An Auditor-General’s report on the financial results and findings from last year’s audits revealed the Territory ran up an operating deficit significantly higher than that budgeted for.
ACT Auditor-General Michael Harris said the report, 2019-20 financial audits financial results and audit findings, also covered the progress made by the reporting Agencies in resolving audit findings.
“The Territory’s net operating balance deficit of $961 million was significantly higher when compared to the budgeted deficit of $418 million,” Mr Harris said.
“While some of this is attributable to the ACT Government’s response to the 2019-2020 bushfires and COVID-19 pandemic, the cost of delivering services in the Territory continues to be significantly higher than the income it generates,” he said.
“The Territory estimates the trend of operating deficits to continue over the next four years.”
Mr Harris said Canberra would continue to be challenged in meeting its unfunded superannuation liability for members of the Commonwealth Superannuation Scheme and the Public Sector Superannuation Scheme which accounted for almost half of the ACT’s liabilities.
The Auditor-General said the number of audit findings reported to Agencies had increased to 50 in 2019-2020.
“Agencies need to give attention to addressing previously reported audit findings as 43 per cent of the previously reported audit findings were not resolved or only partially resolved in 2019-2020,” he said.
The Auditor-General’s 120-page report can be accessed at this PS News link.
