Appendix C. Key milestone dates
Figure C1
Material entity results
Milestone for finalising the financial report including audit opinion |
Audit committee scheduled to meet milestone |
|||
|---|---|---|---|---|
Material entity |
Met | |||
Appendix B. Material entities
Figure B1
Material entities for the 2011–12 year
|
General government sector |
|
|---|---|
|
Alfred Health |
|
|
Austin Health |
|
|
Barwon Health |
|
|
Country Fire Authority |
|
|
Department of Business and Innovation |
Appendix A. VAGO reports on the results of financial audits
Figure
A1
VAGO reports on the results of the 2011–12 financial audits
Report |
Description |
|---|---|
Auditor-General’s Report on the Annual Financial Report of the State of Victoria, 2011–12 This report. |
6 Status of significant projects
At a glance
Background
This Part sets out the status and financial implications of a range of significant projects and developments underway during 2011–12.
Conclusion
In the majority of cases, the significant projects reviewed are progressing on time and within budget.
5 Public private partnerships
At a glance
Background
This Part sets out the status and financial implications of four public private partnership (PPP) projects under construction during 2011–12.
Conclusion
The redevelopment of the Bendigo Hospital and the construction of the Victorian Comprehensive Cancer Centre were in their early stages at 30 June 2012. The Peninsula Link is on schedule and its costs remain unchanged. Costs for the desalination plant have decreased due to delays in commissioning the plant.
4 High-value high-risk projects
At a glance
Background
This Part sets out the status and financial implications of identified high-value high-risk projects underway during 2011–12.
Conclusion
The budgets for two high-value high-risk projects have increased as a result of scope increases ($40 million) or cost over runs ($519.3 million), and further increases could occur.
3 The state’s financial result
At a glance
Background
This Part analyses and comments on the state’s financial position and performance for 2011–12 using key financial indicators monitored over time, to indicate trends and potential risks.
Conclusion
The state’s overall financial position had declined at 30 June 2012. Deficits resulted from downward trends in financial markets which also contributed to debt increasing. As a result, the state’s net worth reduced by $13 991.0 million compared with the 2010–11 position.
2 Annual Financial Report audit result
At a glance
Background
The Auditor-General issued a clear audit opinion on the Annual Financial Report of the State of Victoria, 2011–12 (the AFR), thereby providing reasonable assurance that the AFR is reliable, accurate, and prepared in accordance with the requirements of the Financial Management Act 1994 (FMA) and Australian accounting standards and interpretations.
1 Background
1.1 Introduction
The Financial Management Act 1994 (FMA) governs the financial administration, accountability and reporting of the Victorian public sector. It requires the annual preparation of a consolidated financial report of the state, known as the Annual Financial Report of the State of Victoria (the AFR).
Audit summary
The financial result for the state is reported to Parliament through the Annual Financial Report for the State of Victoria (the AFR). The Auditor-General forms an independent opinion on the financial statements presented in the AFR.