Financial Report

MiLife Victoria was significantly impacted by Victorian Government orders issued during the 2021-22 financial year. These measures sought to curb the spread of Coronavirus; and while necessary, meant more lockdowns and less service delivery as the virus not only affected our clients, but our staffing group. Vaccine mandates created challenges in attracting and recruiting additional workforce and this has further impacted our capacity to grow our service offerings in 2021-22.

The year-end operational deficit of $1,014,901 (2021 surplus $201k) resulted in a decrease of 15% in income due to the loss of government assistance (Jobkeeper), reduced State and Commonwealth Funding and the continuous issues with workforce shortages. Expenses, although tightly monitored, increased by 7% which was mainly due to wage indexation and superannuation increases.

The impact of COVID-19 is ongoing and will continue to effect financial results into the future as we recover economically as a community.

The focus for 2022-2023 is on financial sustainability. We intend to grow and develop our offerings to better align services to client needs. In addition, we will continue to monitor and mitigate any further COVID-19 impact on the organisation’s services and its clients as we adjust to a ‘COVID-normal’ environment.

Marisol Gormaz CPA Chief Financial Officer, MiLife-Victoria.

Summary of Balance Sheet – as at 30 June 2022

Summary of Balance Sheet – as at 30 June 2022