Corporate Governance Framework Treasury’s Corporate Governance Framework provides an outline of how Treasury’s corporate governance principles and strategies interact with the Northern Territory Public Sector (NTPS) values, and Figure 3: Corporate Governance Framework Northern Territory Public Sector Values Commitment to Service: The NTPS is professional, hardworking, effective, innovative and efficient, working collaboratively to achieve the best results for the Northern Territory. Ethical Practice: The NTPS upholds the highest standards of practice and acts with integrity in all that it does. Respect: The NTPS respects all people, and in particular their rights as individuals. Accountability: The NTPS is transparent and accountable in all its actions. Impartiality: The NTPS is apolitical and provides the Government with advice that is objective, timely and based on the best available evidence. Diversity: The NTPS values the diversity of its workforce as well as the Northern Territory population it serves. Corporate Governance Principles The key principles that Treasury considers when making decisions and taking action on daytoday operations are: Accountability: Treasury and its staff take responsibility for their decisions and actions; Transparency: decisions, actions and advice are open to, and can withstand, the scrutiny necessary to ensure that stakeholders can have confidence in Treasury decisionmaking processes; Leadership: modelling and fostering behaviour that supports NTPS values, inspires and influences others and shapes organisational culture; Integrity: actively promoting honesty and ethical conduct by upholding appropriate standards of behaviour; and Equity: fairness and equity in decisionmaking that is free from bias. Strategic To provide quality analysis and public policy advice on economic and commercial issues. To maintain and develop effective intergovernmental financial relations. To produce a budget and financial management system that supports stable and sustainable economic growth. To provide effective management and public sector superannuation. To provide a fair and efficient Territory revenue system. To develop the capability of Treasury and its people.
Treasury’s approach to managing liquidity is to ensure it will always have sufficient liquidity to meet its liabilities when they fall due. The following tables detail the Treasury’s remaining contractual maturity for its financial assets and liabilities. It should be that these values are undiscounted, and consequently totals may not reconcile to the carrying amounts presented in the Balance Sheet. 2015 Maturity Analysis for Financial Assets and Liabilities Variable Interest Rate Interest Rate Less than a Year 1 to 5 Years More than 5 Less than a Year 1 to 5 Years More than 5 Years Non Interest Bearing Total Weighted Average $000 $000 $000 $000 $000 $000 $000 $000 % Assets Cash and deposits 19 024 19 024 Receivables 75 75 Total financial assets 19 099 19 099 Liabilities Payables 1 667 1 667 Total financial liabilities 1 667 1 667 2014 Maturity Analysis for Financial Assets and Liabilities Variable Interest Rate Fixed Interest Rate Less than a Year 1 to 5 Years More than 5 Less than a Year 1 to 5 Years More than 5 Bearing Total Weighted Average $000 $000 $000 $000 $000 $000 $000 $000 % Assets Cash and deposits 11 491 11 491 Receivables 38 38 Total financial assets 11 529 11 529 Liabilities Deposits held Payables 1 225 1 225 financial liabilities 1 225 1 225 Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. It comprises interest rate risk, price risk and currency risk. The primary market risk that an agency is likely to be exposed to is interest rate risk. (i) Interest Rate Risk Treasury has limited exposure to interest rate risk as agency financial assets and financial liabilities are noninterest bearing.
Commutation rate 30.0 66 129 - 2 270 - 3.0 Maturity Profile of Defined Benefit Obligation – NTPSBS The weighted average term of the defined benefit obligation is 17 years. Sensitivity Analysis – Administrator Scheme The entity’s total defined benefit obligation as at 30 June 2015 under several scenarios is presented below. Discount Rate Change Defined Benefit Obligation Change in Obligation Estimated Impact % $000 $000 % change Base case 5 121 Discount rate 1.0 4 649 - 472 - 9.0 Discount rate - 1.0 5 678 557 11.0 Inflation 1.0 5 664 543 11.0 Inflation - 1.0 4 651 - 470 - 9.0 Mortality rates 10.0 4 887 - 234 - 5.0 Mortality rates - 10.0 5 389 268 5.0 Maturity Profile of Defined Benefit Obligation – Administrator Scheme The weighted average term of the defined benefit obligation is 11 years. 9. Superannuation Liability (continued) Sensitivity Analysis – NTGPASS The entity’s total defined benefit obligation as at 30 June 2015 under several scenarios is presented below. Discount Rate Change Defined Benefit Obligation Change in Obligation Estimated Impact % $000 $000 % change Base case 992 000 Discount rate 1.0 912 000 - 80 000 - 8.0 Discount rate - 1.0 1 084 400 92 400 9.0 Salary increase 1.0 1 098 700 106 700 11.0 Salary increase - 1.0 898 200 - 93 800 - 9.0 Pension increase 1.0 992 000 Pension increase - 1.0 992 000 Maturity Profile of Defined Benefit Obligation – NTGPASS The weighted average term of the defined benefit obligation is 12 years. Sensitivity Analysis – NTSSS The entity’s defined benefit obligation as at 30 June 2015 under several scenarios is presented below. Discount Rate Change Defined Benefit Obligation Change in Obligation Estimated Impact % $000 $000 % change Base case 246 800 Discount rate 1.0 226 600 - 20 200 - 8.0
Appendix 1 – Directory Department of Treasury and Finance www.treasury.nt.gov.au Charles Darwin Centre, 19 The Mall, Darwin NT 0800 GPO Box 1974, Darwin NT 0801 (unless stated otherwise, please use the above postal address) Telephone: +61 8 8999 7406 Email: enquiries.dtf@nt.gov.au Business hours: 8:00 am to 4:30 pm Information Policy Officer www.treasury.nt.gov.au/informationact Telephone: +61 8 8999 6982 Email: foi.dtf@nt.gov.au Executive Telephone: +61 8 8999 7425 Jodie Ryan Under Treasurer Tony Stubbin Deputy Under Treasurer (on extended leave) David Braines-Mead Deputy Under Treasurer Graham Deputy Under Treasurer Economic www.treasury.nt.gov.au/economy Telephone: +61 8 8999 6801 Email: economics.dtf@nt.gov.au Tracey Scott Assistant Under Treasurer (Economic) Samantha Senior Director Economic Policy Robert Cagnetti Director Commercial Andrew Baylis Director Economic Analysis Kimberlee McKay Director Economic Policy Nardia Harris Director Intergovernmental Relations Financial Management Telephone: +61 8 8999 6087 Email: Dwayne McInnes Senior Director Financial Management Tim McManus Senior Director Budget Development Tarrant Moore Director Budget Development Tiziana Hucent Director Financial Reporting Funds Management Northern Territory Superannuation Office www.super.nt.gov.au GPO Box 4675, Darwin NT 0801 Telephone: +61 8 8901 4200 or 1800 631 630 Facsimile: +61 8 8901 4222 ntsuperannuation@nt.gov.au Sarah Rummery Commissioner of Superannuation Northern Territory Treasury Corporation www.nttcorp.nt.gov.au GPO Box 2035, Darwin NT 0801 Telephone: +61 8 8999 7745 Facsimile: +61 8 8999 7449 Email: nttc@nt.gov.au Alex Pollon General Manager
Territory Revenue Office www.revenue.nt.gov.au GPO Box 154, Darwin NT 0801 Telephone: 1300 305 353 Email: ntrevenue@nt.gov.au Grant Parsons Assistant Under Treasurer (Revenue) Commissioner of Territory Revenue Mineral Royalty Secretary Michael Butler Director Revenue Development Deputy Commissioner of Territory Revenue Jayne Balding Director Revenue Collections Deputy Commissioner of Territory Revenue Kevin Phang Director Royalty and Advisory Services Darren Witham Director Revenue Information Systems Treasury Services Telephone: +61 8 8999 6168 Gerard Taylor Director Corporate Support Utilities Commission www.utilicom.nt.gov.au GPO Box 915, Darwin NT 0801 Telephone: +61 8 8999 5480 Email: utilities.commission@nt.gov.au Patrick Walsh Utilities Commissioner Peter Caldwell Associate Utilities Commissioner Mike Robson Associate Utilities Commissioner Vanessa Sutcliffe Director Utilities Commission Appendix 2 – Glossary Accountable Officer’s Trust Account Established under section 7(1) of the Financial Management Act (FMA) to enable agencies to hold money in trust for another person or entity. Transactions in these accounts are excluded from the Public Account. Accounts payable Refers to the value of short and long-term trade debt and accounts payable, interest payable and prepayments received. Accounts receivable Refers to the of short and long-term trade credit and accounts receivable, interest receivable and prepayments made. Administrative officer One of the Northern Territory Public Sector (NTPS) employee classification streams. Occupations in this stream include assistant directors, managers, analysts and officers. Advances Amounts paid or received for policy purposes rather than for liquidity management purposes. Agency A unit of government administration, office or statutory corporation, nominated in an Administrative Arrangements Order for the purposes of the FMA and includes a part or division of an agency. Appropriation An authority given by the Legislative Assembly to make payments, now or at some future time, for the purposes stated, up to the limit of the amount in the particular Act. Australian Accounting Standards (AAS) Statements of accounting standards that can be applied in the preparation and presentation of