Second Report of the Auditor-General for the year ended 30 June ...

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Sales Less Cost of Sales Net Sales Less Statutory Contribution to Consolidated Fund Expenditure Operating Profit Add Profit on Sale of Fixed Assets Gas arxj Fuel Corporation 1982-83 1982 !-84 $000 $000 459 114 345 90 800 237 328 17 527 213 314 201 001 313 702 553 130 423 142 800 234 377 45 743 393 350 869 669 681 255 1982-83 $000 464 117 347 Consolidated 90 800 246 337 9 123 097 026 653 453 573 702 1983-84 $000 559 133 425 911 142 800 247 000 Net Profit 18 015 45 936 10 275 36 366 389 36 376 465 Add Retained Earnings 1 July 17 428 30 015 9 222 14 069 Less 800 111 255 35 443 75 951 19 497 50 435 Retiring Allowances Adjustment for Prior Years .. 2 828 .. 2 828 Statutory Dividend to Consolidated Fund .. 25 000 .. 25 000 Preference Shares Dividend 676 676 676 676 Transfer to General Reserves 4 752 305 4 752 305 5 428 28 809 5 428 28 809 Retained Earnings 30 June 30 015 47 142 14 069 21 626 41
5.1.6 Net assets of the Corporation and its subsidiaries at 30 June 1984 were $120.8 million (30 June 1983, $111.6 million). 5.1.7 During the year, the Public Auttorities (Contributions) Act 1966 was amended to provide for the Gas and Fuel Corporation to transfer to the Consolidated Fund each month during the financial year a contribution of an amount equal to 33 per cent of the total revenue of the Corporation, as agreed by the Treasurer and the Corporation. The contribution to Consolidated Fund increased from $90.8 million in 1982-83 to $142.8 million in 1983-84. 5.1.8 The Public Authorities (Dividends) Act 1983 required the Gas and Fuel Corporation of Victoria to transfer to the Consolidated Fund $25 million as a dividend in respect of the 1983-84 financial year. Scope of Audit 5.1.9 The audit included the evaluation and testing of the Corporation's computerised accounts payable, payroll, annual leave arxJ lor^ service leave systems (utilising the Audit Reporter software package). Assets arxl liabilities at 30 June 1984 were verified. The work of the private auditors and the internal auditors of the Corporation was reviewed and accepted for the purposes of my audit. Audit Observations and Recoamendations Retiring Allowances 5.1.10 Prior to the current financial year the Corporation made provision for retiring allowances payable to employees rx3t covered by superannuation. Following a decision of the Board on 27 January 1984, the accounts for 1983-84 included an additional provision for retiring allowances to cover payments to anployees for recognised years of service prior to joining the Superannuation Fund. The change in policy has increased the charge against revenue for retiring allowances to $322 000 for 1983-84 ($115 000, 1982-83). In addition to the above charge a further anount of $2 828 000 was provided in respect of the total liability for new anployee tenefits for previous financial years and was adjusted directly against retained earnings at the beginning of the financial period. 5.1.11 Alttough this accounting treatment of adjusting a prior period sum against retained earnings does rxDt accord with the accounting standard issued by the Australian professional bodies, it does comply with the requirement effective from 1 July 1984 for employee tenefits under the Annual Reporting (Large Trading and Rating Public Bodies) Regulations 1984. Annual Reportir>g Act 1983 5.1.12 As indicated in paragraph 5.1,3, the Gas and Fuel Corporation was declared a public body under the Annual Reporting Act 1983. Section 12 of the Act provides for an audit of the financial statements by the Auditor-General. The provisions of this Act prevail over any reporting arxl auditing provisions of any other Act. 42
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Second Report of the Auditor-General for the year ended 30 June ...

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