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Department of Treasury and Finance Resulting from the Restructuring Are Summarised As Follows

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Department of Treasury and Finance Resulting from the Restructuring Are Summarised As Follows Library: Departments of Premier & Cabinet Treasury & Finance Level 5,1 Macarthur Street East Melbourne Victoria 3002 . DX 210759 Pti: 03 9651 5660 Fax: 03 9651 5659 . Email: [email protected] p^-y^/v/IO nCJ Department of Treasury and Finance r r* DATE DUE 13 hi* /o^• ¡it — & ij ^ T- RrtCGO VICTORIA. Department of Treasury and Finance Annual Report - 1995/96 Department of Treasury and Finance 1 Treasury Place Melbourne Victoria 3002 Telephone: (03)9651 5111 n . Victoria Facsimile: (03)9654 7215 JAaA DTS 753 DX 21 ' VIC. JOINT DEPT. INFO. CENTRE -8 NOV 1936 _ ^b/ofaT LEVEL 3, 1 MACARTHUR STREET E. MELBOURNE VIC. 3002 The Honourable Alan Stockdale MP The Honourable Roger Hallam MLC Treasurer Minister for Finance Minister for Multimedia Minister for Gaming 1 Treasury Place MELBOURNE VIC 3002 Dear Ministers I have pleasure in submitting to you a report on the operations and financial statements of the Department of Treasury and Finance, in accordance with Section 45 (6) of the Financial Management Act 1994, for the period 1 July 1995 to 30 June 1996, for presentation to Parliament. 1995/96 was again a year of significant achievement for the Department of Treasury and Finance. State debt was reduced by more than one third and a current account surplus was recorded for the second consecutive year. These efforts have been recognised with the recent upgrading by Standard and Poor's of the State's credit rating from "AA" to "AA+". The Department consolidated its corporate headquarters during the year, relocating to the 1 Treasury Place / 1 Macarthur Street precinct in August and October 1995. Machinery of Government changes announced in April 1996 also impacted on the structure of the Department. Finally, I would like to thank staff for their cooperation and participation in the Department's achievements during 1995/96. Yours sincerely Secretary 4 October 1996 y ICÎOriQ ON THE MOVE Department of Treasury and Finance Annual Report 1995/96 Published by The Department of Treasury and Finance © State of Victoria 1996 This book is copyright. No part may be reproduced by any process except in accordance with the provisions of the Copyright Act Address enquiries to: Aileen Martin 3rd Floor 1 Treasury Place Melbourne 3002 Telephone (03) 9651 5116 ISSN 1325-1775 Published October 1996 Design, typesetting and artwork by Creative Times, Richmond, Victoria Printed by SAS General Printing, Richmond, Victoria. CONTENTS ABOUT THE DEPARTMENT OF TREASURY AND FINANCE Objectives 5 Programs and people 5 Highlights of the 1995/96 Year 6 DELIVERING BUDGETS THAT ENHANCE THE STATE'S ECONOMIC GROWTH Budget sector surplus 7 Commonwealth grants 7 Specific Purpose Payments 8 The State's long-term credit rating 8 Reduced State debt 8 Outsourcing of capital works and infrastructure projects 8 Superannuation reform 9 Restructuring of Government financial commitments 9 External relations 9 IMPLEMENTING REFORMS THAT STIMULATE A COMPETITIVE ECONOMY Autumn Economic Statement 10 Electricity reform 10 Port reform 10 Gas reform 11 Water reform 11 Transport reform 11 Performance monitoring 11 Taxation implications of GBE reform 11 National Competition Policy 12 Employee relations 12 External relations 12 Tradition and Progress - the old Treasury Building and the current offices of the Department of Treasury and Finance. IMPLEMENTING BEST PRACTICE FINANCIAL AND RESOURCE MANAGEMENT ACROSS THE PUBLIC SECTOR Reform initiatives 13 Reforms in public sector employee relations 14 Other reforms 14 External relations 14 IDENTIFYING AND MEETING OUR CUSTOMERS' REQUIREMENTS 15 COMMITTING OUR STAFF TO EXCELLENCE 15 INTEGRATING THE PEOPLE, SYSTEMS AND ACTIVITIES OF THE DEPARTMENT 15 External Relations 16 FINANCIAL STATEMENTS Statement of Financial Position 18 Operating Statement 19 Statement of Cashflows 20 Notes to and forming part of Financial Report 21 APPENDICES Appendix 1 - Directory 41 Appendix 2 - Acts Administered 44 Appendix 3 - Regulatory and Legislative Changes 46 Appendix 4 - Information Available on Request and Compliance Index 48 Appendix 5 - Freedom of Information 50 Appendix 6 - Workforce Data 52 Appendix 7 - Consultants Engaged 55 Appendix 8 - Building Act Compliance 56 Appendix 9 - Boards and Committees 57 Appendix 10 - Overseas Visits 59 Appendix 11 - Publications 60 Appendix 12 - Promotional Activities and Presentations made by the Department 61 Appendix 13 - Functions and Services of the Department 63 Appendix 14 - Machinery of Government Changes 64 Part of the Department's display at the "Victoria On Show" exhibition, February 1996 Or Mike Vertigan, Secretary to DTF (centre) and the Department of Treasury and Finance Department's Deputy Secretaries Annual Report 1995/96 (from left), Mr Ian AU Little, Mr Ron Paice, Mr John Perham and Mr Frank King. THE DEPARTMENT OF TREASURY AND FINANCE - PROVIDING LEADERSHIP IN ECONOMIC, FINANCIAL AND RESOURCE MANAGEMENT The Department of Treasury and Finance was formed Programs and people officially in March 1995 with the joining together of the The Department works to achieve its objectives through former Department of Treasury and the Department of the delivery of core output groups: Finance. The merger was completed in October 1995. • Financial Management Services; The role of the Department is to achieve a strong economic base for Victoria and a sound financial position • Economic and Financial Policy Advice Services; for the State Government by providing advice, • Revenue Collection Services1; information and effective financial and resource management services. This role is reinforced in the • VPS Resource Management Services; Department's mission statement: "to provide leadership in • Reform and Privatisation Services; economic, financial and resource management". • Regulation Services1; 1 Objectives • Casino and Gaming Management ; and Within the framework of this goal, the Department had • Energy Reform and Privatisation. six key objectives for 1995/96. Corporate support functions are provided by the Executive They were to: Support Branches within the Department, and the Corporate Resource Agency which also services the • deliver budgets that enhance the State's economic Department of Premier and Cabinet and the Office of the growth; Public Service Commissioner. • implement reforms that stimulate a competitive There are over 500 staff located at 1 Treasury Place, 1 economy; Macarthur Street and 35 Spring Street, Melbourne. The • implement best practice financial and resource Department is headed by Dr Michael Vertigan, the management across the public sector; Departmental Secretary, who reports to the Honourable Alan Stockdale MP, Treasurer of Victoria, and the • clearly identify and meet all our customers' Honourable Roger Hallam MLC, Minister for Finance and requirements; Minister for Gaming. (The Treasurer is also Minister for • develop staff committed to excellence; and Multimedia and is supported in that role by the Department of State Development.) • integrate the people, systems and activities of the Department. The organisational structure of the Department and the responsibilities of each area are presented more fully in the Appendices. 1 For information on the activities of the State Revenue Office, the Victorian Casino and Gaming Authority, and the Office of the Regulator-General, please consult the annual reports produced by each of these offices. Department of Treasury and Finance Annual Report 1995/96 About the Department Highlights of the 1995/96 Year In addition to reducing the State's debt, the reforms in state owned enterprises have been a major part of the In 1995/96 Victoria achieved real economic growth of Government's program to stimulate a competitive 4.3%. The Government achieved a current account economy. surplus for the second consecutive year. State debt was reduced by almost one third. • The restructure and first phase of privatising Victoria's electricity supply industry was completed. This has • The Department managed the State's budget to facilitated lower electricity prices for residential and achieve a budget sector surplus of $5,173.9 million. commercial consumers. With electricity tariffs being The impact of the net proceeds of privatisation sales held constant since November 1993, the real price to accounted for $4,699.9 million of this. Taking this into consumers has been substantially reduced. account, the underlying budget surplus was $473.9 million. • Reform of Victorian ports has already resulted in • The fall in State debt was due primarily to the sale of significant reductions in port charges. A 33% the five electricity distribution businesses and one reduction in Melbourne and 22% at Geelong have generator company, Yallourn Energy. Proceeds to the already been implemented. State were $10.74 billion - the Auditor-General has reported that this has resulted in the State obtaining Providing value for the Victorian public's dollar is an $5.4 billion more than the book value of the imperative for the Department of Treasury and Finance. businesses. To this end the Department introduced several important financial and resource management initiatives across the • In April 1996, Standard and Poor's confirmed public sector. Victoria's long-term credit rating at 'AA' and revised the outlook to 'positive', indicating that a further • A Trial Consolidated Financial Report for the upgrade was possible in the near future. (An upgrade Government of the State of Victoria was produced to 'AA+' was realised in September 1996.) and tabled in Parliament. • A large amount of capital spending
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