funding for the particular year. With the Local Government elections occurring in October 2016, the VEC’s funding increased to $52.3 million (2015–16: $25.2 million). EQUITY VEC – The VEC’s equity is measured as the net of VEC’s assets less VEC’s liabilities. The VEC’s total equity position at 30 June 2017 is $7.7 million, comprising of contributed capital and carrying accumulated deficit. ADMINISTRATIVE SERVICES In conducting the 2016 Government elections, the VEC also undertook administrative services on behalf of the State government and local councils. This came in the form of issuing compulsory voting notices, infringement letters and the collection and distribution of council election related funds. As at 30 June 2017, the VEC collected and distributed $26.3 million to councils. Funding from administrative services does not form part of the VEC’s Special Appropriation funding. FIGURE 29: SPECIAL APPROPRIATION 2012–13 TO 2016–17 ($’000) EXPENSES FUNDING – The increased funding was provided for Local Government election costs, which came in the form of employee wages, and costs associated with supplies and services. The VEC’s casual workforce expanded to 8,000 members and major costs were incurred with key electoral suppliers such as Australia Post, Toll and Telstra providing significant support in mail services, logistics and telecommunication infrastructure. VEC ($’000) ASSETS – Assets owned by the VEC are largely within election inventory and plant and equipment across its two locations. The largest asset owned and developed by the VEC is the Election Management System, which underpins the VEC’s ability to manage and host election activities. The system undergoes ongoing development and enhancement to meet election needs and legislative changes and to improve the efficiency and delivery of elections. VEC ASSETS LIABILITIES – The VEC’s liabilities are largely represented by employee provisions (annual leave and long service leave owing to staff) and supplier commitments. Money owed to suppliers and creditors was timing
funding for the particular year. With the Local Government elections occurring in October 2016, the VEC’s funding increased to $52.3 million (2015–16: $25.2 million). EQUITY – VEC The VEC’s equity is measured as the net of VEC’s assets less VEC’s liabilities. The VEC’s total equity position at 30 June 2017 is $7.7 million, comprising of contributed capital and carrying accumulated deficit. ADMINISTRATIVE SERVICES In conducting the 2016 Government elections, the VEC also undertook administrative services on behalf of the State government and local councils. This came in the form of issuing compulsory voting notices, infringement letters and the collection and distribution of council election related funds. As at 30 June 2017, the VEC collected and distributed $26.3 million to councils. Funding from administrative services does not form part of the VEC’s Special Appropriation funding. FIGURE 29: SPECIAL APPROPRIATION 2012–13 TO 2016–17 ($’000) EXPENSES – The increased funding was provided for Local Government election costs, which came in the form of employee wages, and costs associated with supplies and services. The VEC’s casual workforce expanded to 8,000 members and major costs were incurred with key electoral suppliers such as Australia Post, Toll and Telstra providing significant support in mail services, logistics and telecommunication infrastructure. VEC ($’000) ASSETS – Assets owned by the VEC are largely within election inventory and plant and equipment across its two locations. The largest asset owned and developed by the VEC is the Election Management System, which underpins the VEC’s ability to manage and host election activities. The system undergoes ongoing development and enhancement to meet election needs and legislative changes and to improve the efficiency and delivery of elections. VEC LIABILITIES – The VEC’s liabilities are largely represented by employee provisions (annual leave and long service leave owing to staff) and supplier commitments. Money owed to suppliers and creditors was timing FUNDING ASSETS
AR-2017-Full.docx