State of Victoria's children(SVC) reports have been published annually since 2006 to fulfil the Children's Services Coordination Board's (the Board) reporting obligations, and contribute to program development and service delivery in non‑government organisations. The Victorian Child and Adolescent Monitoring System (VCAMS) was approved in 2007 and underpins SVC reports.
Good policy is informed by a robust evidence base underpinning decisions and actions.
For effective policy development, the availability of current and reliable information about target populations is essential to understand what impact existing policies and programs are having, and to identify areas to focus potential improvements on.
In 2005, the Child Safety and Wellbeing Act 2005 (the Act) came into effect, creating a new focus on cross-government collaboration for the planning and delivery of services to children and young people in Victoria. The Act established the Children's Services Coordination Board (the Board), comprising the heads of key government departments responsible for delivering services to children—the departments of Education and Early Childhood Development (DEECD), Health, Human Services, Justice, Planning and Community Development, Premier and Cabinet, Treasury and Finance
Ordered to be printed
VICTORIAN GOVERNMENT PRINTER May 2013
PP No 225, Session 2010–13
Dear Presiding Officers
In accordance with section 16(3) of the Audit Act 1994 a copy of this report was provided to Valuer-General Victoria, the Department of Sustainability and Environment (DSE) and the Department of Treasury and Finance with a request for submissions or comments. Following machinery of government changes, DSE became part of the new Department of Environment and Primary Industries.
The Public Accounts and Estimates Committee’s (PAEC) October 2002 report, The Valuation and Reporting of Cultural, Heritage and Infrastructure Assets, concluded that:
'...the Department of Treasury and Finance needs to develop a comprehensive Asset Valuation Implementation Strategy focused on providing policy guidance, training and support to agencies as well as facilitating the exchange of knowledge and experience among agencies. This will ensure that a more consistent, reliable and cost-effective approach is applied across the Victorian Public Sector'.
Clear and practical guidance to public agencies and valuers for public asset valuations is important for consistency and reliability in asset reporting in financial statements.
Valuer-General Victoria (VGV) is the state's mandated valuer for financial reporting asset valuations. Given the impact of VGV's valuations on public sector agencies and the state's financial position, VGV needs to have effective governance systems in place to ensure that its valuations are reliable, robust, timely and cost-effective.
Victorian public sector agencies manage more than $170 billion in land, buildings, infrastructure, and other non-current physical assets. Reliable and timely asset valuations are essential for public sector agencies to prepare accurate financial reports.