The Treasury

Type:
NSW Treasury Circular
Identifier:
TC19-03
Status:
Active

TC19-03 Recurrent Expenditure Assurance Framework

Description

This Circular advises General Government agencies and Government businesses that they are required to comply with the Recurrent Expenditure Assurance Framework (TPP19-03 with effect from the date of the circular.

Function and Subject

Financial Management and Accounting (1)
Financial Management Framework

Detailed Outline

This Circular advises the sector that the Recurrent Expenditure Assurance Framework TPP19-03 (REAF) is now operational.

Agencies whose recurrent investment proposals meet the thresholds set out in the framework are responsible to register and self-assess the project risk profile using the Project Registration and Risk Assessment Tool available on the Treasury website.

The Risk Tier and appropriate assurance plan will be reviewed and endorsed by the Major Recurrent Advisory Group, (consisting of senior executives from across the sector). Treasury will then coordinate with agencies to arrange Gateway Reviews and Health Checks as required.

These processes are similar to those being followed for capital and ICT investments.

Treasury will be working with agencies to implement the REAF, including agreeing transitional arrangements on a case by case basis.

The REAF is applicable to general Government Agencies and Government businesses. The REAF is only applicable to State Owned Corporations to the extent set out in the Commercial Policy Framework, specifically the revised Major Projects Policy (on which SOCs have recently been consulted).

Related Administrative Requirements: Please read in conjunction with NSW TPP19-03 ‘Recurrent Expenditure Assurance Framework’ and TPP17-01 – NSW Gateway Policy.

 

 

Overview

Who needs to know and/or comply with this?

Departments
Executive agencies related to Departments
Separate agencies
State Owned Corporations
Statutory Authorities/Bodies

AR Details

Date Issued
Jan 31, 2019
Review Date
Jan 31, 2024
Replaces
Replaced By

Contacts

Contact
Gateway@treasury.nsw.gov.au
Phone
(02) 9228 4207
Publishing Entity
The Treasury
Issuing Entity
The Treasury