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Administration reconciliation schedule

2020

2019

Notes

$’000

$’000

Opening assets less liabilities as at 1 July

(7,386)

(8,270)

Opening assets less liabilities

(7,386)

(8,270)

Net (cost of) services

(43,328)

(62,564)

Transfers from the Australian Government

Appropriation transfers from Official Public Account

Annual appropriations

31,284

36,536

Special appropriations

Parliamentary Entitlements Act 1990

-

129

Parliamentary Business Resources Act 2017

20,119

27,287

Parliamentary Retirement Travel Act 2012

145

196

Appropriation transfers to OPA

Transfers to OPA

(445)

(700)

Closing assets less liabilities as at 30 June

389

(7,386)

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 IPEA for use by the Government rather than the entity 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 IPEA on behalf of the Government and reported as such in the schedule of administered cash flows and in the administered reconciliation schedule.