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. |
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