Cooperation on the financial debt statement
The president of the Austrian Court of Audit ensures that federal debts are legal and that they are correctly registered in the general ledger of federal debts by countersigning the respective documents.
All monetary liabilities entered into by the Federation with the purpose of obtaining the authority to dispose of funds are considered financial debts (section 78 par. 1 Federal Organic Budget Act). Administrative debts must be distinguished from financial debts. They result of the activities of the state as consumer, employer etc. and are not entered into with the aim of “obtaining the authority to dispose of funds”. Furthermore, short-term financial supports are not considered financial debts, as long as they are repaid within the same financial year. If this is not the case, they automatically turn into financial debts.
Pursuant to article 121 par. 3 Federal Constitutional Law, all documents on financial debts giving rise to an obligation for the Federation must be countersigned by the president of the ACA, thereby confirming the legality (not the economic efficiency or appropriateness) of the federal debts and the correct entry into the general ledger of federal debts (section 10 Court of Audit Act 1948). Documents on financial debts of provinces and municipalities do not need to be countersigned by the president of the ACA.