Administered reconciliation schedule for the period ended 30 June 2020
2020 | 2019 | |||
Note ref | $'000 | $'000 | ||
Opening assets less liabilities as at 1 July | 2,590,319 | 2,472,603 | ||
Adjusted opening assets less liabilities | 2,590,319 | 2,472,603 | ||
Net (cost of)/contribution by services | ||||
Income | 5,501 | 1 | ||
Expenses | (53,127) | (50,891) | ||
Other comprehensive income | ||||
Revaluations transferred to reserves | 25,182 | 87,955 | ||
Transfers (to)/from Australian Government | ||||
Appropriation transfers from Official Public Account | ||||
Administered assets and liabilities appropriations | 73,010 | 73,317 | ||
Administered annual appropriations | 7,523 | 4,815 | ||
Appropriation transfers to OPA | ||||
Transfer from other agencies | 0 | 2,519 | ||
Closing assets less liabilities as at 30 June | 2,648,408 | 2,590,319 |
The above schedule should be read in conjunction with the accompanying notes.
Accounting Policy
Administered Cash Transfers to and from the Official Public Account
Revenue collected by the department for use by the Government rather than the department is administered revenue. Collections are transferred to the Official Public Account (OPA) 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.
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