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Departmental Financial Performance

This section analyses the financial performance of Infrastructure and Project Financing Agency for the year ended 30 June 2019.

Note 1.1 Expenses

2019

2018

$

$

Note 1.1A: Employee Benefits 1

Wages and salaries

2,149,914

1,210,024

Superannuation

Defined contribution plans

188,792

80,835

Defined benefit plans

93,444

90,953

Leave and other entitlements

159,143

243,505

Other employee benefits

5,734

670

Total employee benefits

2,597,027

1,625,986

1. The comparable year figures at subtotal level are different from the published Annual Report. There is a reclassification between Wages and salaries and Leave and other entitlements. The split of superannuation expenses between defined contribution plans and defined benefit plans was reported incorrectly in 2018 financial statements. This has been rectified in the above table. The total employee benefits amount in 2018 remains the same and this does not affect the 2019 balance.

Accounting Policy

Accounting policies for employee related expenses is contained in the People and Relationships Section.

2019

2018

Note 1.1B: Suppliers 2

$

$

Goods and services

Contractors

1,073,894

986,406

Consultants and contracted services

340,312

53,267

Travel

195,469

109,641

Staff related expenses

256,589

138,014

ICT services

115,500

80,155

Other goods and services

269,011

125,900

Total goods and services supplied or rendered

2,250,775

1,493,384

2. In 2019, the sub-categories under employee benefits and suppliers were reclassified to meet changing business needs. This reclassification has affected the 2018 subtotal amounts between employee benefits and suppliers, as well as the amounts for some sub-categories. However total expenses remain the same.

Goods supplied

28,308

35,559

Services rendered

2,222,467

1,457,825

Total goods and services supplied or rendered

2,250,775

1,493,384

Other suppliers

Operating lease rentals

262,478

205,353

Workers compensation expenses

12,552

16,089

Total other suppliers

275,030

221,442

Total suppliers

2,525,805

1,714,826

Operating lease rentals relate to payments made to the Department of Prime Minister and Cabinet (PM&C) under a sub-lease arrangement for accommodation in premises located in Canberra and Sydney that are leased by PM&C. The agreement does not have a specified term and is cancellable by either party. Under the terms of the sub-lease IPFA reimburses PM&C costs that are payable to the lessor.

Note 1.2 Own-Source Revenue and Gains

2019

2018

$

$

OWN-SOURCE REVENUE

Note 1.2A: Sale of goods and rendering of services

Rendering of Services

26,463

-

Other Non-Taxation Revenue

1,968

23,353

Total sale of good and rendering of services

28,431

23,353

Accounting Policy

Revenue from rendering of services is recognised when IPFA acknowledges that the services have been performed.

The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction.

Receivables for goods and services, which have 30 day terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed at end of the reporting period. Allowances are made when collectability of the debt is no longer probable.

Revenue from Government

Accounting Policy

Amounts appropriated for departmental appropriations for the year are recognised as Revenue from Government when the entity gains control of the appropriation, except for certain amounts that relate to activities that are reciprocal in nature, in which case revenue is recognised only when it has been earned. Appropriations receivable are recognised at their nominal amounts. Funding received or receivable from non-corporate Commonwealth entities (appropriated to the non-corporate Commonwealth entity as a corporate Commonwealth entity payment item for payment to this entity) is recognised as Revenue from Government by the corporate Commonwealth entity unless the funding is in the nature of an equity injection or a loan.