The RMF includes mandatory requirements and guidance for departments on a range of topics including matters relating to the Department Funding Model, objectives and outputs, appropriation funding, trust accounts, carryovers, reporting and other topics.
All Victorian government departments are required to apply the RMF under the Standing Directions 2018 under the Financial Management Act 1994.
Amendments to the RMF (as at 1 November 2019)
Please note the following changes have been issued as amendments to the RMF, as a result of changes in the accounting standards flagged in the original release of the RMF earlier in 2019:
- New section on Funding of interest on service concession arrangements and leases (capitalised interest balances) (new Section 4.14). This is a new policy, similar to other departmental funding arrangements (such as the funding of depreciation expense). This new Section 4.14 is an ADDITION to the current RMF.
- Updated section on Access to previously appropriated amounts under section 33 of the FMA (Section 4.9) – small amendment to include the drawing down of capitalised interest balances (as a consequence of the new Section 4.14 above). This amended Section 4.9 REPLACES the current RMF section
- Updated policy on the Capital Assets Charge (Section 7.1). This section replaces what is in the current RMF. It confirms the exemption of service concession arrangements and right-of-use assets from the Capitals Assets Charge. Some editorial changes have been made for better clarity. This amended Section 7.1 REPLACES the current RMF section.
Departments should note that these updates include new or updated mandatory requirements that are required to be included in their annual attestation process.
Additional guidance to the RMF has now been issued on the evaluation of lapsing programs - quantifying the effect of programs.