Victorian Auditor-General's Office

2 Financial outcomes

At a glance

Background

This Part looks at the 30 June 2015 financial performance and position of the 87 public hospitals and their controlled entities. It details the main drivers behind the net results achieved, and analyses the sector against five financial sustainability risk indicators.

Conclusion

The public hospital sector has generated a net deficit from operations of more than $700 million each year for the past five financial years.

1 Context

1.1 Introduction

1.1.1 Structure of this report

This report details the outcome of the financial audits of the 87 public hospitals in Victoria, and their 19 controlled entities, for the financial year ending 30 June 2015.

Figure 1A outlines the structure of this report.

Figure 1A
Report structure

Part

Description

Part 1: Context

Audit summary

Introduction

This report details the outcome of the financial audits of the 87 public hospitals in Victoria, and their 19 controlled entities, for the financial year ending 30 June 2015.

Appendix F. 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, the Department of Treasury and Finance and the Department of Education and Early Childhood Development 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.

Appendix E. Glossary

Accountability

Responsibility of public sector entities to achieve their objectives, with regard to reliability of financial reporting, effectiveness and efficiency of operations, compliance with applicable laws, and reporting to interested parties.

Amortisation

The systematic allocation of the depreciable amount of an intangible asset over its expected useful life.

Asset

A resource controlled by an entity as a result of past events, and from which future economic benefits are expected to flow to the entity.

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