The budget portfolio outcomes statements provide a comparison between the actual financial information of all general government entities within the portfolio and the forecast financial information published in the State Budget Papers by DTF.
These statements include:
- Comprehensive operating statement
- Balance sheet
- Cash flow statement
- Statement of changes in equity
- Administered items statement.
Prepared on a consolidating basis, the budget portfolio outcomes statements include all general government entities within the portfolio. In alignment with the budget papers, financial transactions and balances are classified as either ‘controlled’ or ‘administered’.
It is important to note that the budget portfolio outcomes statements are not subject to audit by the Victorian Auditor-General’s Office. Additionally, they are not prepared on the same basis as the DPC’s financial statements, as they also include the consolidated financial information of the following entities:
- Victorian Electoral Commission
- Victorian Public Sector Commission.
Notes
1Variance is predominantly due to supplementation funding received since the publication of the budget, mainly to cover costs incurred by DPC in relation to administration changes, as well as to implement Munarra Centre for Regional Excellence project milestones.
2 Variance is primarily due to additional special appropriations funding provided for the VEC since the publication of the budget, to meet increased operational requirements, undertake upcoming Local Government elections preparatory activities as well as to support implementation of legislative reforms.
3 Variance is predominantly due to the recognition of resources received free of charge by DPC from DGS as per the Corporate Shared Services operating model, which is not reflected in the published budget.
4 The key factors contributing to this variance include expenses incurred by DPC in relation to administration changes, VEC’s increased operational needs, as well as a newly introduced COVID Debt Levy by the State Revenue Office which are not reflected in the published budget.
5 Variance is largely driven by greater grant disbursement activities than originally budgeted, which is largely attributed to the Multicultural Affairs function, which was transferred from DFFH to the DPC portfolio, due to machinery of government changes.
6 Variance is mainly driven by an increase in the trust cash balances, which is predominantly due to funds received, but not yet utilised, by DPC to deliver projects and initiatives.
7 Variance is primarily due to the VEC’s actual asset profile for property, plant and equipment and intangibles not appropriately reflected in the published budget.
8 Variance is predominantly due to substantial grants accruals recognised at the end of June 2024 and cost recoveries by DFFH for the Multicultural Affairs function transferred to DPC. These were not settled at the balance date of 30 June 2024 and were not reflected in the published budget.
9 The variance is primarily due to the following factors which eventuated since publication of the original budget: supplementation funding received, which was predominantly to cover costs associated with administration changes, implementation of Munarra Centre for Regional Excellence project milestones as well as increased special appropriations funding for VEC to meet operational requirements; and machinery of government events, which included the transfer of Multicultural Affairs from DFFH to DPC.
10 The variance is largely driven by greater grant disbursement activities than originally budgeted, which is largely attributed to the Multicultural Affairs function, which was transferred from DFFH to DPC due to machinery of government changes.
11 Variance is predominantly due to substantial accruals recognised at the end of June 2024 as well as cost recoveries by DFFH for the Multicultural Affairs function, which was transferred to DPC due to machinery of government changes, which is yet to settled by DPC as of 30 June 2024. These cash disbursement deferrals were not reflected in the published budget.
12 Variance primarily relates to additional assets/capital expenditure incurred by the VEC, which was not reflected in the published budget.
13 The opening balance for estimates has been restated to mirror actual closing balances as of 30 June 2023, to achieve an effective comparability against actuals.
Updated