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Notes - 8.2 Explanations of Major Budget Variances (Cont.)

8.2 Explanations of Major Budget Variances (Cont.)

Administered Major Budget Variances (Cont.)

for the period ended 30 June 2020

Note

Explanation of major variances

Affected line item and statement

2.2B

Fees and fines were under budget due to fewer parking fines issued during the COVID-19 pandemic.

Fees and Fines in the Administered Statement of Comprehensive Income.

2.2D

Other revenue includes insurance recoveries and contributions revenue not accounted for in the original budget.

Other revenue in the Administered Statement of Comprehensive Income.

4.1B

There were fewer receivables at 30 June in relation to rent receivables due to COVID-19 pandemic rent relief arrangements.

Trade and other receivables in the Administered Statement of Financial Position.

4.2B

Increase in the overall value of non-financial assets following an extensive revaluation process. Trees (included in Land) increased in value due to a change in valuation method. Property, plant and equipment also increased significantly. Refer to notes in Note 4.2A for more detail.

Non-financial assets in the Administered Statement of Financial Position.

4.3A

There was an increase in the number of accruals for work completed but not invoiced at year end.

Suppliers in the Administered Statement of Financial Position.