Portfolio budget statements

Portfolio Budget Statements 2004-2005

Environment and Heritage Portfolio
Budget Initiatives and Explanations of Appropriations 2004-2005
Budget Related Paper No. 1.7
ISSN 1448-1219 (Online), 1448-1200 (Print)

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Part C - Agency Budget Statements (continued)
Great Barrier Reef Marine Park Authority (continued)

Section 3 - Budgeted Financial Statements

The budgeted departmental financial statements for the Great Barrier Reef Marine Park Authority (GBRMPA) are presented in this section. Information from the budgeted financial statements, forms part of the financial statements that will appear in the GBRMPA's 2004-05 Annual Report, and is also required as input into the Whole of Government Accounts.

ANALYSIS OF BUDGETED FINANCIAL STATEMENTS

An analysis of the GBRMPA's budgeted financial statements, as reflected in the GBRMPA's budgeted departmental financial statements for 2004-05, is provided below.

Budgeted Departmental Statement of Financial Performance

The GBRMPA is budgeting for a break even operating result for 2004-05. Total revenue in 2004-05 is estimated to be $38.6 million, an increase of $6.7 million from the 2003-04 estimated actual. The increase is primarily as a result of Grants from the Natural Heritage Trust for the following Budget Measures:

Total expenses are estimated to be $38.6 million, an increase of $6.7 million from the 2003-04 estimated actual. The increase is primarily due to the cost impact of Budget Measures associated with the new Zoning Plan and Reef Water Quality Protection Plan Monitoring and Reporting.

Budgeted Departmental Statement of Financial Position

The GBRMPA's budgeted net asset position is expected to remain unchanged at $13.1 million.

DEPARTMENTAL FINANCIAL STATEMENTS


Budgeted Departmental Statement of Financial Performance

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

Budgeted Departmental Statement of Financial Position

This statement shows the financial position of the GBRMPA. It helps decision makers to track the management of the GBRMPA'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.

TABLE 3.1 BUDGETED DEPARTMENTAL STATEMENT OF FINANCIAL PERFORMANCE
(for the period ended 30 June 2005)
    Estimated Budget
FORWARD
    Actual Estimate
ESTIMATES
  Note 2003-04 2004-05 2005-06 2006-07 2007-08
    $'000 $'000 $'000 $'000 $'000
REVENUES FROM ORDINARY ACTIVITIES            
Revenues from Government   23,117 23,394 23,325 23,470 23,640
Sales of goods and services   2,748 3,015 3,136 3,165 3,165
Interest   150 100 100 100 100
Other   5,927 12,112 11,965 10,456 4,892
Total revenues from ordinary activities   31,942 38,621 38,526 37,191 31,797
             
EXPENSES FROM ORDINARY            
ACTIVITIES (excluding borrowing costs expense)          
Employees   11,947 12,506 12,957 13,022 12,955
Suppliers   9,679 15,626 14,907 13,414 7,993
Grants   0 0 0 0 0
Depreciation and amortisation   1,030 1,030 1,030 1,030 1,030
Other (Day-to-day Management)   9,286 9,459 9,632 9,725 9,819
Total expenses from ordinary activities
(excluding borrowing costs expense)		   31,942 38,621 38,526 37,191 31,797
Borrowing cost expense   0 0 0 0 0
Net Surplus or (deficit) from ordinary
activities		   0 0 0 0 0
Gain or loss on extraordinary items   0 0   0 0
Net Surplus or (deficit)   0 0 0 0 0

TABLE 3.2 BUDGETED DEPARTMENTAL STATEMENT OF FINANCIAL POSITION
(as at 30 June 2005)
    Estimated Budget
FORWARD
    Actual Estimate
ESTIMATES
  Note 2003-04 2004-05 2005-06 2006-07 2007-08
    $'000 $'000 $'000 $'000 $'000
ASSETS            
Financial Assets            
Cash   3,229 3,929 4,129 5,029 5,729
Receivables   2,700 2,700 2,700 2,700 2,700
Other   8 8 8 8 8
Total financial assets   5,937 6,637 6,837 7,737 8,437
             
Non-financial assets            
Land and buildings   9,711 9,343 9,625 9,107 8,689
Infrastructure, plant and equipment   1,728 1,612 1,346 1,180 1,064
Inventories   110 110 110 110 110
Intangibles   319 273 227 181 185
Other   469 469 469 469 469
Total Non-financial assets   12,337 11,807 11,777 11,047 10,517
             
Total Assets   18,274 18,444 18,614 18,784 18,954
             
LIABILITIES            
Interest bearing liabilities            
Loans   0 0 0 0 0
Total interest bearing liabilities   0 0 0 0 0
             
Provisions            
Employees   3,274 3,444 3,614 3,784 3,954
Total Provisions   3,274 3,444 3,614 3,784 3,954
             
Payables            
Suppliers   1,270 1,270 1,270 1,270 1,270
Other   658 658 658 658 658
Total Payables   1,928 1,928 1,928 1,928 1,928
             
Total Liabilities   5,202 5,372 5,542 5,712 5,882
             
EQUITY            
Parent entity Interest            
Contributed equity   4,204 4,204 4,204 4,204 4,204
Reserves   12,537 12,537 12,537 12,537 12,537
Statutory funds   0 0 0 0 0
Retained surpluses or accumulated deficits   (3,669) (3,669) (3,669) (3,669) (3,669)
Total parent entity interest   13,072 13,072 13,072 13,072 13,072
             
Total equity   13,072 13,072 13,072 13,072 13,072
             
             
Current liabilities   3,717 3,802 3,887 3,972 4,057
Non-current liabilities   1,485 1,570 1,655 1,740 1,825
Current assets   6,516 7,216 7,416 8,316 9,016
Non-current assets   11,758 11,228 11,198 10,468 9,938

TABLE 3.3 BUDGETED DEPARTMENTAL STATEMENT OF CASH FLOWS
(for the period ended 30 June 2005)
    Estimated Budget
FORWARD
    Actual Estimate
ESTIMATES
  Note 2003-04 2004-05 2005-06 2006-07 2007-08
OPERATING ACTIVITIES   $'000 $'000 $'000 $'000 $'000
Cash received            
Appropriations for outputs   23,117 23,394 23,325 23,470 23,640
Sales of goods and services   2,608 3,015 3,136 3,165 3,165
Interest   150 100 100 100 100
Other   6,827 13,012 12,865 11,356 5,792
Total cash received   32,702 39,521 39,426 38,091 32,697
             
Cash Used            
Employees   11,777 12,336 12,787 12,852 12,785
Suppliers   10,551 16,526 15,807 14,314 8,893
Interest   0 0 0 0 0
Other   9,286 9,459 9,632 9,725 9,819
Total cash used   31,614 38,321 38,226 36,891 31,497
             
Net cash from operating activities   1,088 1,200 1,200 1,200 1,200
             
INVESTING ACTIVITIES            
Cash Received            
Proceeds from sale of property, plant and equipment   0 0 0 0 0
Total Cash Received   0 0 0 0 0
             
Cash used            
Purchase of property, plant and equipment   500 500 1,000 300 500
Total cash used   500 500 1,000 300 500
             
Net cash from investing activities   (500) (500) (1,000) (300) (500)
             
FINANCING ACTIVITIES            
             
Cash Received            
Proceeds from debt   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   127 0 0 0 0
Total Cash Used   127 0 0 0 0
             
Net cash from financing activities   (127) 0 0 0 0
             
Net increase/(decrease in cash held)   461 700 200 900 700
             
Cash at the beginning of the reporting period   2,768 3,229 3,929 4,129 5,029
Cash at the end of the reporting period   3,229 3,929 4,129 5,029 5,729

TABLE 3.4 DEPARTMENTAL CAPITAL BUDGET STATEMENT
    Estimated Budget      
    Actual Estimate
ESTIMATED
    2003-04 2004-05 2005-06 2006-07 2007-08
    $'000 $'000 $'000 $'000 $'000
Capital appropriations            
Total equity injections            
             
Represented by:            
Purchase of non-current assets            
             
Purchase of non-current assets            
Funded by capital appropriations            
Funded internally by departmental resources   500 500 1,000 300 500

TABLE 3.5 DEPARTMENTAL NON-FINANCIAL ASSETS
SUMMARY OF MOVEMENT (BUDGET YEAR 2003-04)
      Other        
      Infrastructure Heritage      
      Plant and and cultural Computer Other  
  Land Buildings Equipment assets software intangibles Total
  $'000 $'000 $'000 $'000 $'000 $'000 $'000
Carrying amount at the start of the year   9,711 1,728   319   11,758
Additions *   250 200   50   500
Disposals              
Revaluation Increments              
Recoverable Amount Write-Downs              
Net Transfers free of Charge              
Depreciation/Amortisation Expense   618 316   96   1,030
Write-off of Assets              
Carrying amount at the end of the year   9,343 1,612   273   11,228
               
* TOTAL ADDITIONS
Self funded   250 200   50   500
TOTAL   250 200   50   500

Notes to the Financial Statements

1. General notes on accrual budgeting framework
(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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Budget statements

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