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Note 15: Budget variances commentary

Explanations of major variances

Affected line items

Operating expenses remain substantially constrained by NOPSEMA in anticipation of budgetary pressures in future periods.

Statement of Comprehensive Income: Employee benefits

Statement of Financial Position: cash

Statement of changes in equity: Surplus

Cash flow statement: Cash used - employees

In 2018-19, levy revenue was below budget due to lower than expected submissions.

Statement of Comprehensive Income:

Revenue

Statement of Financial Position:

Cash

Statement of Changes in Equity:

Surplus

Cash Flow Statement:

Cash received - Receipts from levies

Revenue from the Government was no longer receivable by NOPSEMA due to legislative change.

Statement of Comprehensive Income:

Revenue from Government

Trade and other receivables was lower against budget due to lower than anticipated levy revenue.

Statement of Financial Position

Trade and other receivables

Other non-financial assets were higher due to a prepayment of rent.

Statement of Comprehensive Income:

Suppliers

Statement of Financial Position:

Other non-financial assets

Cash Flow Statement:

Cash used - Accommodation

Accrued expenditure was higher against budget due to costs associated with the relocation of the Melbourne office.

Statement of Financial Position:

Suppliers

Cash Flow Statement:

Cash used - Suppliers

Other provisions relate to Lease incentives and Makegood provisions which were in line with budget.

Statement of Comprehensive Income:

Suppliers

Statement of Financial Position:

Other Provisions

Lift on recruitment freeze allowed NOPSEMA to hire permanent staff members which resulted in higher employee leave provisions against budget.

Statement of Financial Position:

Employee Provisions