Other Disclosures

Other Disclosures

Disclosure of consultancy expenditure
Pursuant to section 8 of the Financial Management Act 1994, and Regulation 16 of the Financial Management Act 2004, the Minister for Finance has the authority to issue Directions in relation to financial administration issues. Financial Reporting Directions (FRDs) are a form of these Directions, which deal specifically with financial reporting issues for Victorian public sector entities.

FRD 22H Standard Disclosures in the Report of Operations requires that for each consultancy valued at $10,000 or greater (exclusive of GST), TCV publish on its website a schedule listing the following:

• consultants engaged
• summary of the project involved
• total project fees approved (exclusive of GST)
• expenditure for the reporting period (exclusive of GST), and
• any future expenditure committed to the consultant for the project.

A consultant is defined by FRD 22H as 'a particular type of contractor that is engaged primarily to perform a discrete task for an entity that facilitates decision making through:

• provision of expert analysis and advice, and/or
• development of a written report or other intellectual output.'

During 2023-24, there were four consultancy engagements valued more than $10,000 (exclusive of GST).