The budget portfolio outcomes statements provide a comparison between the actual financial information of all general government entities within DPC’s portfolio and the forecast financial information published in the State Budget Papers.
These statements include:
- Comprehensive operating statement
- Balance sheet
- Cash flow statement
- Statement of changes in equity
- Administered items statement.
Prepared on a consolidating basis, the budget portfolio outcomes statements include all general government entities within DPC’s portfolio. In alignment with the budget papers, financial transactions and balances are classified as either ‘controlled’ or ‘administered’.
It is important to note that the budget portfolio outcomes statements are not subject to audit by the Victorian Auditor-General’s Office. Additionally, they are not prepared on the same basis as DPC’s financial statements, as they also include the consolidated financial information of the following entities:
- VEC
- VPSC
For the year ended 30 June 2026
DPC portfolio’s net operating balance, which reflects the change in DPC’s net worth due to transactions, and directly attributed to government policies, is a surplus of $9.0 million. This is mainly driven by special appropriations revenue recognised for the Victorian Electoral Commission (VEC) required to settle liabilities not yet paid due to transition from Cash to Accrual basis of revenue recognition.
The comprehensive result, which incorporates non transactional movements is a surplus of $8.1 million.
Controlled 2025–26 actual
$m2025–26 budget
$mVariation
$mIncome from transactions Output appropriations1 374.9
318.1
56.8
Special appropriations2 153.5
86.9
66.6
Sale of goods and services 9.0
9.8
(0.8)
Grants3 28.6
16.0
12.6
Resources received free of charge 30.1
28.6
1.5
Other income 0.9
0.2
0.7
Total income from transactions 597.0
459.6
137.4
Expenses from transactions Employee benefits4 266.5
211.8
(54.7)
Depreciation 17.9
8.2
(9.7)
Grants expenses 172.1
149.6
(22.5)
Other expenses5 131.5
91.9
(39.6)
Total expenses from transactions 588.0
461.7
(126.3)
Net result from transactions 9.0
(2.1)
11.1
Other economic flows included in net result Net gain/(loss) on non-financial assets (1.3)
-
(1.3)
Other gains/(losses) from other economic flows 0.3
-
0.3
Total other economic flows included in net result (1.0)
-
(1.0)
Net result 8.0
(2.1)
10.1
Other economic flows — other comprehensive income Items that will not be reclassified to net result Other 0.1
-
0.1
Total other economic flows — other comprehensive income 0.1
-
0.1
Comprehensive result 8.1
(2.1)
10.2
The notes below provide an explanation of the major variances between the 2025–26 comprehensive result compared with the budgeted comprehensive result.
1. The variance is predominantly due to further supplementation funding provided to the DPC portfolio, primarily relating to the following factors that were not reflected in the estimates:
• New initiatives and programs which included funding to establish the Violence Reduction Unit and for the Forum for Truth and Recognition - Victim Survivors of Historical Child Sexual Abuse in Victorian Government Schools.
• Releases of contingency funding largely relating to the expanded settlement package with the Gunaikurnai People to enhance their Recognition and Settlement Agreement under the Traditional Owner Settlement Act 2010.
• Ministerial staff redundancy payments and operational cost pressures, as well as funding for parliamentary advisers.
• Workforce separations costs associated with the implementation of budget reprioritisations.2. The variance is mainly due to special appropriations funding provided for the following items which were not reflected in the estimates.
• The VEC for preparatory activities for the 2026 State election and transition from cash to accrual-based revenue recognition.
• Gellung Warl, the permanent representative and deliberative body for Traditional Owners and First Peoples in Victoria, to support the performance of its functions and the exercise of its powers.
3. The variance is primarily attributed to higher funding received from DTF's Community Support Fund for Multicultural Affairs grant payments and associated program management and delivery costs, which was not reflected in the estimates.
4. and 5. The variance is mainly driven by expenses incurred to implement programs/activities, which are primarily attributed to output and special appropriation funding streams as articulated in items 1 and 2 above.As at 30 June 2026
Net assets for the DPC portfolio as at 30 June 2026 is $8.9 million higher compared with the 2025/26 State Budget.
Controlled 2026 actual
$m2026 budget
$mVariation
$mFinancial assets Cash and deposits 41.3
39.1
2.2
Receivables from Government1 86.3
68.3
18.0
Other receivables 20.9
27.5
(6.6)
Total financial assets 148.5
134.9
13.6
Non-financial assets Inventories 4.9
4.0
0.9
Property, plant and equipment2 299.0
285.2
13.8
Intangible assets 30.6
22.9
7.7
Other non-financial assets 4.2
4.8
(0.6)
Total non-financial assets 338.7
316.9
21.8
Total assets 487.2
451.8
35.4
Liabilities Payables3 43.1
53.4
10.3
Borrowings2 26.4
2.3
(24.1)
Provisions4 56.4
43.7
(12.7)
Total liabilities 125.9
99.4
(26.5)
Net assets 361.3
352.4
8.9
Equity Contributed capital 97.9
99.5
(1.6)
Reserves 221.3
211.8
9.5
Accumulated surplus 42.1
41.1
1.0
Total equity 361.3
352.4
8.9
The notes below provide an explanation of the major variances in asset, liability and equity items.
1. The variance is primarily attributable to the timing of movements within the State Administrative Unit (Appropriations and trust accounts) associated with the settlement of obligations, which was not reflected in the estimates.
2. The variance is predominantly attributed to recognition of Right of Use (ROU) asset, and corresponding ROU liability for VEC’s operating leases at Port Melbourne (Centralised Election Sites) as per Australian Accounting Standards Board (AASB) 16 leases requirements, which is not reflected in the published budget.
3. The variance is primarily due to the 2025–26 published budget not reflecting the revised payables profile as at 30 June 2026, including derecognition of the Centralised Accommodation Management payable following accommodation funding reform for the DPC portfolio.
4. The variance is primarily due to the 2025–26 published budget not reflecting the revised employee provisions profile as at 30 June 2026 for the DPC portfolio, attributable to additions and inflation movements.For the year ended 30 June 2026
The net cash position for the DPC portfolio as at 30 June 2026 was $41.3 million, primarily comprising Trust State Administration Unit balances. This is $2.2 million higher than the original budgeted balance of $39.1 million.
Controlled 2025–26 actual
$m2025–26 budget
$mVariation
$mCash flows from operating activities Receipts from government1 511.3
406.3
105.0
Receipts from other entities2 38.5
17.5
21.0
Other receipts 1.5
8.5
(7.0)
Total receipts 551.2
432.3
118.9
Payments of grants3 (172.1)
(149.6)
(22.5)
Payments to suppliers and employees3 (366.7)
(276.1)
(90.6)
Total payments (538.9)
(425.7)
(113.2)
Net cash flows from operating activities 12.4
6.6
5.8
Cash flow from investing activities Payments for non-financial assets4 (41.9)
(19.0)
(22.9)
Proceeds from the sale of non-financial assets 0.6
-
0.6
Net cash flows used in investing activities (41.4)
(19.0)
(22.4)
Cash flows from financing activities Owner contributions by the State government 11.3
11.6
(0.3)
Net borrowings5 18.7
(0.4)
19.1
Repayment of right of use leases 5.4
-
5.4
Net cash flows from financing activities 35.3
11.2
24.1
Net increase/(decrease) in cash held 6.3
(1.2)
7.5
Cash at the beginning of the financial year 35.0
40.3
(5.3)
Cash at the end of the financial year 41.3
39.1
2.2
The notes below provide an explanation of the major variances in cash flow items.
1.The variance is predominantly due to further supplementation funding provided to the DPC portfolio, primarily relating to the following items that were not reflected in the estimates.
• The VEC for preparatory activities for the 2026 State Elections and transition from cash to accrual-based revenue recognition.
• Workforce separations costs associated with the implementation of budget reprioritisations.
• Ministerial staff redundancies and operational cost pressures, as well as funding for parliamentary advisers.
• New initiatives and programs, including the Violence Reduction Unit and the Forum for Truth and Recognition -Victim Survivors of Historical Child Sexual Abuse in Victorian Government Schools.
• Gellung Warl, the permanent representative and deliberative body for Traditional Owners and First Peoples in Victoria, to support the performance of its functions and the exercise of its powers.
• Releases from contingency following publication of the 2025–26 budget, largely relating to the "expanded settlement package with the Gunaikurnai People to enhance their Recognition and Settlement Agreement" under the Traditional Owner Settlement Act 2010.
2. The variance is primarily attributed to higher funding received from DTF's Community Support Fund for Multicultural Affairs grant payments and associated program management and delivery costs, which was not reflected in the published.
3. The variance is mainly driven by expenses incurred to implement programs/activities, which are primarily attributed to output and special appropriation funding streams as articulated in item 1 above
4. and 5. The variance is predominantly attributed to recognition of Right of Use (ROU) asset, and corresponding ROU liability for VEC’s operating leases at Port Melbourne (Centralised Election Sites) as per AASB 16 leases requirements, which is not reflected in the published budget.For the year ended 30 June 2026
Total equity for the DPC portfolio is $8.9 million higher when compared with the published budget, with key drivers contributing to the decrease articulated as part of balance sheet movements.
Controlled 2025–26 actual
$m2025–26 budget
$mVariation
$mContributed capital Opening balance 86.8
86.8
-
Contribution from owners 11.1
12.7
(1.6)
Closing balance 97.9
99.5
(1.6)
Reserves Opening balance 221.3
221.3
-
Comprehensive result -
(9.5)
9.5
Closing balance 221.3
211.8
9.5
Accumulated surplus Opening balance 34.0
34.0
-
Comprehensive result 8.1
7.1
1.0
Closing balance 42.1
41.1
1.0
Total equity 361.3
352.4
8.9
For the year ended 30 June 2026
Administered items for the DPC portfolio primarily relate to administering revenue on behalf of the State by the Victorian Electoral Commission (VEC), which mainly relates to the recoupment of costs from local councils to conduct of elections and its associated activities, compulsory voting fines and electoral entitlements.
Controlled 2025–26 actual
$m2025–26 budget
$mVariation
$mAdministered income Special appropriations 15.2
13.8
1.4
Sales of goods and services 8.2
-
8.2
Grants 0.8
-
0.8
Other income 3.5
0.3
3.2
Total administered income 27.7
14.1
13.6
Administered expenses Expenses on behalf of the State 9.1
7.4
(1.7)
Payments into the Consolidated Fund 17.2
0.3
(16.9)
Total administered expenses 26.3
7.7
(18.6)
Income less expenses 1.4
6.4
(5.0)
Administered assets Cash and deposits 0.5
0.4
0.1
Receivables 31.8
35.0
(3.2)
Total administered assets 32.3
35.4
(3.1)
Administered liabilities Payables 2.7
0.6
(2.1)
Provisions 0.3
-
(0.3)
Total administered liabilities 3.0
0.6
(2.4)
Net assets 29.3
34.8
(5.5)
Updated