including new construction projects, and additions to assets;
•	alterations to buildings and other assets;
•	demolition work;
•	furniture and fittings, equipment or plant which are provided as an integral component in the construction and upgrade of buildings or works;
•	work which significantly increases the service delivery capability of an asset, for example the major reconstruction of roads and bridges;
•	design fees; and
•	site testing and field investigations related to an approved capital works proposal or project.
Cash
Comprises cash on hand and demand deposits.
Cash Equivalents
Short‑term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of change in value.
Cash Flows
Inflows and outflows of cash and cash equivalents.
Cash Surplus / Deficit
The net cash received from operating activities less net sales and purchases of non-financial assets.  A cash surplus indicates there was sufficient cash generated from operations to more than cover the net outlay of the capital works program.  This measure is located at the bottom of the consolidated harmonised Cash Flow Statement.
Commitment
A firm intention (usually represented by a contractual obligation) at the end of the reporting period which will give rise to a future payment or sacrifice of service potential or benefits.
Commonwealth Grants
Includes general revenue in the form of Goods and Services Tax (GST) grants from the Commonwealth Government for the purpose of contributing to the financing of the current operations of the recipient.  This is in addition to monies received for specific purposes, where the Commonwealth Government wishes to have some involvement in the direction of the expenditure.  These take the form of either Specific Purpose Payments or National Partnership Payments.  Grants are also received for on-passing to third parties (for example to non government schools), where the Territory has no discretion in their allocation.
Commonwealth Grants Commission (CGC)
Established by the Commonwealth Government in 1933, the CGC is an independent authority that makes recommendations to the Commonwealth Government concerning the distribution of the pool of GST among the States and Territories in accordance with the principles of Horizontal Fiscal Equalisation (HFE).
Consumer Price Index (CPI)
The CPI measures changes in the price of a basket of goods and services (groups) which are typical of the purchases made by metropolitan households in the eight capital cities.
Controlled Items
They are items over which the directorate or agency has discretion, responsibility and authority.  An item is considered to be a controlled item if the directorate or agency has:
•	capacity to benefit from the use of the asset or funds in the pursuit of its objectives and to deny or regulate the access of others to those assets or funds; or
•	discretion and responsibility for how the funds are spent; or
•	expended funds, incurred a liability, or received free services, related to the operations under its control.

Council for the Australian Federation (CAF)
Established by State Premiers and Chief Ministers in October 2006 to support and enhance collaborative federalism by providing an intergovernmental forum for State and Territory leaders to work together on issues of importance.
Council of Australian Governments (COAG)
The peak intergovernmental forum in Australia comprising the Prime Minister, State Premiers, Territory Chief Ministers and the President of the Australian Local Government Association (ALGA).  Its role includes initiating, developing, endorsing and monitoring the implementation of policy reforms of national significance which require cooperative action by Australian Governments.
Current Assets
An asset is classified as current when it satisfies any of the following criteria:
•	it is expected to be realised or is intended for sale or consumption in the agency’s normal operating cycle; or
•	it is held primarily for the purpose of being traded; or
•	it is expected to be realised within twelve months after the reporting date; or
•	it is cash or a cash equivalent.
Current Grant Expenses 
Payments of a current nature to individuals or organisations for general assistance or a particular purpose that, by virtue of their payment, contribute to the achievement of the program’s objectives.
Current Liabilities
A liability is classified as current when it satisfies any of the following criteria:
•	it is expected to be settled in the agency’s normal operation cycle; or
•	it is held primarily for the purpose of being traded; or
•	it is due to be settled within twelve months after the reporting date; or
•	the agency does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Debt
A legal obligation to make payments of principal and (in some cases) interest according to a predetermined schedule.  Debt includes obligations arising from loans (including advances from the Commonwealth Government), bonds, notes and other securities on issue, the capitalised value of outstanding lease commitments under finance lease arrangements, supplier/buyer credits, bank overdrafts, and deferred contract payments.
Debt Servicing
Payments of interest and repayments of principal associated with borrowings and Commonwealth Government advances.
Depreciation Expense
The systematic allocation of the cost of an asset less its residual value over the remainder of its useful life.
Directorate (previously Department)
The term used to define the functional units of the ACT Public Service.
Dividend
A portion of a corporation’s after tax earnings paid to shareholders.
Employee
An employee is a natural person who receives benefits in exchange for services provided to an employer.
Employee Benefits
Benefits that employees accumulate as a result of providing their services to an employer up to the reporting date.  These may include, but are not limited to, annual leave, long service leave, superannuation benefits and other post employment benefits.
Expenses
Expenses are decreases in economic benefits during the accounting period in the form of outflows or depletions of assets or incurred liabilities that result in decreases in equity, other than those relating to distributions to equity participants.
The whole of government harmonised Operating Statement expenses include all mutually agreed transactions that decrease net worth, in accordance with Government Finance Statistics (GFS) principles.
Finance Lease
A finance lease transfers from the lessor to the lessee substantially all the risks and rewards incidental to the ownership of an asset.  Title may or may not eventually be transferred.
Financial Assets
Assets that derive value because of a contractual claim.
First Home Owner Boost Scheme (FHOB)
The FHOB supplements the First Home Owner Grant Scheme (FHOG).  The FHOB is funded by the Commonwealth Government and applied to contracts entered into on or before 31 December 2009.  The FHOB does not apply to contracts made after 31 December 2009.
First Home Owner Grant Scheme (FHOG)
States and Territories are required to fund a FHOG to offset the impact of the Goods and Services Tax (GST) on the price of new homes.
Full‑Time Equivalent (FTE)
A measure of the total level of staff resources used.  The FTE of a full-time staff member is equal to 1.0.  The calculation of an FTE for part-time staff is based on the proportion of time worked compared to that worked by full-time staff performing similar duties.  Contractors are excluded.
Gains (agency reporting only)
Represent items other than revenue that meet the definition of income and may, or may not, arise in the course of the ordinary activities of an agency.  Gains may arise, for example, on the disposal of non-current assets.
Generally Accepted Accounting Principles (GAAP)
A widely accepted set of uniform standards, rules, conventions and procedures for reporting financial information established by the AASB.
Government Business Enterprise (GBE)
Organisational units within the public sector that produce goods and services which are, or could be, sold or tendered in the market place without compromising government’s economic and social objectives.
General Government Sector (GGS)
This is an Australian Bureau of Statistics (ABS) categorisation of certain public sector agencies.  It covers agencies mainly engaged in the production of goods and services outside the normal market mechanism, for consumption by government itself and the general public.  The agencies’ costs of production are mainly financed from public revenues and they provide goods and services to the general public, or sections of the general public, free of charge or at nominal charges well below the cost of production.
General Revenue Assistance (GRA)
Covers a broad range of payments including GST payments which are provided to the States and Territories by the Commonwealth without conditions to be spent according to their own budget priorities.
Goods and Services Tax (GST)
The GST is an indirect, broad-based consumption tax.
GST Revenue
GST revenue collected by the Commonwealth Government is transferred to the States and Territories as untied financial assistance in accordance with the principle of Horizontal Fiscal Equalisation.
Government Finance Statistics (GFS)
The framework used by the ABS for presentation of data on government outlays, revenue and financing transactions through either the General Government sector or the public component of the business sector (the Public Trading Enterprise sector) in accordance with an internationally accepted set of concepts and definitions.
Government Payment for Outputs (GPO)
The appropriated revenue that agencies earn from producing outputs for Government.  The Legislative Assembly approves the appropriation as part of the annual budget.
Grants (non ACT Government)
These include payments to individuals or organisations for general assistance or for a particular purpose that contribute to the achievement of the program’s objectives.  Grants may be for capital and the grant name or category reflects the use of the grant.  Grants are usually made subject to terms and conditions contained in legislation or contracts, or stipulated in correspondence.  An individual or organisation may apply for a grant based on eligibility criteria being met.  Capital grants do not reflect an investment by the Government and are not included as Territory assets.
Gross State Product
The total value of production within a State or Territory which is the State/Territory equivalent of Gross Domestic Product.
Harmonised Financial Statements
These are consolidated financial statements prepared in accordance with the ‘AASB 1049, Whole of Government and General Government Sector Financial Reporting’, standard to meet the requirements of the GFS, the AASB and the Uniform Presentation Framework.
Horizontal Fiscal Equalisation (HFE)
A concept used to distribute GST Revenue amongst the State and Territory governments such that, if each made the same effort to raise revenue from its own sources and operated at the same level of efficiency, each would have the capacity to provide services at the same level.
Income (agency reporting only)
Income arises from increases in economic benefits during the accounting period in the form of inflows or enhancements of assets, or decreases of liabilities that result in increases in equity, other than those relating to contributions from equity participants.  Income encompasses both revenue and gains.
Industry Value Added
The value of output in a particular industry minus the intermediate inputs used in the production of that output.
Intergovernmental Agreement on Federal Financial Relations (IGA-FFR)
A new Intergovernmental Agreement on Federal Financial Relations referred to as the IGA_FFR, was signed by COAG in December 2008.  The new IGA-FFR replaces the 1999 IGA on the Reform of Commonwealth‑State Financial Relations.
Federal legislation providing appropriation in respect of the fiscal grants, outlined in Schedule D of the IGA_FFR, was signed by the Commonwealth Government in the form of the Federal Financial Relations Act 2009 on 1 April 2009.
Inventories
Includes assets (but does not include depreciable assets):
•	held for sale or consumption in the ordinary course of service delivery; or
•	in the process of production for such sale or consumption; or
•	to be used up in the production of goods, other property or services for sale or consumption including consumable stores and supplies.
Investments
Assets held by an agency primarily for the accumulation of wealth through receipt of distributions (such as interest, royalties, dividends and rentals) or for capital appreciation.
Input Tax Credit
Organisations that are registered for GST are entitled to claim as a credit, from the Australian Taxation Office, any GST paid on purchases they made for a creditable acquisition.
Liabilities
Liabilities represent a present obligation of an agency arising from past events, the settlement of which is expected to result in an outflow from the agency of resources embodying economic benefits.  Liabilities are a broader concept than debt.  They also include obligations which do not have a predetermined repayment schedule, and those which do not require payments of interest, such as unfunded liabilities of superannuation funds, liabilities in respect of other employee benefits (long service and annual leave) and trade creditors.
Loan Council
Established under the Financial Agreement Act 1927, the Australian Loan Council has the objective of managing the call on national savings by the Australian public sector as a whole.  The Loan Council consists of a Commonwealth Government representative as chairman and a representative of each of the States and Territories.
Loan Council Allocation (LCA)
A measure of the call on national savings by a jurisdiction.  The Australian Loan Council allocates, by mutual agreement, an annual target for total net financing by each jurisdiction.  The LCA is calculated on the basis of a government’s cash position, and resulting call on financial markets in any given year, required to meet its budget obligations.
Materiality
Materiality is the concept of establishing the importance of financial data in accordance with Australian Accounting Standard AASB1031.  In general, an item of information is material if its omission, non-disclosure or misstatement would cause the financial statements to mislead users when making evaluations or decisions.  The size or nature of the item, or a combination of both, could be the determining factor.
Memorandum Items
The size of a jurisdiction’s Loan Council Allocation is determined by adding the General Government sector cash deficit/surplus, the Public Trading Enterprise sector’s net financing requirement and certain memorandum items.
These memorandum items are included because their nature is sufficiently similar to financing transactions in their economic impact to justify inclusion.  These include:
•	the net movement of operating leases with a net present value of payments greater than $5 million;
•	private sector involvement in public sector infrastructure;
•	sales of assets on a recourse basis; 
•	the net cash surplus/deficit of universities in the jurisdiction controlled by the Government (for example the University of Canberra); and
•	adjustments to exclude all superannuation payments to externally managed and controlled superannuation funds from outlays.
Mid‑Year Economic and Fiscal Outlook (MYEFO)
The Commonwealth Government generally updates its Federal budget estimates in November/December in any given year.
Ministerial Council for Federal Financial Relations
The Ministerial Council comprises the Commonwealth Government Treasurer (Chair) and the Treasurers of the States and Territories.  The Ministerial Council has responsibility for overseeing the general operation of the IGA-FFR and, in particular, the ongoing role in monitoring and implementing the financial reforms underpinning the IGA-FFR.
National Agreement
An agreement with the Commonwealth defining the objectives, outcomes, outputs and performance indicators, and clarifying the roles and responsibilities that will guide the Commonwealth and the Territory in the delivery of services across a particular sector.
National Partnership Agreement (NPA)
An agreement defining the objectives, outputs and performance benchmarks related to the delivery of specified projects, to facilitate reforms or to reward those jurisdictions that deliver on national reforms or achieve service delivery improvements.
National Partnership Payment (NPP)
A Commonwealth payment to the States and Territories, in respect of a National Partnership Agreement, to support the delivery of specified projects, to facilitate reforms or to reward those jurisdictions that deliver on national reforms or achieve service delivery improvements.
National Specific Purpose Payment (SPP)
A Commonwealth financial contribution to support State and Territory delivery or services in a particular sector.
National Tax Equivalent Regime (NTER)
An administrative arrangement between the Commonwealth Government, States and Territories which notionally applies relevant taxation laws to nominated State and Territory GBEs.
Net Debt
The sum of deposits held, advances received and borrowings minus the sum of cash and deposits, advances paid, investments, loans and placements.  Net debt is a useful measure to judge the overall strength of the Government’s fiscal position.  A negative position indicates that General Government sector cash reserves and investments are greater than gross liabilities.
Net Financial Liabilities
Net financial liabilities takes into account unfunded superannuation liabilities and provides a broader measure of debt than net debt.  Net financial liabilities are calculated as total liabilities less financial assets (such as cash reserves and investments).  It takes into account all non-equity financial assets but excludes the value of equity held by the General Government sector in public corporations.
Net Financial Worth
The amount by which total financial assets exceed financial liabilities.  It is a measure of net holdings of financial assets.
Net Increase / (Decrease) in Cash Held
The sum of the net cash flows from all operating, investing and financing activities.
Net Lending / Borrowing 
The financing requirement of government, calculated as the net operating balance less the net acquisition of non-financial assets.  It also equals transactions in financial assets less transactions in liabilities.  A positive result reflects a net lending position and a negative result reflects a net borrowing position.
Net Operating Balance
This is calculated on the harmonised whole of government operating statement as revenue minus expenses.  It is equivalent to the change in net worth arising from transactions.
Net Worth
Defined as total assets less total liabilities.  It is an economic measure of wealth and reflects the contribution of jurisdictions to the wealth of Australia.
Nominal Superannuation Expense
Refers to the imputed interest accrued each quarter on unfunded superannuation liabilities.  In an unfunded superannuation scheme, the increase in superannuation liability is taken as being equivalent to the liability that would be generated under a fully funded scheme as if the employer was paying into a separate superannuation fund.  In this scenario, the Government is viewed as compulsorily ‘borrowing’ from employees the value of the increase in superannuation liability each period.  In doing so, it sustains an additional cost for the use of these ‘borrowed’ funds which is an interest expense.  The cost of these ‘borrowed’ funds is presented in operating statements as nominal interest.
Non‑Financial Assets
Refers to all assets other than financial assets.  Primarily includes property, plant and equipment, such as roads, schools, hospitals, land, inventories, other infrastructure and intangible assets.
Non-Financial Public Sector (NFPS)
Represents the consolidated transactions and assets and liabilities of the General Government and Public Non-Financial Corporation (PNFC) sectors.  In compiling statistics for the NFPS transactions and debtor-creditor relationships between subsectors are eliminated to avoid double counting.  This process is known as consolidation.
Operating Leases
Leasing arrangements in which all substantial risks and rewards incidental to ownership of a leased asset effectively remain with the lessor (the owner of the asset) rather than passing to the lessee (which would make it a finance lease).
Operating Result
Operating profit or loss for the period being reported.
Other Economic Flows
For the whole of government harmonised operating statement, other economic flows includes changes in the value of assets from revaluations, non-financial asset sales and non-mutual bad debts written off.
Output
Goods produced or services provided by, or on behalf of, an agency to the community.  Outputs allow for the measurement of the cost of an agency to provide goods or services to the ACT community.
Output Class
A collection of a set of outputs within an agency.
Payments for Expenses on Behalf of the Territory (EBT)
Territorial (administered) revenues, which the Government appropriates to agencies for the payment of grants, subsidies and transfer payments (refer Territorial).
Performance Indicator
An accountability indicator or a strategic indicator.
Performance Measure
Quantifiable units of measurement used to determine and assess the delivery of outputs.
Prepayments
Payments made in one reporting period, in respect to goods or services that an agency expects to receive or consume in future periods.
Property, Plant and Equipment
Property, plant and equipment are assets that:
•	are held by the agency for use in the production or supply of goods and services, for rental to others, or for administrative purposes;
•	have been acquired, obtained or constructed with the intention of being used on a continuing basis; and
•	are not intended for sale in the ordinary course of business or service delivery.
Provision
Liability for which the amount or timing of the future sacrifice of economic benefits that will be made is uncertain.
Public Non-Financial Corporation (PNFC) Sector
The PNFC sector is also known as the Public Trading Enterprise (PTE) sector.  The PNFC sector comprises bodies mainly engaged in the production of goods and services (of a non‑financial nature) for sale in the market place at prices that aim to recover most of the costs involved.  In general PNFCs are legally distinguishable from the government which owns them.
Public Trading Enterprises (PTEs)
This is an ABS categorisation of certain public sector agencies.  It comprises government controlled corporations and quasi-corporations mainly engaged in the production of market goods and/or non‑financial services.
Receipts
Cash inflows for a period, irrespective of when the moneys are earned.
Relativity (GST)
A per capital ratio assessed by the CGC for use by the Australian Treasury in calculating the share of the GST revenue that a State or Territory requires to achieve HFE.  The Australian average relativity is 1.0.  By way of example, a jurisdiction assessed by the CGC as having a relativity of 2.0 would require twice as much GST revenue per capita than the Australian average to achieve HFE.
Reserves
Reserves are recognised for the increases on revaluation of non current assets or other intended uses of accumulated funds.
Retained Earnings (or Earnings)
Retained earnings are the accumulated operating results since the 1996-97 audited financial statements not transferred to reserves or to the Government.
Revenue
Revenue is an inflow of economic benefit which arises in the course of the ordinary activities of an agency.  For the whole of government operating statement, revenue includes all mutually agreed transactions that increase net worth in accordance with GFS principles.
Service Purchasing
Refers to funding arrangements by which the Territory (as purchaser) contracts with a provider for delivery of specified services.  These are identified as specific outputs which contribute toward the achievement of the Government’s desired outcomes.  Providers are required to report against agreed indicators in order to assist the Territory to meet its accountability obligations to the community.
State Final Demand
The aggregate obtained by summing government final consumption expenditure, household final consumption expenditure, private gross fixed capital formation and the gross fixed capital formation of public corporations and general government.
Strategic Indicators
Performance indicators aimed at measuring the Government’s performance against longer‑term strategic outcomes which impact upon the ACT community.  An agency has some accountability for performance against these indicators, although it cannot be held fully responsible for achieving the specified targets, as there are external factors which will influence the result.  Strategic indicators are not subject to audit.
Strategic Objectives
The effect or difference an agency aims to make in the ACT community in the short to medium term.  Strategic objectives contribute to government priorities and goals and can be influenced by an agency in the medium term.  The objectives are measureable and/or verifiable through strategic indicators.
Superannuation Provision Account (SPA)
A provisioning account established in 1991 to assist the Government in managing its unfunded superannuation liabilities for employees who are members of the Commonwealth Government’s CSS and PSS schemes.  Its operations are subject to the legislative requirements of the Territory Superannuation Provision Protection Act 2000 which limits moneys standing to the credit of the account to be used for superannuation purposes only, not for the general purposes of government.
Supplies and Services
This category of expenses is one of a number identified according to their nature or type for disclosure in the operating statement.  This category includes such types of expenses as travel, office requisites, postage, computer services, consultants and telecommunications services.
Tax-Equivalent Payments 
Refers to payments that a GBE is required to make in order to ensure it has the same taxation obligations as private sector firms, usually for competitive neutrality reasons.  For example, although GBEs are ordinarily exempt from Commonwealth Government income taxes, they are required by their owner governments to make payments calculated on the same basis as income tax.
Territorial
Territorial (administered) items are income, expenses, assets and liabilities that an agency administers but does not control.  These items relate to activities performed on behalf of the Territory.  An item would generally be regarded as a Territorial (administered) item if the agency:
•	has restricted or no discretion in relation to the item; or
•	has restricted or no discretion to increase or decrease the item; or
•	has responsibility for the item, but restricted or no authority over its use; or
•	is responsible only for the collection and/or transfer of the item.
Items are Territorial (administered) where decisions relating to their use are primarily made by the Government.
Territory Banking Account (TBA)
The TBA is a banking account required to be opened and maintained for the purposes of the Territory in accordance with Section 33 of the Financial Management Act 1996.
Territory Owned Corporation (TOC)
A company owned by the Territory which is specified in Schedule 1 of the Territory-Owned Corporations Act 1990.  Territory Owned Corporations are subject to the obligations imposed by Territory-Owned Corporations Act 1990 as well as other legal obligations imposed on them by any other law such as the Commonwealth Corporations Act 2001 or the constitution of the company.
Territory Unencumbered Cash (TUC)
A measure of excess capacity (cash and investments) at a point in time that has not been formally allocated, excluding agency balances.  TUC needs to be considered in the context of its balance over the Budget and Forward Estimates period, in order to ensure cash reserves are maintained at a reasonable level.
Total Comprehensive Income 
A measure of the total change in value of the agency during a financial year arising from revenue, expenses and both realised and unrealised movements in the valuation of assets and liabilities.  Total Comprehensive Income is the equivalent to the increase or decrease in Net Assets during the financial year.
Treasurer’s Advance
Funds available under Section 18 of the Financial Management Act 1996 for expenditure in excess of specific appropriations or not specifically provided for by existing appropriations.
Trust Money
Money an agency holds in trust on behalf of a third party.  The agency acts as administrator of funds and is not permitted to spend these funds on the agency’s controlled activities.  This money is accounted for separately from either controlled or territorial money.
Uniform Presentation Framework (UPF)
By agreement between the Commonwealth Government and the States and Territories, each jurisdiction presents financial information on a UPF basis in their budget papers, and in mid‑year budget updates and in budget outcome reporting.  The primary objective of the UPF is to ensure that the Commonwealth Government, State and Territory governments provide a common ‘core’ of financial information in their budget papers to enable direct comparisons of each government’s budget and financial results.  The UPF is based on the harmonised whole of government reporting standard.
User Charges
Revenues resulting from the sale of goods and services to consumers.  User charges include revenue that the reporting agency controls, and excludes Territory (administered) revenue.  User charges exclude Government Payment for Outputs.
Vertical Fiscal Imbalance
The difference between the relative revenue raising capacity and spending responsibilities of the Commonwealth and States and Territories.
Wage Price Index (WPI)
The WPI is a price index which measures changes over time in wages and salaries for employee jobs, unaffected by changes in the quality or quantity of work performed.  Changes in wages and salaries resulting from changes in the composition of the labour market are excluded from the WPI movements.
Whole of Government Harmonised Standard
The term refers to the harmonisation of GAAP and Government Finance Statistics.  ‘AASB 1049, Whole of Government and General Government Sector Financial Reporting’ requires a single set of government reports which are auditable, comparable between jurisdictions, and in which the outcome statements are directly comparable to the relevant budget statements.  The standard requires governments to report according to accounting standards, choosing options that are consistent with GFS accounting where available, and present according to the GFS principles.

ABBREVIATIONS
AA	Administrative Arrangements	
AASB	Australian Accounting Standards Board	
ABN	Australian Business Number	
ABS	Australian Bureau of Statistics	
ACAT	ACT Civil and Administrative Tribunal	
ACCC	Australian Competition and Consumer Commission	
ACT	Australian Capital Territory	
ACTAS	ACT Ambulance Services	
ACTBIS	ACT Business Incentive Scheme	
ACTCOSS	ACT Council of Social Service	
ACTG&R	ACT Gambling and Racing Commission	
ACTIA	ACT Insurance Authority	
ACTION	ACT Internal Omnibus Network	
ACTPLA	ACT Planning and Land Authority	
ACTPS	ACT Public Service	
AEU	Australian Education Union	
AFP	Australian Federal Police	
AGEST	Australian Government Employees Superannuation Trust	
AHCA	Australian Health Care Agreement	
AIFRS	Australian Equivalents to International Financial Reporting Standards	
ALGA	Australian Local Government Association	
AMC	Alexander Maconochie Centre 	
ANU	Australian National University	
ASBA	Australian School-Based Apprenticeships	
ATO	Australian Taxation Office	
AUV	Average Unimproved Value	
AWE	Average Weekly Earnings	
AWOTE	Average Weekly Ordinary Time Earnings	
BCA	Building Code of Australia	
BCI	Building and Construction Industry	
BER	Building Education Revolution	
BSSS	Board of Senior Secondary Studies	
CADP	Capital Asset Development Plan 	
CAF	Council for the Australian Federation	
CATT	Consumer and Trading Tribunal	
CBC	Canberra Business Council	
CBDF	Canberra Business Development Fund 	
CCARC	Climate Change Adaptation Research Centre	
CCMIL	City Centre Marketing and Improvement Levy	
CCTV	Closed Circuit Television	
CFC	Cultural Facilities Corporation	
CGC	Commonwealth Grants Commission	
CHC	Community Housing Canberra	
CIC	Criminal Injuries Compensation	
CIT	Canberra Institute of Technology	
CIT Solutions	CIT Solutions Pty Limited	
CLO	Court Liaison Officer	
CMD	Chief Minister’s Directorate	
COAG	Council of Australian Governments	
CPI	Consumer Price Index	
CPS	Child Protection Services	
CRC	COAG Reform Council	
CSD	Community Services Directorate	
CSIRO	Commonwealth Scientific and Industrial Research Organisation	
CSO	Community Service Obligations	
CSS	Commonwealth Superannuation Scheme	
CTP	Compulsory Third Party	
DECCEW	Department of the Environment, Climate Change, Energy and Water	
DET	Department of Education and Training	
DFD	Domestic Final Demand	
DHCS	Disability, Housing and Community Services	
DPP	Director of Public Prosecutions	
DT	Department of Treasury	
EAP	Events Assistance Program 	
EBT	Expense(s) on Behalf of the Territory	
EDD	Economic Development Directorate	
EDP	Estate Development Plans 	
EEO	Equal Employment Opportunity	
EPC	Exhibition Park Corporation	
EPIC	Exhibition Park in Canberra	
EPHC	Environment Protection and Heritage Council	
EPP	Environmental Protection Policy	
ERP	Estimated Resident Population	
ESA	Emergency Services Agency	
ESD	Environmentally Sustainable Design	
FHOB	First Home Owner’s Boost	
FHOG	First Home Owner Grant Scheme	
FMA	Financial Management Act 1996	
FMC	Forensic Medical Centre 	
FOI	Freedom of Information	
FTE	Full-time Equivalent (in relation to staff positions)	
GAAP	Generally Accepted Accounting Principles	
GBE	Government Business Enterprise	
GDP	Gross Domestic Product	
GFS	Government Finance Statistics	
GGS	General Government Sector	
GHG	Greenhouse Gas Emissions	
GIS	Geographic Information System	
GP	General Practitioner 	
GPC	Government Purpose Classification	
GPO	Government Payment for Outputs	
GRA	General Revenue Assistance	
GSO	Government Solicitor’s Office	
GSP	Gross State Product	
GST	Goods and Services Tax	
GSTAS	Goods and Services Tax Administration Sub-Committee	
HFE	Horizontal Fiscal Equalisation	
HoTs	Heads of Treasuries	
ICRC	Independent Competition and Regulatory Commission	
ICT	Information and Communication Technology	
IFRS	International Financial Reporting Standards	
IGA-FFR	Intergovernmental Agreement on Federal Financial Relations	
ILP	Individual Learning Plan	
InTACT	Information Technology in the ACT	
IPs	Implementation Plans	
IR	Industrial Relations	
JACS	Justice and Community Safety Directorate 	
KPI	Key Performance Indicator 	
LAMS	Legislative Assembly Ministerial Staff	
LCA	Loan Council Allocation	
LDA	Land Development Agency	
MBA	Master Builders Australia	
MCFFR	Ministerial Council for Federal Financial Relations	
MEPS	Minimum Energy Performance Standard 	
MHAU	Mental Health Assessment Unit	
MYEFO	Mid-Year Economic and Fiscal Outlook (Commonwealth Government)	
MYR	Mid-Year Review 	
NA	National Agreement	
NAIDOC	National Aborigines and Islanders Day Observance Committee 	
NAPLAN	National Assessment Program — Literacy and Numeracy	
NBJP	Nation Building and Jobs Plan: Building Prosperity for the Future and Supporting Jobs Now	
NCA	National Capital Authority	
NCC	National Competition Council	
NFPS	Non-Financial Public Sector	
NGO	Non-Government Organisation	
NHT	National Heritage Trust	
NICTA	National ICT Australia	
NP	National Partnership	
NPA	National Partnership Agreement	
NPN	National Partnership Network	
NPPs	National Partnership Payments	
NRM	Natural Resource Management	
NRSS	National Road Safety Strategy	
NSW	New South Wales	
NTER	National Tax Equivalent Regime	
NWI	National Water Initiative 	
OH&S	Occupational Health and Safety	
ORS	Office of Regulatory Services	
PEFO	Pre-Election Economic and Fiscal Outlook	
PNFC	Public Non-Financial Corporation	
PPP	Public Private Partnership	
PSS	Public Superannuation Scheme	
PSSap	Public Superannuation Scheme Accumulation Plan	
PTACT	Public Trustee for the ACT	

PTE	Public Trading Enterprise	
RADAR	Rapid Assessment of the Deteriorating and At-Risk 	
RAPS	Receipting and Payments System 	
RBA	Reserve Bank of Australia	
RBT	Revenue(s) collected on Behalf of the Territory	
RDF	Racing Development Fund	
RIS	Regulatory Impact Statement	
RLCIP	Regional, Local and Community Infrastructure Program	
RPL	Recognition of Prior Learning	
RSPCA	Royal Society for the Prevention of Cruelty to Animals	
RTO	Registered Training Organisation	
SAMP	Strategic Asset Management Plan	
SBI	State Budget Impacts	
SBMP	Strategic Bushfire Management Plan	
SCAN	Student Centred Appraisal of Need	
SDD	Sustainable Development Directorate	
SEF	School Equity Funds 	
SFD	State Final Demand	
SLA	Service Level Agreement	
SMART	Service Measurement and Report Tracking	
SOE	Standard Operating Environment 	
SPA	Superannuation Provision Account	
SPPs	Specific Purpose Payments	
SSC	Shared Services Centre 	
TAMS	Territory and Municipal Services Directorate	
TBA	Territory Banking Account	
TCH	The Canberra Hospital	
TOC	Territory-Owned Corporation 	
TPA	Trade Practices Act 1974	
TRS	Territory Revenue System	
TUC	Territory Unencumbered Cash	
UC	University of Canberra	
UEFO	Updated Economic and Fiscal Outlook	
UNEC	United Ngunnawal Elders Council 	
UPF	Uniform Presentation Framework	
VET	Vocational Education and Training	
VFI	Vertical Fiscal Imbalance	
VMO	Visiting Medical Officer	
VoCC	Victims of Crime Coordinator	
VSS	Victims Services Scheme	
WAC	Water Abstraction Charge	
WIP	Work in Progress	
WPI	Wage Price Index	
YCACT	Youth Coalition of the ACT