Contents
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Annual Report 2018-19
- Goals and performance
- Overview
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Financial statements
- Corporate governance
- Our finances
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Statements
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Notes to the financial statements
- Note 1. About this report
- Note 2. Funding delivery of our services
- Note 3. The cost of delivering services
- Note 4. Administered items
- Note 5. Key assets available to support delivery of services
- Note 6. Other assets and liabilities
- Note 7. Financing our operations
- Note 8. Risks, contingencies and valuation judgements
- Note 9. Other disclosures
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Notes to the financial statements
- Appendices
Annual Report 2018-19
Published 17 October 2019Note 2. Funding delivery of our services
Introduction
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The objective of the commission is to promote the long term interests of Victorian consumers having regard to the price, quality and reliability of essential services. The commission operates under the Essential Services Commission Act 2001 (“the Act”). The Act designates the commission as an economic regulator and lays a foundation for the commission to perform its functions and exercise its powers in respect of regulated entities providing an essential service operating under relevant legislation and as conferred by or under other specified legislation identified in the Act. |
At 30 June 2019 the regulated industries included electricity, gas, water and sewerage, ports, taxis and rail freight. Functions conferred under other legislation related to energy industry compliance and enforcement, energy efficiency, accident towing and local government. The commission is predominantly funded by accrual based Parliamentary appropriations for the provision of outputs. These appropriations are received by the Department of Treasury and Finance and onforwarded to the commission in the form of grants. |
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2019 |
2018 |
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$ |
$ |
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Income from transactions |
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|
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Grants from Department of Treasury and Finance |
24,972,374 |
24,056,688 |
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Resources received free of charge |
377,165 |
259,581 |
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Total income from transactions |
25,349,539 |
24,316,269 |
Income is recognised to the extent it is probable the economic benefits will flow to the commission and the income can be reliably measured. Where applicable, amounts disclosed as income are net of returns, allowances, duties and taxes. All amounts of income over which the commission does not have control are disclosed as administered income (see Note 4).
The Department of Treasury and Finance (DTF) provides certain administrative services to support the operations of the commission which is recognised as services provided as resources received free of charge. The corresponding expense is included as other expenses in note 3.2.