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Summary of Financial Management and Performance

An unmodified audit report on the 2018–19 financial statements was received from the Australian National Audit Office, with no findings during the year. The notes to the audited financial statements explain the key numbers. In particular, the commentary on variances to budget at Note 3.11 highlights the specific events that occurred during the year that affected the results.

Total income for 2018–19 was $18.839 million (budgeted $17.684 million), and total expenditure including depreciation was $20.404 million (budgeted $17.684 million), resulting in an operating deficit of $1.565 million. The deficit is mainly due to non-cash adjustments for the accounts for the disposal of assets and the depreciation on the heritage building.

Revenue from government was $16.425 million and included funds received through the Public Service Modernisation Fund—Agency Sustainability measure for critical building works. Income from own sources amounted to $2.414 million and included gains from donated collection items of $0.102 million. Old Parliament house also received equity injections of $3.422 million for the preservation and conservation of its heritage furniture collection, new collection items and critical capital works.

On 30 June 2019, cash on hand totalled $2.540 million (last financial year was $6.518 million) and investments totalled $7.550 million (last financial year was $2.500 million).