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Agency financial performance

The AOFM recorded an operating surplus on agency activities of $3.1 million for the 2019–20 financial year, comprising total revenue of $14.4 million and expenses of $11.3 million. The surplus in 2019–20 was due to lower than anticipated operating costs.

The AOFM reported a sound net worth and liquidity position as at 30 June 2020, with net assets of $26.9 million, which was represented by total assets of $34.8 million and total liabilities of $7.9 million.

As at 30 June 2020, the AOFM had unspent appropriations totalling $28.5 million. Of this amount, $1.0 million was repealed on 1 July 2020. Unspent appropriations are available to settle liabilities as and when they fall due and for future asset replacements and improvements.