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Financial performance

The CGC remains in a sound financial position, operating within its appropriation and with sufficient cash reserves to funds its liabilities as and when they fall due.

In monitoring financial performance, the CGC excludes the impact of depreciation and extraordinary items that affect the operating results. In 2018–19, after adjusting for depreciation and extraordinary items, the CGC had an operating surplus of $0.16 million, close to our budgeted position (Figure 2).

Figure 2 CGC's operating results, 2014–15 to 2018–19

CGC's operating results were $867,000 surplus in 2014-15, $1,123,000 surplus in 2015-16, $1,250,000 surplus in 2016-17, $266,000 surplus in 2017-18 and $16,000 surplus in 2018-19.Note: Excludes depreciation and extraordinary items

Including depreciation and extraordinary items, the CGC’s operating surplus was $0.02 million. The CGC budgets to remain financially sustainable into the forward estimates, and continues to implement operational efficiencies as they arise.

Financial position
As at 30 June 2019, the CGC had net equity of $3.72 million, representing $5.83 million of assets offset by $2.11 million of liabilities (Table 1).

The CGC’s assets and liabilities are primarily of a financial nature, with the largest balance being appropriation receivable ($5.17 million), and with most of the CGC’s liabilities relating to employee provisions ($1.69 million).

Table 1 Summary of financial performance, 2018–19

2018–19

2017–18

Movement

($’000)

($’000)

($’000)

Total own-source revenue

98

45

53

Total revenue from government

6,067

6,107

(40)

Total expenses

6,147

6,448

(301)

Net surplus/(deficit)

18

(296)

314

Total assets

5,831

5,536

295

Total liabilities

2,110

1,894

216

Equity

3,721

3,642

79

Resourcing statement

Table 2 summarises the CGC’s total resources and total payments in 2018–19, and Table 3 shows total expenses for Outcome 1 in 2018–19.

Table 2 CGC resource statement, 2018–19

Actual available

Payments made

Balance

($’000)

($’000)

($’000)

Ordinary annual services(a)

Departmental appropriation(b)

11,225

5,933

5,292

Total ordinary annual services

11,225

5,933

5,292

Total resourcing and payments

11,225

5,933

5,292

(a) Appropriation Act (No. 1) 2018–2019. This also includes prior-year departmental appropriation and retained revenue receipts under section 74 of the Public Governance, Performance and Accountability Act 2013.

(b) Includes an amount of $61,000 in 2018–19 for the departmental capital budget. For accounting purposes, this amount has been designated as ’contributions by owners’.

Table 3 Total expenses for Outcome 1, 2018–19

Budget(a)

Actual

Variation

($’000)

($’000)

($’000)

Outcome 1: Informed government decisions on fiscal equalisation between the states and territories through advice and recommendations on the distribution of GST revenue

Program 1.1: The commission makes recommendations on the distribution of the GST pool, which are considered by government

Departmental expenses

Ordinary annual services (Appropriation Act No. 1)

6,067

6,102

(35)

Expenses not requiring appropriation in the budget year

45

45

Total for Program 1.1

6,112

6,147

(35)

Total expenses for Outcome 1

6,112

6,147

(35)

Average staffing level (number)

30.0

25.6

4.4

(a) Full-year budget, including any subsequent adjustment made to the 2018–19 Budget at Additional Estimates.