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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)
Sydney Harbour Federation Trust (continued)

Section 3 - Budgeted Financial Statements

The budgeted departmental financial statements for the Harbour Trust are presented in this section. Information from the budgeted financial statements, forms part of the financial statements that will appear in the Harbour Trust'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 Trust's budgeted financial statements, as reflected in the Trust's budgeted departmental financial statements for 2004-05, is provided below.

Budgeted Departmental Statement of Financial Performance

The Trust is budgeting for a break even operating result for 2004-05.

The Trust's revenues from government (annual appropriation) decline over the budget and forward estimate years as the Trust's properties are progressively remediated and become available for leasing. The reduction in revenue from government for 2004-05 is $0.9 million in the budget, while revenues from property leasing (others) are expected to increase by $1.0 million.

Budgeted Departmental Statement of Financial Position

The Trust's major assets are the lands and buildings, which the Trust holds on behalf of the Commonwealth. The total value increases to $79.1 million in 2004-05 due to the capital cost of the Trust's project works programme of $16.5 million.

The Inventory figure reduces from $11.0 million in 2003-04 to nil in 2004-05 as former Defence houses at Mosman are progressively sold by the Trust.

Departmental financial statements

Budgeted Departmental Statement of Financial Performance

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

Budgeted Departmental Statement of Financial Position

This statement shows the financial position of the Sydney Harbour Federation Trust. It helps decision makers to track the management of the Trust'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   6,027 5,137 3,150 1,621 568
Sales of goods and services   60 60 60 60 60
Interest   20 20 20 20 20
Other   2,420 3,420 8,150 8,121 7,568
Total revenues from ordinary activities            
             
EXPENSES FROM ORDINARY            
ACTIVITIES (excluding borrowing costs expense)            
Employees   2,831 2,887 2,935 2,935 2,983
Suppliers   5,658 5,712 5,177 5,148 4,547
Depreciation and amortisation   38 38 38 38 38
Total expenses from ordinary activities (excluding borrowing costs expense)   8,527 8,637 8,150 8,121 7,568
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

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   4,340 4,421 4,489 4,555 4,621
Receivables   202 264 293 297 300
Accrued revenues   0 0 0 0 0
Other   0 0 0 0 0
Total financial assets   4,542 4,685 4,782 4,852 4,921
             
Non-financial assets            
Land and buildings   62,622 79,122 99,622 120,622 142,622
Infrastructure, plant and equipment   683 644 605 567 529
Inventories   11,040 22 22 22 22
Total Non-financial assets   74,345 79,788 100,249 121,211 143,173
             
Total Assets   78,887 84,473 105,031 126,063 148,094
             
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            
Total Provisions   468 496 523 550 578
    468 496 523 550 578
Payables            
Suppliers   450 526 557 562 565
Total Payables   450 526 557 562 565
             
Total Liabilities   918 1,022 1,080 1,112 1,143
             
EQUITY            
Parent entity Interest            
Contributed equity   73,193 78,675 99,175 120,175 142,175
Reserves   0 0 0 0 0
Statutory funds   0 0 0 0 0
Retained surpluses or accumulated deficits   4,776 4,776 4,776 4,776 4,776
Total parent entity interest   77,969 83,451 103,951 124,951 146,951
             
Total equity   77,969 83,451 103,951 124,951 146,951
             
             
Current liabilities   918 1,022 1,080 1,112 1,143
Non-current liabilities   0 0 0 0 0
Current assets   15,582 4,707 4,804 4,874 4,943
Non-current assets   63,305 79,776 100,227 121,189 143,151

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   6,027 5,137 3,150 1,621 568
Sales of goods and services   66 66 66 66 66
Interest   20 20 20 20 20
GST Recoverable from taxation authorities   1,459 2,145 2,524 2,599 2,644
Other   2,420 3,420 4,920 6,420 6,920
Total cash received   9,992 10,788 10,680 10,726 10,218
             
Cash Used            
Employees   2,803 2,859 2,908 2,908 2,982
Suppliers   7,070 7,848 7,704 7,752 7,171
Grants   0 0 0 0 0
Interest   0 0 0 0 0
Other   0 0 0 0 0
Total cash used   9,873 10,707 10,612 10,660 10,153
             
Net cash from operating activities   119 81 68 66 65
             
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   9,000 16,500 20,500 21,000 22,000
Other   0 0 0 0 0
Total cash used   9,000 16,500 20,500 21,000 22,000
NET CASH FROM INVESTING ACTIVITIES   (9,000) (16,500) (20,500) (21,000) (22,000)
             
FINANCING ACTIVITIES            
             
Cash Received            
Appropriations - contributed equity   9,000 16,500 20,500 21,000 22,000
Total Cash Received   9,000 16,500 20,500 21,000 22,000
             
Cash Used            
Capital use charge paid   180 0 0 0 0
Total Cash Used   180 0 0 0 0
             
NET CASH FROM FINANCING ACTIVITIES   8,820 16,500 20,500 21,000 22,000
             
Net increase/(decrease in cash held)   (61) 81 68 66 65
             
Cash at the beginning of the reporting period   4,401 4,340 4,421 4,489 4,555
Cash at the end of the reporting period   4,340 4,421 4,489 4,555 4,620

TABLE 3.4 - DEPARTMENTAL CAPITAL BUDGET STATEMENT
    Estimated Budget      
    Actual Estimate
ESTIMATED
  Note 2003-04 2004-05 2005-06 2006-07 2007-08
    $'000 $'000 $'000 $'000 $'000
Capital appropriations            
Total equity injections (1)   9,000 16,500 20,500 21,000 22,000
Total loans   0 0 0 0 0
             
Represented by:            
Purchase of non-current assets   9,000 16,500 20,500 21,000 22,000
Other   0 0 0 0 0
             
Purchase of non-current assets            
Funded by capital appropriations   9,000 16,500 20,500 21,000 22,000
Funded internally by departmental resources   0 0 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
33,253
29,369
683
0
0
0
63,305
Additions *
16,500
16,500
Disposals
Revaluation Increments
Recoverable Amount Write-Downs
Net Transfers free of Charge
Depreciation/Amortisation Expense
39
39
Write-off of Assets
Carrying amount at the end of the year
33,253
45,869
644
0
0
0
79,766

* TOTAL ADDITIONS
Self funded   16,500         16,500
Appropriations              
TOTAL   16,500         16,500

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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