Annual Report 2004-2005 - Forensicare

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Financial Performance Beginning the year with a budgeted deficit, Forensicare delivered a $2.113m turnaround, ending 2004-2005 with a surplus of $0.327m. Work commenced during the year on identifying the significant assets coming to the end of their economic and operational life, and the impact of not replacing the assets. This will be reported on in 2005-2006. 54 The financial savings resulting from the reduction in nursing turnover and the relatively stable nursing workforce (for most of the year) was the single largest reduction in costs to Forensicare in 2004-2005.
Financial Overview FINANCIAL MANAGEMENT This year again presented Forensicare with considerable financial challenges with the Council of Forensicare approving a deficit budget of $3.073 million. It was therefore a significant achievement to deliver the markedly better result of $0.9 million deficit outlined below, and detailed in the 2004-2005 Financial Statements. The result included depreciation of $1.232 million, which is provided for separately by Government via capital payments in response to submissions by Forensicare. No Capital Funds were provided to Forensicare by the Department of Human Services for the 2004- 2005 financial year. Forensicare reviewed the Financial Management Framework, in conjunction with our internal auditors, Deloitte Touche Tohmatsu, under the Business Risk Assessment Review. This process is designed to support sound financial management and accountability practices, and has been formally adopted by Council. The framework restates the various elements of our financial management policies, practices and procedures. It clarifies the way in which our organisation manages its financial activities, and documents the clearer lines of accountability and reporting Our financial framework is based on the following principles – • support for the increased autonomy and accountability of operational areas of the organisation RATIOS Current Ratio – Liquidity This graph indicates Forensicare’s ability to meet its financial commitments in the short-term (next twelve months). A ratio of 1 or greater indicates a strong financial capability to meet commitments. 3.0 2.5 2.0 1.5 1.0 0.5 0.0 04/05 03/04 02/03 01/02 00/01 99/00 Equity/Assets – Stability This graph indicates Forensicare’s long-term stability. The stability over the past twelve month period clearly shows Forensicare is maintaining a position of viability. • integration of systems to enhance information available to meet the diverse and growing needs of management • transparency through standardisation of business reporting templates • quality financial management information that is sourced and reproduced consistently from a common platform • flexible capacity to adapt to meet changing information needs in our environment. The framework encourages strong governance, continuous improvement, and compliance with standards to support Forensicare’s strategic directions. During the current and previous reporting periods, Forensicare has undertaken a number of internal financial reviews/assessments to assist the Council and executive in managing the financial performance of the organisation. The reviews have consisted of the following – • Expenditure comparisons by major component • Expenditure patterns • Deficit Management Strategies • Long-Term Financial Budget Management Plan. The financial statements presented later in this report (pages 60-75) provide greater detail, and are prepared in accordance with the applicable Australian Accounting Standards and the Financial Management Act 1994. 0.94 0.93 0.92 0.91 0.90 0.89 0.88 0.87 0.86 0.85 0.84 04/05 03/04 02/03 01/02 00/01 99/00 Budget Composition Department of Self Funding Corrections Care Plan TOTAL BUDGET Human Services Victoria Assessments Funding Funding Funding Budgeted Revenue $27,218,407 $216,873 $2,778,101 $155,070 $30,368,451 Budgeted Expenditure $29,003,927 $216,873 $2,764,062 $170,110 $32,154,972 Surplus / Deficit ($1,785,520) - $14,039 ($15,040 ) ($1,786,521) 55
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Victorian Institute of Forensic Men
Page 3 and 4:
Our Vision ….. to become an inter
Page 5 and 6: COMPOSITION OF REVENUE FIVE YEAR CO
Page 7 and 8: Initiatives Achievements Performanc
Page 9 and 10: LOOK HOW WE HAVE GROWN… As an org
Page 11 and 12: Chief Executive Officer’s Report
Page 13 and 14: My thanks …. Successful organisat
Page 15 and 16: Clinical Director’s Report The Th
Page 17 and 18: Nursing Practice Director’s Repor
Page 19 and 20: The implementation of the Carer Par
Page 21 and 22: SNAPSHOT OF TOTAL PATIENT POPULATIO
Page 23 and 24: JARDINE TRANSITION PROGRAM The comm
Page 25 and 26: Consolidating and Strengthening Cli
Page 27 and 28: Professional Education Strategic ob
Page 29 and 30: 20-23 June 2005, Annual Meeting of
Page 31 and 32: Research Strategic objectives • U
Page 33 and 34: RESEARCH IN PROGRESS AT 30 JUNE 200
Page 35 and 36: Strategic objectives • Provide hi
Page 37 and 38: SUPPORT FOR PEOPLE WITH A SERIOUS M
Page 39 and 40: The recommendations included in the
Page 41 and 42: INFORMATION MANAGEMENT Due to our r
Page 43 and 44: ENVIRONMENTAL MANAGEMENT Environmen
Page 45 and 46: Units of water consumed 2004/2005 2
Page 47 and 48: THE GOVERNING BODY - THE VICTORIAN
Page 49 and 50: COUNCIL COMMITTEES Five committees
Page 51 and 52: New Zealand Standard on Risk Manage
Page 53 and 54: LEGISLATIVE COMPLIANCE BUILDING AND
Page 55: Michael Daffern, Principal Psycholo
Page 59 and 60: 2004-2005 Financial Statements for
Page 78 and 79: STATEMENT OF CORPORATE INTENT - 200
Page 80 and 81: GLOSSARY 78 Acute Assessment Unit /
Page 82 and 83: INDEX 80 A Academic Centre - 34 Acc
Page 84: Victorian Institute of Forensic Men
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Annual Report 2004-2005 - Forensicare

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