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Agency Budget Statements (continued)
Office of Renewable Energy Regulator (continued)

Section 5 - Budgeted Financial Statements

• 5.1: Analysis of budgeted financial statements
• 5.2: Budgeted financial statements tables

5.1: ANALYSIS OF BUDGETED FINANCIAL STATEMENTS

The budgeted departmental financial statements for the Office of the Renewable Energy Regulator (ORER) are presented in this section. Information from the budgeted financial statements, forms part of the financial statements that will appear in the ORER's 2005-06 Annual Report, and is also required as input into the Whole of Government Accounts.

Budgeted Departmental Statement of Financial Performance

The ORER is forecasting a balanced budget for 2005-06. The ORER also estimates a balanced budget for 2004-05.

Total departmental revenue for 2005-06 is slightly increased from previous years and reflects the increasing administration costs of the mandatory renewable energy target as the target grows in size and the numbers of participants increases.

The ORER is anticipating increased costs, particularly in the areas of service provision (relating to operating an internet-based registry for renewable energy certificates) and, to a lesser extent, in staffing costs.

Budgeted Departmental Statement of Financial Position

The ORER's budget displays asset purchases, as a licence to use technical software required to administer the Renewable Energy (Electricity) Act 2000 is purchased and depreciated.

Schedule of Budgeted Revenues and Expenses Administered on behalf of Government

The ORER is responsible for three types of administered funds, with incoming revenue returned to the Official Public Account. These are:

• Renewable energy certificate related fees (incoming revenue) - these are statutory fees for the creation and surrender of renewable energy certificates under the Renewable Energy (Electricity) Act 2000.
• Renewable energy shortfall related fees (incoming revenue) - these are the penalties under the Renewable Energy (Electricity) Act 2000 which are imposed when a party liable to surrender renewable energy certificates fails to surrender sufficient certificates to discharge their liability (within a certain flexibility margin).
• Renewable energy shortfall related fees (outgoing expenses) - the ORER is appropriated funds to meet the cost of refunding renewable energy shortfall fees. The Renewable Energy (Electricity) Act 2000 provides that a party paying a renewable energy shortfall fee can recover that shortfall payment if, in the next three years, the party surrenders additional renewable energy certificates to cover the shortfall. In these instances, the ORER draws funds by a special appropriation from the Official Public Account for an amount equal to the refund less any administration fees specified in regulations. The ORER then pays the refund to the party concerned.

5.2: BUDGETED FINANCIAL STATEMENTS TABLES

TABLE 5.1 – BUDGETED DEPARTMENTAL STATEMENT OF FINANCIAL PERFORMANCE
(for the period ended 30 June 2006)

	Note	Estimated Actual 2004–05 $'000	Budget Estimate 2005–06 $'000	FORWARD ESTIMATES
				2006–07 $'000	2007–08 $'000	2008–09 $'000
REVENUES FROM ORDINARY ACTIVITIES
Revenues from Government		2,646	2,687	2,744	2,626	2,661
Total revenues from ordinary activities		2,646	2,687	2,744	2,626	2,661
EXPENSES FROM ORDINARY
ACTIVITIES (excluding borrowing costs expense)
Employees		1,018	1,047	1,112	1,167	1,225
Suppliers		1,479	1,469	1,595	1,459	1,436
Depreciation and amortisation		149	171	37	-	-
Total expenses from ordinary activities (excluding borrowing costs expense)		2,646	2,687	2,744	2,626	2,661
Borrowing cost expense		-	-	-	-	-
Net Surplus or (deficit) from ordinary activities		-	-	-	-	-
Gain or (loss) on extraordinary items		-	-	-	-	-
Net Surplus or (deficit) attributable to the Australian Government		-	-	-	-	-
Net credit or (debit) to asset revaluation reserve		-	-	-	-	-
Total changes in equity other than those resulting from transactions with owners as owners		-	-	-	-	-

TABLE 5.2 – BUDGETED DEPARTMENTAL STATEMENT OF FINANCIAL POSITION
(as at 30 June 2006)

	Note	Estimated Actual 2004–05 $'000	Budget Estimate 2005–06 $'000	FORWARD ESTIMATES
				2006–07 $'000	2007–08 $'000	2008–09 $'000
ASSETS
Financial assets
Cash		54	225	262	262	262
Receivables		388	388	388	388	388
Total financial assets		442	613	650	650	650
Non–financial assets
Intangibles		208	37	-	-	-
Total non–financial assets		208	37	-	-	-
Total assets		650	650	650	650	650
LIABILITIES
Provisions
Employees		237	237	237	237	237
Total provisions		237	237	237	237	237
Payables
Suppliers		125	125	125	125	125
Total payables		125	125	125	125	125
Total liabilities		362	362	362	362	362
EQUITY*
Parent entity interest
Retained surpluses or accumulated deficits		288	288	288	288	288
Total parent entity interest		288	288	288	288	288
Total equity		288	288	288	288	288
Current assets		442	613	650	650	650
Non–current assets		208	37	-	-	-
Current liabilities		125	125	125	125	125
Non–current liabilities		237	237	237	237	237
*Note: ‘equity’ is the residual interest in assets after deduction of liabilities

TABLE 5.3 – BUDGETED DEPARTMENTAL STATEMENT OF CASH FLOWS
(for the period ended 30 June 2006)

OPERATING ACTIVITIES	Note	Estimated Actual 2004–05 $'000	Budget Estimate 2005–06 $'000	FORWARD ESTIMATES
				2006–07 $'000	2007–08 $'000	2008–09 $'000
Cash received
Appropriations		2,646	2,687	2,744	2,626	2,661
Total cash received		2,646	2,687	2,744	2,626	2,661
Cash used
Employees		1,018	1,047	1,112	1,167	1,225
Suppliers		1,479	1,469	1,595	1,459	1,436
Total cash used		2,497	2,516	2,707	2,626	2,661
Net cash from or (used by) operating activities		149	171	37	-	-
INVESTING ACTIVITIES
Cash used
Purchase of property, plant and equipment		240	-	-	-	-
Total cash used		240	-	-	-	-
Net cash from or (used by) investing activities		(240)	-	-	-	-
Net increase or (decrease) in cash held		(91)	171	37	-	-
Cash at the beginning of the reporting period		145	54	225	262	262
Cash at the end of the reporting period		54	225	262	262	262

TABLE 5.4 – DEPARTMENTAL CAPITAL BUDGET STATEMENT

	Note	Estimated Actual 2004–05 $'000	Budget Estimate 2005–06 $'000	FORWARD ESTIMATES
				2006–07 $'000	2007–08 $'000	2008–09 $'000
Capital appropriations
Total equity injections		-	-	-	-	-
Total loans		-	-	-	-	-
Total Capital appropriations		-	-	-	-	-
Represented by:
Purchase of non–financial assets		-	-	-	-	-
Total represented by		-	-	-	-	-
Purchase of non–financial assets
Funded internally by departmental resources		240	-	-	-	-
Total		240	-	-	-	-

TABLE 5.5 – DEPARTMENTAL PROPERTY, PLANT, EQUIPMENT AND INTANGIBLES – SUMMARY OF MOVEMENT
(BUDGET YEAR 2005–06)

	Land $'000	Investment Property $’000	Buildings $'000	Other Infrastructure Plant and Equipment $'000	Heritage and cultural assets $'000	Computer Software $'000	Other intangibles $'000	Total $'000
As at 1 July 2005
Gross book value						360		360
Accumulated depreciation						(152)		(152)
Opening net book value	-	-	-	-	-	208	-	208
Additions:
By purchase								-
By finance lease								-
From acquisitions of entities or operations (including restructuring)								-
Net revaluation increment/decrement								-
Reclassifications								-
Depreciation/amortisation expense						(171)		(171)
Recoverable amount write–downs								-
Other movements								-
Disposals:
From disposal of entities of operations (including restructuring)								-
Other disposals								-
As at 30 June 2006								-
Gross book value						360		360
Accumulated depreciation						(323)		(323)
Closing net book value	-	-	-	-	-	37	-	37

TABLE 5.6 – SCHEDULE OF BUDGETED REVENUES AND EXPENSES ADMINISTERED ON BEHALF OF GOVERNMENT
(for the period ended 30 June 2006)

	Note	Estimated Actual 2004–05 $'000	Budget Estimate 2005–06 $'000	FORWARD ESTIMATES
				2006–07 $'000	2007–08 $'000	2008–09 $'000
REVENUES ADMINISTERED ON BEHALF OF GOVERNMENT
Non–taxation (revenues from Government)
Statutory Fees		464	584	736	896	970
Penalties		208	408	720	1,120	1,130
Total non–taxation		672	992	1,456	2,016	2,100
Total revenues administered on behalf of the Government		672	992	1,456	2,016	2,100
EXPENSES ADMINISTERED ON BEHALF OF GOVERNMENT
Refunds of penalties		502	208	408	720	800
Total expenses administered on behalf of the Government		502	208	408	720	800

TABLE 5.7 - SCHEDULE OF BUDGETED ASSETS AND LIABILITIES ADMINISTERED ON BEHALF OF GOVERNMENT
(as at 30 June 2006)

There is no schedule of budgeted assets and liabilities administered on behalf of government for the ORER.

TABLE 5.8 – SCHEDULE OF BUDGETED ADMINISTERED CASH FLOWS
(for the period ended 30 June 2006)

	Note		Estimated Actual 2004–05 $'000	Budget Estimate 2005–06 $'000	FORWARD ESTIMATES
					2006–07 $'000	2007–08 $'000	2008–09 $'000
OPERATING ACTIVITIES
Cash received
Statutory Fees			464	584	736	896	970
Penalties			208	408	720	1,120	1,130
Total cash received			672	992	1,456	2,016	2,100
Cash used
Refunds of Penalties			502	208	408	720	800
Total cash used			502	208	408	720	800
Net cash from or (used by) operating activities			170	784	1,048	1,296	1,300
Net increase or (decrease) in cash held			170	784	1,048	1,296	1,300
Cash at the beginning of the reporting period			-	-	-	-	-
Cash from Official Public Account for
Appropriations			502	208	408	720	800
Cash to Official Public Account for
Appropriations			(672)	(992)	(1,456)	(2,016)	(2,100)
Cash at the end of the reporting period			-	-	-	-	-

TABLE 5.9 - SCHEDULE OF ADMINISTERED CAPITAL BUDGET

The ORER has not been appropriated any Administered Capital in 2005-06.

TABLE 5.10 - SCHEDULE OF PROPERTY, PLANT, EQUIPMENT AND INTANGIBLES - SUMMARY OF MOVEMENT
(BUDGET YEAR 2005-06)

The ORER does not administer any non-financial assets on behalf of the Australian Government.

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