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Other Reporting Requirements of a Statutory Authority For the year ended 30 June 1997 Investment Management Performance State Transit invests its surplus funds in the Hour Glass Investment - Cash Facility with NSW Treasury Corporation. This is consistent with the investment powers attributable to State Transit by Part 1 of Schedule 4 of the Public Authorities (Financial Arrangements) Act 1987. In accordance with provision 12(1) of the Annual Reports (Statutory Bodies) Regulation 1995, State Transit is required to measure the performance of its investments against an appropriate Treasury Corporation investment facility. Treasury Corporation's Hour Glass Investment Cash Facility is a suitable facility for this purpose. It achieved a compounded rate of return of 6.90%. Account Payment Performance The following information is provided in accordance with the requirements of the Annual Reports (Statutory Bodies) Amendment (Payment Performance) Regulation 1997 and having regard to Treasury Circular No. G1992/12. 83.9% of invoices in 1996/97 have been paid within the trading terms. There were no penalty interest payments made under clause 18(5) of the Public Finance and Audit (General) Regulations, 1995 for the year ended 30 June 1997. The following statistics are provided using a selected sample extracted from each quarter in 1996/97
Risk Management State Transit manages its risks through risk management strategies and the Integrated Insurance program. Risk management strategies are included in various systems such as:
Risks are identified through audits, compliance reviews and periodic inspections. The risks are then analysed, assessed and treated with ongoing monitoring and review. Risk management programs through 1996/97 included:
Insurable risk is covered at catastrophe levels for general property, consequential loss, general and marine liability and personal injury. Self insurance of the " burning layer " provides cost effective cover at minimal risk exposure. The cost of Compulsory Third Party (CTP) insurance is continuing to increase as shown on the following table:
Funds Granted to Non-Government Community Organisations The Authority did not grant any funds to non-Government community organisations during 1996/97. Response to Matters Raised by Auditor-General in Outgoing Audit Reports There are no significant matters in the 1996/97 Outgoing Audit Report that require the Authority's attention. (Next Page) (Table of Contents) (Additional Information Menu) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
