Victorian Auditor-General's Office

Audit summary

Background

Victorian public sector agencies manage more than $170 billion in land, buildings, infrastructure, and other non-current assets and they account for the value of these assets through annual financial reports.

Accurate and timely asset valuations are essential to the quality, accuracy and reliability of these financial reports. Any major misstatements of asset values in these reports can lead to inaccuracies in assessing the state’s financial position, determining public revenue, allocating resources and planning for future public services.

Public Asset Valuation

Body
The focus of this audit is on VGV's valuation of public assets for Financial services and insurance purposes. VGV oversees 60 to 182 Financial services and insurance valuation requests. A request relates either to a single asset or to multiple assets. These are prepared by qualified valuers at VGV or by a panel of about 70 approved private sector firms.

Appendix C. Audit Act 1994 section 16—submissions and comments

In accordance with section 16(3) of the Audit Act 1994 a copy of this report, was provided to the Department of Planning and Community Development and the Department of Business and Innovation with a request for submissions or comments.

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.

3 Managing and implementing the Provincial Victoria Growth Fund

At a glance

Background

Monitoring, reporting and evaluation are essential to the effective implementation of programs, and to demonstrating the achievement of intended objectives and outcomes. Appropriate risk management, document management and record keeping are key elements of effective management and public administration. Applying lessons learnt to new programs is an important aspect of continuous improvement.

2 Provincial Victoria Growth Fund planning

At a glance

Background

The $100 million Provincial Victoria Growth Fund (PVGF) was part of a package of initiatives intended to drive employment, population and investment growth in provincial Victoria. Comprehensive planning is central to the effective delivery of programs and projects. Programs should be underpinned by a clear rationale and a sound business case which is supported by robust monitoring, reporting and evaluation to demonstrate effectiveness.

1 Background

1.1 Introduction

Regional and rural Victoria is important to the state’s prosperity and liveability, contributing approximately $71 billion to Victoria’s economy annually. The sustainable growth of regional and rural areas of Victoria is dependent on strong economies, strong communities, and well-developed infrastructure.

Audit summary

Regional and rural Victoria contributes approximately $71 billion to Victoria’s economy annually. The sustainable growth of regional and rural areas of Victoria depends on strong economies, strong communities and well-developed infrastructure.

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