This Part analyses and comments on two significant public private partnerships (PPP) under construction, and another in its operating phase. We summarise the total cost to the state for each of the three PPPs, drawing together contract payments as well as additional costs incurred directly by the state, to provide a level of transparency that is not available in general purpose financial statements.
This Part details the progress of significant projects underway at 30 June 2013. It also discusses changes to the provision of public information on project costs and the challenges that presents.
This Part analyses and comments on the state's financial position and performance for 2012–13 by interpreting the results reported to Parliament in the Annual Financial Report of the State of Victoria, 2012–13 (AFR).
This Part analyses and comments on the state's financial position and performance for 2012–13 by interpreting the results reported to Parliament in the Annual Financial Report of the State of Victoria, 2012–13 (AFR).
This Part reports on the results of the Annual Financial Report of the State of Victoria, 2012–13 (AFR) financial statement audit.
The Auditor-General issued a clear audit opinion on the AFR, providing reasonable assurance that the AFR was reliable, accurate, and prepared in accordance with the requirements of the Financial Management Act 1994 and Australian accounting standards and interpretations.
The Financial Management Act 1994 (FMA) governs the financial administration, accountability and reporting of the Victorian public sector. It requires the annual preparation of a consolidated financial report of the state, known as the Annual Financial Report of the State of Victoria (AFR).
At 30 June 2013 the State of Victoria controlled net assets of $123 632 million and during 2012–13 collected revenue of $54 203 million. Public accountability for the collection, spending and management of the state's resources is fundamental to good government. In Victoria the legislative framework requires the government to report on the state's finances, and the Auditor-General to audit that report.
Ordered to be printed
VICTORIAN GOVERNMENT PRINTER November 2013
PP No 279, Session 2010–13
In accordance with section 16(3) of the Audit Act 1994 a copy of this report was provided to the Department of Treasury and Finance and the Victorian Managed Insurance Authority.
The submissions and comments provided are not subject to audit nor the evidentiary standards required to reach an audit conclusion. Responsibility for the accuracy, fairness and balance of those comments rests solely with the agency head.
Responses were received as follows:
Over the past seven years VAGO has reported on how well agencies are managing the following risks: