Victorian Auditor-General's Office

Appendix B. Audit Act 1994 section 16—submissions and comments

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:

Appendix A. Acronyms

Acronyms

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

3 Public Purpose Fund

At a glance

Background

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.

2 Victorian Property Fund

At a glance

Background

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.

1 Background

1.1 Trust funds

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.

Audit summary

Background

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.

Appendix E. Audit Act 1994 section 16—submissions and comments

Introduction

In accordance with section 16(3) of the Audit Act 1994 relevant extracts from the report were provided to all universities, TAFEs, alpine resort management boards, the Department of Treasury and Finance, the Department of Education and Early Childhood Development and the Department of Sustainability and Environment with a request for submissions or comments.

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