PAES 2004-2005 - Part C: Agency Additional Estimates Statements

Section 3: Budgeted financial statements

The budgeted financial statements will form the basis of the financial statements that will appear in the Productivity Commission’s (the Commission) 2004-05 Annual Report and form the basis for the input into the whole-of-government accounts. The financial statements should be read in conjunction with the accompanying notes.

The budgeted financial statements contain estimates prepared in accordance with the requirements of the Australian Government’s financial budgeting and reporting framework, including the principles of Australian Accounting Standards and Statements of Accounting Concepts, as well as specific guidelines issued by the Department of Finance and Administration.

Analysis of budgeted financial statements

The additional funding provided by the Government will put the Commission on a sound financial basis and enable it to meet its mandated functions at the required standards. The Commission is budgeting for a break-even operating result in 2004-05 and for the forward estimates years compared to operating losses over the last three years.

Agency financial statements

Budgeted agency statement of financial performance

This statement provides a picture of the expected financial results for the Commission by identifying full accrual expenses and revenues, which highlights whether the Commission is operating at a sustainable level.

Budgeted agency statement of financial position

This statement shows the expected financial position of the Commission. It enables decision-makers to track the management of the Commission’s assets and liabilities.

Budgeted agency statement of cash flows

This statement identifies expected cash flows from operating activities, investing activities and financing activities.

Agency capital budget statement

This statement shows all proposed capital expenditure funded through the Budget as appropriations or from internal sources.

Agency non-financial assets — summary of movement

This statement shows the expected movement in the Commission’s non-financial assets over the budget year 2004-05.

Table 3.1: Budgeted agency statement of financial performance
(for the period ended 30 June)

Table 3.1: Budgeted agency statement of financial performance(for the period ended 30 June)

Table 3.2: Budget agency statement of financial position
(as at 30 June)

Table 3.2: Budget agency statement of financial position(as at 30 June)

(1) 'Equity' is the residual interest in assets after deduction of liabilities.

Table 3.3: Budgeted agency statement of cash flows
(for the period ended 30 June)

Table 3.3: Budgeted agency statement of cash flows(for the period ended 30 June)

Table 3.4: Agency capital budget statement

Table 3.5: Agency non-financial assets — Summary of movement (Budget year 2004-05)

Table 3.5: Agency non-financial assets  Summary of movement (Budget year 2004-05)

Notes to the financial statements

Basis of accounting

The financial statements have been prepared on an accrual basis in accordance with the historical cost convention, except for certain assets which are at valuation.