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Portfolio budget statements

Portfolio Additional Estimates Statements 2004–2005

Environment and Heritage Portfolio
Explanation of Additional Estimates 2004–2005
Commonwealth of Australia 2005
ISSN 1448 – 9058 (Online)

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Part C - Agency Additional Estimates Statements (continued)
National Oceans Office (continued)

Section 3 - Budgeted Financial Statements

The budgeted departmental financial statements for the National Oceans Office are presented in this section. Information from the budgeted financial statements forms part of the financial statements that will appear in the National Oceans Office's 2004 2005 Annual Report, and is also required as input into the Whole of Government Accounts.

The National Oceans Office was abolished as an Executive Agency under the Public Service Act 1999 on 26 October 2004 and as a Prescribed Agency under the Financial Management and Accountability Act 1997 on 3 November 2004 following the Ministry changes announced after the recent election. The budget estimates for the National Oceans Office have been incorporated into the Department of the Environment and Heritage - Outcome 1 Environment. Consequently, the 2004-05 budget estimates are apportioned between the Agency Additional Estimates Statements for the National Oceans Office (1 July 2004 to 3 November 2004) and the Department of the Environment and Heritage (4 November 2004 to 30 June 2005).

Analysis of Budgeted Financial Statements

Budgeted Departmental Statement of Financial Performance

On 3 November 2004 the National Oceans Office was abolished as a prescribed agency under the Financial Management and Accountability Act 1997. From 4 November 2004 funding will be directly appropriated to the Department of the Environment and Heritage - Outcome 1 Environment. Consequently, the 2004-05 Revenue from Government estimate includes appropriation of only $3.234m for the period 1 July 2004 to 3 November 2004. The expense estimates accordingly relate to the period 1 July 2004 to 3 November 2004. Revenue and expense estimates for the remaining period are reflected in the Departmental Statement of Financial Performance for the Department of the Environment and Heritage.

Budgeted Departmental Statement of Financial Position

The closing balances previously reflected in the Budgeted Departmental Statement of Financial Position have been transferred to the Department of the Environment and Heritage.

Table 3.1– Budgeted departmental statement of financial performance
(for the period ended 30 June 2005)
  Note Actual
2003–04
$'000		 Revised
Budget
2004–05}
$'000
FORWARD
ESTIMATES
2005–06
$'000		 2006–07
$'000		 2007–08
$'000
REVENUES FROM ORDINARY ACTIVITIES
  
Revenues from Government
   9,160 3,234 0 0 0
Sales of goods and services
   272 46 0 0 0
Other
   0 0 0 0 0
Total revenues from ordinary activities
   9,432 3,280 0 0 0
EXPENSES FROM ORDINARY
            
ACTIVITIES (excluding borrowing costs expense)
            
Employees
   3,720 1,374 0 0 0
Suppliers
   5,752 1,070 0 0 0
Grants
   0 0 0 0 0
Depreciation and amortisation
   133 50 0 0 0
Total expenses from ordinary activities (excluding borrowing costs expense)
   9,605 2,494 0 0 0
Borrowing cost expense
   0 0 0 0 0
Net Surplus or (deficit) from ordinary activities
   (173) 786 0 0 0
Gain or loss on extraordinary items
   0 0 0 0 0
Net Surplus or (deficit)
   (173) 786 0 0 0
Net Surplus or (deficit) attributable to the Commonwealth
   (173) 786 0 0 0
Table 3.2– Budgeted Departmental Statement of Financial Position
(as at 30 june 2005)
The closing balances previously reflected in the Budgeted Departmental Statement of Financial Position have been transferred to the Department of the Environment and Heritage.
Table 3.3– Budgeted departmental statement of cash flows
(for the period ended 30 June 2005)
  Note Actual
2003–04
$'000		 Revised
Budget
2004–05
$'000
FORWARD
ESTIMATES
2005–06
$'000		 2006–07
$'000		 2007–08
$'000
OPERATING ACTIVITIES
  
Cash received
  
Appropriations for outputs
   9,142 3,234 0 0 0
Other
   1,441 265 0 0 0
Total cash received
   10,583 3,499 0 0 0
Cash Used
            
Employees
   3,626 1,343 0 0 0
Suppliers
   7,289 1,070 0 0 0
Other
   1,752 0 0 0 0
Total cash used
   12,667 2,413 0 0 0
Net cash from operating activities
   (2,084) 1,086 0 0 0
INVESTING ACTIVITIES
            
Cash Received
            
Proceeds from sale of property, plant
   0 0 0 0 0
and equipment
   0 0 0 0 0
Total Cash Received
   0 0 0 0 0
Cash used
            
Purchase of property, plant and equipment
   64 0 0 0 0
Other
   0 0 0 0 0
Total cash used
   64 0 0 0 0
Net cash from investing activities
   (64) 0 0 0 0
FINANCING ACTIVITIES
            
Cash Received
            
Proceeds from debt
   0 0 0 0 0
Proceeds from issuing equity instruments
   0 0 0 0 0
Total Cash Received
   0 0 0 0 0
Cash Used
            
Repayment of debt
   0 0 0 0 0
Capital use charge paid
   0 0 0 0 0
Dividends paid
   0 0 0 0 0
Total Cash Used
   0 0 0 0 0
Net cash from financing activities
   0 0 0 0 0
Net increase/(decrease in cash held)
   (2,148) 1,086 0 0 0
Cash at the beginning of the reporting period
   2,394 246 0 0 0
Cash at the end of the reporting period
   246 1,332 0 0 0
Table 3.4 – Departmental Capital Budget statement
The National Oceans Office has not been appropriated any Departmental Capital in 2004-05.
Table 3.5– Departmental non-financial assets – summary of movement (Budget year 2004-05)
The closing balances previously reflected in the Departmental Non-Financial Assets Summary of Movement have been transferred to the Department of the Environment and Heritage.

Notes to the Financial Statements

1. General notes on accrual budgeting framework
  1. Departmental Financial Statements and Notes of Administered Items
  2. Appropriations in the Accrual Budgeting Framework
  3. Administered investments in controlled entities
  4. Asset Valuation
(a) Departmental Financial Statements and Notes of Administered Items

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

(b) Appropriations in the Accrual Budgeting Framework

Under the Australian Government's accrual budgeting framework, separate annual appropriations are provided for:

Special appropriations fund the majority of payments from the Consolidated Revenue Fund (especially those that are entitlement driven or involve transfers to state governments).

(c) Administered investments in controlled entities

Each Commonwealth Department is required to show an administered investment in each Commonwealth Authority and Company (CAC) Act 1997 entity within their portfolio. These administered investments should be valued at the Commonwealth's ownership interest in the net assets of those CAC entities, fixed at a notional acquisition date of 30 June 1997.

(d) Asset Valuation

From 1 July 2002 Commonwealth agencies and authorities are required to use either the cost basis or the fair value basis to measure property, plant and equipment. The shift from the deprival method of valuation to fair value should occur gradually over a three-year period. Fair value essentially reflects the current market value of an asset. See guidance from the Department of Finance and Administration on how to calculate fair value.

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