| 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
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.
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.
There were no significant changes which affected the Commission’s performance during the reporting period.
During the 2023-24 financial year, the Commission completed 3 capital projects valued at $527,563.
During 2023-24 financial year, the Commission provided a total grant of $40,000 (excluding GST) to the CSIRO.
No significant events have occurred since 30 June 2024 that will have a material impact on the information disclosed in the financial statements.
| Target | Actual | Achieved | |
| Net result from transactions is within budget (Y/N +/-5%) | 5% | 0.27% | Yes |
End of table
| Target | Actual | Achieved | |
| Current ratio (current assets / current liabilities > 1) | 1% | 2.62% | Yes |
End of table
| 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
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.
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
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
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