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Administered schedules

Administered Schedule of Comprehensive Income for the period ended 30 June 2020

Notes

2020

2019

Original Budget

$'000

$'000

$'000

NET COST OF SERVICES

Expenses

Other Expenses

5.1A

0

79,502

0

Total expenses

0

79,502

0

INCOME

Revenue

Non-taxation revenue

Electoral fines/penalties

5.2 A

2,847

1,026

66

Political Party funding

5.2A

9,017

0

0

Other

5.2A

5

27

0

Total non-taxation revenue

11,869

1,053

66

Total Revenue

11,869

1,053

66

Net contribution by services

11,869

(78,449)

66

(Deficit) / Surplus

11,869

(78,449)

66

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

Budget Variances Commentary

Administered Revenue is higher than anticipated due to the timing of the 2019 Federal Election. As the election was in May 2019 electoral fines for non-voters has occurred during the 2019-20 financial year.

Other revenue represents a change in accounting estimate related to the accrual of political party payments in 2018-19.

Administered Schedule of Assets and Liabilities as at 30 June 2020

Notes

2020

2019

Original Budget

$'000

$'000

$'000

ASSETS

Financial Assets

Cash and cash equivalents

5.3A

0

2

1,328

Total financial asset

0

2

1,328

Total assets administered on behalf of Government

0

2

1,328

LIABILITIES

Payables

Suppliers

5.3B

0

24,706

0

Total Payables

0

24,706

0

Total liabilities administered on behalf of Government

0

24,706

0

Net assets / (liabilities)

0

(24,704

1,328

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

Budget Variances Commentary

Administered assets are lower than anticipated as all administered cash has been returned to the Official Public Account in a timely manner and no cash was required to be held to make payments related to the 2019 Federal Election.

Administered Reconciliation Schedule

Notes

2020

2019

$'000

$'000

Opening Assets less liabilities as at 1 July

(24,704)

0

Net cost of/(contribution by) services:

Income

11,869

1,053

Expenses

0

(79,502)

Transfers (to) / from the Australian Government

Appropriation transfers from the Official Public Account

Special Appropriation (limited)

15,984

55,077

Appropriation transfers to the OPA

Transfers to the OPA

(3,149)

(1,332)

Closing assets less liabilities as at 30 June

0

(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

Notes

2020

2019

$'000

$'000

OPERATING ACTIVITIES

Cash received

Electoral fines/penalties

2,847

1,026

Other

5

27

Total cash received

2,852

1,053

Cash used

Political Parties/Candidates

15,689

54,787

Refund of Electoral Fines/penalties

0

9

Interest payments of lease liabilities

0

0

Total cash used

0

54,796

Net cash flows (used by) / from operating activities

(12,837)

(53,743)

Cash from Official Public Account

Appropriations

15,984

55,077

Total cash from Official Public Account

15,984

55,077

Cash to Official Public Account

Appropriations

(3,149)

(1,332()

Total cash to Official Public Account

(3,149)

(1,332)

Cash and cash equivalents at the beginning of the reporting period

2

0

Cash and cash equivalents at the end of the reporting period

5.3A

0

2

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