Trust funds exist where one party holds and administers money for the benefit of others. There are 16 trust funds within the Justice portfolio with a total balance at 30 June 2011 of $2.9 billion.
Two of the largest trust funds managed within the Justice portfolio are the Victorian Property Fund (VPF) and the Public Purpose Fund (PPF). At 30 June 2011, VPF held $328 million and PPF held $598 million.
The Victorian Property Fund (VPF) and the Public Purpose Fund (PPF) are among the largest trust funds managed within the Justice portfolio. At 30 June 2011, VPF held $328 million and PPF held $598 million.
VPF is managed by Consumer Affairs Victoria (CAV), a division of the Department of Justice. Surplus funds that are not required for regulation or compensation may be used for a number of purposes allowed under the Estate Agents Act 1980, such as low-income housing and promoting property ownership. Unspent funds are invested.
Ordered to be printed
VICTORIAN GOVERNMENT PRINTER May 2012
PP No 133, Session 2010–12
In accordance with section 16(3) of the Audit Act 1994 relevant extracts from the report were provided to all universities, TAFEs, alpine resort management boards, the Department of Treasury and Finance, the Department of Education and Early Childhood Development and the Department of Sustainability and Environment with a request for submissions or comments.
Audit type |
Financial statements |
Timeliness of financial statements completion |
|||||
|---|---|---|---|---|---|---|---|
Entity | |||||||
This report is the last of six reports to be presented to Parliament covering the results of our audits of public sector financial reports. The reports in this series are outlined in Figure C1.
Figure C1
VAGO reports on the results of the 2010–11 financial audits
Report |
Description |
|---|---|
Auditor-General’s Report on the Annual Financial Report of the State of Victoria, 2010–11 |
Figure B1
Financial
sustainability indicators
Indicator |
Formula |
Description |
|---|---|---|
Underlying result (%) |
Adjusted net surplus / Total underlying revenue |
A positive result indicates a surplus, and the larger the percentage, the stronger the result. A negative result indicates a deficit. Operating deficits cannot be sustained in the long term. |
| AASB | Australian Accounting Standards Board |
| ARCC | Alpine Resorts Co-ordinating Council |
| ARMB | Alpine Resort Management Board |
| ASIC | Australian Securities and Investments Commission |
| DEECD | Department of Education and Early Childhood Development |
| DSE | Department of Sustainability and Environment |
| DTF | Department of Treasury and Finance |
| FMA | Financial Management Act 1994 |
Victoria’s alpine resorts located at Mount Buller and Mount Stirling, Falls Creek, Mount Hotham, Mount Baw Baw and Lake Mountain, are managed by alpine resort management boards (ARMBs). The Alpine Resorts (Management) Act 1997 sets out the roles and functions of the ARMBs, including the requirement to prepare financial reports with balance dates of 31 October.