Victorian Auditor-General's Office

3 Financial sustainability risks of self-funded entities

At a glance

Background

In this Part we review the financial sustainability risks of 45 self-funded entities. These entities generate the majority of their revenue from their own operations, rather than depending upon government funding.

The self-funded entities should aim to generate sufficient revenue from their operations to meet their financial obligations and to fund asset replacement.

1 Background

1.1 Introduction

This report covers the nine portfolio departments and 201 associated entities with 30 June 2014 balance dates. Included in these associated entities are the five alpine resort management boards (alpine resorts) which have an annual balance date of 31 October. The most common reporting frameworks for these entities are the Financial Management Act 1994 (FMA), the Corporations Act 2001 and the Australian Accounting Standards. Details of the entities covered in this report are set out in Appendix C.

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

Introduction

In accordance with section 16(3) of the Audit Act 1994, a copy of this report, or part of this report, was provided to all agencies and departments—see Appendix A for the list.

The submissions 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:

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