Five-year financial summary
| 2024 $ | 2023 $ | 2022 $ | 2021 $ | 2020 $ | |
| Total income from transactions | 24,869,710 | 40,141,888 | 39,866,515 | 17,925,861 | 19,932,142 |
| Total expenses from transactions | 26,117,408 | 34,706,630 | 40,907,3951 | 20,388,510 | 20,091,717 |
| Net result from transactions | (1,247,698) | 5,435,258 | (1,040,880) | (2,462,649) | (159,575) |
| Other economic flows included in net result2 | 2,913 | (15,669) | (209,745) | (220,915) | (26,568) |
| Net result for the period | (1,244,785) | 5,419,589 | (831,135) | (2,242,454) | (186,143) |
| Net cash flow from operating activities | 361,252 | 189,037 | (2,490,148) | 718,478 | 712,109 |
| Total assets | 18,422,596 | 21,104,281 | 16,653,760 | 11,583,033 | 13,783,258 |
| Total liabilities | 6,671.337 | 8,108,237 | 9,077,305 | 5,847,223 | 5,825,576 |
End of table
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- Total expenses from transactions were published incorrectly in the five-year financial summary of the Annual Report 2021-22 as $4,0907,425. This did not affect the financial statements. The correct figure is $40,907,395 in the table above.
- Includes gains or losses from disposal of non-financial assets and revaluation of leave liabilities for changes in the government bond rate.
Current financial year review and significant changes in financial position
In 2023-24, the Commission reported a net deficit of $1.25 million, primarily due to grant revenue being received and recognised in prior fiscal years. For the Rapid Response Pilot, revenue has not been recognised in FY 23/24 due to the project’s completion.
However, this deficit has been partially offset by a net surplus generated under the Graduation Recruitment scheme and WorkSafe Projects, as these initiatives were initiated in the previous financial year. The surplus is attributable to the completion of these projects and the associated revenue recognition in the current fiscal year.
Financial position – balance sheet
The Commission’s net asset base as of 30 June 2024 is $11.75 million, reflecting a decrease of $1.24 million from 2022-23. During this period, total assets have reduced by $2.68 million which is primarily under receivables by $2.44 million. Additionally, total liabilities have reduced by $1.43 million, with employee benefits decreasing by $877,000 and payables by $1.03 million.
Significant changes in the financial position and major factors affecting performance
There were no significant changes which affected the Commission’s performance during the reporting period.
Capital projects
During the 2023-24 financial year, the Commission completed 3 capital projects valued at $527,563.
Disclosure of grants and transfer payments
During 2023-24 financial year, the Commission provided a total grant of $40,000 (excluding GST) to the CSIRO.
Subsequent events
No significant events have occurred since 30 June 2024 that will have a material impact on the information disclosed in the financial statements.
Financial performance
Operating position
| Target | Actual | Achieved | |
| Net result from transactions is within budget (Y/N +/-5%) | 5% | 0.27% | Yes |
End of table
Liquidity position
| Target | Actual | Achieved | |
| Current ratio (current assets / current liabilities > 1) | 1% | 2.62% | Yes |
End of table
Efficiency
| Target | Actual | Achieved | |
| Average accounts receivable collection period (target 30 days) | 90% | 71% | No |
| Average time for accounts payable (target 30 days) | 90% | 87% | No |
End of table
Non-financial performance
The section provides information about the Commission’s performance against our output performance measures. Commentary is provided where there are variances of more than five per cent between targets and actual results for performance measures.
Promote workforce reform
Provide WoVG people, data, analytics and insights, support a digitally enabled and flexible workforce, provide workforce planning advice.
| Strategic priority | 2023-24 Target |
2023-24 Actual |
Variance | Achieved |
| Percentage of process completion of Victorian public sector annual workforce data within target timeframes | 95% | 95% | 0% | Yes |
| Percentage of agencies that rated VPSC’s leadership of the People Matter survey as good, very good or excellent | 70% | 91%1 | 21% | Yes |
| Percentage of Innovation Network event attendees who indicate satisfaction with the delivered event | 85% | 98% | 13%2 | Yes |
End of table
Support a positive employee experience
Promote diverse, inclusive and healthy workplaces, support employment and career pathways, develop leading practice to support WoVG people initiatives
| Strategic priority | 2023-24 Target |
2023-24 Actual |
Variance | Achieved |
| Proportion of graduates participating in the Aboriginal and disability streams | 10% | 16% | 6%3 | Yes |
| Overall satisfaction with engagement, consultation and responsiveness from the VPSC GRADS team | 85% | 83% | -2.4% | Yes |
| Number of engagement and promotion activities undertaken by the JSE | 20 | 28 | 40%4 | Yes |
| Satisfaction with response to user queries on the JSE | 80% | 94% | 17.5%5 | Yes |
| Percentage of Victorian Public Service workforce registered with the JSE | 70% | 82.4% | 17.7%6 | Yes |
| Percentage of Victorian Public Service jobs advertised through the JSE | 90% | 93% | 3.3% | Yes |
End of table
Develop outstanding leadership and stewardship
Support high quality leadership development and strengthen executive leadership capability, promote a connected and collaborative senior executive service, support executive mobility and career pathways.
| Strategic priority | 2023-24 Target |
2023-24 Actual |
Variance | Achieved |
| Proportion of survey respondents expressing satisfaction with the Executive Leadership Program overall, relevance and suitability | 80% | 92% | 12%7 | Yes |
| Percentage of new to VPS executives participating in the induction program | 85% | 93% | 9.4%8 | Yes |
End of table
- At the time of writing, only one of two satisfaction surveys had been completed and analysed. (1)
- Reflects both the increased appetite for learning and collaboration across the VPS, and the increased maturity and sophistication of the Innovation Network’s offerings. (2)
- 2,311 applications to the 2024 Victorian Government graduate program were received in March/April 2023. Of these applicants 6.8% applied via either the Aboriginal and/or Disability pathway. The portion of the graduates participating in the Aboriginal and/or Disability pathway at assessment centres increased to 16.5%. The number of graduates commencing the 2024
Victorian Government graduate program via the Aboriginal and/or Disability pathway was 16% of the total cohort. (3) - The 2023–24 actual was higher than the target due to the greater than expected use of the Jobs and Skills Exchange, by Victorian Public Service staff, particularly through during the Rapid Response Pilot. (4)
- The 2023–24 result is higher than the 2023–24 target due to staff training and process improvements. (5)
- The 2023-24 actual was higher than the target due to an increase in registrations on the Jobs and Skills Exchange. (6)
- High satisfaction rates reflect the strengthening of VPSC’s ongoing engagement, co-design and evaluation activities, across the VPS, to ensure program offerings are fit for purpose and continuously improved. (7)
- The 2023–24 actual was higher than the target due to an increased uptake of participants in the program with fewer program withdrawals or deferrals than expected. (8)