Management of Trust Funds in the Justice Portfolio: Message
Ordered to be printed
VICTORIAN GOVERNMENT PRINTER May 2012
PP No 133, Session 2010–12
Management of Trust Funds in the Justice Portfolio
Body
This audit assessed whether the Victorian Property Fund and the Public Purpose Fund are managed effectively, efficiently and in compliance with legislative requirements.
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.
Appendix D. Audit status
Tertiary education
Audit type |
Financial statements |
Timeliness of financial statements completion |
|||||
|---|---|---|---|---|---|---|---|
Entity | |||||||
Appendix C. Reports on the results of the 2010–11 financial audits
Reports
This report is the last of six reports to be presented to Parliament covering the results of our audits of public sector financial reports. The reports in this series are outlined in Figure C1.
Figure C1
VAGO reports on the results of the 2010–11 financial audits
Report |
Description |
|---|---|
Auditor-General’s Report on the Annual Financial Report of the State of Victoria, 2010–11 |
Appendix B. Financial sustainability indicators and criteria
Indicators of financial sustainability
Figure B1
Financial
sustainability indicators
Indicator |
Formula |
Description |
|---|---|---|
Underlying result (%) |
Adjusted net surplus / Total underlying revenue |
A positive result indicates a surplus, and the larger the percentage, the stronger the result. A negative result indicates a deficit. Operating deficits cannot be sustained in the long term. |
Appendix A. Acronyms and glossary
Acronyms
| AASB | Australian Accounting Standards Board |
| ARCC | Alpine Resorts Co-ordinating Council |
| ARMB | Alpine Resort Management Board |
| ASIC | Australian Securities and Investments Commission |
| DEECD | Department of Education and Early Childhood Development |
| DSE | Department of Sustainability and Environment |
| DTF | Department of Treasury and Finance |
| FMA | Financial Management Act 1994 |
6 Alpine resorts
At a glance
Background
Victoria’s alpine resorts located at Mount Buller and Mount Stirling, Falls Creek, Mount Hotham, Mount Baw Baw and Lake Mountain, are managed by alpine resort management boards (ARMBs). The Alpine Resorts (Management) Act 1997 sets out the roles and functions of the ARMBs, including the requirement to prepare financial reports with balance dates of 31 October.
5 Financial sustainability
At a glance
Background
To be financially sustainable, universities and technical and further education (TAFE) institutes need the capacity to meet current and future expenditure as it falls due, and to be able to absorb foreseeable changes and financial risks as they materialise. This Part provides our insight to the financial sustainability of tertiary education bodies obtained from analysing the trends in five indicators over a five-year period.
4 Financial results
At a glance
Background
Accrual-based financial statements enable an assessment of whether universities and technical and further education (TAFE) institutes are generating sufficient surpluses from operations to maintain services, fund asset maintenance, and retire debt.
Student fees represent a significant portion of own-source revenue for the tertiary education sector, with 84.9 per cent of these fees received from international students.