Administered budget variance

The below table provides commentary for significant variances between PM&C’s original budget estimates for administered functions, as published in the 2020-21 Portfolio Budget Statements, and the actual expenditure and net asset position for the year.

Explanation of major variances

Affected line items and statement

Grants: Additional funding was received following the 2020-21 original budget for the National Australia Day Council for the Strategic Communication Champaign.

Grants – Administered Schedule of Comprehensive Income

Supplier expense: Reduction in official visits, functions and travel due to COVID-19 related restrictions starting March 2020 that has continued throughout 2020-21.

Supplier expense – Administered Schedule of Comprehensive Income

Changes in asset revaluation reserve: Movement in net asset balance in investments in corporate Commonwealth entities and companies which has not been budgeted.

Changes in asset revaluation reserve – Administered Scheduled of Comprehensive Income

Investments in corporate Commonwealth entities – Administered Schedule of Assets and Liabilities

Revaluation transferred to reserves – Administered Reconciliation Schedule