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

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(c) Victorian Equity Trust The liability under the Victorian Equity Trust (VET) arrangements is included in Table B.l under Capital Works Authority net debt. VET was listed on the Australian Stock Exchange in June 1988 to enable a number of public authorifies to gain access to equity financing through the sale of equity units to the public. Under the arrangement, the VET held equity units in State Electricity Commission of Victoria (SECV), Melbourne Water (MW) and the Gas and Fuel Corporation of Victoria (GFCV) and capital stock of the Porfiand Smelter Unit Trust (PSUT) and received dividends from these authorities. The net proceeds raised were used by the SECV, MW, the GFCV and the PSUT to reduce debt levels or to fund new capital works investment. Holders of units in the VET had a right in June 1992 to require the Victorian Economic Development Corporafion (VEDC) to purchase units offered to it at a price which took into account, among other things, the level of the All Ordinaries Index (AOI) on 1 June 1992. In 1991-92, the Government entered into a hedging agreement with Macquarie Bank Ltd to limit the VEDC's exposure to increases in the AOI above 1650. In the 1991-92 Budget Strategy, it was indicated that the Government was considering options regarding the future of the VET, with a preference that VET continue. Subsequently, the decision was made to wind up the VET. The repayments associated with the winding up resulted in an increase in debt of $712 million in 1991-92. In March 1992, unitholders nominated for sale to the VEDC 503.5 million or 99.89 per cent of units including the Treasurer's units. The All Ordinaries Index on 1 June 1992 was 1674.4. As a result the price paid was $1.42 per unit, which resulted in a total payment to unitholders on 16 June 1992 of $714.91 million. Of this, $3.05 million was paid by Macquarie Bank Ltd under the Hedge Agreement. The remaining $711.9 million was raised by the VEDC through a facility provided by VicFin. Consistent with previous agreements between the VEDC and the Treasurer, the Capital Works Authority (CWA) assumed this debt and the VEDC transferred the associated asset (retail units) to the Treasurer. The Treasurer has now acquired the remaining 0.11 per cent, or 540 700 units for $748 100 and is now the sole unit holder in the VET. The value of the VET units held by the Treasurer as at 30 June 1992 has been assessed as $536.4 million (See Table B.8). Negotiations are now taking place with the authorifies for them to repurchase their equity units from the VET Trustee. The VET will then be wound up. The amount of such payments will reduce the level of debt. A final distribufion will then be made by the VET to the Consolidated Fund, and used to retire CWA debt. 185
5. LEASING COMMITMENTS The following information is presented in nominal dollar terms. For the purposes of inclusion in the Balance Sheet as liabilities, obligations under finance leases would be converted into present value terms. Parliament Aboriginal Affairs Arts Attorney-General Community Services Conservation and Environment Consumer Affairs Corrections Employment, Post-Secondary Education and Training Ethnic, Municipal and Community Affairs Finance Food and Agriculture Health Labour Manufacturing and Industry Development Planning and Housing Police and Emergency Services - Ministry Services Office of the Chief Commissioner Premier School Education Small Business Sport and Recreation Tourism Transport Treasurer Water Resources Total Leasing Commitments TABLE B.3 LEASING COMMITMENTS As at 30 June 1992 0-1 Years $ 674 240 1 782 148 642 8 662 128 8 800 984 1 373 543 2 458 542 1 717 132 590 892 1 341 437 3 779 403 1 309 630 8 650 397 2 156 000 1 926 871 3 126 357 772 966 9 328 690 892 671 10 231 800 83 626 735 836 1 827 479 1 719 747 737 658 52 000 73 100 453 1-2 Years $ 822 920 123 113 8 099 269 7 876 651 1 861 267 2 442 237 1 117 157 604 437 1 334 558 3 654 940 931 432 8 110 118 2064 000 1 191 492 2 981 829 753 016 8 435 807 863 045 9 582 734 150 956 658 529 2 768 453 1 711697 608 611 52 000 68 800 268 (a) Leasing Commitments Excluding Transport Equipment Operating Leases 2-5 Years $ 2 253 571 83 891 15 921 180 14 426 688 4 524 292 2 003 786 124 709 62 971 731664 7 312 646 357 106 11 805 976 3 392 000 1 853 041 8 945 487 2 110 072 21 064 153 1 785 599 25 236 763 270 000 965 031 1 497 468 4 336 547 1 120 676 132 185 317 More than 5 Years $ 143 046 9 084 257 4 208 000 46 470 712 2 545 224 4 675 427 279 995 1019 071 3 807 000 713 146 6 309 675 4 169 547 48 679 551 3 455 281 8 656 106 3 553 732 9 186 975 731 852 157 688 597 Operating Lease Total $ 3 750 731 1782 498 692 41 766 834 35 312 323 54 229 814 9 449 789 2 958 998 1 258 300 3 407 659 19 422 416 2 878 163 29 585 562 11419 000 5 684 550 21 363 348 7 805 601 87 508 201 6 996 596 53 707 403 504 582 2 359 396 9 647 132 16 954 966 3 198 797 104 000 431 774 635 Details of operafing leases, mainly for property and accommodation, totalling $431.8 million and finance leases, mainly for computer and keyboard facilities, totalling $53.3 million entered into by Administrafive Units are provided in Table B.3. 186
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•^ .,^^^ ^ Victoria Finance State
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The Honourable the Speaker Legislat
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VICTORIA HNANCE STATEMENT 1991-92 P
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1. INTRODUCTION EXPLANATORY NOTES T
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meet urgent claims may also be prov
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TABLE A,2 BALANCING THE CONSOLIDATE
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Pay-roll Tax Receipts from Pay-roll
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Offsetting these shortfalls were ad
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An amount of $24.2 million, reflecf
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Other significant payments related
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VICTORIA nNANCE STATEMENT 1991-92 S
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FINANCE STATEMENT 1991-92 SUMMARY O
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TEMENT 1991-92 IDATED FUND THE YEAR
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VICTORIA HNANCE STATEMENT 1991-92 A
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1990-91 Actual $ 17 449 641 440 043
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1990-91 Actual $ 87 840 142 87 840
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1990-91 Actual $ 758 331 212 2 700
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VICTORIA nNANCE STATEMENT 1991-92 A
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1990-91 Aaual nNANCE STATEMENT 1991
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nNANCE STATEMENT 1991-92 PAYMENTS F
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Page 189 and 190: Government of Victoria Capital Work
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Page 193: Financial Year Ending 30 June 1991
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Page 213 and 214: 12. SUMMARY OF CREDITORS A Summary
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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
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