Portfolio Budget Statements 2006-07

Environment and Heritage Portfolio
Budget initiatives and explanations of appropriations specified by outcomes and outputs by agency
Budget Related Paper No. 1.7
ISBN 1 741 77538 8

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

Tables in this section

Table 5.1: Budgeted departmental income statement for the period ended 30 June
Table 5.2: Budgeted departmental balance sheet as at 30 June
Table 5.3: Budgeted departmental statement of cash flows for the period ended 30 June
Table 5.4: Departmental statement of changes in equity - summary of movement (Budget 2006 07)
Table 5.5: Departmental capital budget statement
Table 5.6: Departmental property, plants, equipment and intangibles summary of movement (Budget year 2006 07)
Table 5.7: Schedule of budgeted income and expenses administered on behalf of government for the period ended 30 June
Table 5.8: Schedule of budgeted assets and liabilities administered on behalf of government as at 30 June
Table 5.9: Schedule of budgeted administered cash flows for the period ended 30 June

Section 5 - Budgeted Financial Statements

Analysis of budgeted financial statements
Budgeted financial statements tables

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 ORER's 2006-07 Annual Report, and is also required as input into the Whole of Government Accounts. ORER is forecasting a balanced budget for 2006-07. ORER also estimates a balanced budget for 2005-06.

Total departmental revenue for 2006-07 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.

During the 2005-06 financial year ORER continued development of the new internet registry. This asset is due to be capitalised toward the end of the 2005-06 financial year with an expected life of around 5 years. As a consequence, the remaining value of the software licence for the previous REC registry was written off at the end of the 2004-05 financial year.

ORER is also responsible for collecting administered funds, with incoming revenue returned to the Official Public Account. The revenue received is from statutory fees for the creation and surrender of renewable energy certificates and renewable energy shortfall related fees. A small amount of administered appropriation is also managed by the office. This is appropriated to meet the cost of refunding renewable energy shortfall fees. All funds received are immediately transferred to the Official Public Account. Likewise, administered appropriation is drawn down as required.

BUDGETED FINANCIAL STATEMENTS TABLES

Table 5.1: Budgeted departmental income statement for the period ended 30 June
	Estimated actual 2005-06 $'000	Budget estimate 2006-07 $'000	Forward estimate 2007-08 $'000	Forward estimate 2008-09 $'000	Forward estimate 2009-10 $'000
INCOME
Revenue
Revenues from Government	2,687	2,749	2,631	2,664	2,693
Goods and services	-	-	-	-	-
Interest	-	-	-	-	-
Dividends	-	-	-	-	-
Rents	-	-	-	-	-
Royalties	-	-	-	-	-
Other	-	-	-	-	-
Total revenue	2,687	2,749	2,631	2,664	2,693
Gains
Net foreign exchange gains	-	-	-	-	-
Reversals of previous asset
write-downs	-	-	-	-	-
Net gains from sale of assets	-	-	-	-	-
Other	-	-	-	-	-
Total gains	-	-	-	-	-
Total income	2,687	2,749	2,631	2,664	2,693
EXPENSE
Employees	1,060	1,090	1,164	1,240	1,320
Suppliers	1,578	1,505	1,303	1,250	1,193
Grants	-	-	-	-	-
Subsidies	-	-	-	-	-
Depreciation and amortisation	49	154	164	174	180
Finance costs	-	-	-	-	-
Write-down of assets and impairment of assets	-	-	-	-	-
Net losses from sale of assets	-	-	-	-	-
Net foreign exchange losses	-	-	-	-	-
Other	-	-	-	-	-
Total expenses	2,687	2,749	2,631	2,664	2,693
Share of operating results of associates and joint ventures accounted for using the equity method	-	-	-	-	-
Operating result from continuing operations
Operating result from discontinued operations	-	-	-	-	-
Gain (loss) on remeasuring discontinued operations	-	-	-	-	-
Operating result
Minority interest in net surplus or (deficit)	-	-	-	-	-
Net surplus or (deficit) attributable to the Australian Government	-	-	-	-	-

Table 5.2: Budgeted departmental balance sheet as at 30 June
	Estimated actual 2005-06 $'000	Budget estimate 2006-07 $'000	Forward estimate 2007-08 $'000	Forward estimate 2008-09 $'000	Forward estimate 2009-10 $'000
ASSETS
Financial assets
Cash	31	147	278	419	611
Receivables	358	358	358	358	358
Investments accounted for under
the equity method	-	-	-	-	-
Investments (s.39 FMA Act;
s.18 CAC Act; s.19 CAC Act)	-	-	-	-	-
Other investments	-	-	-	-	-
Tax assets	-	-	-	-	-
Accrued revenues	-	-	-	-	-
Other	-	-	-	-	-
Total financial assets	389	505	636	777	969
Non-financial assets
Land and buildings	-	-	-	-	-
Infrastructure, plant and equipment	-	-	-	-	-
Investment properties	-	-	-	-	-
Heritage and cultural assets	-	-	-	-	-
Inventories	-	-	-	-	-
Intangibles	597	493	349	195	15
Biological assets	-	-	-	-	-
Assets held for sale	-	-	-	-	-
Other	-	-	-	-	-
Total non-financial assets	597	493	349	195	15
Total assets	986	998	985	972	984
LIABILITIES
Interest bearing liabilities
Loans	-	-	-	-	-
Leases	-	-	-	-	-
Deposits	-	-	-	-	-
Overdraft	-	-	-	-	-
Other	-	-	-	-	-
Total interest bearing liabilities	-	-	-	-	-
Provisions
Employees	298	310	297	284	296
Other	-	-	-	-	-
Total provisions	298	310	297	284	296
Payables
Suppliers	130	130	130	130	130
Grants	-	-	-	-	-
Dividends	-	-	-	-	-
Finance costs	-	-	-	-	-
Other	-	-	-	-	-
Total payables	130	130	130	130	130
Liabilities included in disposal
groups held for sale	-	-	-	-	-
Total liabilities	428	440	427	414	426
EQUITY*
Parent entity interest
Contributed equity	-	-	-	-	-
Reserves	-	-	-	-	-
Statutory funds	-	-	-	-	-
Retained surpluses or
accumulated deficits	558	558	558	558	558
Total parent entity interest	558	558	558	558	558
Minority interest
Contributed equity	-	-	-	-	-
Reserves	-	-	-	-	-
Statutory funds	-	-	-	-	-
Retained surpluses or
accumulated deficits	-	-	-	-	-
Total minority interest	-	-	-	-	-
Total equity	558	558	558	558	558
Current assets	389	505	636	777	969
Non-current assets	597	493	349	195	15
Current liabilities	229	233	229	225	229
Non-current liabilities	199	207	198	189	197
*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
	Estimated actual 2005-06 $'000	Budget estimate 2006-07 $'000	Forward estimate 2007-08 $'000	Forward estimate 2008-09 $'000	Forward estimate 2009-10 $'000
OPERATING ACTIVITIES
Cash received
Goods and services	-	-	-	-	-
Appropriations	2,687	2,749	2,631	2,664	2,693
Interest	-	-	-	-	-
Dividends	-	-	-	-	-
Other	-	-	-	-	-
Total cash received	2,687	2,749	2,631	2,664	2,693
Cash used
Employees	1,038	1,078	1,176	1,253	1,308
Suppliers	1,697	1,505	1,303	1,250	1,193
Grants	-	-	-	-	-
Financing costs	-	-	-	-	-
Other	-	-	-	-	-
Total cash used	2,735	2,583	2,480	2,503	2,502
Net cash from or (used by) operating activities	(48)	166	151	161	191
INVESTING ACTIVITIES
Cash received
Proceeds from sales of property,
plant and equipment	-	-	-	-	-
Proceeds from sales of financial
instruments	-	-	-	-	-
Bills of exchange and promissory notes
Repayments of loans made	-	-	-	-	-
Investments (s.39 FMA Act;
s.18 CAC Act; s.19 CAC Act)	-	-	-	-	-
Other	-	-	-	-	-
Total cash received	-	-	-	-	-
Cash used
Purchase of property, plant
and equipment	-	-	-	-	-
Purchase of financial instruments	-	-	-	-	-
Bills of exchange and promissory notes	-	-	-	-	-
Loans made	-	-	-	-	-
Investments (s.39 FMA Act; s.18 CAC Act; s.19 CAC Act)	-	-	-	-	-
Other	471	50	20	20	-
Total cash used
Net cash from or (used by) investing activities	(471)	(50)	(20)	(20)	-
FINANCING ACTIVITIES
Cash received
Appropriations - contributed equity
Proceeds from issuing financial instruments	-	-	-	-	-
Proceeds from loans	-	-	-	-	-
Other	-	-	-	-	-
Total cash received	-	-	-	-	-
Cash used
Repayments of debt	-	-	-	-	-
Dividends paid	-	-	-	-	-
Other	-	-	-	-	-
Total cash used	-	-	-	-	-
Net cash from or (used by) financing activities	-	-	-	-	-
Net increase or (decrease) in cash held	(519)	116	131	141	191
Cash at the beginning of the reporting period	550	31	147	278	419
Effect of exchange rate movements on cash at the beginning of reporting period	-	-	-	-	-
Cash at the end of the reporting period	31	147	278	419	611

Table 5.4: Departmental statement of changes in equity - summary of movement (Budget 2006 07)
	Accumulated results $'000	Asset revaluation reserve $'000	Other reserves $'000	Contributed equity/ capital $'000	Total equity $'000
Opening balance as at 1 July 2006
Balance carried forward from previous period	558	-	-	-	558
Adjustment for changes in accounting policies	-	-	-	-	-
Adjusted opening balance Income and expense	558	-	-	-	558
Income and expenses recognised directly in equity:	-	-	-	-	-
Gain/loss on revaluation of property	-	-	-	-	-
Sub-total income and expense
Net operating result	-	-	-	-	-
Total income and expenses recognised directly in equity
Transactions with owners
Distribution to owners
Returns on capital Dividends	-	-	-	-	-
Returns of capital Restructuring	-	-	-	-	-
Other	-	-	-	-	-
Contribution by owners
Appropriation (equity injection)	-	-	-	-	-
Other:
Restructuring	-	-	-	-	-
Sub-total transactions with owners	-	-	-	-	-
Transfers between equity components	-	-	-	-	-
Estimated closing balance as at 30 June 2007	558	-	-	-	558

Table 5.5: Departmental capital budget statement
	Estimated actual 2005-06 $'000	Budget estimate 2006-07 $'000	Forward estimate 2007-08 $'000	Forward estimate 2008-09 $'000	Forward estimate 2009-10 $'000
CAPITAL APPROPRIATIONS
Total equity injections	-	-	-	-	-
Total loans	-	-	-	-	-
Total capital appropriations	-	-	-	-	-
Represented by:
Purchase of non-financial assets	-	-	-	-	-
Other	-	-	-	-	-
Total represented by	-	-	-	-	-
PURCHASE OF NON-FINANCIAL
ASSETS
Funded by capital appropriation	-	-	-	-	-
Funded internally by Departmental resources	471	50	20	20	-
Total	471	50	20	20	-

Table 5.6: Departmental property, plants, equipment and intangibles summary of movement (Budget year 2006 07)
	Land $'000	Investment property $'000	Buildings $'000	Specialist military equipment $'000	Other infrastructure plant and equipment $'000	Heritage and cultural assets $'000	Computer software $'000	Other intangibles $'000	Total $'000
As at 1 July 2006
Gross book value	-	-	-	-	-	-	646	-	646
Accumulated depreciation	-	-	-	-	-	-	(49)	-	(49)
Opening net book value	-	-	-	-	-	-	597	-	597
Additions:
by purchase	-	-	-	-	-	-	50	-	50
by finance lease	-	-	-	-	-	-	-	-	-
internally developed	-	-	-	-	-	-	-	-	-
from acquisitions of entities or operations (including restructuring)	-	-	-	-	-	-	-	-	-
Revaluations and impairment through equity	-	-	-	-	-	-	-	-	-
Reclassifications	-	-	-	-	-	-	-	-	-
Depreciation/amortisation expense	-	-	-	-	-	-	(154)	-	(154)
Impairments recognised in operating result	-	-	-	-	-	-	-	-	-
Other movements	-	-	-	-	-	-	-	-	-
Disposals:
from disposal of entities or operations (including restructuring)	-	-	-	-	-	-	-	-	-
other disposals	-	-	-	-	-	-	-	-	-
As at 30 June 2007
Gross book value	-	-	-	-	-	-	696	-	696
Accumulated depreciation	-	-	-	-	-	-	(203)	-	(203)
Estimated closing net book value	-	-	-	-	-	-	493	-	493

Table 5.7: Schedule of budgeted income and expenses administered on behalf of government for the period ended 30 June
	Estimated actual 2005-06 $'000	Budget estimate 2006-07 $'000	Forward estimate 2007-08 $'000	Forward estimate 2008-09 $'000	Forward estimate 2009-10 $'000
INCOME ADMINISTERED ON BEHALF OF GOVERNMENT
Revenue
Taxation
Income tax	-	-	-	-	-
Indirect tax	-	-	-	-	-
Other taxes, fees and fines	-	-	-	-	-
Total taxation	-	-	-	-	-
Non-taxation
Goods and services	-	-	-	-	-
Interest	-	-	-	-	-
Dividends	-	-	-	-	-
Other sources of non-taxation
Statutory fee revenue	584	796	936	1,078	1,221
Penalties	408	202	248	298	352
Rents	-	-	-	-	-
Royalties	-	-	-	-	-
Total non-taxation	992	998	1,184	1,376	1,573
Total revenues administered on behalf of Government	992	998	1,184	1,376	1,573
Gains
Net foreign exchange gains	-	-	-	-	-
Net gains from sale of assets	-	-	-	-	-
Other gains	-	-	-	-	-
Total gains administered on behalf of Government	-	-	-	-	-
Total income administered on behalf of Government	992	998	1,184	1,376	1,573
EXPENSES ADMINISTERED ON BEHALF OF GOVERNMENT
Grants	-	-	-	-	-
Subsidies	-	-	-	-	-
Personal benefits	-	-	-	-	-
Employees	-	-	-	-	-
Suppliers	-	-	-	-	-
Depreciation and amortisation	-	-	-	-	-
Write down and impairment of assets	-	-	-	-	-
Finance costs	-	-	-	-	-
Other	117	447	583	718	864
Losses
Net foreign exchange losses	-	-	-	-	-
Net loss from sale of assets	-	-	-	-	-
Other losses	-	-	-	-	-
Total expenses administered on behalf of Government	117	447	583	718	864

Table 5.8: Schedule of budgeted assets and liabilities administered on behalf of government as at 30 June
ORER does not administer any assets and liabilities on behalf of the government

Table 5.9: Schedule of budgeted administered cash flows for the period ended 30 June
	Estimated actual 2005-06 $'000	Budget estimate 2006-07 $'000	Forward estimate 2007-08 $'000	Forward estimate 2008-09 $'000	Forward estimate 2009-10 $'000
OPERATING ACTIVITIES
Cash received
Income tax	-	-	-	-	-
Indirect tax	-	-	-	-	-
Other taxes, fees and fines	-	-	-	-	-
Sales of goods	-	-	-	-	-
Rendering of services	-	-	-	-	-
Interest	-	-	-	-	-
Dividends
Statutory fee revenue	584	796	936	1,078	1,221
Penalties	408	202	248	298	352
Total cash received	992	998	1,184	1,376	1,573
Cash used
Financing costs	-	-	-	-	-
Employees	-	-	-	-	-
Grant payments	-	-	-	-	-
Interest paid	-	-	-	-	-
Subsidies paid	-	-	-	-	-
Personal benefits	-	-	-	-	-
Suppliers	117	447	583	718	864
Other
Total cash used	117	447	583	718	864
Net cash from or (used by) operating activities	875	551	601	658	709
INVESTING ACTIVITIES
Cash received
Proceeds from sales of property, plant and equipment and intangibles	-	-	-	-	-
Proceeds from sales of equity instruments	-	-	-	-	-
Proceeds from sales of investments	-	-	-	-	-
Repayments of advances	-	-	-	-	-
Transfers from other entities	-	-	-	-	-
Investments (s.39 FMA Act, s.18 CAC Act, s.19 CAC Act)	-	-	-	-	-
Other	-	-	-	-	-
Total cash received	-	-	-	-	-
Cash used
Purchase of property, plant and equipment and intangibles	-	-	-	-	-
Purchase of equity instruments	-	-	-	-	-
Advances and loans made	-	-	-	-	-
Transfers to other entities	-	-	-	-	-
Investments (s.39 FMA Act, s.18 CAC Act, s.19 CAC Act)	-	-	-	-	-
Other	-	-	-	-	-
Total cash used	-	-	-	-	-
Net cash from or (used by) investing activities	-	-	-	-	-
FINANCING ACTIVITIES
Cash received
Proceeds from borrowing	-	-	-	-	-
Cash from Official Public Account	-	-	-	-	-
Other	-	-	-	-	-
Total cash received	-	-	-	-	-
Cash used
Net repayment of borrowings	-	-	-	-	-
Dividends paid	-	-	-	-	-
Cash to Official Public Account	-	-	-	-	-
Other	-	-	-	-	-
Total cash used	-	-	-	-	-
Net cash from or (used by) financing activities	-	-	-	-	-
Net increase or (decrease) in cash held
Cash at beginning of reporting period
Cash from Official Public Account for:
- appropriations	117	447	583	718	864
- special accounts	-	-	-	-	-
Transfers from other entities
(Finance - Whole of Government)	-	-	-	-	-
Cash to Official Public Account for:
- appropriations	993	998	1,184	1,376	1,573
- special accounts	-	-	-	-	-
Transfers to other entities
(Finance - Whole of Government)	-	-	-	-	-
Effect of exchange rate movements on cash at beginning of reporting period	-	-	-	-	-
Cash at end of reporting period	-	-	-	-	-

NOTES TO THE FINANCIAL STATEMENTS

Capitalisation of the new Renewable Energy Certificate registry is due to occur late 2005-06. An allowance for minor additional capital work for the first few years of its life has been included in the above statements.

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