Portfolio budget statements

Portfolio Budget Statements 2005-06

Environment and Heritage Portfolio

Budget Initiatives and Explanations of Appropriations 2005-06
Budget Related Paper No. 1.7
ISSN 1448-1219 (Online), 1448-1200 (Print)

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Agency Budget Statements (continued)
Sydney Harbour Federation Trust (continued)

Tables in this section

Section 5: Budgeted Financial Statements

5.1: ANALYSIS OF BUDGETED FINANCIAL STATEMENTS

An analysis of the Sydney Harbour Federation Trust's (Harbour Trust) budgeted financial statements, as reflected in the Harbour Trust’s budgeted departmental financial statements for 2005–06, is provided below.

Budgeted Departmental Statement of Financial Performance

The Harbour Trust is budgeting for a break even operating result for 2005–06.

The Harbour Trust’s revenues from government (annual appropriation) decline over the budget and forward estimate years as the Harbour Trust’s properties are progressively remediated and become available for leasing. The reduction in revenue from government for 2005–06 is $2.0 million, while revenues from property leasing (other revenue from ordinary activities) are expected to increase by $1.4 million.

Budgeted Departmental Statement of Financial Position

The Harbour Trust's major assets are the lands and buildings, which the Harbour Trust holds on behalf of the Commonwealth. The total value increases to $102.7 million in 2005–06 due to the capital cost of the Harbour Trust's projected works programme of $21.5 million.

The Inventory figure reduces from $7.8 million in 2004–05 to $1.2 million in 2005–06 as former Defence houses at Mosman are progressively sold by the Harbour Trust.

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 5,137 3,151 1,616 565 25
Goods and services 6,660 60 60 60 60
Interest 472 545 507 490 493
Other 2,968 4,395 5,933 6,450 7,947
Total revenues from ordinary activities   15,237 8,151 8,116 7,565 8,525
EXPENSES FROM ORDINARY ACTIVITIES          
(excluding borrowing costs expense)  
Employees 3,700 3,768 3,779 3,849 3,874
Suppliers 9,299 4,345 4,299 3,678 3,613
Depreciation and amortisation 38 38 38 38 38
Total expenses from ordinary activities
(excluding borrowing costs expense)		 13,037 8,151 8,116 7,565 7,525
Borrowing cost expense - - - - -
Operating Surplus or (deficit) from ordinary activities 2,200 0 0 0 1,000
Gain or loss on extraordinary items - - - - -
Net Surplus or (deficit) attributable to the Australian Government 2,200 0 0 0 1,000
Net credit or (debit) to asset revaluation reserve - - - - -
Total changes in equity other than those resulting from transactions with owners as owners 2,200 0 0 0 1,000
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 20,185 19,253 18,319 18,384 18,450
Receivables 264 293 297 300 300
Total financial assets 20,449 19,546 18,616 18,684 18,750
Non–financial assets
Land and buildings 81,190 102,690 124,690 146,690 168,690
Infrastructure, plant and equipment 829 790 752 714 676
Inventories 7,845 1,227 1,227 1,227 1,227
Total non–financial assets 89,864 104,707 126,669 148,631 170,593
Total assets 110,313 124,253 145,285 167,315 189,343
LIABILITIES
Provisions
Employees 629 656 683 711 738
Total provisions 629 656 683 711 738
Payables
Suppliers 709 740 745 747 748
Total payables 709 740 745 747 748
Total liabilities 1,338 1,396 1,428 1,458 1,486
EQUITY*
Parent entity interest
Contributed equity 99,609 113,491 134,491 156,491 177,491
Retained surpluses or accumulated deficits 9,366 9,366 9,366 9,366 10,366
Total parent entity interest 108,975 122,857 143,857 165,857 187,857
Total equity 108,975 122,857 143,857 165,857 187,857
Current assets 28,294 20,773 19,843 19,911 19,977
Non–current assets 82,019 103,480 125,442 147,404 169,366
Current liabilities 1,208 1,239 1,244 1,273 1,292
Non–current liabilities 130 157 184 185 194
*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)
Note Estimated
Actual
2004–05		 Budget
Estimate
2005–06
FORWARD
ESTIMATES
2006–07 2007–08 2008–09
OPERATING ACTIVITIES $'000 $'000 $'000 $'000 $'000
Cash received
Appropriations 5,137 3,151 1,616 565 25
Goods and services 18,172 66 66 66 66
Interest 562 705 628 590 593
Other 5,023 6,759 8,411 8,994 10,491
Total cash received 28,894 10,681 10,721 10,215 11,175
Cash used
Employees 3,672 3,741 3,752 3,848 3,874
Suppliers 7,035 6,872 6,903 6,302 6,235
Total cash used 10,707 10,613 10,655 10,150 10,109
Net cash from or (used by) operating activities 18,187 68 66 65 1,066
INVESTING ACTIVITIES
Cash used
Purchase of property, plant and equipment 23,500 21,500 22,000 22,000 22,000
Total cash used 23,500 21,500 22,000 22,000 22,000
Net cash from or (used by) investing activities (23,500) (21,500) (22,000) (22,000) (22,000)
FINANCING ACTIVITIES
Cash received
Appropriations – contributed equity 16,500 20,500 21,000 22,000 22,000
Total cash received 16,500 20,500 21,000 22,000 22,000
Other - - - - 1,000
Total cash used - - - - 1,000
Net cash from or (used by) financing activities 16,500 20,500 21,000 22,000 21,000
Net increase or (decrease) in cash held 11,187 (932) (934) 65 66
Cash at the beginning of the reporting period 8,998 20,185 19,253 18,319 18,384
Cash at the end of the reporting period 20,185 19,253 18,319 18,384 18,450
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 16,500 20,500 21,000 22,000 22,000
Total loans - - - - -
Total capital appropriations 16,500 20,500 21,000 22,000 22,000
Represented by:
Purchase of non–financial assets 16,500 20,500 21,000 22,000 22,000
Total represented by 16,500 20,500 21,000 22,000 22,000
Purchase of non–financial assets
Funded by capital appropriations 16,500 20,500 21,000 22,000 22,000
Funded internally by departmental resources 7,000 1,000 1,000 - -
Total 23,500 21,500 22,000 22,000 22,000
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 45,617 21,905 985 14,004 82,511
Accumulated depreciation (336) (157) (493)
Opening net book value 45,617 – 21,569 828 14,004 – – 82,018
Additions:
By purchase 11,250 10,250 21,500
By finance lease –
From acquisitions of entities or operations (including restructuring) –
Net revaluation increment/decrement –
Reclassifications –
Depreciation/amortisation expense (38) (38)
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 56,867 – 32,155 985 14,004 – – 104,011
Accumulated depreciation – – (336) (195) – – – (531)
Closing net book value 56,867 – 31,819 790 14,004 – – 103,480
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