Part C
agency additional estimates statements
Australian office of financial management
Section 1: Overview, variations
and measures
Overview
There has been no change to the overview included in the 2003-04 Portfolio Budget Statements (page 93).
Additional estimates and variations to outcomes
The following variations contributed to a net increase in agency outputs of $1.624 million for the Australian Office of Financial Management (AOFM).
Measures
Outcome 1 — To enhance the Commonwealth’s capacity to manage its net debt portfolio, offering the prospect of savings in debt servicing costs and an improvement in the net worth of the Commonwealth over time
Budget estimates — enhanced quality and timeliness
The Government will provide additional funding to agencies of $88.5 million over five years (including $0.1 million in 2007-08) to implement the Budget Estimates and Framework Review (BEFR) recommendations. This funding includes capital of $7.4 million over four years.
In the 2003-04 Budget the Government made provision for $78 million over five years to improve the accuracy, responsiveness and effectiveness of agencies’ contribution to the Commonwealth’s budget estimates and framework system and to assist agencies to drive improved financial management and reporting within their organisations. The Government has provided an extra $10.5 million over five years to fund agencies to implement the BEFR recommendations.
Other variations to appropriations
The AOFM is seeking additional price of outputs funding of $1.525 million to fund the administrative costs associated with the management of the Commonwealth government securities portfolio and $0.011 million supplementation for increases in Comcover premiums.
The AOFM will be returning an administered saving of $2.782 million which represents funding no longer required for the administrative costs associated with the management of the Commonwealth government securities portfolio.
Measures — Australian Office of Financial Management summary
Table 1.1: Summary of measures since the 2003-04 Budget
Map 2: Outcomes and output groups for the agency
Breakdown of additional estimates by appropriation bill
Table 1.2: Appropriation Bill (No. 3) 2003-04
Table 1.3: Appropriation Bill (No. 4) 2003-04
Summary of staffing changes
Table 1.4: Average staffing level (ASL)
Summary of agency savings
The saving of $2.782 million represents funding no longer required for the administrative costs associated with the management of the Commonwealth government securities portfolio.
Agency and administered revenues
Table 1.6: Agency and administered revenues
(1) Includes forward foreign exchange contracts.
Estimates of expenses from special appropriations
Table 1.7: Estimates of expenses from special appropriations
Estimated special account flows
Table 1.8: Estimated special account flows
(1) The revised Opening Balance for 2003-04 (reference A) is the same as the final actual closing balance for 2002-03 (reference B). This balance may have changed from that shown in the 2003-04 Portfolio Budget Statements as the actual for 2002-03 will have been updated to reflect the final budget outcome for the year.
(2) The special account is administered in nature and is governed by the Financial Agreement Act 1994.