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FINANCIAL PERFORMANCE

OPERATING RESULT

This section provides a summary of the Office’s financial performance for the 2019–20 financial year. Departmental and Administered results are shown in the audited financial statements on pages 66–109 of this report.

Continued strong financial management resulted in the Office achieving a small operating surplus after adjusting for depreciation and amortisation expenses.

The Office has received an unmodified audit report from the Australian National Audit Office (ANAO) for the 2019–20 Financial Statements.

REPORT AGAINST THE 2019–20 PORTFOLIO BUDGET STATEMENTS

The Office follows the Department of Finance-issued guidance for Commonwealth entities in the preparation of its financial statements to ensure the process and associated work papers are of a high standard.

An Agency Resource Statement is included at Appendix K, Table K1 of this report. During 2019–20 the total appropriations available to the Office were $25,114,000. This was made up of $19,603,000 for Departmental outputs (including $475,000 in section 74 receipts and $650,000 towards the Departmental Capital Budget), $2,066,000 for Administered expenses, $2,950,000 towards the Administered Capital Budget, and $495,000 as Special Appropriation for the Governor-General’s salary.

In addition, the Office budgeted that it would receive $75,000 in resources free-of-charge towards audit fees of the ANAO.

CAPITAL WORKS BUDGET

The total expenses and resources for Outcome 1, including Departmental expense appropriations, revenue from other sources, and Administered expense appropriations, are set out in Appendix K, Table K2.

In 2019–20, a number of major projects were undertaken at the properties under the Office’s Property Works Program to the total value of $2,931,000.

BUDGET VARIATIONS

Detailed explanations for major variances to budget are shown in Chapter 4: Financial statements, on pages 66–109 of this report.

SIGNIFICANT CHANGES IN 2019–20

There were no significant changes in 2019–20.