Department of the Environment and Heritage Annual Report 2003-04
Department of the Environment and Heritage, 2004
ISSN 1441 9335
Review of performance: Financial results
The Department's 2003-04 operating revenues of $262.2 million (2002-03, $336.7 million) exceeded its operating expenses of $256.6 million (2002-03, $307.6 million), producing a net operating surplus of $5.6 million (the 2002-03 surplus was $29 million, which included revenue for the Capital User Charge).
Included in the 2003-04 surplus were revenues of $1.4 million, reflecting the transfer of appropriation for prior year outputs of the Australian Heritage Commission. After it was abolished in 2003, the commission's functions were transferred to the Department.
The overall reduction in revenues and expenses between 2002-03 and 2003-04 reflected the creation of the Bureau of Meteorology as a prescribed agency on 12 September 2002.
The Department concluded the year with total equity of $258 million, which represented a slight reduction from the previous year ($260.6 million). The overall reduction reflected the gain of Australian Heritage Commission net assets, and the transfer out of National Halon Bank assets (when this function was reclassified from departmental to administered in December 2003).
Revenues administered on behalf of the Australian Government in 2003-04 amounted to $11.1 million, which represented a slight reduction from the previous year ($11.9 million). This reflected the Bureau of Meteorology becoming a prescribed agency in September 2002.
Expenses administered on behalf of the Australian Government increased in 2003-04 by $9 million to $267.5 million (2002-03, $258.5 million), as a result of increased grant activity.
Assets administered on behalf of the Australian Government increased to $132 million (2002-03, $124 million) during the year, mainly as a consequence of a capital injection for the Sydney Harbour Federation Trust that increased the value of the Department's administered investments.
Liabilities administered on behalf of the Australian Government increased by $27.1 million to $43.4 million (2002-03, $16.3 million). The increase was associated with increased grant activity.
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