Portfolio Budget Statements 2009-10

3.2 Budgeted financial statements

3.2.1 Differences in agency resourcing and financial statements

There are no differences in the Budget Papers and TSRA PB Statements.

3.2.2 Analysis of budgeted financial statements

Budgeted departmental income statement for the period ended 30 June 2010

This statement provides a picture of the expected financial results for the TSRA by identifying full accrual expenses and revenues, which highlights whether the TSRA is operating at a sustainable level.

The major variations between estimated actuals for 2008-09 and revised estimates for 2009-10 in the Budgeted Departmental Income Statement are as follows:

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Budgeted departmental balance sheet at 30 June 2010

This statement shows the financial position of the TSRA. It helps decision-makers to track the management of assets and liabilities.

Departmental asset and liability balances have been adjusted from Budget estimates for 2009-10 financial year balances.

Budgeted departmental statement of cash flows for the period ended 30 June 2010

Budgeted cash flows, as reflected in the statement of cash flows, provide important information on the extent and nature of cash flows by categorising them into expected cash flows from operating activities, investing activities and financing activities.

Predicted departmental cash flows have been adjusted to reflect the cash impact of the above variations on the financial performance and position statement estimates.

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3.2.3 Budgeted financial statements tables

Table 3.2.1: Budgeted departmental comprehensive income statement
(for the period ended 30 June)
	Estimated actual 2008-09 $'000	Budget estimate 2009-10 $'000	Forward estimate 2010-11 $'000	Forward estimate 2011-12 $'000	Forward estimate 2012-13 $'000
EXPENSES
Employee benefits	4,077	6,739	6,732	6,696	6,506
Supplier	4,044	4,121	4,133	4,100	4,006
Grants	44,967	57,407	59,205	46,357	46,289
Depreciation and amortisation	400	400*	400*	400*	400*
Total expenses	53,488	68,667	70,470	57,553	57,201
LESS:
OWN-SOURCE INCOME
Revenue
Interest	800	800	800	800	800
Other revenue	1,085	1,085	1,085	1,085	1,085
Total revenue	1,885	1,885	1,885	1,885	1,885
Total own-source income	1,885	1,885	1,885	1,885	1,885
Net cost of (contribution by) services	51,603	66,782*	68,585*	55,668*	55,316*
Revenue from government	51,904	67,391	69,194	56,277	55,925
Surplus (Deficit)	301	609*	609*	609*	609*
Surplus (Deficit) attributable to the Australian Government	301	609*	609*	609*	609*
Total comprehensive income attributable to the Australian Government	301	609*	609*	609*	609*

Prepared on Australian Accounting Standards basis.

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Table 3.2.2: Budgeted departmental balance sheet
(as at 30 June)
	Estimated actual 2008-09 $'000	Budget estimate 2009-10 $'000	Forward estimate 2010-11 $'000	Forward estimate 2011-12 $'000	Forward estimate 2012-13 $'000
ASSETS
Financial assets
Cash and equivalents	16,556	16,910	17,519	18,128	18,737
Trade and other Receivables	6,278	6,278	6,278	6,278	6,278
*Total financial assets*	22,834	23,188	23,797	24,406	25,015
Non-financial assets
Land and buildings	17,434	17,634	17,334	17,034	16,734
Infrastructure, plant and equipment	355	465	765	1,065	1,365
Other	41	41	41	41	41
*Total non-financial assets*	17,830	18,140	18,140	18,140	18,140
Assets held for sale
Total assets	40,664	41,328	41,937	42,546	43,155
LIABILITIES
Provisions
Employees	1,332	1,432	1,432	1,432	1,432
*Total provisions*	1,332	1,432	1,432	1,432	1,432
Payables
Suppliers	3,845	4,000	4,000	4,000	4,000
Grants	1,505	1,305	1,305	1,305	1,305
Other	53	53	53	53	53
*Total payables*	5,403	5,358	5,358	5,358	5,358
Total liabilities	6,735	6,790	6,790	6,790	6,790
Net assets	33,929	34,538	35,147	35,756	36,365
EQUITY*
Parent entity interest
Contributed equity	32	32	32	32	32
Reserves	6,669	6,669	6,669	6,669	6,669
Retained surpluses or accumulated deficits	27,228	27,837	28,446	29,055	29,664
*Total parent entity interest*	33,929	34,538	35,147	35,756	36,365
Total equity	33,929	34,538	35,147	35,756	36,365

Prepared on Australian Accounting Standards basis.

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Table 3.2.3: Budgeted departmental statement of cash flows
(for the period ended 30 June)
	Estimated actual 2008-09 $'000	Budget estimate 2009-10 $'000	Forward estimate 2010-11 $'000	Forward estimate 2011-12 $'000	Forward estimate 2012-13 $'000
OPERATING ACTIVITIES
Cash received
Goods and services
Appropriations	51,904	67,391	69,194	56,277	55,925
Interest	800	800	800	800	800
Other	1,085	1,085	1,085	1,085	1,085
*Total cash received*	53,789	69,276	71,079	58,162	57,810
Cash used
Employees	4,077	6,639	6,732	6,696	6,506
Suppliers	4,044	3,966	4,133	4,100	4,006
Grants	44,967	57,607	59,205	46,357	46,289
*Total cash used*	53,088	68,212	70,070	57,153	56,801
Net cash from or (used by) operating activities	701	1,064	1,009	1,009	1,009
INVESTING ACTIVITIES
Cash used
Purchase of property, plant and equipment	400	710	400	400	400
Total cash used	(400)	(710)	(400)	(400)	(400)
Net cash from or (used by) investing activities	(400)	(710)	(400)	(400)	(400)
Net increase or (decrease) in cash held	301	354	609	609	609
Cash at the beginning of the reporting period	16,255	16,556	16,910	17,519	18,128
Cash at the end of the reporting period	16,556	16,910	17,519	18,128	18,737

Prepared on Australian Accounting Standards basis.

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Table 3.2.4: Departmental statement of changes in equity-summary of movement (Budget year 2009-10)
	Retained earnings $'000	Asset revaluation reserve $'000	Other reserves $'000	Contributed equity/capital $'000	Total equity $'000
Opening balance as at 1 July 2009
Balance carried forward from previous period	27,228	6,669	-	32	33,929
Adjusted opening balance	27,228	6,669	-	32	33,929
Surplus (deficit) for the period	609	-	-	-	609
Total income and expenses
recognised directly in equity	609	-	-	-	609
Estimated closing balance as at 30 June 2010	27,837	6,669	-	32	34,538

Prepared on Australian Accounting Standards basis.

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Table 3.2.5: Departmental capital budget statement
	Estimated actual 2008-09 $'000	Budget estimate 2009-10 $'000	Forward estimate 2010-11 $'000	Forward estimate 2011-12 $'000	Forward estimate 2012-13 $'000
CAPITAL APPROPRIATIONS
Total equity injections	-	-	-	-	-
Total loans	-	-	-	-	-
Special appropriations	-	-	-	-	-
Total capital appropriations
Represented by:
Purchase of non-financial assets	-	-	-	-	-
Other	-	-	-	-	-
Total represented by
ACQUISITION OF NON-FINANCIAL ASSETS
Funded by capital appropriations	-	-	-	-	-
Funded internally from Departmental resources	400	710	400	400	400
Assets received due to restructure (FMA s32)	-	-	-	-	-
TOTAL	400	710	400	400	400

Prepared on Australian Accounting Standards basis.

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Table 3.2.6: Statement of Asset Movements-Departmental
	Land $'000	Buildings $'000	Other Infrastructure, Plant&Equipment $'000	Heritage&Cultural Assets $'000	Investment Property $'000	Intangibles $'000	Other Non-financial Assets $'000	Total $'000
as at 1 July 2009
Gross book value	6,024	11,410	652	41	-	-	-	18,127
Accumulated depreciation/amortisation			(297)	-	-	-	-	(297)
Opening net book balance	6,024	11,410	355	41	-	-	-	17,830
CAPITAL ASSET ADDITIONS
Estimated expenditure on new or replacement assets
by purchase or internally developed	-	500	210	-	-	-	-	710
Sub-total	-	500	210	-	-	-	-	710
Other Movements
Depreciation/amortisation expense	-	(300)	(100)	-	-	-	-	(400)
as at 30 June 2010
Gross book value	6,024	11,910	862	41	-	-	-	18,837
Accumulated depreciation/amortisation	-	(300)	(397)	-	-	-	-	(697)
Closing net book balance	6,024	11,610	465	41	-	-	-	18,140

Prepared on Australian Accounting Standards basis.

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3.2.4 Notes to the financial statements

Basis of accounting

The budgeted financial statements have been prepared in accordance with the requirements of the Finance Minister's Orders issued by the Minister for Finance and Deregulation.

Amounts in these statements are rounded to the nearest thousand dollars.

Departmental financial statements and schedule to administered activity

Under the Australian Government's financial budget and reporting framework, transactions that agencies control (departmental transactions) are separately budgeted for and reported on from transactions agencies do not have control over (administered transactions). This ensures that agencies are only held fully accountable for the transactions over which they have control.

Departmental items are those assets, liabilities, revenues and expenses in relation to an agency or authority that are controlled by the agency. Departmental expenses include employee and supplier expenses and other administrative costs, which are incurred by the agency in providing its goods and services.

Administered items are revenues, expenses, assets and liabilities that are managed by an agency or authority on behalf of the Government according to set government directions.

TSRA has no administered items.

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Revenue from Government - Ordinary Annual Appropriations

Revenue from Government represents amounts appropriated to fund the TSRA's seven Programs, actioned in order to deliver the agency's stated outcome.

Expenses-Depreciation

Property, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives, using in all cases, the straight line method of depreciation.

Asset Valuation

All assets are initially recorded at cost. Property, plant and equipment and other infrastructure assets are periodically revalued at their fair value.

Financial Assets - cash

This includes notes and coins held and deposits at call.

Financial Assets - receivables

This includes loans and advances made by the TSRA to clients in the delivery of its programs, in addition to amounts owing to TSRA for delivery of goods and services, Loans receivable are measured at amortised cost using the effective interest method less impairment.

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