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Report of the AUDITOR-GENERAL on the GOVERNMENT's ANNUAL

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Report of the AUDITOR-GENERAL on the GOVERNMENT's ANNUAL V I C T O R I A Auditor-General of Victoria Report of the AUDITOR-GENERAL on the GOVERNMENT’S ANNUAL FINANCIAL STATEMENT 1996-97 Ordered by the Legislative Assembly to be printed VICTORIAN GOVERNMENT PRINTER No. 65 - Session 1996-97 1997 ISSN 1327-6905 ISBN 0 7306 9295 7 Contents Page PART 1 EXECUTIVE SUMMARY ______________________________ 1 Overview 3 Summary of major findings 5 PART 2 AUDIT OPINION ON STATEMENT ______________________ 13 PART 3 OPERATING RESULT AND FINANCIAL POSITION ________ 21 PART 4 ASSET SALES _____________________________________ 31 PART 5 REVENUE _________________________________________ 93 PART 6 EXPENDITURE _____________________________________ 119 PART 7 ASSETS OF THE STATE _____________________________ 147 PART 8 LIABILITIES AND COMMITMENTS _____________________ 157 Aggregate liabilities of the State y 159 Borrowings y 161 Unfunded superannuation liabilities y 176 Other employee entitlements y 179 Payables and other liabilities y 180 Contingent liabilities of the State y 206 Other financial commitments of the State y 221 PART 9 REVIEW OF GIPPSLAND WATER ______________________ 225 Report of the Auditor-General on the Government’s Annual Financial Statement, 1996-97 iii PART 1 Executive Summary Report of the Auditor-General on the Government’s Annual Financial Statement, 1996-97 1 Overview My Report on the Government's Annual Financial Statement for the year ended 30 June 1997 outlines the results of the annual audit of the Statement, including an analysis of the operating result achieved in the year and the State's assets and liabilities at year-end, together with the privatisation of government business enterprises and the sale of surplus and underutilised properties. The presentation to the Parliament for the first time of an audited consolidated financial report for the State is a welcomed development which will contribute to more transparent reporting of the State’s financial operations, and enable more informed decision-making relating to financial strategies and public resource allocation. It is important to recognise that the Government’s Annual Financial Statement has been prepared by consolidating the financial statements of all public sector entities within the State, except for local government bodies and universities which the Minister for Finance has determined not to include in these whole-of-government financial statements. As indicated in Part 3 of this Report, the State reported a substantial operating surplus for the 1996-97 financial year and a strong net assets position as at 30 June 1997, reflecting the positive impact of the Government’s financial management reforms, including the privatisation program and the improved economic conditions within the State in recent years. With the continuing stabilisation of the State’s finances, in the 1997-98 Budget Papers, the Government announced a number of tax relief measures, including reductions in payroll tax rates. However, the Budget Papers identify that, based on the 1997 Commonwealth Grants Commission assessment of Victoria’s relative revenue-raising effort, alignment with the average tax effort of all States would require further tax cuts estimated at around $500 million. Finally, a major objective of the Government is to deliver high quality services at least cost to taxpayers. In this context, the completion of the development of comprehensive and robust output specifications and associated performance indicators as part of the Government’s management reform program should assist in more conclusive assessments being undertaken on the extent to which the Government is achieving this key objective. Report of the Auditor-General on the Government’s Annual Financial Statement, 1996-97 3 EXECUTIVE SUMMARY 4 Report of the Auditor-General on the Government’s Annual Financial Statement, 1996-97 Summary of major findings OPERATING RESULT AND FINANCIAL POSITION Page 21 z The overall operating surplus for the year achieved by the State, after taking account of the impact of abnormal transactions mainly relating to the electricity industry privatisation program and the settlement of the petroleum resources rent tax dispute, was $3.4 billion. Paras 3.1 to 3.7 z As at 30 June 1997, the State held net assets of $20.8 billion, comprising assets with an aggregate value of $71.4 billion and liabilities with an aggregate value of $50.6 billion. Paras 3.4 to 3.8 z An audit analysis of the Consolidated Fund result indicated that the operating surplus for the year prior to the impact of abnormal transactions was $2 billion, compared with $1.2 billion in 1995-96. Paras 3.15 to 3.20 z The improvement in the Consolidated Fund operating result over the past 6 years reflects the positive impact of the Government’s budget and financial management reforms, and the improved economic conditions within the State. Para. 3.19 ASSET SALES Page 31 z The strengthening of the State's financial position has been achieved through, inter alia, the application of privatisation proceeds towards the reduction of State debt. Paras 4.1 to 4.2 z The State obtained sale proceeds of $1.9 billion in excess of the book value of the Loy Yang A power station, with the sale result comparing favourably with business valuations provided by the Government’s financial advisers. Paras 4.12 to 4.43 z Under the arrangements established by the Government in relation to the disposal of the State’s remaining 49 per cent interest in the Loy Yang B power station, the State received an up-front payment of $84 million for the disposal of an asset which was valued at around $1.6 billion, and agreed to terminate or restructure certain unfavourable arrangements which were established in the 1980s and gave rise to substantial future financial obligations on the State. Paras 4.44 to 4. Report of the Auditor-General on the Government’s Annual Financial Statement, 1996-97 5 EXECUTIVE SUMMARY ASSET SALES - continued Page 31 z Based on a financial analysis undertaken by the Government’s financial and legal advisers, which was subject to substantial assumptions and uncertainties, the arrangements associated with the disposal of the State’s interest in the Loy Yang B power station were estimated at worst to maintain the State’s pre-existing financial position and at best achieve estimated savings in present value terms of $162 million. Para. 4.65 z Under an indemnity provided by the State to the purchaser of United Energy Limited concerning the deductibility of franchise fees for taxation purposes, the State will be required to make a payment of $85 million to the purchaser in the event that an unfavourable tax ruling is not overturned. Paras 4.66 to 4.68 z On the basis of current government projections, it is estimated that the State will derive ongoing net savings of approximately $622 million a year from electricity privatisation that has occurred at the date of preparation of this Report, which does not include the impact of the sale of Power Net Victoria. Paras 4.31 to 4.32 z A competitive process was not established for the disposal of the State’s remaining interest in HRL Limited as, according to SECV management, the disposal was complicated by the pre-emptive rights to the shares of the other shareholders, which made it difficult to sell the shares to parties other than the company or a buyer approved by the other shareholders. Paras 4.69 to 4.80 z An analysis of the sale of the State’s remaining interest in HRL Limited indicated that, while the sale proceeds were higher than its estimated share of the book value of the company’s net assets, there was substantial uncertainty concerning the recovery of $8.5 million of interest-free loans provided by the SECV to the company, which are due for repayment in the years 2002 and 2003. Para. 4.81 z An analysis of the sale of Melbourne Port Services Pty Ltd indicated that while the estimated proceeds to be received totalled $8.8 million the State incurred costs associated with the port reform process relating to the sale of $14 million, comprising the funding of redundancy packages and leave entitlements, unfunded superannuation liabilities and other costs of sale, giving an overall negative cashflow of $5.2 million. Paras 4.85 to 4.102 z The purchaser of Melbourne Port Services Pty Ltd has acquired the rights to exclusive contracts for the provision of services to Melbourne Port Corporation and the Victorian Channels Authority until 30 June 1998 and 30 June 2000, respectively. Para. 4.102 x The outsourcing of the management of the Port of Hastings will enable the State to receive annual management fees ranging between $1.3 million and $7.3 million, depending on the revenue levels achieved by the operator, with the State retaining the option to sell the port at a later time. Paras 4.103 to 4.133 6 Report of the Auditor-General on the Government’s Annual Financial Statement, 1996-97 EXECUTIVE SUMMARY ASSET SALES - continued Page 31 z Despite the high risk profile associated with the research-based pharmaceutical industry, the nature of the business of AMRAD Corporation Limited and the fact that the State’s accumulated investment of $15 million in the company would have been considered as highly speculative when it was made, the State received $20 million in December 1996 from the part sale of its shareholding and retained an investment in the company worth around $55.3 million. Paras 4.134 to 4.144 z The Country Fire Authority established a joint venture arrangement through the sale of 90 per cent of its vehicle manufacturing business, however, it will continue to be a major customer of the joint venture and will therefore significantly contribute to the profitability of the business for at least 2 years.
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