(d) The ratios to GSP may vary from publications year to year due to revisions to the ABS GSP data. (e) The sum of nonfinancial public sector net debt plus the superannuation liability as a proportion of nonfinancial public sector total operating revenue. Table 5.4 projects several indicators of financial sustainability for the NFPS which are expected to improve by 201819. The improvement is driven by the strengthening operating cash flow surpluses and receipts from asset sales. The ratio of operating cash flow surplus to revenue indicates the extent to which cash generated from operations can be used to fund infrastructure. The of gross debt to revenue is a measure of indebtedness. The decline in the State’s indebtedness compared to 201314 and 201415 levels are reflected in the improved ratio of interest expense to revenue. This ratio measures the extent to which revenues can be used to fund essential services and infrastructure, rather than meet debt obligations. Table 5.4: Indicators of financial sustainability for the nonfinancial public sector (per cent) 201314 201415 201516 201617 201718 201819 actual revised budget estimate estimate estimate Operating cash flow surplus to 10.1 9.7 8.3 8.4 9.6 9.6 revenue Gross debt to revenue (a) 81.4 80.7 72.4 75.7 74.3 73.6 Interest expense to revenue 5.0 4.9 4.7 4.6 4.5 4.3 Source: Department of Treasury and Finance Note: (a) Gross debt includes borrowings and deposits held and advances received. – Table 5.5: Summary operating statement for the State of Victoria(a) ($ million) 201314 201415 201516 201617 201718 201819 actual revised budget estimate estimate estimate Revenue Taxation revenue 16 490 17 847 18 581 19 552 20 133 21 049 Dividends, income tax 1 853 1 519 1 913 2 119 2 141 2 032 equivalents and interest (b) Sales of goods and services 14 233 13 856 14 137 14 252 14 748 15 291 Grants 25 019 24 470 25 435 25 941 27 366 28 465 Other revenue 2 750 2 811 2 615 2 710 2 711 2 784 Total revenue 60 346 60 503 62 680 64 574 67 100 69 621 % change 11.3 0.3 3.6 3.0 3.9 3.8 Expenses
(d) The ratios to GSP may vary from publications year to year due to revisions to the ABS GSP data. (e) The sum of nonfinancial public sector net debt plus the superannuation liability as a proportion of nonfinancial public sector total operating revenue. Table 5.4 projects several indicators of financial sustainability for the NFPS which are expected to improve by 201819. The improvement is driven by the strengthening operating cash flow surpluses and receipts from asset sales. The ratio of operating cash flow surplus to revenue indicates the extent to which cash generated from operations can be used to fund infrastructure. The of gross debt to revenue is a measure of indebtedness. The decline in the State’s indebtedness compared to 201314 and 201415 levels are reflected in the improved ratio of interest expense to revenue. This ratio measures the extent to which revenues can be used to fund essential services and infrastructure, rather than meet debt obligations. Table 5.4: Indicators of financial sustainability for the nonfinancial public sector (per cent) 201314 201415 201516 201617 201718 201819 actual revised budget estimate estimate estimate Operating cash flow surplus to revenue 10.1 9.7 8.3 8.4 9.6 9.6 Gross debt to revenue (a) 81.4 80.7 72.4 75.7 74.3 73.6 Interest expense to revenue 5.0 4.9 4.7 4.6 4.5 4.3 Source: Department of Treasury and Finance Note: (a) Gross debt includes borrowings and deposits held and advances received. – Table 5.5: Summary operating statement for the State of Victoria(a) ($ million) 201314 201415 201516 201617 201718 201819 actual revised budget estimate estimate estimate Revenue Taxation revenue 16 490 17 847 18 581 19 552 20 133 21 049 Dividends, income tax equivalents and interest (b) 1 853 1 519 1 913 2 119 2 141 2 032 Sales of goods and services 14 233 13 856 14 137 14 252 14 748 15 291 Grants 25 019 24 470 25 435 25 941 27 366 28 465 Other revenue 2 750 2 811 2 615 2 710 2 711 2 784 Total revenue 60 346 60 503 62 680 64 574 67 100 69 621 % change 11.3 0.3 3.6 3.0 3.9 3.8 Expenses