New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) In respect of each financial year the Minister, acting with the concurrence of the Minister of Finance, shall, after considering the forecast financial statements in the Council's statement of intent, and after consultations with the Council, assess the aggregate expenditure figure for that year, being the amount that, in the opinion of the Minister, would be reasonable for the Council to expend during that year in the performance of its functions.
(2) Having assessed the aggregate expenditure figure in respect of any financial year under subsection (1) of this section, the Minister shall determine the aggregate levy figure for that year, being an amount equal to the aggregate expenditure figure less the amount that, in the Minister's opinion, is likely to be received by the Council during the financial year by way of interest on money belonging to the Fund invested by the Council.
(3) Nothing in this section shall oblige the Council to expend in any financial year the whole of its income received in that year; instead, the Council may accumulate any part of its income in any financial year and expend it as it sees fit for any of its purposes in any subsequent financial year.
(4) Notwithstanding anything in subsection (2) of this section, where the Council carries forward any such amount to a subsequent financial year, the Minister may, in determining the aggregate levy figure for that year, take into account the whole or any part of that amount.
Subsection (1) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by substituting the words “forecast financial statements in the Council's statement of intent”
for the words “statement submitted to him by the Council under section 24 of this Act in respect of that year”
.
Subsection (2) was amended, as from 25 January 2005, by section 200 Crown Entities Act 2004 (2004 No 115) by substituting the words “money belonging to the Fund invested by the Council”
for the words “money invested by the Council pursuant to section 22 of this Act”
.
Subsections (3) and (4) were inserted, as from 13 July 1978, by section 9 Alcoholic Liquor Advisory Council Amendment Act 1978 (1978 No 7).