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)
National Oceans Office (continued)

Section 3 - Budgeted Financial Statements

Analysis of Budgeted Financial Statements
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
Notes to the 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.

Analysis of Budgeted Financial Statements

The Agency is budgeting for a zero operating profit in both 2003-04 and 2004-05.
The increase in appropriation revenue in 2004-05 is attributable to indexation and supplementation for increased financial reporting costs.

Funding for the National Oceans Office lapses at 30 June 2005 and future funding will be considered by Government in the context of the 2005-06 Budget.

Budgeted Departmental Statement of Financial Performance

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

Budgeted Departmental Statement of Financial Position

This statement shows the financial position of the National Oceans Office. It helps decision makers to track the management of the National Oceans 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.

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		9,142	9,342	23	23	24
Sales of goods and services		0	0	0	0	0
Other		16	16	0	0	0
Total revenues from ordinary activities		9,158	9,358	23	23	24

EXPENSES FROM ORDINARY
ACTIVITIES (excluding borrowing costs expense)
Employees		3,578	3,761	23	23	23
Suppliers		5,407	5,497	0	0	0
Grants		0	0	0	0	0
Depreciation and amortisation		173	100	0	0	0
Total expenses from ordinary activities (excluding borrowing costs expense)		9,158	9,358	23	23	24
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	0
Net Surplus or (deficit)		0	0	0	0	0
Net Surplus or (deficit) attributable to the Commonwealth		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		1,586	1,650	0	0	0
Receivables		43	43	0	0	0
Accrued revenues		0	0	0	0	0
Other		0	0	0	0	0
Total financial assets		1,629	1,693	0	0	0

Non-financial assets
Land and buildings		0	0	0	0	0
Infrastructure, plant and equipment		143	143	0	0	0
Total Non-financial assets		143	143	0	0	0

Total Assets		1,772	1,836	0	0	0

LIABILITIES
Interest bearing liabilities
Loans		0	0	0	0	0
Other		0	0	0	0	0
Total debt		0	0	0	0	0

Provisions
Employees		516	580	0	0	0
Other		0	0	0	0	0
Total Provisions		516	580	0	0	0

Payables
Suppliers		0	0	0	0	0
Grants		0	0	0	0	0
Other		0	0	0	0	0
Total Payables		0	0	0	0	0

Total Liabilities		516	580	0	0	0

EQUITY
Parent entity Interest
Contributed equity		0	0	0	0	0
Reserves		0	0	0	0	0
Statutory funds		0	0	0	0	0
Retained surpluses or accumulated deficits		1,256	1,256	0	0	0
Total parent entity interest		1,256	1,256	0	0	0

Total equity		1,256	1,256	0	0	0


Current liabilities		296	330	0	0	0
Non-current liabilities		220	250	0	0	0
Current assets		1,629	1,693	0	0	0
Non-current assets		143	143	0	0	0

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		9,142	9,342	23	23	24
Other		841	560	0	0	0
Total cash received		9,983	9,902	23	23	24

Cash Used
Employees		3,652	3,697	23	23	24
Suppliers		7,019	6,041	0	0	0
Other		0	0	0	0	0
Total cash used		10,671	9,738	23	23	24

Net cash from operating activities		(688)	164	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		120	100	0	0	0
Other		0	0	1,650	0	0
Total cash used	2	120	100	1,650	0	0

Net cash from investing activities	2	(120)	(100)	(1,650)	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	(808)	64	(1,650)	0	0

Cash at the beginning of the reporting period		2,394	1,586	1,650	0	0
Cash at the end of the reporting period		1,586	1,650	0	0	0

TABLE 3.4 DEPARTMENTAL CAPITAL BUDGET STATEMENT
		Estimated	Budget	FORWARD ESTIMATES
		Actual	Estimate	FORWARD ESTIMATES
	Note	2003-04	2004-05	2005-06	2006-07	2007-08
		$'000	$'000	$'000	$'000	$'000
Capital appropriations
Total equity injections
Total loans

Represented by:
Purchase of non-current assets
Other

Purchase of non-current assets
Funded by capital appropriations
Funded internally by departmental resources		120	100	0	0	0

TABLE 3.5 DEPARTMENTAL NON-FINANCIAL ASSETS
SUMMARY OF MOVEMENT
(BUDGET YEAR 2004-05)
			Other
			Infrastruc	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	0	0	143	0	0	0	143
Additions *			100				100
Disposals
Revaluation Increments
Recoverable Amount Write-Downs
Net Transfers free of Charge
Depreciation/Amortisation Expense			100				100
Write-off of Assets
Carrying amount at the end of the year	0	0	143	0	0	0	143

* TOTAL ADDITIONS
Self funded			100				100
TOTAL			100				100

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.

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

departmental price of outputs appropriations: representing the Government's funding for 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 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.

2. Cash reserves in 2005-06 of $1.650m assumed to be returned to the Official Public Account as funding for the National Oceans Office lapses at 30 June 2005. Refer explanation under Analysis of Budgeted Financial Performance.

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