Our dashboard is an interactive visualisation tool summarising the financial statement data for all Victorian water entities.

Water entities provide a range of water distribution and sewage disposal services, including supplying water and sewerage services, managing bulk water storage and looking after specific recreational areas, such as caravan parks.

Asset

An item or resource controlled by an entity that will be used to generate economic benefits.

Asset valuation

The fair value of a non-current asset on a specified date.

Audit Act 1994

Victorian legislation establishing the Auditor-General's operating powers and responsibilities and detailing the nature and scope of audits that the Auditor-General may carry out.

Audit committee

Helps a governing board to fulfil its governance and oversight responsibilities and strengthen the accountability of senior management.

This appendix sets out the definitions and criteria we used for the current and prior years to assess and report on financial sustainability risks across the water sector.

These financial sustainability indicators are only indicative, highlighting ongoing and emerging financial sustainability risks at a sector and group level—metropolitan, regional urban and rural.

Figure E1
Risk definitions applied to issues reported in audit management letters

Figure D1
Financial reporting maturity framework

This Appendix provides information on the audit opinions issued for the 265 entities consolidated into the AFR.

Entities are listed in the following order:

Figure B1
Audit opinion issued for the 2017–18 AFR

As required by section 16A of the Audit Act 1994, we gave a draft copy of this report to the Treasurer of Victoria and asked for his submissions or comments.

As required by section 16(3) of the Audit Act 1994, we gave relevant extracts of this report to named agencies and asked for their submissions or comments.

We also provided a copy of the report to the Department of Premier and Cabinet.

We have considered their views when reaching our audit conclusions.

7.1 The sector

PNFCs provide goods and/or services to the community on a user-pays basis. These goods and services are non-financial in nature. At 30 June 2018, there were 72 PNFCs in Victoria.

In 2017–18, PNFCs generated $11.27 billion in revenue and incurred $11.32 billion of expenses. At 30 June 2018, PNFCs reported assets valued at $138.5 billion and liabilities of $41.3 billion.

Figure 7A
Financial information about PNFCs

6.1 Conclusion

PFCs continue to operate sustainably and are positioned well financially.

6.2 The sector

PFCs are public sector entities that deal with the financial aspects of the state, including insurance, lending and investment management. PFCs can accept deposits from other state entities and undertake borrowings on behalf of the state. There are six PFCs in Victoria.