Report of the Auditor-General on the finances of the State of Victoria 1999-2000
Overview
This Report outlines the results of an audit of the Financial Statements for the State of Victoria for the year ended 30 June 2000. Although a clear audit opinion was provided on the Financial Statements for the year, the audit report drew attention to uncertainty regarding the valuation of the Victorian WorkCover Authority’s outstanding claims liability. The Financial Statements report an operating surplus prior to abnormal items of $1.8 billion in the year, and an overall operating surplus of $1.2 billion. A significant development during the year, which will undoubtedly contribute to the enhancement of transparency and accountability over the State’s finances, was the enactment of the Financial Management (Financial Responsibility) Act 2000.