We consulted with all departments and considered their views when reaching our audit conclusions. As required by section 16(3) of the Audit Act 1994, we gave a draft copy of this report to them their submissions or comments.

Responsibility for the accuracy, fairness and balance of those comments rests solely with the agency head.

Responses were received as follows:

DTF is responsible for supporting the implementation of the AMAF and overseeing compliance with the standing directions. We examined its approach to meeting these responsibilities and the extent to which it has addressed departments' needs for guidance and support.

Key requirements for agencies to comply with the standing directions include:

• conducting an annual assessment of compliance with all applicable requirements, including the requirement to apply the AMAF
• attesting to financial management compliance and disclosing all material compliance deficiencies in their annual reports
• taking remedial action to address any compliance deficiency, whether material or not.

DTF also requires departments to report to it annually on their financial management compliance and that of their portfolio agencies.

Previous audits have identified that many departments and agencies need to improve their asset management practices. The AMAF has a strong focus on continuously improving asset management. Departments need well-planned approaches to use the AMAF to improve their practices, and departmental staff need to be well organised and clear about their roles.

1.1 Background

Many public services rely on public assets such as trains, roads and schools to support their delivery. The Treasurer's 2017–18 Financial Report identifies that the State of Victoria controlled a total of $265 billion of non-financial assets at 30 June 2018. Inadequate management of these assets can affect the services these assets provide or support, and, therefore, the quality of life for all Victorians.

Victoria's roads, railways, schools and hospitals form part of $265 billion of non-financial assets that government departments and agencies manage. These assets support the delivery of services that affect all Victorians, so it is important to manage them well. Having up-to-date knowledge of assets and their condition helps government agencies get the best value from their asset-related investments, make good decisions about when to acquire, renew or divest assets, be responsive to changes in demand or use, and provide better services.

Independent assurance report to Parliament

Ordered to be published

VICTORIAN GOVERNMENT PRINTER May 2019

PP No 27, Session 2018–19

This dashboard is an interactive tool that provides information about the distribution of Regional Development Victoria’s (RDV) Regional Infrastructure Development Fund (RJIF) and Regional Growth Fund (RGF) grants to each regional local government area (LGA). It also provides a snapshot of economic and social indicators for those LGAs.

We have taken the grant data from RDV’s database and made it public for the first time through this audit and dashboard.

The economic and social indicator data comes from the Australian Bureau of Statistics (ABS).

Figure C1
Value of RJIF (to 31 December 2018) and RGF grants by LGA