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Section 1: Overview, Appropriations and Budget Measures Summary
The Australian Office of Financial Management (AOFM) was established on 1 July 1999 as a `prescribed agency' under the Financial Management and Accountability Act 1997. At that time it assumed responsibility for the Commonwealth's debt management activities previously undertaken by the Department of the Treasury.
The objective of the AOFM is to raise, manage and retire Commonwealth debt at the lowest possible long-term cost, consistent with an acceptable degree of risk exposure.
The total appropriations for the AOFM in the 2000-01 Budget are $60,917.3 million. Table 1.1 on the following page shows the total appropriations for the AOFM's outcome.
Price of output appropriation of $5.7 million is based on budgeted expenses (of $5.9 million) after deducting estimated revenues from external sources (of $0.2 million).
The total administered outcome appropriation of $60,907.5 million is based on budgeted expenses of $8,680.0 million and budgeted debt raising and financial investment activity of $52,227.5 million.
Australian Office of Financial Management - Appropriations 2000-01
Table 1.1: Appropriations ($'000)
(a) Revenue from Other Sources includes other revenue from Government (for example, resources free of charge) and revenue from sources other than Government (for example, sales of goods and services).
(b) Estimated expenses from individual Appropriation Bill No. 1 items and Special Appropriations are shown in Appendix 2.
Administered Capital and Agency Capital (Equity Injections and Loans)
The AOFM will receive an agency loan of $0.7 million. These funds will be used for office relocation and acquisition of leasehold improvements.
In addition to the agency loan, the AOFM will receive administered capital of $3.4 million for new specialist debt management hardware and software.