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
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.
Visit
https://www.transparency.gov.au/annual-reports/commonwealth-grants-commission/reporting-year/2018-2019-7