Most major DELWP agencies have annual reporting obligations under the Financial Management Act 1994 (FMA) and the agency’s establishing Act.
Annual reports prepared under the FMA must be tabled or reported in Parliament by the responsible minister. They include the agency’s:
- financial statements, audited by the Victorian Auditor General’s Office
- a report of operations.
FMA agencies must also:
- comply with a range of other financial management obligations throughout the year
- meet all relevant requirements in the FMA and related Standing Directions and Instructions, Financial Reporting Directions, and other requirements issued by the Department of Treasury and Finance.
DELWP agencies that prepare an annual report under the FMA are named in the list of Consolidated Entities in the Victorian Government’s Annual Financial Report (incorporating Quarterly Financial Report No. 4).
Examples are alpine resort management boards, catchment management authorities and water corporations.
Note: a ‘public body’ under the FMA is different to a ‘public entity’ under the Public Administration Act. Most major DELWP agencies are both.
After an annual report is tabled or reported it is made public. The published report must be identical to the one that is tabled or reported. No additions, deletions or amendments can be made by the agency whatsoever.
If there is an error in an annual report, it is essential for the agency to contact its usual DELWP relationship manager or team.
DELWP guide to annual reporting - public bodies
The DELWP guide to annual reporting – public bodies is a practical guide to annual reporting under the FMA. It sets out:
- what must be included in the report of operations and in what format
- example disclosures
- how to comply with the Financial Reporting Directions
- how the Model Report issued by the Department of Treasury and Finance applies.
Advisory bodies are not subject to the FMA. A number have annual reporting obligations under their establishing Act. The annual report of advisory bodies such as the Victorian Environmental Assessment Council must be tabled in Parliament.
Committees of management
The Phillip Island Nature Park Board of Management is subject to the full requirements of the FMA.
All other committees of management of Crown land reserves:
- are exempt from the Standing Directions
- must comply with any financial management framework issued by DELWP
- must provide an annual financial statement to the Secretary of DELWP under the Crown land (Reserves) Act.
For further information see Committees of management.
On Board support module
Department of Treasury and Finance
The Department of Treasury and Finance (DTF) ensures that a sound financial management framework applies to Victoria’s public sector. It is responsible for the FMA, including:
- Standing Directions 2018, Instructions and Guidance
- Financial Reporting Directions, which set out what must be included in an FMA annual report and the required format
- Model report (updated annually).
Victorian Auditor General’s Office (VAGO)
As part of its role, VAGO audits the financial statements in all FMA annual reports.
Page last updated: 29/01/20