Victorian Consolidated Legislation

Financial Management Act 1994 - SECT 24

Annual financial report

24. Annual financial report



(1) The Minister must prepare an annual financial report for each financial
year.

(2) The annual financial report-

   (a)  must be prepared in the manner and form determined by the Minister,
        having regard to appropriate financial reporting frameworks;

   (b)  must present fairly the financial position of the State and the
        Victorian general government sector at the end of the financial year
        and-

   (i)  the transactions on the Public Account;

   (ii) the transactions of the Victorian general government sector;

   (iii) other financial transactions of the State- in respect of the
        financial year;

   (c)  must include details of amounts paid into Working Accounts under
        section 23;

   (d)  must include details of amounts allocated to departments during the
        financial year under section 28;

   (e)  must include details of money credited under section 29 to an item in
        a Schedule to an appropriation Act for that financial year;

   (f)  must include particulars of amounts transferred in accordance with
        determinations under section 30 or 31;





   (g)  must include details of-

   (i)  amounts appropriated in respect of the financial year as a result of a
        determination under section 32 in respect of unused appropriation for
        the preceding financial year;

   (ii) the application during the financial year of amounts referred to in
        subparagraph (i);

   (iii) amounts appropriated in respect of the next financial year as a
        result of a determination under section 32 in respect of unused
        appropriation for the financial year;

   (h)  must include-

   (i)  details of expenses and obligations met from money advanced to the
        Minister under section 35(1) during the financial year;

   (ii) a statement of the reasons for carrying forward any part of an unused
        advance to the next financial year under section 35(4);

        (i)    must include details of payments made during the financial year
               out of money advanced to the Treasurer in an annual
               appropriation Act for that year to meet urgent claims;

   (j)  must include details of-

   (i)  payments made during the financial year in fulfilment of any guarantee
        by the Government under any Act;

   (ii) money received or recovered by the Minister or Treasurer during the
        financial year in respect of any guarantee payments;

   (k)  must include details, as at the end of the financial year, of-

   (i)  the liabilities (including contingent liabilities under guarantees and
        indemnities or in respect of superannuation payments and all other
        contingent liabilities) and assets of the State; and

   (ii) prescribed assets and prescribed liabilities of prescribed bodies;

   (l)  may include any other information the Minister considers appropriate;

   (m)  must be audited by the Auditor-General.

(3) The Minister must cause a copy of each annual financial report to be given
to the Auditor-General on or before 20 September next following the financial
year to which it relates.

(4) An audited annual financial report must be transmitted to the Parliament
in accordance with section 27D.