Budget variances commentary
Statement of Comprehensive Income
The following commentary provides high level narrative of major variances for the APSC between 2020 actuals and budget information published in the 2019-20 Portfolio Budget Statements.
Employee benefits are $2,263,000 higher than budget due to higher employee levels and a reduction in the long-term bond rate leading to an increase in the value of employee leave provisions.
Depreciation and amortisation is $1,351,000 higher than budget and Suppliers are $1,678,000 lower than budget as the 2019-20 budget did not include the estimated impact due to the adoption of AASB 16 Leases. The budget estimates were updated to reflect this standard in the subsequent budget rounds.
Revenue from Government is $2,717,000 higher than budget as the APSC received funding for Australian Public Service Reform Implementation.
Revenue from contracts with customers is $1,476,000 higher than budget due to a one-off contribution by another government entity.
Reversal of write-downs and impairment is $253,000 higher than budget due to a revaluation increment to Buildings in 2020 which reversed a previous impairment of Buildings in 2017. The remainder of the revaluation increment was recognised in other comprehensive income.