This report informs Parliament about the results of the audit of the Annual Financial Report of the State of Victoria, 2009–10 (AFR). The Auditor-General issued a clear audit opinion on the AFR on 10 September 2010. Parliament can therefore have confidence in the AFR, which was tabled on 15 September 2010.
The 2009–10 net result for the state was
a deficit of $5 677.7 million, largely reflecting an increase in
the state's liability for unfunded superannuation of
$1 435.8 million and a downwards revision of $4 000 million to the value of land under roads. The 2009–10 net result from transactions for the state was a surplus of $594.7 million, exceeding the government's key financial objective of a surplus of at least $100 million.
The report includes comment on the status and financial implications of a post balance date event and the state's more significant projects and developments undertaken in 2009–10; including the Victorian Transport Plan, Victoria's Water Plan: Our Water Our Future, Building the Education Revolution, myki and the new public transport franchise contracts.