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Office of FINANCIAL SERVICES

Legislative requirements for financial delegations

If you need further information, contact the Director, Financial Services, x7369.

There are two Acts of Parliament that need to be considered in delegating authority to commit and incur expenditure. They are:

The Macquarie University Act, 1989

The powers of the Council of the University are contained in Section 17 of the Macquarie University Act 1989 (as amended), which provides that:

The Council may, in relation to any matter or class of matters, or in relation to any activity or function of the University, by resolution, delegate all or any of its functions (except this power of delegation) to any member or committee of the Council or to any authority or officer of the University or to any other person or body prescribed by the by-laws.

Public Finance And Audit Act, 1983

Expenditure

Section 12 of Public Finance and Audit Act 1983, provides:

Expenditure shall be committed or incurred by an officer of an authority only within the limits of delegation in writing conferred on the officer by a person entitled to make the delegation.

An officer of an authority who commits or incurs expenditure shall be responsible for the exercise of due economy.

Accrual Accounting

In accordance with the requirements of the Public Finance and Audit Act, the University uses full accrual accounting in the preparation of its financial statements. Simply put, this means that the University recognises the value of its assets (such as buildings and items of equipment) in its balance sheet and also recognises the depreciation of these assets as an expense in the income and expenditure statement. The use of accrual accounting does not affect the functioning of the financial units, other than for the need for an asset register.

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