Appendix F. Mandatory performance indicators
Click the link below to open a PDF copy of each TAFE institute's reported performance against the mandatory performance indicators for 2018 to 2020.
Appendix E. Financial sustainability indicators
Click the link below to open a PDF copy of our financial sustainability risk analysis results.
Appendix D. Control issues risk ratings
Figure D1 shows the risk ratings we applied to the issues raised in our audit management letters. It also details what they represent and the expected timeline for the issue to be resolved.
FIGURE D1: Risk rating definitions
Appendix C. Audit opinions
Figure C1 lists the entities included in this report. It details the type of audit opinion for their 2020 financial reports and performance reports and the date we issued them to each entity.
FIGURE C1: Audit opinions issued for the TAFE sector for the year ended 31 December 2020
Appendix B. Acronyms and abbreviations
| Acronyms | |
|---|---|
| DET | Department of Education and Training |
| DPC | Department of Premier and Cabinet |
| DTF | Department of Treasury and Finance |
| EBIT | earnings before interest and taxes |
| FMA |
Appendix A. Submissions and comments
Click the link below to download a PDF copy of Appendix A. Submissions and comments.
3. Financial results and performance
Conclusion
In 2020, the sector generated $1.24 billion of revenue (compared to $1.21 billion in 2019) and outlaid $1.22 billion (compared to $1.22 billion in 2019) to produce a net surplus of $16.8 million (compared to a $43.8 million deficit in 2019).
The COVID-19 pandemic affected the sector's financial performance in 2020. Increased government support was required to help TAFEs manage the impacts of COVID 19 during the year.
The sector is financially sustainable in the short term based on its historical performance and reserves.
2. Results of audits
Conclusion
We provided clear audit opinions for all financial reports and performance reports across the TAFE sector.
The financial and performance reports of the TAFE sector are reliable. Parliament and the community can use them with confidence.