Dept. of Education > Administrative Services > Finance, Facilities and Business Strategy Branch > Financial Reporting

Financial Reporting

• Overview
• Coverage
• Policy
  • Financial Accountability and Reporting
  • Internal Reports
  • External Reports
  • Reporting Frequency Summary Table
• References
• Internal Controls / Responsibilities
• Monitoring of Compliance
• Related Topics
• Reports

Overview

This policy outlines the financial accountability and reporting requirements associated with preparing reports for State and Commonwealth Government, Parliament, the public, and for internal management decision making.

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Coverage

This policy applies to all staff within the Department involved in the monitoring and recording of financial information and in the preparation of reports.

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Policy

Financial Accountability and Reporting:

Department business units and schools are accountable for their financial performance to their business unit managers/ principals and divisional heads/superintendents/school councils. The Department of Education as a whole is accountable for its financial performance to the Auditor General, Government, Parliament, and most importantly the public.

Measuring performance and reporting against defined benchmarks and indicators informs the Government, Parliament and the public about the efficiency and effectiveness of the services the Department provides, as well as assisting in the continual improvement of service.

The Department’s reporting also enables progress towards the achievement of goals and benchmarks associated with Tasmania Together and Learning Together.

It is important to note, that all financial information that schools and business units report is included as part of the Department’s statutory and mandatory reporting requirements.

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Internal Reports:

Finance One Management Reports (Non-School, Corporate Office)

The Department has implemented a set of custom Finance One reports to meet the needs of Budget Centre Managers. These reports can be accessed by all Finance One users, and can be run on an ad hoc basis for the purpose of monitoring the activities and performance of Budget Centres. The following is a list of these standard reports from Finance One. Budget Centre Managers should run and review one or a range of these reports at least once a month where appropriate.

• Budget Centre Detail Report Period Based – This report compares the Year to Date (YTD) position against the Annual Budget and the YTD Budget for the selected cost codes. Budget Centre Managers should run this report at least once a month to check and ensure that actuals for each cost code are within budget. This report is usually ran for consolidated fund related information.

• Budget Centre Detail Report YTD Only - This report is similar to the Budget Centre Detail Report Period Based report but contains less detail. It does not display the YTD Budget and the YTD Variation; it simply compares the YTD actual figures with the Annual Budget and shows the balance of the Budget for each full cost type. Budget Centre Managers should run this report at least once a month to check and ensure that actuals for each cost code are within budget. This report is usually ran for consolidated fund related information.

• Budget Centre Detail Project Report - This report is identical to the Budget Centre Detail Report Period Based in structure, the only difference being that the details of each project within Budget Centres are grouped. Budget Centre Managers should run this report at least once a month to check and ensure that actuals for each project are within budget. This report is usually ran for consolidated fund related information.

• Trust Budget Centre Report - This report simply displays the Month to Date (MTD) and YTD actuals for nominated trust accounts. Budget Centre Managers should run this report at least once a month to monitor their actual trust account balances.

• Trust Budget Centre Project Report - This report is identical to the Trust Budget Centre Report except that it groups each project within each Budget Centre. The report also does not display the MTD actual figures; it only shows the YTD figures for each cost type within each project. Budget Centre Managers should run this report at least once a month to monitor their actual project trust account balances.

• Trust Report with Budgets - This report measures the YTD actuals against the Annual Budget for selected trust account Budget Centres. Budget Centre Managers should run this report at least once a month to check and monitor their actual trust account balances are within budget.

• Trust Project with Budgets Reports - This report is identical in layout to the Trust Report with Budgets. The only difference is that the details of each project for the nominated account(s) are grouped together to provide a separate opening balance, details of expenditure and revenue and a separate closing balance. Budget Centre Managers should run this report at least once a month to check and monitor their actual project trust account balances are within budget.

Other Reports Available

A range of other financial reports are available through Finance One. These include reports for Accounts Receivable, Creditors, Acquittals, and other reporting relating to budgetary management. These reports can be made available on request through Finance and Procurement Services.

SACS Reports (School)

Administration and financial reports generated by SACS can be found by clicking here.

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External Reports:

The Department of Education is required to provide information for both State and Commonwealth reporting. The various monitoring and reporting requirements include those for Tasmanian Parliament, the Productivity Commission, Department of Treasury and Finance, Ratings Agencies, Office of the State Service Commissioner and the Commonwealth Grants Commission. The annual financial statements are submitted to the Auditor General and then included in the Department’s Annual Report.

Annual Report

The Department is required each year to prepare an Annual Report in accordance with section 27 of the Financial Management and Audit Act 1990, section 36 of the State Service Act 2000, and Australian Accounting Standard (AAS) 29. The Annual Report provides a record of the Department’s responsibilities, achievements and outcomes to the Department’s stakeholders, including the public. The Annual Report is to contain:

• a narrative summary of significant financial outcomes for Department programs or activities;

• economic or other factors which have affected the achievement of the department’s operational objectives;

• pricing policies of goods and services provided by the Department;

• information on major capital programs;

• key efficiency and effectiveness indicators;

• risk management policies;

• asset management policies;

• a narrative statement by the Secretary regarding the Department’s support for local business, with cross references to detailed contract and tender information;

• amounts of debt write-offs by the Secretary or Minister of Education;

• amounts of losses and/or damage to public property or money, and where appropriate, the amount of losses recovered;

• financial statements, which include:

• Statement of Financial Performance

• Statement of Financial Position

• Statement of Cash Flows

• Notes to the Financial Statements;

• the Auditor-General’s report on the financial statements; and

• any other matters considered relevant by the Secretary.

The Annual Report is to be tabled in Parliament by 31 October each year, and is based on the information obtained in that financial year.  The Department is also required to provide finalised Financial Statements to the Auditor General and Treasury by 15 August each year. Preparation of the financial statements contained in the Department’s Annual Report is the responsibility of Finance and Procurement Services.

Budget Papers

The Department’s annual Budget is published in the Education chapter of Budget Paper No 2 Operations of Government Departments, as part of the State Government’s Annual Budget. The Budget is presented in accordance with the principles of the Australian Accounting Standards. The Department’s annual Budget outlines the strategic focus and key strategies for the Department as well as major initiatives and issues for the budget year.

A budgeted Statement of Financial Performance (Operating Statement) is presented for the Department and summary financial information is provided for each Output Group on an accrual basis. This statement incorporates cash based Budget information, with the addition of depreciation and other accrual items.

The Department’s chapter also includes a budgeted Statement of Financial Position and a budgeted Statement of Cash Flows for both controlled and administered items.

The Department is required to provide Treasury its finalised Budget Paper No 2 chapter by early May each year. Preparation of the Department’s Budget Papers is the responsibility of Budget and Resource Services.

Monthly Cash and Accrual Files

The Department is required to submit to the Department of Treasury and Finance within five working days of the end of each month, a cash file which summarises the cash transactions contained within the Department’s general ledger.

The Department is required to submit to Treasury within five working days of the end of February, March, May, September, November, December and by July 15 and August 15, an accrual file which summarises the accrual transactions contained within the Department’s general ledger.

The format of the cash and accrual files are to be in accordance with Treasury’s Mandatory Data Requirements (MDR).

The cash and accrual files are used by Treasury to satisfy and prepare Whole-of-Government reports including the Mid-Year Report and Loan Council Reports.

The preparation and submission of the Department’s monthly cash and accrual files is the responsibility of Finance and Procurement Services.

MCEETYA Financial Reports

The Department is required to provide financial information to the Ministerial Council on Education, Employment, Training and Youth Affairs (MCEETYA). MCEETYA uses this information to measure and report of the State’s progress towards achieving the ‘National Goals for Schooling in the Twenty-First Century’.

The Department is required to provide financial information to MCEETYA by 30 November each year.

NCVER AVETMISS Financial Reporting

As part of a national policy framework between the states and the Commonwealth, the Department is required to report to the National Council for Vocational Education and Research (NCVER) on the levels of Government expenditure provided to the VET area. NCVER uses the Australian Vocational Education and Training Management Information Statistical Standard (AVETMISS) for reporting. AVETMISS provides a common language for the collection of data on training delivery.  It enables analysis and comparisons at all levels of the training system in Tasmania and Australia.  

The Department is required to provide audited financial information to NCVER by mid July each year, relating to the preceding calendar year.

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Reporting Frequency Summary Table:

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References

• State Service Act 2000

• Financial Management and Audit Act 1990

• Fee Units Act 1997

• Treasury Financial Reporting System (TFRS) Mandatory Data Requirements

• Australian Accounting Standards

• Treasurer’s Instructions: 701, 704, 706, 707, 708 & 709

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Internal Controls / Responsibilities 

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Monitoring of Compliance

The preparation of reports will be subject to internal audit, external audit and performance audits.

Related Topics

• Financial Systems

Reports

• Annual Report

• Budget Papers

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