Summary of compliance with special appropriations Authority Purpose Appropriations applied Controlled 2014 2013 $m $m Section 5.6.8 of the Education Volunteers workers 0.2 0.2 and Training Reform Act compensation Section 10 of the Financial National Partnership Joint Group 3.2 ‒ Management Act Training Program Section 10 of the Financial Industry and Indigenous Skills 0.7 ‒ Management Act Centre Program Section 10 of the Financial Investing in Focus Schools 2.2 ‒ Management Act Projects Government Schools Investing in Focus Schools Section 10 of the Financial Projects Non-Government 0.2 ‒ Management Act Schools Total 0.2 6.5 Cash and deposits/other financial assets 2014 2013 $m $m Amounts held by schools 471.5 487.0 Bank accounts held in trust 142.7 106.6 Other bank accounts 8.1 0.0 Total cash and deposits 622.3 593.5 Cash at bank Due to the State of policy and government funding arrangements, Victoria’s investment the Department generally does not hold a large cash reserve in its bank accounts. The Departmental operating bank accounts hold funds on behalf of trusts. Cash received by the Department from the generation of income is generally paid into the bank State’s account, known as the Public Account. Similarly, any Departmental expenditure, including those payments for goods and services to its suppliers and creditors, are made via the Public Account. The process is such that, the Public Account would remit to the Department the cash required to cover its transactions. This remittance by the Public Account occurs upon the electronic transfer of funds and the presentation of the cheques by the suppliers or creditors. Department’s Other financial assets Amounts held by schools at the end of the financial year disclosed as and ‘Cash include bank accounts and short term deposits with a maturity of less than deposits’ three months. Amounts held by schools with a maturity of three months or more are disclosed as financial and at balance date total $210.2 million (2013: ‘Other assets’ $174.1 million).
Summary of compliance with special appropriations Authority Purpose Appropriations applied Controlled 2014 2013 $m $m Section 5.6.8 of the Education and Training Reform Act Volunteers workers compensation 0.2 0.2 Section 10 of the Financial Management Act National Partnership Joint Group Training Program ‒ 3.2 Section 10 of the Financial Management Act Industry and Indigenous Skills Centre Program ‒ 0.7 Section 10 of the Financial Management Act Investing in Focus Schools Projects Government Schools ‒ 2.2 Section 10 of the Financial Management Act Investing in Focus Schools Projects Non-Government Schools ‒ 0.2 Total 0.2 6.5 Cash and deposits/other financial assets 2014 2013 $m $m Amounts held by schools 471.5 487.0 Bank accounts held in trust 142.7 106.6 Other bank accounts 8.1 0.0 Total cash and deposits 622.3 593.5 Cash at bank Due to the State of Victoria’s investment policy and government funding arrangements, the Department generally does not hold a large cash reserve in its bank accounts. The Departmental operating bank accounts hold funds on behalf of trusts. Cash received by the Department from the generation of income is generally paid into the State’s bank account, known as the Public Account. Similarly, any Departmental expenditure, including those payments for goods and services to its suppliers and creditors, are made via the Public Account. The process is such that, the Public Account would remit to the Department the cash required to cover its transactions. This remittance by the Public Account occurs upon the electronic transfer of funds and the presentation of the cheques by the Department’s suppliers or creditors. Other financial assets Amounts held by schools at the end of the financial year disclosed as ‘Cash and deposits’ include bank accounts and short term deposits with a maturity of less than three months. Amounts held by schools with a maturity of three months or more are disclosed as ‘Other financial assets’ and at balance date total $210.2 million (2013: $174.1 million).
201314deecdannualreport.docx