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Section 3: Budgeted financial statements
Budget statement of revenues and expenses
This statement provides a picture of the expected financial results for the AOFM by identifying full accrual expenses and revenues.
Budget statement of assets and liabilities
This statement shows the financial position of the AOFM. It enables decision-makers to track the management of the agency's assets and liabilities.
Budget cash flow statement
This statement provides information on the extent and nature of budgeted cash flows, categorised into expected cash flows from operating activities, investing activities and financing activities.
Capital budget statement
This statement shows all proposed capital expenditure on non-financial assets, whether funded either through capital appropriations (equity or borrowings) or from internally sourced funds.
Table 3.2: Budget statement of assets and liabilities (Administered)
Table 3.3: Budget cash flow statement (Administered)
Table 3.4: Capital budget statement
Notes to the financial statements
Basis of accounting
The budget statements are prepared in compliance with Australian Accounting Standards, Accounting Guidance Releases and having regard to Statements of Accounting Concepts.
Budget statement of revenues and expenses
Agency
Revenue from government
Price of outputs appropriation estimates are not based on market price indicators. Currently, the agreed price of outputs appropriation estimates are based on budgeted expenses.
The AOFM has prepared its estimates for the 2000-01 budget and forward years to achieve a break-even operating result. Consequently the appropriation revenue from Government represents the funding required to meet all expenses after deduction of revenue from other sources.
Revenue from other sources
As part of the review of the agency banking incentive scheme, the AOFM has estimated that it will earn interest on credit balances in its agency account and from term deposit investments of $20,000 in each of the budget years.
Administered
Interest
Actual
Revised Budget
Estimated
1999-00
$'0002000-01
$'0002001-02
$'0002002-03
$'0002003-04
$'000Interest on housing agreements
175,152
172,262
169,249
166,110
162,852
Interest on state and territory debt
122,006
50,213
35,285
30,999
19,539
Interest from other sources
2,244,350
2,770,419
3,496,328
4,555,723
5,596,916
Total interest
2,541,508
2,992,894
3,700,862
4,752,832
5,779,307
Interest from other sources includes interest from swaps and investments.
Appropriations
This represents estimated appropriations, comprising annual and special appropriations, to:
- meet administered expenses relating to debt management outcome; and
- undertake redemption of Commonwealth government securities.
Cash transfers to/from DoFA
This represents estimated administered receipts, such as proceeds from debt raising, swap interest and principal and interest on housing agreement loans that are to be passed to the Commonwealth's Official Public Account.
Grants
Actual
Revised Budget
Estimated
1999-00
$'0002000-01
$'0002001-02
$'0002002-03
$'0002003-04
$'000Grants to State and Territory Governments
64,635
56,644
45,556
29,916
35,337
Total grants
64,635
56,644
45,556
29,916
35,337
Interest and financing costs
Actual
Revised Budget
Estimated
1999-00
$'0002000-01
$'0002001-02
$'0002002-03
$'0002003-04
$'000Interest on Government securities
6,391,697
5,682,038
5,140,781
4,980,070
4,553,030
Interest on swaps
1,834,338
2,553,804
2,702,501
2,824,136
2,794,749
Interest on other debt
56,234
66,787
53,380
34,523
12,690
Net repurchase premia
101,952
266,990
46,720
-
-
Other financing costs
-
5,142
4,013
3,913
3,913
Total interest and financing costs
8,384,221
8,574,761
7,947,395
7,842,642
7,364,382
Budget statement of assets and liabilities
Agency
The employee liabilities of the AOFM are expected to increase from the levels at 30 June 2000. The increased liability recognises that staff numbers are expected to grow significantly during the 2000-01 budget year and that a proportion of staff will be transferring liabilities from other Commonwealth agencies.
Estimated cash holdings and investments are expected to decrease significantly during the 2000-01 financial year from levels at 30 June 2000. The AOFM will undertake fit-out acquisition and will be returning, by way of dividend, $1.150 million of unspent appropriation moneys to the Official Public Account in 2000-01. Thereafter, the AOFM will be maintaining cash reserves for future settlement of employee liabilities and future asset replacement.
The previously appropriated loan of $0.749 million to fund the acquisition of fit-out has been withdrawn. Cash holdings will now be used to fund the acquisition.
Administered
Debt - Government securities
Government securities debt represents the book value of Government securities liability, net of investments, with exception to 1999-2000, where they are reported separately.
Other debt
Actual
Revised Budget
Estimated
1999-00
$'0002000-01
$'0002001-02
$'0002002-03
$'0002003-04
$'000Swap principal
2,164,760
2,765,732
2,007,712
1,558,260
896,132
Total other debt
2,164,760
2,765,732
2,007,712
1,558,260
896,132
Other provisions and payables
Actual
Revised Budget
Estimated
1999-00
$'0002000-01
$'0002001-02
$'0002002-03
$'0002003-04
$'000Interest payable
2,726,274
2,837,972
2,885,983
3,001,014
2,987,598
Payable to DoFA
9,200,000
-
-
-
-
Total other provisions and payables
11,926,274
2,837,972
2,885,983
3,001,014
2,987,598
Receivables
Actual
Revised Budget
Estimated
1999-00
$'0002000-01
$'0002001-02
$'0002002-03
$'0002003-04
$'000Loans to State and Territory Governments
5,074,441
4,517,106
4,291,933
4,180,148
3,803,329
Appropriations receivable
3,222,785
3,380,548
3,428,913
3,530,293
3,473,993
Swap principal
32,718
57,853
57,853
57,853
-
Total receivables
8,329,944
7,955,507
7,778,699
7,768,294
7,277,322
Appendix 1
Appendix 2
Estimates of administered expenses from annual and special appropriations
