Consolidated Financial Report review

This Report provides our observations on the 2017-18 Consolidated Financial Report (CFR), including:

• highlights of the CFR
• the findings of our review of controls over the preparation of the CFR
• an analysis of the State’s actual financial performance
• an analysis of the State’s actual financial position.

We found that the whole of government reported a $675 million net operating balance deficit for 2017-18 and a net lending deficit of $825 million. The State’s net worth increased by $561 million, and the State is increasingly reliant on Commonwealth grant revenue, particularly GST revenue. We identified opportunities to improve the way financial information is collected, validated and consolidated in preparing the CFR, but did not identify any material misstatements or control deficiencies.

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Adelaide Oval redevelopment for the designated period 1 July 2018 to 31 December 2018

This Report provides an executive summary of the matters arising from the audit for the three reporting terms of reference provided for in the Adelaide Oval Redevelopment and Management Act 2011.

No findings were raised with the Department of Planning, Transport and Infrastructure (DPTI) from our review of the current designated reporting period. However we note that while the redeveloped oval has been in use and meeting its intended purpose for some time, some outstanding defects are not yet resolved. There are continued delays in resolving some of the outstanding defects. It is important that DPTI works closely with relevant parties to finalise the outstanding defects and manage the completion of any remaining works promptly to limit further delays and ensure that a financial close out position for the project is achieved as soon as practical.

As highlighted in previous Reports, given that expenditure is approaching the statutory cap of $535 million and the uncommitted project contingency has reduced to a relatively small amount, the timely and effective management of remaining project works is required to ensure the statutory cap is not exceeded.

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State finances and related matters

The 2018-19 State Budget (2018-19 Budget) was tabled in Parliament in September 2018. It is the first Budget for the new SA Government following its election in March 2018. The 2017-18 estimated result in the 2018-19 Budget reflects the activities of the previous SA Government from July 2017 to March 2018, and the new SA Government from March 2018 onwards.

This report provides our observations on the State’s public finances based on our review of the 2018-19 Budget and the December 2018 mid-year budget review, in particular:

• an overview of key matters currently relevant to the State’s public finances
• an analysis of the State’s financial performance. This primarily involves examining the results for the past year and the Budget and forward projections included in the Budget Papers
• a review of the State’s financial position, including analysis of major assets and liabilities.

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