JavaScript is required

Financial Management Act standing directions

Understand the requirements of the Financial Management Act that apply to a TAFE project.

The Financial Management Act 1994 (FMA) is Victorian Government legislation designed to improve the financial administration of the public sector. The FMA Standing Directions are provided by the Minister for Finance and outline responsibilities for government agencies, including TAFEs, to achieve a high standard of public financial management and accountability. The FMA Instructions are issued by the Department of Treasury and Finance (DTF) and provide mandatory and more specific provisions under the FMA Standing Directions.

Section 4 of the FMA Standing Directions and specifically Instruction 4.2.1 of the FMA Instructions, outline the responsibilities of the accountable officer (COO or equivalent) in ensuring that the procurement of assets, goods and services is compliant with the FMA.

In addition to project-specific requirements, Instruction 5.1 - Financial management compliance provides an overview of accountable officer compliance and annual reporting requirements in order to comply with the FMA.  

In order to help the accountable officer meet their compliance requirements under the FMA, it is important to ensure that the appropriate project reporting is undertaken for TAFE projects.