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Statement of changes in equity

for the period ended 30 June 2019

Original budget

Notes

2019

2018

2019

$

$

$

CONTRIBUTED EQUITY

Opening balance

Balance carried forward from previous period

28,561,000

21,606,000

28,561,000

Adjusted opening balance

28,561,000

21,606,000

28,561,000

Transactions with owners

Contributions by owners

Departmental capital budget

3.1A: Annual appropriations ('recoverable GST exclusive')

1,945,000

1,955,000

1,945,000

Equity injection - appropriation

0

5,000,000

0

Total transactions with owners

1,945,000

6,955,000

1,945,000

Closing balance as at 30 June

30,506,000

28,561,000

30,506,000

RETAINED EARNINGS

Opening balance

Balance carried forward from previous period

(8,883,700)

(6,476,244)

(9,337,000)

Adjusted opening balance

(8,883,700)

(6,476,244)

(9,337,000)

Comprehensive income

Deficit for the period

(2,498,765)

(2,407,456)

(2,570,000)

Total comprehensive income

(2,498,765)

(2,407,456)

(2,570,000)

Closing balance as at 30 June

(11,382,465)

(8,883,700)

(11,907,000)

ASSET REVALUATION RESERVE

Opening balance

Balance carried forward from previous period

19,477,693

17,186,283

17,186,000

Adjusted opening balance

19,477,693

17,186,283

17,186,000

Comprehensive income

Other comprehensive income

37,100

2,291,410

0

Total comprehensive income

37,100

2,291,410

0

Closing balance as at 30 June

19,514,793

19,477,693

17,186,000

TOTAL EQUITY

Opening balance

Balance carried forward from previous period

39,154,993

32,316,039

36,410,000

Adjusted opening balance

39,154,993

32,316,039

36,410,000

Comprehensive income

Other comprehensive income

37,100

2,291,410

0

Surplus / (deficit) for the period

(2,498,765)

(2,407,456)

(2,570,000)

Total comprehensive income

(2,461,665)

(116,046)

(2,570,000)

Transactions with owners

Contributions by owners

Departmental capital budget

1,945,000

1,955,000

1,945,000

Equity injection - appropriation

0

5,000,000

0

Total transactions with owners

1,945,000

6,955,000

1,945,000

Closing balance as at 30 June

38,638,328

39,154,993

35,785,000

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

Accounting policy

Equity injections

Amounts appropriated which are designated as ‘equity injections’ for a year (less any formal reductions) and departmental capital budgets (DCBs) are recognised directly in contributed equity in that year.

Restructuring of administrative arrangements

Net assets received from or relinquished to another Government entity under a restructuring of administrative arrangements are adjusted at their book value directly against contributed equity.

Budget variances commentary

Statement of changes in equity

The above table provides a comparison between the 2018–19 Portfolio Budget Statements (PBS) budget and the final financial outcome in the 2018–19 financial statements. The Budget is not audited and does not reflect additional budget estimates provided in the 2018–19 Portfolio Additional Estimates Statements (PAES) or the revised budget provided as part of the 2019–2020 Portfolio Budget Statements (PBS). However major changes in budget have been explained as part of the variance analysis where relevant.

The actuals are prepared in accordance with Australian Accounting Standards.

Departmental major budget variances for 2019

Explanations of major variances

Affected line items (and statement)

Asset revaluation reserves

Increase relates to the actual independent revaluation of land and buildings in 2019 and 2018, since the budget was prepared.

Land and buildings, leasehold improvements and plant and equipment and reserves (Statement of financial position).