In accordance with section 16(3) of the Audit Act 1994 a copy of this report was provided to the Department of Justice, the Legal Services Board and the Department of Treasury and Finance with a request for submissions or comments.
The submission and comments provided are not subject to audit nor the evidentiary standards required to reach an audit conclusion. Responsibility for the accuracy, fairness and balance of those comments rests solely with the agency head.
Responses were received as follows:
| CAV | Consumer Affairs Victoria |
| DOJ | Department of Justice |
| DTF | Department of Treasury and Finance |
| LSB | Legal Services Board |
| PPF | Public Purpose Fund |
| TCV | Treasury Corporation of Victoria |
| VCAT | Victorian Civil and Administrative Tribunal |
| VFMC | Victorian Funds Management Corporation |
| VPF | Victorian Property Fund |
The Centralised Treasury and Investment Policy was introduced in June 2009. With limited exclusions, it requires all borrowings and investments of public money to be made with either the Treasury Corporation of Victoria or the Victorian Funds Management Corporation (VFMC).
The Public Purpose Fund (PPF) provides funding to regulate the legal profession, finance legal aid and fulfil a number of other public purposes such as legal education and law reform. It is managed by the Legal Services Board (LSB), an independent statutory body within the Justice portfolio.
The Victorian Property Fund (VPF) is used to regulate estate agents and conveyancers and to compensate defrauded consumers. Any money that is surplus to the fund's needs may be invested or used to provide grants for a number of purposes allowed under the Estate Agents Act 1980.
Trust funds exist where one party holds and administers money for the benefit of others. There are 16 trust funds within the Justice portfolio with a total balance at 30 June 2011 of $2.9 billion.
Two of the largest trust funds managed within the Justice portfolio are the Victorian Property Fund (VPF) and the Public Purpose Fund (PPF). At 30 June 2011, VPF held $328 million and PPF held $598 million.
The Victorian Property Fund (VPF) and the Public Purpose Fund (PPF) are among the largest trust funds managed within the Justice portfolio. At 30 June 2011, VPF held $328 million and PPF held $598 million.
VPF is managed by Consumer Affairs Victoria (CAV), a division of the Department of Justice. Surplus funds that are not required for regulation or compensation may be used for a number of purposes allowed under the Estate Agents Act 1980, such as low-income housing and promoting property ownership. Unspent funds are invested.
Ordered to be printed
VICTORIAN GOVERNMENT PRINTER May 2012
PP No 133, Session 2010–12