Budget Variances Commentary for the Statement of Financial Position
Total non-financial assets are $86.4 million higher than the original budget, mainly due to the revaluation undertaken on 30 June 2019 ($66 million), the inclusion of right-of-use assets ($4.5 million), the digitisation of the collection ($6 million) and the modernisation stonework ($4 million). These increases were not anticipated at the time of setting the budget.
Cash and investments are $1.2 million higher than the original budget as a result of additional appropriations received in June 2020.
Suppliers payable are $0.8 million lower than the original budget. The budget assumed greater accrued expenses based on prior year's work in progress at year end relating to major projects. This did not occur this financial year.
Reserves are higher than the original budget by $72.4 million due to a $66.3 million revaluation upwards of the heritage and cultural collection and property, plant and equipment on 30 June 2019 and a $6 million revaluation at balance date of current year additions to the collection. Due to the timing of the 2019 and 2020 revaluations these adjustments are not included in the budget numbers.