Financial reporting requirements
Public hospitals and portfolio entities are required to submit:
- monthly financial reports incorporating financial, activity, cash and budget information to the Department of Health and Human Services
- quarterly portfolio financial reporting, which is consolidated with the entire departmental portfolio and submitted to the Department of Treasury and Finance (DTF)
- annual reports for the Victorian Parliament.
To enable consistent reporting of financial information the following tools are provided:
- account and cost centre codes
- F1 completion guidelines
- mapping of the common chart of accounts to the State Resource Information Management System (SRIMS) chart of accounts
- business rules for recording revenues, expenses, assets, liabilities and equity.
Hospitals are required to submit consistent data across the monthly F1 return, quarterly portfolio financial reporting and annual report for the respective period. Any inconsistencies will need to be explained.
HealthCollect is the Department of Health and Human Services health data collection portal.
The Agency Information Management System (AIMS) is a web-based data entry system used by all public hospitals to report activity and finance data. Activity data includes non-admitted activity data, average available beds information, energy consumption reporting and so on.
The 'F1 return' is an Excel spreadsheet to submit monthly financial reports, which is available through HealthCollect.
Monthly financial reporting
Public hospitals and health services, including multi-purpose services as well as other portfolio entities, are required to report monthly on their financial result and position - with financial, activity, cash and budget information - at a consolidated entity level (that is, including controlled entities) on an accrual basis. The department analyses this information to monitor the sector.
The monthly report is submitted via a Microsoft Excel workbook called the 'F1 return', accessed through HealthCollect. Entities are required to ensure they are using the most recent version of the F1 return.
The F1 return is the mechanism to submit the following data:
- operating statement (formerly statement of financial performance)
- balance sheet (formerly statement of financial position)
- budget sheet - statement of priorities target result
- revised estimates - operating statement
- revised estimates - balance sheet
- monthly cashflow statement
- performance indicators
- chief executive officer's or chief finance officer's comments
- notes (including accounting notes and a narrative note in the balance sheet).
Inconsistencies in the reporting of revenue and expenses can distort the comparability of financial results and performance of public hospitals.
F1 completion guidelines
Guidelines are provided to assist users in completing the F1. The guidelines should be adhered to closely so that the monthly financial returns of public hospitals are prepared on a consistent and comparable basis.
F1 access and support
You can get access to HealthCollect and the F1 return by emailing or phoning the HDSS helpdesk.
The specification for uploading the F1, including the structure of the CSV files for actuals and budget is available through HealthCollect.
You can get help with completing the F1 return by contacting:
- for regional base and rural hospitals and health services - your regional office
- for metropolitan health services - your performance lead / relationship manager
- technical assistance on AIMS-related problems (including help with submitting the F1) - HDSS helpdesk.
Quarterly whole-of-government reporting
A quarterly financial report (QFR) is required separately under s.26 of the Financial Management Act 1994 and as a result of AASB1049 Whole of government and general government sector financial reporting. Each portfolio entity needs to provide its financial information in the Portfolio Financial Reporting (PFR) system, in accordance with the required timetable, to meet the QFR reporting requirements. QFR information from portfolio entities is consolidated by the department to submit data to DTF. DTF then consolidates all portfolio data to produce the statewide QFR report to be tabled in Parliament.
Public bodies, including public hospitals and public health services, are required to prepare annual reports under the Financial Management Act 1994. The annual report consists of the reports of operations, and financial statements including the explanatory notes. The financial statements consist of:
- operating statement
- balance sheet
- statement of changes in equity
- statement of cash flows
- explanatory notes.
The accounting standard AASB101 Presentation of financial statements primarily deals with the presentation requirements of the financial statements. The department also issues yearly guidelines to assist hospitals in fulfilling the requirements of the Financial Management Act 1994, DTF’s financial reporting guidelines and the relevant accounting standards.