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South Australian Government Financing Authority (SAFA)

Financial statistics
Profit before income tax equivalents: $17 million
   
Total loans on issue: $19.9 billion
   
Total bonds, notes and debentures on issue: $15.1 billion
   
Outstanding insurance claims: $375 million
   
Fleet vehicles owned (including held for sale): $172 million

Significant events and transactions
  • SAFA implemented a new treasury management system (Findur) in December 2015.
  • SAFA paid a total 2015-16 dividend of $39 million, which includes a special dividend of $30 million relating to treasury and fleet capital returns.

Financial statement opinion
Unmodified

Financial controls opinion
Modified

Key issues:

  • No checks are performed to ensure daily market interest rate data downloaded and input into SAFA’s yield curve models matches relevant source information. Interest rate information downloaded can be edited and no audit trail of changes made is retained for review purposes
  • There are no ongoing checks to confirm that Findur is mapping SAFA financial instruments to appropriate market interest rates for yield curve model calculation purposes
  • Formal documentation is yet to be established to support the current yield curve methodology