Five-year financial summary
The Portable Long Service Benefits Authority (the Authority) commenced operations during the financial year, therefore there is no prior year comparative information.
|Net result for the year
Current-year financial performance
The Authority achieved a net profit of $1.5 million for the period ended 30 June 2019, being the first year of the Authority’s operations. As this is the first year of reporting, there is no prior year comparative information.
The net profit of $1.5 million relates to grant funding received from the Department of Health and Human Services to assist with the establishment and introduction of the Scheme, with a focus on the Community Services sector. This grant funding will be used in the 2019–20 financial year.
During the 2018–19 financial year, an additional $0.3 million of grant funding was also received from the Department of Premier and Cabinet to fund the recruitment and salaries of the Governing Board and the Chief Executive Officer, the initial head office occupancy lease in Bendigo and the financial statements audit fee for 2018–19 financial year to the Victorian Auditor-General’s Office.
Financial position – balance sheet
The Authority ended the period with net assets of $1.5 million, which related to the grant funding received from the Department of Health and Human Services, but not expended as at the balance sheet date of 30 June 2019.
As this is the first year of reporting, there is no prior year comparative information.
The Authority’s output performance
Within the Victorian Budget 2018/19 Service Delivery Budget Paper No. 3, a key output initiative was for the Government to establish a portable long service leave scheme for the community services, contract cleaning and security industries.
As at 30 June 2019, this output initiative was achieved with the Authority established and in readiness for operation on 1 July 2019. Specific key achievements of the Authority include the following:
- The appointment of the Governing Board and Chief Executive Officer of the Authority.
- Staff employed by Industrial Relations Victoria and the completion of extensive training in the legislation and Regulations of the Scheme.
- The setting of the employer levy by the Governing Board for each of the community services, contract cleaning and security industries.
- Putting into place effective systems and processes to support core operations of the Authority including key policies and procedures to enable good governance and strong controls.
- Communicating effectively with stakeholders to ensure that information is available for those affected by the new Scheme.
- Publishing the Authority’s first Corporate Plan for 2019–20 which has set a range of operational performance measures that will allow success to be measured.
- Establishment of the Authority’s head office in Bendigo and the fit-out of the space.
The Authority’s objectives, indicators and progress
The Authority had one output associated performance measure within the Victorian Budget 2018/19. This section reports the Authority’s progress on the achievement of these objectives and on the trends of quantifiable results.
|Unit of measure
|2018-19 actual result
|2018-19 target (BP3)
|Workers registered under the Portable Long Service Benefits Scheme
1 The Authority commenced full operations on 1 July 2019, therefore the 2018/19 target
of 5,000 workers was not achieved.