Major budget variances
This section provides explanations for major budget variances between the department’s budget and actual results for the year ended 30 June 2019.
Note 17: Departmental budget variances commentary
Explanations of major variances | Affected statements and line items | |
---|---|---|
COVID-19 pandemic | ||
The COVID-19 pandemic impacted the department’s financial statements in the following ways:
| Statement of comprehensive income:
Statement of financial position:
Cash flow statement:
| |
Term Deposit Maturity | ||
The department's term deposit held with Westpac of $2,546,108 matured on 29 June 2020. In order to obtain a better rate of return the amount was not immediately reinvested while paperwork to setup new authorities with ME Bank was completed and accepted. The amount was held in cash at bank as at 30 June 2020. | Statement of financial position:
Statement of comprehensive income:
Cash flow statement: investing cash used — investments | |
Parliamentary conferences | ||
The department sought and received funding from the Department of Foreign Affairs and Trade to support the participation of a number of Pacific nations at the Asia Pacific Parliamentary Forum in January 2020. This amount was fully offset by expenditure incurred to complete the activity. The net amount of funding after returning unspent funds was $126,000 This funding and expenditure was not known at the time of budgeting. | Statement of comprehensive income:
Cash flow statement:
|
Note 18: Administered budget variances commentary
Explanations of major variances | Affected statements and line items |
---|---|
COVID-19 pandemic | |
The COVID-19 pandemic impacted the administered financial statements in the following ways:
| Statement of comprehensive income:
Cash flow statement:
|
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https://www.transparency.gov.au/annual-reports/department-house-representatives/reporting-year/2019-20-50