Statement of Receipts and Payments of the Consolidated Fund and ...

More documents

Recommendations

Info

Ballarat Water Board Country Fire Authority Gas and Fuel Corporation of Victoria Geelong and District Water Board Geelong Regional Commission Government Employee Housing Authority Grain Elevators Board Latrobe Regional Water Authority Melbourne Water (a) Metropolitan Fire Brigades Board Mornington Peninsula and District Water Board National Tennis Centre Trust Port of Melbourne Authority Port of Portland Authority State Electricity Commission of Victoria Smaller Non-Metropolitan Water Boards Urban Land Authority Total Major Audiorities ToUl Odier (b) TOTAL GROSS DEBT Less: Financial Assets Note: Totals may not add due to rounding. TABLE B.l (Cent.) NON-BUDGET SECTOR NET DEBT As at 30 June $m 799i 39.2 34.0 713.0 144.7 20.7 20.0 75.4 42.9 3 157.6 31.0 273.2 94.6 263.3 25.8 8 281.9 409.4 30.4 13 656.9 561 13 713.0 631.1 TOTAL (c) 13 081.9 $m 1992 (prelim.) 49.9 31.3 673.2 151.7 15.7 25.5 76.1 31.6 3 436.4 30.0 75.0 292.3 25.6 8 529.1 412.4 35.0 13 890.7 30.3 13 921.0 522.4 13 398.6 (•) Includes debt raised pursuant to the Borrowing and Investment Powers Act 1987 and debt of the following Authorities who merged with Melbourne Water during 1991-92: Mornington Peninsula and District Water Board, Pakenhara Water Board, Dandenong/Springvale Water Board, Lang Lang Water Board, Emerald District Water Board and Dandenong Valley and Western Port Authority. (b) Comprises debt and/or financial assets of the following: Albury-Wodonga (Victoria) Corporation, Dandenong Valley and Westemport Authority (1991 only), Exhibition Trustees, Harness Racing Board, Latrobe Regional Commission, Melbourne Wholesale Fruit and Vegetable Market Trust, Olympic Park Committee of Management, Port of Geelong, Victorian Accident Rehabilitation Council, Victorian Dairy Industry Authority, Victorian Egg Marketing Board, West Moorabool Water Board, Alpine Resorts Commission, Anti Cancer Council, Coal Corporation, Estate Agents Board, Film Victoria, Health Computing Services Victoria Ltd, Legal Aid Commission, Totalizator Agency Board, Office of Ambulance Services, Victorian Education Foundation and Victorian Health Promotion Foundation. (c) The coverage of Non-Budget Sector Debt was extended at 30 June 1991 to include all Water Boards. All Water Boards are now included at bodi 30 June 1991 and 1992. Budget Sector Non-Budget Sector Ltss: Intra-sectoral Advances TABLE B.l (Cent.) NET DEBT OF THE VICTORIAN PUBLIC SECTOR As at 30 June $m 1991 15 655.3 13 081.9 128.1 $m 1992 (prelim.) 18 236.1 13 398.6 34.2 TOTAL NET DEBT OF THE PUBLIC SECTOR 28 609.1 31 600.5 181
4. EXPLANATORY NOTES ON SPECIFIC MABILITIES (a) Tricontinental Holdings Ltd Following the sale of State Bank Victoria to the Commonwealth Bank of Australia (CBA), the State acquired the Tricontinental Group. Over the last financial year, the curreni management of the Tricontinental Group has continued to manage the realisation of the loar portfolio. During its financial year ending 31 December 1991, the Tricontinental Group achieved loan recoveries of $624 million gross, or $358 million net. In recovering those loans, Tricontinental reduced its client base from 363 clients to 136. Loans outstanding as at 31 December 1991 were $1 094 million gross or $626.7 million net. The net deficit at 31 December 1991 was $1 682 million. The amount has now been recognised as a sufficiently reliable figure to reclassify this obligation from being a contingent liability to an actual liability. However, as it is not "debt" it is not included in Table B.l. It is anticipated that the major strategic decisions concerning the realisation of the Tricontinental Group's loan portfolio will be completed by the end of 1992 and that there will be a substantial reduction in the cost of the administration of the portfolio in 1993. The subsidy paid to the Tricontinental Group for financial year 1991 was $150.4 million to cover its operating deficit. The projected subsidy for 1992 is $150 million. The Tricontinental Group's borrowings of $2.3 billion from CBA will mature in October 1996. The gross recoveries from the loan portfolio are anticipated to be in the vicinity of $1.2 billion, leaving an esUmated eventual shortfall in shareholders' funds of $1.65 billion. (b) Farrow Group of Building Societies -1991-92 Payments to Depositors Following the failure of the Farrow Group in 1990, the State announced it would return to unsecured depositors their deposits excluding interest accrued from 1 July 1989 (the guaranteed balance). An initial distribution in August 1990 provided a full payout for depositors who had $100 or less on deposit. Other depositors were paid 25 cents in the dollar of their guaranteed balance. This distribufion, which totalled $362 million was facilitated by the State Bank Victoria (SBV), now the Commonwealth Bank of Australia (CBA). In return, the CBA received assignment of the rights of the depositors for distributions from the Liquidator, and was indenmified by the Government for its costs and failure by the Liquidator to make distributions to the CBA. The State's condngent liability to the CBA is reported in Table B.7. 182
Page 1 and 2:
•^ .,^^^ ^ Victoria Finance State
Page 3 and 4:
The Honourable the Speaker Legislat
Page 5 and 6:
VICTORIA HNANCE STATEMENT 1991-92 P
Page 7 and 8:
1. INTRODUCTION EXPLANATORY NOTES T
Page 9 and 10:
meet urgent claims may also be prov
Page 11 and 12:
TABLE A,2 BALANCING THE CONSOLIDATE
Page 13 and 14:
Pay-roll Tax Receipts from Pay-roll
Page 15 and 16:
Offsetting these shortfalls were ad
Page 17 and 18:
An amount of $24.2 million, reflecf
Page 19 and 20:
Other significant payments related
Page 21 and 22:
VICTORIA nNANCE STATEMENT 1991-92 S
Page 23 and 24:
FINANCE STATEMENT 1991-92 SUMMARY O
Page 25 and 26:
TEMENT 1991-92 IDATED FUND THE YEAR
Page 27 and 28:
VICTORIA HNANCE STATEMENT 1991-92 A
Page 29 and 30:
1990-91 Actual $ 17 449 641 440 043
Page 31 and 32:
1990-91 Actual $ 87 840 142 87 840
Page 33 and 34:
1990-91 Actual $ 758 331 212 2 700
Page 35 and 36:
VICTORIA nNANCE STATEMENT 1991-92 A
Page 37 and 38:
1990-91 Aaual nNANCE STATEMENT 1991
Page 39 and 40:
nNANCE STATEMENT 1991-92 PAYMENTS F
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140: nNANCE STATEMENT 1991-92 PAYMENTS F
Page 153 and 154: nNANCE STATEMENT 1991-92 STATEMENT
Page 155 and 156: ETHNIC, MUNICIPAL AND COMMUNITY AFF
Page 163 and 164: ATTORNEY-GENERAL CONSERVATION AND E
Page 165 and 166: 151 VICTORIA nNANCE STATEMENT 1991-
Page 167 and 168: nNANCE STATEMENT 1991-92 THE TRUST
Page 169 and 170: Brought Forward Manufacturing and I
Page 171 and 172: 8. WORKS AND SERVICES ACCOUNT nNANC
Page 179 and 180: Department and Programs PARLIAMENT:
Page 181 and 182: Department and Programs FINANCE: 35
Page 183 and 184: Department and Programs POLICE AND
Page 187 and 188: Financial commitments represent var
Page 189: Government of Victoria Capital Work
Page 193 and 194: Financial Year Ending 30 June 1991
Page 195 and 196: 5. LEASING COMMITMENTS The followin
Page 197 and 198: (b) Operating Leases for Transport
Page 199 and 200: 7. CONTINGENT LIABILITIES IN RESPEC
Page 201 and 202: Table B.6 provides details of conti
Page 203 and 204: TABLE B.7 (Cont.) CONTINGENT LIABIL
Page 205 and 206: The scheme was originally establish
Page 207 and 208: The Bonds are secured by a second g
Page 209 and 210: (c) World Congress Centre The World
Page 211 and 212: 10. EQUITY CAPITAL OF THE STATE Tab
Page 213 and 214: 12. SUMMARY OF CREDITORS A Summary
Page 215 and 216: 14. COMMONWEALTH FUNDS UNSPENT Comm
Page 217 and 218: 209 VICTORIA FINANCE STATEMENT 1991
Page 219 and 220: Contract Auditing Coode Island Revi
Page 221 and 222: Metropolitan Fire Brigades Superann
Page 223: Tobacco Franchise Licences 11 Total
show all

Statement of Receipts and Payments of the Consolidated Fund and ...

Create successful ePaper yourself

Delete template?

Save as template?