State Finances 2017

The Auditor-General, Margaret Crawford released her report today on the State Finances for the year ended 30 June 2017.
 
‘It is pleasing to report the Total State Sector Accounts received an unqualified audit opinion for the fifth consecutive year,’ the Auditor-General said. ‘This outcome demonstrates the Government’s continued focus on the quality of financial reporting across the NSW public sector’.
 
‘High quality financial management and reporting are crucial to properly inform the public and build community confidence in our system of government’.
 
The report highlights a $5.7 billion State budget surplus and continued investment in new infrastructure, in part funded by the long-term leases of Ausgrid and Endeavour Energy assets. The report also comments on key accounting matters, including the correction of some previously reported balances and the first time reporting of combined Cabinet members’ compensation in the Total State Sector Accounts.
 
Commentary on the NSW Treasury’s Financial Management Transformation (FMT) program is included in the report. The FMT aims to reform the financial governance, budgeting and reporting arrangements of the New South Wales public sector.