Financial Statements

Date

Audit Report to be inserted

Audit Report to be inserted

Department of the Treasury
Statement by the Departmental Secretary

In my opinion, the attached financial statements give a true and fair view of the matters required by Schedule 2 to the Finance Minister

s Orders made under section 63 of the Financial Management and Accountability Act 1997.

 

 

Signed

E. A. Evans
Secretary to the Treasury
October 1999

 

Agency Revenues and Expenses

for the year ended 30 June 1999




Notes


1998-99
$’000


1997-980

$’00


NET COST OF SERVICES
Expenses
Employees

4A


36,242


31,886

Suppliers

4B


16,602


17,451

Depreciation and amortisation

4C


1,949


1,643

Loss on sale of assets

556


Interest

10


13

Expenses of business operations

4D


30,808


24,520


Total expenses

86,167


75,513


Revenues from independent sources
Net gains from sale of assets

7A



2

Other revenues from independent sources

8


2,193


972

Revenues of business operations

7B


30,930


25,312


Total revenues from independent sources

33,123


26,286


Net cost of services

53,044


49,227


REVENUES FROM GOVERNMENT
Appropriations used for:
Ordinary annual services (net appropriations)

9A,20


50,449


50,137

Other services

350


113

Resources received free of charge

9B


293


534


Total revenues from government

51,092


50,784


Operating surplus before
extraordinary items

(1,952)


1,557


Net revenues or expenses from extraordinary items:
Restructuring

6A


(499)


(62)

Company tax equivalent for business operations

2.17


(598)



Operating surplus

(3,049)


1,495

Accumulated results at 1 July

8,340


6,845

Capitalisation of assets

6B


7,652


Capital injection (1998-99 carryover)

3,763



Accumulated results at 30 June

12A


16,706


8,340


The above statement should be read in conjunction with the accompanying notes.

 

Administered Revenues and Expenses

for the year ended 30 June 1999




Notes


1998-99
$'000


1997-98
$’000


REVENUES
Non taxation
Interest revenue

7C


1,880,638


1,692,913

Dividend revenue

2.21



2,729,654

Net Foreign exchange gains

2.19


586,196


Revenue arising from securities
other than trading securities

7E


281,139


246,267

Other administered revenue

7F


9,337,712


9,136,515


Total revenues

12,085,685


13,805,349


EXPENSES
Grants

5


17,394,217


16,931,550

Net foreign exchange losses


2,698,393

Interest and other financing costs

4F


8,549,837


8,728,490

Other administered expenses

4G


999,121


7,125,009


Total expenses

26,943,175


35,483,442


Net cost to government

(14,857,490)


(21,678,093)


TRANSFERS
Cash from the Official Commonwealth Public Account

101,178,986


106,369,105

Special appropriations accrued

3,195,537


Cash to the Official Commonwealth Public Account

(79,330,137)


(76,016,938)


Net change in administered net assets before extraordinary items

10,186,896


8,674,074


Net revenues from extraordinary items


95,910


Net change in administered net assets

10,186,896


8,769,984


Accumulated results at 1 July

(92,453,310)


(127,687)

Change in accounting policy


(101,095,607)


Accumulated results at 30 June

(82,266,414)


(92,453,310)


The above statement should be read in conjunction with the accompanying notes.

 

Agency Assets and Liabilities

as at 30 June 1999




Notes


1998-99
$’000


1997-98
$’000


DEBT
Leases

10A


1,501


22


Total debt

1,501


22


PROVISIONS AND PAYABLES
Employees

11A


13,408


12,742

Suppliers

11B


1,126


1,044

Other

11C


4,965


1,147


Total provisions and payables

19,499


14,933


Total liabilities

21,000


14,955


EQUITY
Accumulated results

16,706


8,340

Reserves

5,673


4,463


Total equity

12A


22,379


12,803


Total liabilities and equity

43,379


27,758


FINANCIAL ASSETS
Cash

13A


547


36

Receivables

13B


4,732


5,246

Investments

13C



1,368


Total financial assets

5,279


6,650


NON-FINANCIAL ASSETS
Infrastructure, plant and equipment

14A,B


10,576


8,085

Inventories

14C


13,193


5,962

Intangibles

14 A,B


7,505


366

Other

14D


6,826


6,695


Total non-financial assets

38,100


21,108


Total assets

43,379


27,758


Current liabilities

9,999


5,341

Non-current liabilities

11,001


9,614

Current assets

22,091


16,174

Non-current assets

21,288


11,584


The above statement should be read in conjunction with the accompanying notes.

 

Administered Assets and Liabilities

as at 30 June 1999




Notes


1998-99
$'000


1997-98
$’000


DEBT
Government securities

10B


89,053,504


97,746,374

Loans

10C


4,346,721


3,523,963


Total debt

93,400,225


101,270,337


PROVISIONS AND PAYABLES
Grants

11D


25,000


27,500

Payables due to other financial institutions

11E


1,406,834


2,783,627

Other

11F


3,905,407


4,323,022


Total provisions and payables

5,337,241


7,134,149


Total liabilities

98,737,466


108,404,486


EQUITY
Accumulated results

(82,266,414)


(92,453,310)

Reserves

8,039,640


8,039,640


Total equity

12B


(74,226,774)


(84,413,670)


Total liabilities and equity

24,510,692


23,990,816


FINANCIAL ASSETS
Cash

13D


12,781


11,433

Receivables due from other financial institutions

13E


148,367


89,019

Loans and advances

13F


5,783,453


7,305,705

Other receivables

13G


3,287,225


2,806,067

Investments

13H


15,266,681


13,756,776


Total financial assets

24,498,507


23,969,000


NON-FINANCIAL ASSETS
Other deferred acquisition costs

12,185


21,816


Total non-financial assets

12,185


21,816


Total assets

24,510,692


23,990,816


Current liabilities

23,023,759


23,197,539

Non-current liabilities

75,713,707


85,206,947

Current assets

4,108,546


3,052,509

Non-current assets

20,402,146


20,938,307


The above statement should be read in conjunction with the accompanying notes.

 

Agency Revenues and Expenses by Program

for the year ended 30 June 1999




Treasury


Royal Australian Mint


Total


1998-99


1997-98


1998-99


1997-98


1998-99


1997-98


$’000


$’000


$’000


$’000


$’000


$’000


NET COST OF SERVICES
Expenses
Employees

36,242


31,886




36,242


31,886

Suppliers

16,602


17,451




16,602


17,451

Depreciation and amortisation

1,949


1,643




1,949


1,643

Loss on sale of assets

556





556


Interest

10


13




10


13

Expenses of business operations



30,808


24,520


30,808


24,520


Total expenses

55,359


50,993


30,808


24,520


86,167


75,513

Revenues from independent sources
Net gains from sales of assets


2





2

Other revenues from independent sources

653


972


1,540



2,193


972

Revenues of business operations



30,930


25,312


30,930


25,312


Total revenues from independent sources

653


974


32,470


25,312


33,123


26,286


Net cost of services

54,706


50,019


(1,662)


(792)


53,044


49,227


REVENUES FROM GOVERNMENT
Appropriations used for:
Ordinary annual services (net
appropriations)

50,449


50,137




50,449


50,137

Other services

350


113




350

113

Resources received free of charge

293


534




293


534


Total revenues from government

51,092


50,784




51,092


50,784


Operating result before extraordinary items

(3,614)


765


1,662


792


(1,952)


1,557

Restructuring

(499)


(62)




(499)


(62)

Company tax equivalent



(598)



(598)



Operating surplus/(deficit)

(4,113)


703


1,064


792


(3,049)


1,495


The above statement should be read in conjunction with the accompanying notes.

 

Administered Revenues and Expenses by Program

for the year ended 30 June 1999




Treasury


Royal Australian Mint


Total


1998-99


1997-98


1998-99


1997-98


1998-99


1997-98


$’000


$’000


$’000


$’000


$’000


$’000


REVENUES
Non taxation
Interest revenue

1,880,638


1,692,913




1,880,638


1,692,913

Dividend revenue


2,729,654





2,729,654

Foreign exchange gains

586,196



586,196


Revenue from securities
other than trading
securities

281,139


246,267




281,139


246,267

Other

9,337,712


9,136,515




9,337,712


9,136,515


Total revenues

12,085,685


13,805,349




12,085,685


13,805,349


EXPENSES
Grants

17,394,217


16,931,550




17,394,217


16,931,550

Net foreign exchange losses


2,698,393





2,698,393

Interest and other
financing costs

8,549,837


8,728,490




8,549,837


8,728,490

Other

999,121


7,125,009




999,121


7,125,009


Total expenses

26,943,175


35,483,442




26,943,175


35,483,442


Net cost to govt

(14,857,490)


(21,678,093)




(14,857,490)


(21,678,093)


TRANSFERS
Cash from the Official
Commonwealth
Public Account

101,178,986


106,369,105




101,178,986


106,369,105

Special appropriations
accrued

3,195,537





3,195,537


Cash to the Official
Commonwealth
Public Account

(79,330,137)


(76,016,938)




(79,330,137)


(76,016,938)


Net change in
administered net assets before extraordinary items

10,186,896


8,674,074




10,186,896


8,674,074


Net revenue from extraordinary items


95,910





95,910

Net change in administered net assets

10,186,896


8,769,984




10,186,896


8,769,984

Accumulated results
at 1 July

(92,453,310)


(127,687)




(92,453,310)


(127,687)

Change in accounting policy


(101,095,607)





(101,095,607)


Accumulated results
at 30 June

(82,266,414)


(92,453,310)




(82,266,414)


(92,453,310)


The above schedules should be read in conjunction with the accompanying notes.

 

Agency Cash Flows

for the year ended 30 June 1999




Notes


1998-99
$'000


1997-98
$’000


OPERATING ACTIVITIES
Cash received
Appropriations

54,642


49,740

Sale of goods and services

33,613


24,651


Total cash received

88,255


74,391


Cash used
Employees

35,576


38,105

Suppliers

52,445


39,884

Interest

10


17


Total cash used

88,031


78,006


Net cash from operating activities

15A


224


(3,615)


INVESTING ACTIVITIES
Cash received
Proceeds from sales of infrastructure, plant and equipment

88


277


Total cash received

88


277


Cash used
Purchase of infrastructure, plant and equipment

2,740


1,658

Purchase of investments


750


Total cash used

2,740


2,408


Net cash used by investing activities

(2,652)


(2,131)


FINANCING ACTIVITIES
Cash Received
Transfer from Trust Fund

3,503



Total cash received

3,503



Cash used
Repayment of leases

564


Trust fund surplus transferred


505


Total cash used

564


505


Net cash used by financing activities

2,939


(505)


Net increase in cash held

511


(6,251)

add cash at 1 July

36


6,287


Cash at 30 June

547


36


The above schedules should be read in conjunction with the accompanying notes.

 

Administered Cash Flows

for the year ended 30 June 1999




Notes


1998-99
$'000


1997-98
$’000


OPERATING ACTIVITIES
Cash received
Non taxation
Interest

1,851,497


1,991,220

Dividends

2,725,983


1,706,728

Cash from Official Commonwealth Public Account

26,666,714


31,841,379

Other

763,454


1,070,270


Total cash received

32,007,648


36,609,597


Cash used
Borrowing costs

8,857,424


9,467,110

Grants

17,396,717


16,934,050

Cash to Official Commonwealth Public Account

5,326,889


4,757,919

Other

111,946


5,351,744


Total cash used

31,692,976


36,510,823


Net cash from operating activities

15B


314,672


98,774


INVESTING ACTIVITIES
Cash received
Repayments of advances

1,671,837


158,119

Cash from Official Commonwealth Public Account

4,145,813


2,165,211

Other

3,599,074


2,101,654


Total cash received

9,416,724


4,424,984


Cash used
Purchase of equity instruments

11,330


19,772

Cash to Official Commonwealth Public Account

5,258,031


2,259,773

Other

4,134,483


2,158,319


Total cash used

9,403,844


4,437,864


Net cash from investing activities

12,880


(12,880)


FINANCING ACTIVITIES
Cash received
Proceeds from borrowing

61,077,791


60,038,086

Cash from Commonwealth Public Account

70,366,459


72,362,515

Other

8,606,106


10,166,867


Total cash received

140,050,356


142,567,468


Cash used
Repayment of debt

71,350,234


75,487,035

Cash to Commonwealth Public Account

68,745,218


68,999,246

Other

281,108


460,812


Total cash used

140,376,560


144,947,093


Net cash from financing activities

(326,204)


(2,379,625)


Net increase in cash held

1,348


(2,293,731)

Add cash at 1 July

11,433


2,305,164


Cash at 30 June

13D


12,781


11,433


The above schedules should be read in conjunction with the accompanying notes.

 

Schedule of Commitments

as at 30 June 1999




Agency


Administered


1998-99


1997-98


1998-99


1997-98


$’000


$’000


$’000


$’000


OTHER COMMITMENTS
Operating leases

4,709


6,213



Other commitments

74


557




Total other commitments

4,783


6,770




COMMITMENTS RECEIVABLE





Net commitments

4,783


6,770




BY MATURITY
All net commitments
One year or less

2,769


3,405



From one to two years

1,016


2,790



From two to five years

998


575



Over five years





Net commitments

4,783


6,770




Operating lease commitments
One year or less

2,717


3,092



From one to two years

994


2,546



From two to five years

998


575



Over five years





Net commitments

4,709


6,213




Schedule of Contingencies

as at 30 June 1999




Agency


Administered


1998-99


1997-98


1998-99


1997-98


$’000


$’000


$’000


$’000


CONTINGENT LOSSES
Uncalled shares



8,004,195


8,636,836

Claims for damages/costs (Note 1)

747


500




Total contingent losses

747


500


8,004,195


8,636,836


CONTINGENT GAINS
Claims for damages

10





Total contingent gains

10





Net contingencies

737


500


8,004,195


8,636,836


Note 1: This amount represents injury accident claims against Treasury. An amount of $400,000 has been settled subsequent to balance date.

The above schedules should be read in conjunction with the accompanying notes.