At a glance

Background

This Part sets out the status and financial implications of a range of significant projects and developments underway during 2011–12.

Conclusion

In the majority of cases, the significant projects reviewed are progressing on time and within budget.

At a glance

Background

This Part sets out the status and financial implications of four public private partnership (PPP) projects under construction during 2011–12.

Conclusion

The redevelopment of the Bendigo Hospital and the construction of the Victorian Comprehensive Cancer Centre were in their early stages at 30 June 2012. The Peninsula Link is on schedule and its costs remain unchanged. Costs for the desalination plant have decreased due to delays in commissioning the plant.

At a glance

Background

This Part sets out the status and financial implications of identified high-value high-risk projects underway during 2011–12.

Conclusion

The budgets for two high-value high-risk projects have increased as a result of scope increases ($40 million) or cost over runs ($519.3 million), and further increases could occur.

At a glance

Background

This Part analyses and comments on the state’s financial position and performance for 2011–12 using key financial indicators monitored over time, to indicate trends and potential risks.

Conclusion

The state’s overall financial position had declined at 30 June 2012. Deficits resulted from downward trends in financial markets which also contributed to debt increasing. As a result, the state’s net worth reduced by $13 991.0 million compared with the 2010–11 position.

At a glance

Background

The Auditor-General issued a clear audit opinion on the Annual Financial Report of the State of Victoria, 2011–12 (the AFR), thereby providing reasonable assurance that the AFR is reliable, accurate, and prepared in accordance with the requirements of the Financial Management Act 1994 (FMA) and Australian accounting standards and interpretations.