Document ID: chunk:federal_register_of_legislation:C2008A00139:schedule:1:p123
Version: federal_register_of_legislation:C2008A00139
Segment Type: schedule
Provision Reference: sch 1 (pt 123/128)
Character Range: 409567–412723

Schedule in the previous Water Year, (such adjustments to reflect any waiver or agreement with Victoria as referred to in those sub‑clauses).

    13. Required Annual Release Shortfalls

       (1) If at the end of a Water Year there is a Required Annual Release Shortfall, the Required Annual Release Shortfall is to be accounted for by the Authority in accordance with Table One.

         TABLE ONE: WATER ACCOUNTING AND REQUIRED ANNUAL RELEASE SHORTFALLS

TYPE OF WATER YEAR                                                               ARRANGEMENT WITH RESPECT TO REQUIRED ANNUAL RELEASE SHORTFALL                           WATER ACCOUNTING OUTCOMES
Water Year during which a period of special accounting is not in effect          Victoria agrees to the Required Annual Release Shortfall                                New South Wales and Victoria deemed to each have used the Required Annual Release Shortfall as agreed

Victoria does not agree to the Required Annual Release Shortfall                 New South Wales deemed to have used the whole of the Required Annual Release Shortfall

Water Year during which a period of special accounting is in effect              Victoria and the Ministerial Council agree to the Required Annual Release Shortfall     New South Wales and Victoria deemed to each have used the Required Annual Release Shortfall as agreed

The Ministerial Council does not agree to the Required Annual Release Shortfall  New South Wales deemed to have used the whole of the Required Annual Release Shortfall

       (2) The volume of any Required Annual Release Shortfall from the previous Water Year must be allocated equally between New South Wales and Victoria until the balance of Required Annual Release Shortfalls for either State is zero and thereafter wholly to the other State.

    14. Other Water Accounting Provisions

       (1) Where under this Schedule the Authority is required to adjust accounts in connection with the Snowy‑Murray Development Annual Allocation, it must make those adjustments in equal Monthly quantities.

       (2) Where under this Schedule the Authority is required to adjust accounts in connection with inter‑valley transfer, it must make those adjustments in equal Monthly quantities during the balance of the Water Year in which New South Wales notifies the Authority of the relevant inter‑valley transfer.

       (3) Each release of River Murray Increased Flows must be allocated half to New South Wales and half to Victoria.

PART IV —  SNOWY‑MURRAY DEVELOPMENT (RIVER MURRAY) ENVIRONMENTAL ENTITLEMENTS

    15. Translation Factors

       (1) New South Wales and Victoria must each transfer Water Savings and Water Entitlements to its respective Snowy‑Murray Development (River Murray) Environmental Entitlement in accordance with Translation Factors agreed between each of them and the Authority.

       (2) New South Wales, Victoria and the Authority must ensure that:

(a) the Translation Factors are determined in a manner consistent with the principles used to determine exchange rates in the relevant Water Market at the time of each transfer under sub‑clause