Administered Financial Schedules
Administered Schedule of Comprehensive Income for the period ended 30 June 2019
Original Budget |
Variance |
|||||||
---|---|---|---|---|---|---|---|---|
2019 |
2018 |
2019 |
2019 |
|||||
Notes |
$'000 |
$'000 |
$'000 |
$'000 |
||||
NET COST OF SERVICES |
||||||||
Expenses |
||||||||
Levy disbursements and Commonwealth contributions |
867 369 |
875 716 |
874 073 |
( 6 704) |
||||
Grants |
125 922 |
267 596 |
425 118 |
( 299 196) |
||||
Payments to corporate Commonwealth entities |
173 711 |
127 062 |
180 384 |
( 6 673) |
||||
Suppliers |
32 692 |
30 499 |
36 236 |
( 3 544) |
||||
Direct personal benefits - Income support for farmers |
114 155 |
33 735 |
37 945 |
76 210 |
||||
Assets transferred to related entities |
407 243 |
210 334 |
735 152 |
( 327 909) |
||||
Depreciation and amortisation |
7 747 |
7 753 |
7 759 |
( 12) |
||||
Concessional loan discount |
21 945 |
1 006 |
27 620 |
( 5 675) |
||||
Impairment loss allowance on financial instruments |
1 403 |
690 |
0 |
1 403 |
||||
Write-down and impairment of assets |
3 155 |
6 895 |
0 |
3 155 |
||||
Other expenses |
0 |
234 |
0 |
0 |
||||
Total expenses |
1 755 342 |
1 561 520 |
2 324 287 |
( 568 945) |
||||
Income |
||||||||
Revenue |
||||||||
Taxation revenue |
||||||||
Levies, fees and charges |
564 064 |
565 931 |
575 466 |
( 11 402) |
||||
Total taxation revenue |
564 064 |
565 931 |
575 466 |
( 11 402) |
||||
Non-taxation revenue |
||||||||
Interest |
23 976 |
23 919 |
28 566 |
( 4 590) |
||||
Other revenue |
12 452 |
22 454 |
10 180 |
2 272 |
||||
Total non-taxation revenue |
36 428 |
46 373 |
38 746 |
( 2 318) |
||||
Total revenue |
600 492 |
612 304 |
614 212 |
( 13 720) |
||||
Gains |
||||||||
Other gains |
256 416 |
96 386 |
209 929 |
46 487 |
||||
Total gains |
256 416 |
96 386 |
209 929 |
46 487 |
||||
Total income |
856 908 |
708 690 |
824 141 |
32 767 |
||||
Net cost of services |
898 434 |
852 830 |
1 500 146 |
( 601 712) |
||||
OTHER COMPREHENSIVE INCOME |
||||||||
Items not subject to subsequent reclassification to net cost of services |
||||||||
Administered revaluations taken to reserves |
||||||||
Non-financial assets |
9 229 |
2 448 |
0 |
9 229 |
||||
Investments in corporate Commonwealth entities |
101 323 |
30 709 |
0 |
101 323 |
||||
Total other comprehensive income |
110 552 |
33 157 |
0 |
110 552 |
||||
Total comprehensive loss |
( 787 882) |
( 819 673) |
(1 500 146) |
712 264 |
The above statement should be read in conjunction with the accompanying notes.
Administered Schedule of Assets and Liabilities as of 30 June 2019
Original Budget |
Variance |
|||||||
---|---|---|---|---|---|---|---|---|
2019 |
2018 |
2019 |
2019 |
|||||
Notes |
$'000 |
$'000 |
$'000 |
$'000 |
||||
ASSETS |
||||||||
Financial assets |
||||||||
Cash and cash equivalents |
902 105 |
589 698 |
713,658 |
188 447 |
||||
Trade, taxation and other receivables |
801 821 |
852 463 |
898 986 |
( 97 165) |
||||
Investments in corporate Commonwealth entities |
501 545 |
400 222 |
342 518 |
159 027 |
||||
Other financial assets |
75 184 |
69 313 |
66 428 |
8 756 |
||||
Total financial assets |
2 280 655 |
1 911 696 |
2 021 590 |
259 065 |
||||
Non-financial assets |
||||||||
Land |
1 467 |
1 467 |
1 467 |
0 |
||||
Infrastructure |
527 029 |
524 541 |
515 599 |
11 430 |
||||
Plant and equipment |
1 836 |
1 715 |
0 |
1 836 |
||||
Flooding easements |
814 |
814 |
0 |
814 |
||||
Water entitlements |
133 842 |
126 520 |
125 048 |
8 794 |
||||
Prepayments |
11 226 |
15 665 |
14 052 |
( 2 826) |
||||
Total non-financial assets |
676 214 |
670 722 |
656 166 |
20 048 |
||||
Total assets administered on behalf of Government |
2 956 869 |
2 582 418 |
2 677 756 |
279 113 |
||||
LIABILITIES |
||||||||
Payables |
||||||||
Levy disbursements and Commonwealth contributions |
153 348 |
101 196 |
95 738 |
57 610 |
||||
Grants |
3 550 |
3 368 |
8 153 |
( 4 603) |
||||
Suppliers |
718 |
298 |
2 312 |
( 1 594) |
||||
Personal benefits - Income support to farmers |
2 470 |
654 |
1 270 |
1 200 |
||||
Corporate Commonwealth entities |
0 |
1 953 |
0 |
0 |
||||
Other payables |
54 |
72 |
0 |
54 |
||||
Total payables |
160 140 |
107 541 |
107 473 |
52 667 |
||||
Provisions |
||||||||
Loan commitments to Farm Businesses |
17 881 |
0 |
0 |
17 881 |
||||
Total provisions |
17 881 |
0 |
0 |
17 881 |
||||
Total liabilities administered on behalf of Government |
178 021 |
107 541 |
107 473 |
70 548 |
||||
Net assets |
2 778 848 |
2 474 877 |
2 570 283 |
208 565 |
The above statement should be read in conjunction with the accompanying notes.
Budget Variance Commentary – Administered as at 30 June 2019
Budget Variance Commentary The following tables provide a comparison of the original budget as presented in the 2018-19 Portfolio Budget Statements (PBS) to the 2018-19 final outcome as presented in accordance with Australian Accounting Standards for the department. The Budget is not audited. Explanations of major variances are provided below. Variances are considered to be ‘major’ based on the following criteria:
|
|
---|---|
Major variances and explanations |
Affected line items |
Administered Schedule of Comprehensive Income Total expenses were $568.9 million lower than the original budget predominantly as a result of:
|
|
Total income was $32.8 million higher than the original budget predominantly as a result of:
|
|
Total other comprehensive income was $110.6 million higher than the original budget. This was mainly due to increases to the net assets of portfolio corporate Commonwealth entities. |
|
Administered Schedule of Assets and Liabilities Total assets balance was $279.1 million higher than the original budget. This variance was predominantly due to:
|
|
Total liabilities was $70.5 million higher than the original budget due to:
|
|
The above statement should be read in conjunction with the accompanying notes.
Administered Reconciliation Schedule for the period ended 30 June 2019
2019 |
2018 |
||
---|---|---|---|
$'000 |
$'000 |
||
Opening assets less liabilities as at 1 July |
2 474 877 |
1 906 548 |
|
Adjustment for new accounting standard |
(7 542) |
0 |
|
Adjusted opening assets less liabilities |
2 467 335 |
1 906 548 |
|
Net cost of services |
|||
Income |
856 908 |
708 690 |
|
Expenses |
|||
Payments to entities other than corporate Commonwealth entities |
(1 581 631) |
(1 434 458) |
|
Payments to corporate Commonwealth entities |
( 173 711) |
( 127 062) |
|
Other comprehensive income |
|||
Revaluations transferred to reserves |
|||
Non-financial assets |
9 229 |
2 448 |
|
Investments in corporate Commonwealth entities |
101 323 |
30 709 |
|
Transfers (to)/from the Australian Government |
|||
Appropriation transfers from Official Public Account |
|||
Administered assets and liabilities appropriations |
202 945 |
307 022 |
|
Annual appropriations |
|||
Payments to entities other than corporate Commonwealth entities |
169 982 |
377 744 |
|
Payments to corporate Commonwealth entities |
175 664 |
125 109 |
|
Special appropriations (unlimited) |
|||
Payments to entities other than corporate Commonwealth entities |
702 722 |
572 493 |
|
Payments to corporate Commonwealth entities |
292 139 |
325 981 |
|
Special account statutory credits |
320 000 |
430 000 |
|
Appropriation transfers to Official Public Account |
|||
Transfers to Official Public Account |
(763 465) |
( 749 886) |
|
Personal Benefits - Withholding |
( 592) |
( 461) |
|
Closing assets less liabilities as at 30 June |
2 778 848 |
2 474 877 |
Accounting Policy Administered Cash Transfers to and from the Official Public Account (OPA) Revenue collected by the department for use by the Government rather than the department is administered revenue. Collections are transferred to the OPA which is maintained by the Department of Finance. Conversely, cash is drawn from the OPA to make payments under Parliamentary appropriation on behalf of Government. These transfers to and from the OPA are adjustments to the administered cash held by the department on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule. |
---|
Administered Cash Flow Statement for the period ended 30 June 2019
2019 |
2018 |
|||
---|---|---|---|---|
$'000 |
$'000 |
|||
OPERATING ACTIVITIES |
||||
Cash received |
||||
Taxes |
557 795 |
560 841 |
||
GST received |
27 807 |
85 303 |
||
Other |
13 486 |
12 961 |
||
Total cash received |
599 088 |
659 105 |
||
Cash used |
||||
Levy disbursements and Commonwealth contributions |
815 217 |
870 220 |
||
Grants |
189 121 |
358 789 |
||
Suppliers |
27 878 |
31 268 |
||
Personal benefits |
112 338 |
34 752 |
||
Payments to corporate Commonwealth entities |
175 664 |
125 109 |
||
Other |
18 |
234 |
||
Total cash used |
1 320 236 |
1 420 372 |
||
Net cash used by operating activities |
( 721 148) |
( 761 267) |
||
INVESTING ACTIVITIES |
||||
Cash received |
||||
Repayments of loans |
106 182 |
82 181 |
||
Interest received from loans |
21 900 |
20 908 |
||
Total cash received |
128 082 |
103 089 |
||
Cash used |
||||
Loan advances |
34 569 |
190 000 |
||
Purchase of water entitlements |
159 945 |
117 022 |
||
Total cash used |
194 514 |
307 022 |
||
Net cash used by investing activities |
( 66 432) |
( 203 933) |
||
Net decrease in cash held |
( 787 580) |
( 965 200) |
||
Cash and cash equivalents at the beginning of the reporting period |
589 698 |
166 435 |
||
Cash from Official Public Account for |
||||
- Appropriations |
1 543 452 |
1 708 349 |
||
- Special accounts |
320 000 |
430 000 |
||
Total cash from Official Public Account |
1 863 452 |
2 138 349 |
||
Cash to Official Public Account for: |
||||
- Appropriations |
763 465 |
749 886 |
||
Total cash to Official Public Account |
763 465 |
749 886 |
||
Cash and cash equivalents at the end of the reporting period |
902 105 |
589 698 |
The above statement should be read in conjunction with the accompanying notes.
Visit
https://www.transparency.gov.au/annual-reports/department-agriculture/reporting-year/2018-2019-34