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Part C - Agency Budget Statements (continued)
Australian Greenhouse Office (continued)

Section 3 - Budgeted Financial Statements

• Budgeted Financial Statements
• Analysis of Budgeted Financial Statements
• Departmental Financial Statements
• Schedule of Administered Activity
• Table 3.1 - Budgeted Departmental Statement of Financial Performance
• Table 3.2 - Budgeted Departmental Statement of Financial Position
• Table 3.3 - Budgeted Departmental Statement of Cash Flows
• Table 3.4 - Departmental Capital Budget Statement
• Table 3.5 - Departmental Non-Financial Assets - Summary of Movement
• Table 3.6 - Note to the Estimated Actual Column of the Departmental Statement of Financial Performance
• Table 3.7 - Note of Budgeted Revenues and Expenses Administered on Behalf of Government
• Table 3.8 - Note of Budgeted Assets and Liabilities Administered on Behalf of Government
• Notes to the Financial Statements

Budgeted Financial Statements

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

ANALYSIS OF BUDGETED FINANCIAL STATEMENTS

Budgeted Departmental Statement of Financial Performance

There is a decrease in both Budget revenues of $28.0 million and expenses of $34.5 million from 2003-04 to 2004-05. The primary cause of the decreases is the reclassification of Departmental grants in the 2004-05 Budget to Administered, as determined by the Department of Finance and Administration under the Finance Minister's Orders. There is also a decrease of $8.4 million in supplier expenses reflecting reduced administrative costs associated with the delivery of programmes over the Budget and forward years.

Schedule of Budgeted Revenues and Expenses Administered on behalf of Government

There is an increase in grants funding from 2003-04 to 2004-05 of $53.9 million, reflecting both the reclassification of Departmental grants in the 2004-05 Budget to Administered, as determined by the Department of Finance and Administration under the Finance Minister's Orders, and increased grants funding under a range of programmes reflecting the contracted and expected milestone payment schedules for these programmes.

DEPARTMENTAL FINANCIAL STATEMENTS

Budgeted Departmental Statement of Financial Performance

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

Budgeted Departmental Statement of Financial Position

This statement shows the financial position of the Australian Greenhouse Office. It helps decision makers to track the management of the Australian Greenhouse Office's assets and liabilities.

Budgeted Departmental Statement of Cash Flows

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.

Departmental Capital Budget Statement

Shows all planned capital expenditure (capital expenditure on non-financial assets), whether funded either through capital appropriations for additional equity or borrowings, or from funds from internal sources.

Departmental Non-financial Assets - Summary of Movement

Shows budgeted acquisitions and disposals of non-financial assets during the budget year.

SCHEDULE OF ADMINISTERED ACTIVITY

Schedule of Budgeted Revenues and Expenses Administered on behalf of Government

This schedule identifies the main revenues and expenses administered on behalf of the Government except revenue from administered appropriations. As a result of new requirements under the Finance Minister's Orders (FMO) in 2001-02, the receipt of administered appropriations from the Official Public Account is no longer reported as administered revenue. Under the new FMOs only transactions external to the Commonwealth are reported as revenue.

Schedule of Budgeted Assets and Liabilities Administered on behalf of Government

This schedule shows the assets and liabilities administered on behalf of the Government.

Schedule of Budgeted Administered Cash Flows

This schedule shows cash flows administered on behalf of the Government.

Schedule of Administered Capital Budget

This schedule shows details of planned administered capital expenditure.

Schedule of Administered Non-financial Assets - Summary of Movement

This schedule discloses details of movements in administered non-financial assets.

TABLE 3.9 - SCHEDULE OF ADMINISTERED CAPITAL BUDGET

The Australian Greenhouse Office has not been appropriated any Administered Capital in 2004-05.

TABLE 3.10 - SCHEDULE OF ADMINISTERED NON-FINANCIAL ASSETS - SUMMARY OF MOVEMENT (BUDGET YEAR 2004-05)

The Australian Greenhouse Office does not administer any non-financial assets on behalf of the Commonwealth.

Notes to the Financial Statements

1. General notes on accrual budgeting framework

(a) Departmental Financial Statements and Notes of Administered Items

Under the Commonwealth'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.

• Departmental assets 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. Administered expenses include subsidies, grants and personal benefit payments and administered revenues include taxes, fees, fines and excises.

(b) Appropriations in the Accrual Budgeting Framework

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

• departmental price of outputs appropriations: representing the Government's purchase of outputs from agencies;
• departmental capital appropriations: for investments by the Government for either additional equity injections or loans in agencies;
• administered expense appropriations: for the estimated administered expenses relating to an existing outcome, a new outcome or a Specific Purpose Payment to the states; and
• administered capital appropriations: for increases in administered equity through funding non-expense administered payments.

Special appropriations exist under the accrual appropriation framework, and fund the majority of payments from the Consolidated Revenue Fund.

(d) Administered investments in controlled entities

Each Commonwealth Department is required to show an administered investment in each Commonwealth Authority and Company Act 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.

(e) 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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