Clear certification opinions were issued for the annual Statements of Receipts and Payments of 121 approved projects funded under the Royalties for Regions Act 2009.
During 2017 governance of Royalties for Regions funding was reviewed. Project reporting requirements and approval processes for new projects funded through the 2017-18 State Budget were revised. The previous Memorandum of Understanding (MOU) for each project have ceased. The Department of Primary Industries and Regional Development (DPIRD) is responsible for the new, simplified governance processes for Royalties for Regions funded projects with state government entities.
The requirement to submit quarterly financial reports to DPIRD has been replaced with a cumulative expenditure report in March each year from each entity, detailing expenditure to date for the current year for all the projects of that entity. Submitting an audited annual report for each project and a final report on completion of the project to DPIRD are still requirements for every Royalties for Regions project.
The audit opinions for each recipient entity reported that the Statement of Receipts and Payments of the Royalties for Regions Funding was prepared, in all material respects, in accordance with the existing MOU or new terms and conditions agreed when the funding was approved.
Certification opinions, primarily for the 2017-18 financial year, were issued on the Statements of Receipts and Payments for 119 approved projects at the following entities. These Royalties for Regions program payments totalled $658.7 million.