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Report of the Auditor-General on the Victorian Government's Finances

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Report of the Auditor-General on the Victorian Government's Finances V I C T O R I A Auditor-General of Victoria REPORT OF THE AUDITOR-GENERAL VICTORIAN GOVERNMENT’S FINANCES 1998-99 Ordered to printed by Authority. Government Printer for the State of Victoria No. 10 - Session 1999 ISSN 1327-6905 ISBN 0 7311 5503 3 Contents Page PART 1 EXECUTIVE SUMMARY ______________________________ 1 Overview y 3 Summary of major findings y 5 PART 2 AUDIT OPINION ON STATEMENT ______________________ 11 Financial accountability framework y 13 Audit opinion on the Government’s Annual Financial Statement y 14 Auditor-General’s Report on the Victorian Government’s Finances y 15 PART 3 OPERATING RESULT AND FINANCIAL POSITION ________ 17 Operating result and financial position y 19 PART 4 REVENUE _________________________________________ 29 Summary of State revenues y 31 PART 5 EXPENDITURE _____________________________________ 47 Summary of State expenditure y 49 PART 6 ASSETS OF THE STATE, INCLUDING MAJOR ASSET SALES ____________________________________________ 69 Summary of State assets y 71 Government asset sales program y 75 PART 7 LIABILITIES AND COMMITMENTS _____________________ 155 Aggregate liabilities of the State y 157 Borrowings y 159 Unfunded superannuation liabilities y 176 Other employee entitlements y 182 Payables and other liabilities y 183 Contingent liabilities of the State y 185 Other financial commitments of the State y 194 INDEX __________________________________________________ 197 Report of the Auditor-General - Victorian Government’s Finances, 1998-99 iii PART 1 Executive Summary Report of the Auditor-General - Victorian Government’s Finances, 1998-99 1 Overview This is my first Report to the Parliament as Auditor-General and the Report outlines the results of the audit of the Government’s Annual Financial Statement. The Report also includes an analysis of and comment on the operating expenditures and revenues of the State and its assets and liabilities, together with the outcomes achieved from the privatisation of government business enterprises and the sale of surplus and under-utilised properties. A clear audit report was provided on the Government’s Annual Financial Statement. It is particularly pleasing to be able to report on a strengthening of the State’s financial condition during the 1998-99 financial year, reflecting the positive impact of the financial management strategies implemented over recent years. The Statement shows that the Government achieved an operating surplus prior to abnormal items of $2.7 billion in the year, and an overall operating surplus of $6.7 billion after taking account of abnormal items, mainly relating to gains associated with the privatisation program. While strong financial outcomes have been achieved from the privatisation program in recent years, there continues to be a need for greater disclosure by the Government of these and other substantial transactions to further strengthen the public accountability process. The Auditor-General’s report should not be regarded as a substitute for adequate disclosures of key transactions by the Government itself. As at 30 June 1999, the State held assets valued at $78.8 billion (30 June 1998, $77.1 billion) and liabilities valued at $41.3 billion (30 June 1998, $49.1 billion). The improvement in the State’s financial position has mainly been brought about by a significant reduction of State debt and unfunded superannuation liabilities, attributable to the application of privatisation proceeds. During the 1998-99 financial year, the Government continued with the positive action commenced in prior years to facilitate the termination of a number of costly structured financing arrangements which were established in the early 1980s, including certain transport rolling stock leases and the financing arrangements associated with the construction of the Monash Medical Centre and various Police and Court complexes. Once completed, such action should assist in reducing the costs borne by the State for the delivery of associated programs. My report also signals, even having regard for the improvements referred to above, that the Government still has some way to go before the State’s taxation levels can fall into line with the national average. Given that the Government estimates put the level of Victoria’s taxation revenues in the 1998-99 financial year at around $394 million ($84 per capita) above the national average, there continues to be a need for strong leadership and effective management of State finances if the above aim is to be achieved. A significant development during the year was the implementation of new Parliamentary Appropriation arrangements, based on accrual accounting principles. While this initiative undoubtedly represents a positive step towards enhanced management of the State’s finances, placing the State at the forefront of financial management practices throughout the world, my Report identifies areas where further scope exists to enhance the effectiveness of Parliamentary control over the public purse, and to strengthen administrative arrangements. Finally, given the recent trend for public services to be delivered through contractors or outsourcing arrangements, and its growing part of State activity, it is important that the future commitments associated with these arrangements be included in annual reports to the Parliament. Report of the Auditor-General - Victorian Government’s Finances, 1998-99 3 4 Report of the Auditor-General - Victorian Government’s Finances, 1998-99 Summary of major findings OPERATING RESULT AND FINANCIAL POSITION Page 17 O The State achieved an operating surplus prior to abnormal items of $2.7 billion for the 1998-99 financial year, which was $755 million higher than the result achieved in the previous year. Paras 3.1 to 3.5 O The overall operating surplus for the year was $6.7 billion after taking account of the impact of abnormal transactions during the year, mainly relating to the gains associated with the Government’s privatisation program. Para. 3.4 O As at 30 June 1999, the State held net assets of $37.5 billion, comprising assets with an aggregate value of $78.8 billion and liabilities with an aggregate value of $41.3 billion. Para. 3.6 O The State’s financial condition has further strengthened during the 1998-99 financial year, in that: • the Government’s capacity to maintain existing programs and operations has improved; • the Government’s flexibility in responding to future opportunities requiring increased financial resources has also improved; and • the State’s vulnerability to funding sources not directly within its control has decreased. Paras 3.7 to 3.11 O The State’s total cash and investment holdings increased substantially from $16.2 billion as at 30 June 1998 to $17.6 billion as at 30 June 1999, with a net amount of $4.2 billion held by the Treasury Corporation of Victoria. The Corporation advised that these funds will be applied towards the retirement of debt when it matures, after retaining sufficient investments to meet the State’s prudential liquidity requirements. Para. 3.11 O The introduction of accrual-based appropriation arrangements represents a positive step towards enhancing financial management within the budget sector by ensuring that the resource allocation processes and the accountability arrangements for departments to the Parliament are aligned. Paras 3.16 to 3.19 Report of the Auditor-General - Victorian Government’s Finances, 1998-99 5 EXECUTIVE SUMMARY OPERATING RESULT AND FINANCIAL POSITION - continued Page 17 O It may have been expected that by shifting to accrual-based arrangements, the appropriations would be applied when expenditure was actually incurred and for the actual accrual cost of outputs delivered. The new framework for the operation of appropriations as from 1 July 1998, however, provides that the Treasurer will determine when Parliamentary appropriations will be applied based on a pre-determined price, which is when the Treasurer determines that the particular outputs have been delivered. Para. 3.20 O In respect of a number of departments, the value of appropriations applied in the year was higher than the value of costs actually incurred, resulting in the generation of departmental profits which, under the established legislative arrangements, are available for future application by the Government without further Parliamentary sanction. Para. 3.21 O During the 1998-99 financial year, deficiencies were identified in the documentation available to support the appropriations applied. Procedures at the Department of Treasury and Finance need to be strengthened accordingly. Paras 3.22 to 3.23 O While the quality of financial reporting by departments has improved in recent years, this improvement has not been accompanied by the introduction of explicit requirements on departments for the presentation of audited information to the Parliament in relation to their achievement of output targets and other performance indicators. Paras 3.24 to 3.26 REVENUE Page 29 O During the 1998-99 financial year, the operating revenues of the State totalled $26.4 billion, which was $795 million higher than the revenues raised in the previous year. Paras 4.1 to 4.3 O Victoria’s taxation revenues in the 1998-99 financial year were around $394 million above the national average, which equates to around $84 per capita. Paras 4.4 to 4.7 O There continues to be a need for strong financial leadership and effective management of State finances to achieve the aim of bringing the State’s tax effort into alignment with the national average. Para
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