Note 9: Budget variances
The following table provides high-level commentary on major variances between budgeted information for the CGC as published in the Portfolio Budget Statements and the 2019–20 final outcome as presented in accordance with Australian accounting standards. Major variances are those deemed relevant to an analysis of the CGC’s performance and are not focused merely on numerical differences between the budget and actual results.
Explanations of major variances are as follows:
Explanation of major variances | Variance to budget | Affected line items | |
$’000 | % | ||
Delays in recruitment as a result of bush fires, COVID-19 and finalisation of the 2020 Review Report (see Performance Statements). | (1,283) | -23% | Statement of financial performance, Employee benefits |
Delays in IT transition as a result of bush fires, COVID-19 and finalisation of the 2020 Review Report (see Performance Statements). | (1,613) | -58% | Statement of financial performance, Suppliers |
(136) | -60% | Statement of financial position, Plant and equipment | |
(749) | -98% | Statement of financial position, Software | |
Combination of the above two reasons. | 3,393 | 69% | Statement of financial position, Trade and other receivables |
Implementation of AASB 16. | 463 | 735% | Statement of financial performance, Depreciation and amortisation |
574 | 204% | Statement of financial position, Buildings | |
686 | 100% | Statement of financial position, Leases | |
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https://www.transparency.gov.au/annual-reports/commonwealth-grants-commission/reporting-year/2019-20-28