Australian Capital Territory
Financial Management (Capital Injection Conditions) Amendment 2004 (No 1)
Notifiable instrument NI2004— 98
made under the
Financial Management Act 1996, s19C Amendment of Conditions of Capital Injection
EXPLANATORY STATEMENT

An $0.8m loan facility was originally appropriated to the Department of Urban Services by way of a capital injection for the construction of a visitor information centre and tourist facilities at Tidbinbilla Nature Reserve. 

This statement outlines the reasons for the writing off of the balance of the loan facility of $0.5m under Section 19C of the Financial Management Act 1996.

Section 19C of the FMA allows for the amendment of conditions attached to capital injections.

Repayment of the loan was to be achieved through revenue generation from entry fees and merchandise sales.  The Reserve’s income earning capacity was severely affected by the January 2003 Bushfires, to the extent that they are unable to finance the repayments.
  
This instrument authorises the amendment of the conditions for which the capital injection was first provided under the original terms and conditions stated in 2004‑2005 Budget Paper No. 4, page 483.