07_PC

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) 2005-06 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 enable the Commission to cover the additional external costs incurred by the Government’s Taskforce on reducing the regulatory burden on business. As the Taskforce will report by 31 January 2006, the additional funding applies only to 2005-06.

The Commission is budgeting for a break-even operating result in 2005-06 and for the forward estimates years.

Budgeted financial statements

Departmental financial statements

Budgeted departmental income statement

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 departmental balance sheet

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 departmental statement of cash flows

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

Departmental statement of changes in equity — summary of movement

This statement shows the expected movement in the Commission’s equity.

Departmental capital budget statement

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

Departmental property, plant, equipment and intangibles — summary of movement

This statement shows the expected movement in the Commission’s non-financial assets over the Budget year 2005-06.

Table 3.1: Budgeted departmental income statement (for the period ended 30 June)

Table 3.1: Budgeted departmental income statement(for the period ended 30 June)

Table 3.2: Budgeted departmental balance sheet (as at 30 June)

Table 3.2: Budgeted departmental balance sheet(as at 30 June)

* Equity' is the residual interest in assets after deduction of liabilities.

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

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

Table 3.4: Departmental statement of changes in equity — summary of movement (Budget year 2005-06)

Table 3.5: Departmental capital budget statement

Table 3.6: Departmental property, plant, equipment and intangibles — summary of movement
(Budget year 2005-06)

Table 3.6: Departmental property, plant, equipment and intangibles — summary of movement (Budget year 2005-06)

Table 3.7: Schedule of budgeted income and expenses administered on behalf of government (for the period ended 30 June)