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Administered Budget Commentary
as at 30 June 2021
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
The above statement should be read in conjunction with the accompanying notes.