Audit overview
As part of their service delivery role, Victoria's councils carry a range of risks across their significant assets and operations. At 30 June 2017, Victoria's councils controlled $91.2 billion of community assets, employed over 30 000 people and received $10.5 billion in revenue against $8.1 billion of expenditure across their programs and infrastructure spend.
Councils need to identify, mitigate and, where appropriate, transfer any risks associated with their assets and operations. Councils purchase insurance as a form of risk transfer against a range of unforeseen losses.