Summary of compliance with special appropriations Appropriations applied 2016 2015 Authority controlled Purpose $m $m Section 5.6.8 of the Education and Training Volunteers workers’ Reform Act 2006 compensation 0.3 0.2 Section 10 of the Financial Management Act Digital Education 1994 Revolution 20.6 - Section 10 of the Financial Management Act 1994 Occasional Care 1.1 - Total 22.0 0.2 Cash and deposits/other financial assets 2016 2015 $m $m Cash and deposits Amounts held by schools1 497.8 557.8 Bank accounts held in trust 196.9 152.2 Other bank accounts 8.6 5.2 Total cash and deposits (a) 703.3 715.3 132.5 Other financial assets held by schools1 (b) 274.9 1 Due to limitation of available information, the value of instruments from schools with 0-3-month maturity as ay June 2015 was apportioned to Cash and Deposits, from Other Financial Assets, based on estimates. Cash at bank 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. Due to the State of investment policy and government funding arrangements, Victoria’s 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 and for working accounts (Note 26). Cash received by the Department from the generation of income is generally paid into the bank account, known as the Public Account. Similarly, any Departmental State’s 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 with a maturity of three months or more are disclosed as financial ‘Other assets’.
Summary of compliance with special appropriations Appropriations applied Authority controlled Purpose 2016 $m 2015 $m Section 5.6.8 of the Education and Training Reform Act 2006 Volunteers workers’ compensation 0.3 0.2 Section 10 of the Financial Management Act 1994 Digital Education Revolution 20.6 - Section 10 of the Financial Management Act 1994 Occasional Care 1.1 - Total 22.0 0.2 Cash and deposits/other financial assets 2016 $m 2015 $m Cash and deposits Amounts held by schools1 497.8 557.8 Bank accounts held in trust 196.9 152.2 Other bank accounts 8.6 5.2 Total cash and deposits (a) 703.3 715.3 Other financial assets held by schools1 (b) 274.9 132.5 1 Due to limitation of available information, the value of instruments from schools with 0-3-month maturity as ay June 2015 was apportioned to Cash and Deposits, from Other Financial Assets, based on estimates. Cash at bank 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. 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 and for working accounts (Note 26). 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 with a maturity of three months or more are disclosed as ‘Other financial assets’.
201516detannualreportFinancial.docx