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.
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