Annual Report 2018-19

In addition to the specific controlled operations which are included in the balance sheet, comprehensive operating statement, statement of equity and cash flow statement, the commission administers or manages activities on behalf of the State. The transactions relating to these State activities are reported as administered in this note. Administered transactions give rise to income, expenses, assets and liabilities and are determined on an accrual basis. Administered income consists principally of licence fees. Administered assets include licence fee income earned but yet to be collected. Licence fees are accrued on the basis of a determination made by the Assistant Treasurer.

The Commission acts on behalf of the Victorian Government in collecting licence fees administered by the Commission under the Electricity Industry Act 2000, the Gas Industry Act 2001, and the Water Industry Act 1994, and Victorian energy efficiency certificates issued under the Victorian Energy Efficiency Target Act 2007, and penalties issued under these acts and the Essential Services Commission Act 2001.

These and certain other administered revenues are collected by the Commission but not controlled by it, and are not recognised as revenues/receivables within the body of the financial statements, but are reported as administered revenues/receivables. Such amounts are required to be paid to the Consolidated Fund.