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Administered schedules

Administered Schedule of Comprehensive Income for the period ended 30 June 2019

2019

2018

Original Budget

Notes

$’000

$’000

$’000

NET COST OF SERVICES

EXPENSES

Other expenses

5.1A

79,502

618

76,000

Total expenses

79,502

618

76,000

INCOME

Revenue

Non-taxation revenue

Electoral fines/penalties

5.2A

1,026

269

2,000

Other

5.2A

27

6

-

Total non-taxation revenue

1,053

275

2,000

Total revenue

1,053

275

2,000

Net contribution by services

(78,449)

(343)

(74,000)

(Deficit) / Surplus

(78,449)

(343)

(74,000)

This schedule should be read in conjunction with the accompanying notes.

Budget Variances Commentary

Schedule of Comprehensive Income

Administered expenses are higher than expected as a result of increased enrolment and voter turnout.

Administered revenue is lower than anticipated due to the timing of the federal election. Electoral fines for non-voters will occur during the 2019-20 financial year.

Administered Schedule of Assets and Liabilities as at 30 June 2019

2019

2018

Original Budget

Notes

$’000

$’000

$’000

ASSETS

Financial assets

Cash and cash equivalents

5.3A

2

-

3,560

Total financial assets

2

-

3,560

Total assets administered on behalf of Government

2

-

3,560

LIABILITIES

Payables

Suppliers

5.3B

24,706

-

-

Total payables

24,706

-

-

Total liabilities administered on behalf of Government

24,706

-

-

Net assets

(24,704)

-

3,560

The above schedule should be read in conjunction with the accompanying notes.

Budget Variances Commentary

Schedule of Assets and Liabilities

Administered liabilities are higher than expected due to the timing of the federal election as well as changes to the Political Party funding claims process. The new process allows Political Parties to claim funding over of a period of six months post an electoral event.

Administered Reconciliation Schedule

2019

2018

$’000

$’000

Opening assets less liabilities as at 1 July

-

2,273

Net cost of/(contribution by) services:

Income

1,053

275

Expenses

(79,502)

(618)

Transfers (to)/from the Australian Government:

Appropriation transfers from Official Public Account

Special appropriations (limited)

55,077

631

Appropriation transfers to OPA

Transfers to OPA

(1,332)

(2,561)

Closing assets less liabilities as at 30 June

(24,704)

-

This schedule should be read in conjunction with the accompanying notes.

Accounting Policy

Administered Cash Transfers to and from the Official Public Account

Revenue collected by the AEC for use by the Government rather than the AEC is administered revenue. Collections are transferred to the Official Public Account (OPA) maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the entity on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule.

Administered Cash Flow Statement

2019

2018

$’000

$’000

OPERATING ACTIVITIES

Cash received

Electoral fines/penalties

1,026

269

Other

27

6

Total cash received

1,053

275

Cash used

Political Parties/Candidates

54,787

618

Refund of Electoral fines/penalties

9

-

Total cash used

54,796

618

Net cash flows (used by) / from operating activities

(53,743)

(343)

Cash from Official Public Account

Appropriations

55,077

631

Total cash from official public account

55,077

631

Cash to Official Public Account

Appropriations

(1,332)

(2,561)

Total cash to official public account

(1,332)

(2,561)

Cash and cash equivalents at the beginning of the reporting period

-

2,273

Cash and cash equivalents at the end of the reporting period

5.3A

2

(0)

This schedule should be read in conjunction with the accompanying notes.