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Portfolio Budget Statements 2009-10

3.2 Budgeted financial statements

3.2.1 Differences in agency resourcing and financial statements

EOWA has no differences in agency resourcing and financial statements.

3.2.2 Analysis of budgeted financial statements

EOWA's income statement shows a balanced budget for 2008-09 and each of the forward years.

Employee and supplier expenses make up the majority of EOWA's operating expenses. Employee expenses are forecast to average 57 per cent and suppliers approximately 36 per cent across the forward years, the total being EOWA's cost in relation to the administration of the Act.

All information technology equipment is out-sourced under a Memorandum of Understanding with FaHCSIA. Depreciation and Amortisation expense is principally comprised of the reporting system and the office fit-out.

3.2.3 Budgeted financial statements tables


Table 3.2.1 Comprehensive Income Statement (Showing Net Cost of Services)
(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 1,889 1,938 1,980 2,098 2,154
Supplier 1,349 1,207 1,333 1,101 1,185
Depreciation and amortisation 262 261 260 249 68
Other - - - - -
Total expenses 3,500 3,406 3,573 3,448 3,407
LESS:
OWN-SOURCE INCOME
Revenue
Sale of goods and rendering of services 466 366 466 366 366
Other revenue - - - - -
Total revenue 466 366 466 366 366
Gains
Sale of assets
Other gains 96 48 100 44 44
Total gains 96 48 100 44 44
Total own-source income 562 414 566 410 410
Net cost of (contribution by) services 2,938 2,992 3,007 3,038 2,997
Appropriation revenue 2,938 2,992 3,007 3,038 2,997
Surplus (Deficit) - - - - -
Surplus (Deficit) attributable to the Australian Government* - - - - -
OTHER COMPREHENSIVE INCOME
Changes in asset revaluation reserves - - - - -
Total other comprehensive income - - - - -
Total comprehensive income - - - - -
Total comprehensive income attributable to the Australian Government - - - - -

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 247 408 368 673 741
Trade and other Receivables 1,965 2,018 2,271 2,168 2,168
Other 18 18 18 18 18
Total financial assets 2,230 2,444 2,657 2,859 2,927
Non-financial assets
Land and buildings 375 275 175 75 10
Infrastructure, plant and equipment 11 10 9 6 3
Intangibles 465 305 146 - -
Biological assets - - - - -
Other 5 5 5 5 5
Total non-financial assets 856 595 335 86 18
Assets held for sale - - - - -
Total assets 3,086 3,039 2,992 2,945 2,945
LIABILITIES
Provisions
Employees 482 482 482 482 482
Other 169 122 75 28 28
Total provisions 651 604 557 510 510
Payables
Suppliers 131 131 131 131 131
Other 132 132 132 132 132
Total payables 263 263 263 263 263
Liabilities included in disposal groups held for sale - - - - -
Total liabilities 914 867 820 773 773
Net assets 2,172 2,172 2,172 2,172 2,172
EQUITY*
Parent entity interest
Contributed equity 733 733 733 733 733
Reserves 40 40 40 40 40
Retained surpluses or accumulated deficits 1,399 1,399 1,399 1,399 1,399
Total parent entity interest 2,172 2,172 2,172 2,172 2,172
Total equity 2,172 2,172 2,172 2,172 2,172
Current assets 2,235 2,449 2,662 2,864 2,932
Non-current assets 851 590 330 81 13
Current liabilities 814 767 720 673 673
Non-current liabilities 100 100 100 100 100

*Note: 'equity' is the residual interest in assets after deduction of liabilities.

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 466 366 466 366 366
Appropriations 2,628 2,939 2,754 3,141 2,997
Other 229 136 198 44 44
Total cash received 3,323 3,441 3,418 3,551 3,407
Cash used
Employees 1,889 1,938 1,980 2,098 2,154
Suppliers 1,349 1,207 1,333 1,101 1,185
Other 23 135 145 47 -
Total cash used 3,261 3,280 3,458 3,246 3,339
Net cash from or (used by) operating activities 62 161 - 40 305 68
INVESTING ACTIVITIES
Cash received
Proceeds from sales of property, plant and equipment - - - - -
Other - - - - -
Total cash received - - - - -
Cash used
Purchase of property, plant and equipment - - - - -
Other - - - - -
Total cash used - - - - -
Net cash from or (used by) investing activities - - - - -
Net cash from or (used by) financing activities - - - - -
Net increase or (decrease) in cash held - - - - -
Cash at the beginning of the reporting period 184 246 407 367 672
Cash at the end of the reporting period 246 407 367 672 740

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
733 40 - 1,399 2,172
Adjustment for changes in accounting policies - - - - -
Adjusted opening balance 733 40 - 1,399 2,172
Surplus (deficit) for the period - - - - -
Estimated closing balance
as at 30 June 2010		 733 40 - 1,399 2,172

Prepared on Australian Accounting Standards basis.

Table 3.2.5: Departmental capital budget statement

EOWA does not have any capital expenditure in the forward years.

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3.2.4 Notes to the financial statements

Basis of accounting

Accounting Policy

EOWA's budget statements have been prepared on an accrual accounting basis, having regard to the Statement of Accounting Concepts, and in accordance with:

Departmental Items

Departmental assets, liabilities, revenues and expenses are those items that are controlled by EOWA that are used by EOWA in producing its outputs and include:


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