{"id":"sr:financial-management-regulations-2024","name":"Financial Management Regulations 2024","slug":"financial-management-regulations-2024","collection":"regulation","jurisdiction":"vic","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":184319,"registerId":"vic-sr:financial-management-regulations-2024-current","compilationNumber":null,"startDate":"2026-04-05","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Financial Management Regulations 2024","content":"Version No. 001\n\n**Financial Management Regulations 2024**\n\n**S.R. No. 28/2024**\n\nVersion as at  \n12 May 2024\n\n**TABLE OF PROVISIONS**\n\n*Regulation Page*\n\nPart 1—Preliminary 1\n\n1 Objectives 1\n\n2 Authorising provision 1\n\n3 Commencement 1\n\n4 Revocations 1\n\n5 Definitions 2\n\n6 Prescribed authorities 2\n\n7 Application 3\n\nPart 2—Administration of income and expenditure 4\n\n8 Unidentified and surplus money and unpresented cheques 4\n\nPart 3—Investigation of loss or damage 5\n\n9 Preliminary notice before investigation 5\n\n10 Appointment of investigator 5\n\n11 Relevant employee representation 6\n\n12 Access to assistance and information 6\n\n13 Notice to relevant employee 6\n\n14 Conduct of investigation 7\n\n15 Witness suspected of causing or contributing to incident 8\n\n16 Report on completed investigation 8\n\n17 Copies of report 10\n\nPart 4—Inspection of records 11\n\n18 Inspection of records of authorities 11\n\nSchedule 1—Prescribed authorities 12\n\n═════════════\n\nEndnotes 13\n\n1 General information 13\n\n2 Table of Amendments 15\n\n3 Explanatory details 16\n\n**Version No.** **001**\n\n**Financial Management Regulations 2024**\n\n**S.R. No. 28/2024**\n\nVersion as at  \n12 May 2024\n\nPart 1—Preliminary\n\n\t1 Objectives\n\nThe objectives of these Regulations are—\n\n(a) to facilitate economic, effective and efficient financial management; and\n\n(b) to facilitate the efficient and fair investigation of losses of or deficiencies in public money, and loss or destruction of, or damage to, other property of the State.\n\n\t2 Authorising provision\n\nThese Regulations are made under section 59 of the **Financial Management Act 1994**.\n\n\t3 Commencement\n\nThese Regulations come into operation on 12 May 2024.\n\n\t4 Revocations\n\nThe following Regulations are **revoked**—\n\n(a) the Financial Management Regulations 2014[[1]](#endnote-1);\n\n(b) the Financial Management Amendment Regulations 2014[[2]](#endnote-2).\n\n\t5 Definitions\n\nIn these Regulations—\n\n***employee***  has the same meaning as in the **Public Administration Act 2004**;\n\n***empowered officer*** means an accountable officer or a chief finance and accounting officer;\n\n***incident*** means—\n\n(a) loss of or deficiency in public money; or\n\n(b) loss or destruction of, or damage to, other property of the State;\n\n***investigation*** means an investigation under section 57 of the Act;\n\n***investigator*** means a person appointed under regulation 10;\n\n***relevant employee***, in relation to an investigation, means the employee in relation to whom the investigation is being, or is proposed to be, conducted;\n\n***relevant incident***, in relation to an investigation, means the incident to which the investigation relates;\n\n***the Act***  means the **Financial Management Act 1994**.\n\n\t6 Prescribed authorities\n\nFor the purposes of paragraph (b) of the definition of ***authority*** in section 3 of the Act, a body specified in Schedule 1 is prescribed as an authority.\n\n\t7 Application\n\n(1) These Regulations (other than Part 3) apply to—\n\n(a) all departments; and\n\n(b) the bodies specified in Column 2 of Schedule 1 with respect to the money specified in Column 3 of Schedule 1 in relation to the bodies.\n\n(2) Part 3 applies to all departments.\n\nPart 2—Administration of income and expenditure\n\n\t8 Unidentified and surplus money and unpresented cheques\n\n(1) Money received that cannot be identified or that is surplus must be paid to the Treasury Trust Fund until the relevant circumstances are clarified.\n\n(2) If a cheque remains unpresented after 15 months after the date it is issued—\n\n(a) the cheque must be cancelled; and\n\n(b) on the day the cheque is cancelled, an amount equal to the face value of the cheque must be paid into the Treasury Trust Fund from the account on which the cheque was drawn.\n\nPart 3—Investigation of loss or damage\n\n\t9 Preliminary notice before investigation\n\nIf, under section 57(3) of the Act, an empowered officer directs that an investigation be held, the empowered officer must cause to be served on the relevant employee a preliminary notice—\n\n(a) specifying the name, position and address of the empowered officer; and\n\n(b) informing the relevant employee of the direction that an investigation is to be held; and\n\n(c) specifying, in relation to the relevant incident—\n\n(i) the date and time the incident occurred; and\n\n(ii) all persons involved in the incident; and\n\n(iii) a detailed description of the circumstances of the incident; and\n\n(iv) the nature of any breach of the employee's obligations; and\n\n(d) drawing the attention of the relevant employee to section 57 of the Act and these Regulations.\n\n\t10 Appointment of investigator\n\n(1) An empowered officer who has complied with regulation 9 must appoint a person to carry out the investigation.\n\n(2) The empowered officer must not appoint as the investigator a person who is, or was at the time of the relevant incident, an empowered officer of the department employing the relevant employee.\n\n\t11 Relevant employee representation\n\n(1) A relevant employee may make a written nomination of a person to assist the relevant employee in relation to the investigation, including by acting on the relevant employee's behalf as required.\n\n(2) Only a person nominated under subregulation (1) may act on the relevant employee's behalf in relation to the investigation.\n\n(3) If a nomination has not been made under subregulation (1) within 7 days after the preliminary notice is served on the relevant employee, the empowered officer may nominate a suitable person to assist the relevant employee during the conduct of the investigation.\n\n\t12 Access to assistance and information\n\n(1) The empowered officer, on request by an investigator, may make officers available or engage other persons to assist the investigator to conduct the investigation.\n\n(2) For the purposes of conducting and reporting on the investigation, the investigator—\n\n(a) is entitled to full and free access to accounts and records relating to the relevant incident; and\n\n(b) may make copies of, and take extracts from, those accounts and records.\n\n\t13 Notice to relevant employee\n\n(1) Within 7 days after appointing an investigator, the empowered officer must cause to be served on the relevant employee a notice—\n\n(a) specifying the name of—\n\n(i) the investigator; and\n\n(ii) the person nominated under regulation 11(3), if applicable; and\n\n(b) specifying the place, date and time appointed for any interview of the relevant employee; and\n\n(c) inviting the relevant employee to make—\n\n(i) a written submission in relation to the relevant incident; or\n\n(ii) a written request that a nominated person be included in the investigation as a witness; and\n\n(d) specifying the period within which, and the address to which, a written submission or request must be sent; and\n\n(e) informing the relevant employee of the relevant employee's entitlement to make an oral submission to the investigator instead of, or in addition to, a written submission.\n\n(2) The relevant employee may make a written submission or request referred to in subregulation (1)(c) within—\n\n(a) the period specified in the notice; or\n\n(b) a different period agreed to by the investigator.\n\n\t14 Conduct of investigation\n\n(1) In conducting an investigation, including any interview of the relevant employee—\n\n(a) the procedure is at the discretion of the investigator; and\n\n(b) the investigation must be conducted in private with as little formality and technicality and with as much expedition as the matters being investigated permit; and\n\n(c) the investigator is not bound by the rules of evidence; and\n\n(d) any reasonable written request by the relevant employee for the inclusion of a witness in the investigation must be agreed to by the investigator.\n\n(2) In any interview of the relevant employee, the relevant employee must be—\n\n(a) given a reasonable opportunity to make oral submissions; and\n\n(b) invited to make a further written submission.\n\n\t15 Witness suspected of causing or contributing to incident\n\nIf the investigator considers that a witness (other than the relevant employee) who is an employee may have caused or contributed to the relevant incident, the investigator must as soon as practicable notify the witness in writing of section 57 of the Act and the requirements of these Regulations.\n\n\t16 Report on completed investigation\n\n(1) The investigator must give a report on the investigation to the empowered officer within—\n\n(a) 3 months after completing the investigation; or\n\n(b) such further period as the empowered officer allows.\n\n(2) The investigation report must state all relevant facts and findings.\n\n(3) In addition, the investigation report must include the following—\n\n(a) reasons for the findings of the investigator;\n\n(b) a statement of any defects in administrative practices and procedures that, in the opinion of the investigator, contributed to the relevant incident;\n\n(c) a statement of the amount that, in the opinion of the investigator, is equal to—\n\n(i) in the case of loss of or deficiencies in money, the amount of the loss or deficiency; or\n\n(ii) in the case of loss or destruction of property, the value of the property lost or destroyed; or\n\n(iii) in the case of damage to property, the expense of repairing the damage to the property or the value of the property, whichever is less;\n\n(d) if the report contains a finding that the relevant employee has caused or contributed to the relevant incident, particulars of any mitigating circumstances, including the following—\n\n(i) the extent of the work experience of the employee;\n\n(ii) the extent to which the employee was supervised in the performance of those duties of the employee that related to the money or property in relation to which the relevant incident occurred;\n\n(iii) the adequacy of official instructions given to the employee with respect to those duties;\n\n(iv) the conditions under which, at the time of the relevant incident, the employee was required to perform those duties, including the workload and the facilities for the performance of those duties;\n\n(v) the reliability and efficiency of the employee's work performance generally;\n\n(vi) the amount of any allowances to which the employee was entitled by way of compensation for the assumption of responsibility for public money or other property of the State;\n\n(e) a record of any objection made by the relevant employee or any witness in relation to the procedure followed in the course of the investigation;\n\n(f) the reasons for refusing any request by the relevant employee for a witness to be examined.\n\n\t17 Copies of report\n\nThe empowered officer must send a copy of the investigation report to the relevant employee within 7 days after receiving the report.\n\nPart 4—Inspection of records\n\n\t18 Inspection of records of authorities\n\nA person employed in the Department of Treasury and Finance may—\n\n(a) inspect the accounting and financial records of an authority; and\n\n(b) report to the Minister—\n\n(i) any lack of uniformity in the form of the accounts; or\n\n(ii) any deficiency in the authority's system of accounts or internal controls.\n\nSchedule 1—Prescribed authorities\n\nRegulation 6\n\n| *Column 1*<br>*Item No.* | *Column 2*<br>*Authority* | *Column 3*<br>*Specified money* |\n| --- | --- | --- |\n| 1 | Environment Protection Authority continued under section 356 of the **Environment Protection Act 2017** | Money forming part of the Public Account |\n| 2 | Victorian Gambling and Casino Control Commission established under section 6 of the **Victorian Gambling and Casino Control Commission Act 2011** | Money forming part of the Public Account |\n| 3 | Victorian Health Promotion Foundation established under section 16 of the **Tobacco Act 1987** | Money forming part of the Public Account |\n\n\n═════════════\n\nEndnotes\n\n1 General information\n\nSee [www.legislation.vic.gov.au](http://www.legislation.vic.gov.au) for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.\n\nThe Financial Management Regulations 2024, S.R. No. 28/2024 were made on 30 April 2024 by the Governor in Council under section 59 of the **Financial Management Act 1994**, No. 18/1994 and came into operation on 12 May 2024: regulation 3.\n\nThe Financial Management Regulations 2024 will sunset 10 years after the day of making on 30 April 2034 (see section 5 of the **Subordinate Legislation Act 1994**).\n\nINTERPRETATION OF LEGISLATION ACT 1984 (ILA)\n\nStyle changes\n\nSection 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.\n\nReferences to ILA s. 39B\n\nSidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided regulation, rule or clause of a Schedule is amended by the insertion of one or more subregulations, subrules or subclauses the original regulation, rule or clause becomes subregulation, subrule or subclause (1) and is amended by the insertion of the expression \"(1)\" at the beginning of the original regulation, rule or clause.\n\nInterpretation\n\nAs from 1 January 2001, amendments to section 36 of the ILA have the following effects:\n\n• Headings\n\nAll headings included in a Statutory Rule which is made on or after  \n1 January 2001 form part of that Statutory Rule. Any heading inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.  \nThis includes headings to Parts, Divisions or Subdivisions in a Schedule; Orders; Parts into which an Order is divided; clauses; regulations; rules; items; tables; columns; examples; diagrams; notes or forms.  \nSee section 36(1A)(2A)(2B).\n\n• Examples, diagrams or notes\n\nAll examples, diagrams or notes included in a Statutory Rule which is made on or after 1 January 2001 form part of that Statutory Rule. Any examples, diagrams or notes inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, form part of that Statutory Rule. See section 36(3A).\n\n• Punctuation\n\nAll punctuation included in a Statutory Rule which is made on or after  \n1 January 2001 forms part of that Statutory Rule. Any punctuation inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.  \nSee section 36(3B).\n\n• Provision numbers\n\nAll provision numbers included in a Statutory Rule form part of that Statutory Rule, whether inserted in the Statutory Rule before, on or after  \n1 January 2001. Provision numbers include regulation numbers, rule numbers, subregulation numbers, subrule numbers, paragraphs and subparagraphs. See section 36(3C).\n\n• Location of \"legislative items\"\n\nA \"legislative item\" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of a Statutory Rule is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.\n\n• Other material\n\nAny explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of a Statutory Rule. See section 36(3)(3D)(3E).\n\n2 Table of Amendments\n\nThere are no amendments made to the Financial Management Regulations 2024 by statutory rules, subordinate instruments and Acts.\n\n3 Explanatory details\n\n1. Reg. 4(a): S.R. No. 29/2014 as amended by S.R. No. 161/2014. [↑](#endnote-ref-1)\n\n2. Reg. 4(b): S.R. No. 161/2014. [↑](#endnote-ref-2)","sortOrder":0}],"analysis":{"kimi_summary":{"content_quality":"ok","complexity_score":3,"scope_assessment":{"changed":false,"description":"This is a straightforward remake of the 2014 regulations (revoked by regulation 4) with no indication of scope creep. The regulations maintain the same core purposes stated in regulation 1: facilitating proper financial management and investigating losses. The three prescribed authorities in Schedule 1 appear to be a consolidation rather than an expansion, and the investigation procedures in Part 3 remain tightly focused on their original purpose of examining financial losses and property damage."},"complexity_factors":["Straightforward structure with only 18 regulations across 4 Parts","Limited cross-referencing — primarily references back to the parent Financial Management Act 1994 and minimal references to other statutes (Public Administration Act 2004, Environment Protection Act 2017, etc.)","Only 8 defined terms in regulation 5, all with clear, specific meanings","Procedural rules in Part 3 follow a logical chronological sequence (notice → appointment → investigation → report)","No nested exceptions or complex conditional logic — most provisions use simple 'if-then' structures","Schedule 1 contains only 3 prescribed authorities with a simple tabular format","No delegated legislative powers or complex machinery provisions"],"plain_english_summary":"These regulations set the rules for how Victorian government departments and certain public bodies manage money, investigate financial losses, and handle accounting records.\n\n**What it does:**\n- **Money handling (Part 2):** If government money can't be identified or is surplus, it goes into a special Treasury fund until sorted out. Cheques that haven't been cashed after 15 months get cancelled and the money returned to that same fund.\n- **Investigations (Part 3):** When public money goes missing or state property is damaged, these rules govern how investigations are run. The process includes:\n  - Giving the employee under investigation a detailed preliminary notice\n  - Appointing an independent investigator (who can't be a senior finance officer from the same department)\n  - Allowing the employee to have a representative or support person\n  - Conducting interviews in private without strict court-like rules\n  - Requiring a written report with findings, reasons, and any recommended fixes to procedures\n- **Record inspections (Part 4):** Treasury officials can inspect the books of certain government bodies and report problems to the Minister.\n\n**Who it affects:**\n- All Victorian government departments\n- Three specific bodies listed in Schedule 1 (Environment Protection Authority, Victorian Gambling and Casino Control Commission, and Victorian Health Promotion Foundation) — but only regarding money that forms part of the state's Public Account\n- Public sector employees who are investigated for losses or damage\n\n**Why it matters:**\nThese regulations ensure taxpayer money is protected through proper investigation procedures when things go wrong. They balance the need to find out what happened with fairness protections for employees — including the right to representation, to make submissions, and to have witnesses included. The rules also ensure old cheques don't sit indefinitely on the books."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"The Regulations apply to all departments and the specific authorities listed in Schedule 1 with respect to the public account, and Part 3 applies to all departments. That scope aligns with the instrument's stated objectives to govern financial management and investigations (reg 1 and reg 7); the text does not indicate a scope divergent from those objectives."},"complexity_factors":["Cross-reference to the Financial Management Act 1994 and investigations under section 57 (reg 2; definition of 'investigation' in reg 5 and reg 9 reliance).","Detailed procedural requirements and short timeframes for notices, appointments, submissions and reporting (regs 9, 10, 13, 16, 17).","Restriction on investigator selection to ensure independence from the relevant employee's department (reg 10(2)).","Representation and nomination mechanics for relevant employees, including default nomination by the empowered officer if no nomination is made (reg 11).","Broad access to accounts and records for investigators and managerial discretion over investigation procedure; investigator not bound by rules of evidence (regs 12, 14(1)(c)).","Prescriptive reporting content requiring factual findings, valuation of loss/damage, identification of administrative defects and specified mitigating circumstances (reg 16).","Scope differentiation: most provisions apply to all departments and specified authorities for specified money, while Part 3 (investigations) applies to all departments (reg 7; Schedule 1).","Treasury inspection power over authority accounts and internal controls (reg 18) and the formal revocation of prior regulations (reg 4)."],"plain_english_summary":"The Regulations set rules for departments and certain listed public authorities about handling public money and investigating loss or damage. Unidentified or surplus receipts and cheques unpresented for 15 months must be paid into the Treasury Trust Fund, and a structured process governs investigations of losses or damage to public money or State property.\n\nThey affect public servants, departmental finance officers and the Schedule 1 authorities by assigning funds to Treasury, giving empowered officers authority to direct investigations and appoint investigators, and creating notice, access, representation and reporting obligations."},"issue_detection":{"absurdities":[],"contradictions":[]},"summary":{"complexity_score":4,"scope_assessment":{"changed":false,"description":"Insufficient content was provided to assess whether the scope changed from the original intent. The document contains only structural metadata, version history labels, and status indicators — no substantive provisions are visible. A scope assessment cannot be meaningfully made without access to the full regulatory text."},"complexity_factors":["Insufficient substantive text provided — the document appears to be largely metadata and version history fields with minimal legislative content","Financial management regulations typically involve cross-references to parent Acts and other financial frameworks, adding interpretive complexity","Government financial rules often use technical accounting and administrative terminology","Version history suggests amendments may exist, requiring comparison across versions to understand current obligations","Applicability depends heavily on the reader's role within government structures"],"plain_english_summary":"These regulations set binding rules for how Northern Territory public money is to be managed, spent, recorded and reported. They affect government agencies, public servants and any bodies or contractors handling government funds by prescribing approvals, accountability, audit obligations and consequences for mismanagement.  \n\nThey matter because they enforce transparency and lawful stewardship of taxpayer resources."},"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"}},"importantCases":[],"_links":{"self":"/api/acts/financial-management-regulations-2024","history":"/api/acts/financial-management-regulations-2024/history","analysis":"/api/acts/financial-management-regulations-2024/analysis","conflicts":"/api/acts/financial-management-regulations-2024/conflicts","importantCases":"/api/acts/financial-management-regulations-2024/important-cases","documents":"/api/acts/financial-management-regulations-2024/documents"}}