APPENDIX D – COMPLIANCE INDEX – REQUIREMENTS
OF THE FINANCIAL MANAGEMENT ACT 1994
The provisions of the Financial Management Act 1994 have been complied with in these budget
papers. Table D1 details these requirements together with appropriate references in the
document.
Table D1:
Statements required by the Financial Management Act 1994 and their
location in the 2011-12 Budget
Relevant section of the Act and
corresponding requirement
Sections 23E-G of the Financial Management
Act 1994
Statement of financial policy objectives and
strategies for the year.
Sections 23H-J of the Financial Management
Act 1994
Estimated financial statements for the year
comprising:
– an estimated statement of financial performance
– an estimated statement of financial position at
the end of the year
– an estimated statement of cash flows for the year
– a statement of the accounting policies on which
these statements are based and explanatory
notes
Section 23K of the Financial Management Act 1994
Accompanying statements in association with each
set of estimated financial statements comprising:
– a statement of the material economic and other
assumptions that have been used in preparing
the estimated financial statements
– a discussion of the sensitivity of the estimated
financial statements to changes in those
economic and other assumptions
Statement of Finances 2011-12
Location
Budget Paper No. 2, Chapter 1 Economic
and Fiscal Overview
Budget Paper No. 5, Chapter 1 Estimated
Financial Statements and Notes
Budget Paper No. 5, Chapter 1 Estimated
Financial Statements and Notes
Budget Paper No. 2, Chapter 2 Economic
Context
Budget Paper No. 2, Chapter 3 Budget
Position and Outlook
Budget Paper No. 5, Chapter 1, Estimated
Financial Statements and Notes
Budget Paper No. 2, Appendix B Sensitivity
Analysis Table
Appendix D
1
Table D1:
Statements required by the Financial Management Act 1994 and their
location in the 2011-12 Budget (continued)
Relevant section of the Act and
corresponding requirement
– an overview of the estimated tax expenditures
for the financial years covered by the estimated
financial statements
– a statement of risks that may have a material
effect on the estimated financial statements
Section 26(1) of the Financial Management
Act 1994
A quarterly financial report for each quarter of each
financial year.
Section 40 of the Financial Management Act 1994
A statement of information under departmental
headings setting out:
– a description of the goods and services to be
produced or provided by each department during
the period to which the statement related,
together with comparative information for the
preceding financial year
– a description of the amount available or to be
available to each department during the period to
which the statement relates, whether
appropriated by the Parliament for that purpose
or otherwise received or to be received by the
department, together with comparative figures
for the preceding financial year
– the estimated amount of the receipts and
receivables of each department during the period
to which the statement relates, together with
comparative figures for the preceding financial
year
Section 16B of the Audit Act 1994
The Auditor-General review and report on the
estimated financial statements to ensure they are
consistent with accounting convention and that the
methodologies and assumptions used are
reasonable.
2
Appendix D
Location
Budget Paper No. 5, Chapter 5 Tax
Expenditures and Concessions
Budget Paper No. 2, Chapter 2 Economic
Context
Budget Paper No. 2, Chapter 3 Budget
Position and Outlook
Budget Paper No. 5, Chapter 6 Contingent
Assets and Contingent Liabilities
Budget Paper No. 5, Chapter 1 Estimated
Financial Statements and Notes
Budget Paper No. 5, Appendix B Revised
2010-11 Budget Outcome for the Victorian
general government sector incorporating
the financial report for the March Quarter
Budget Paper No. 3, Chapter 3
Departmental Output Statements
Budget Paper No. 5, Chapter 3
Departmental Estimated Financial
Statements
Budget Paper No. 5, Chapter 1, Estimated
Financial Statements and Notes
Statement of Finances 2011-12