Section 3: Explanatory tables and budgeted financial statements
Section 3 presents budgeted financial statements which provide a comprehensive snapshot of agency finances for the budget year 2008‑09. It explains how budget plans are incorporated into the financial statements and provides further details of movements in administered funds, special accounts and government Indigenous expenditure.
3.1 Explanatory tables
3.1.1 Reconciliation of total available appropriation and outcomes
The Agency Resource Statement (Table 1.1) details the total available appropriation available to the IGT from all sources. For departmental operating appropriations (outputs) this includes carry‑forward amounts as well as amounts appropriated at budget. As the IGT incurs and is funded for future liabilities, generally depreciation and employee entitlements, the total amount of departmental operating appropriation available to the IGT is unlikely to be fully utilised in the budget year. The difference between the agency resource statements and the sum of all payments made at the departmental outputs level is the expected carry‑forward amount of resources for the 2009‑10 budget year, including amounts related to meeting future obligations to maintain the IGT's asset base and to meet employee entitlement liabilities.
Table 3.1.1: Reconciliation of total available appropriation and outcomes
3.1.2 Movement of administered funds between years
Table 3.1.2: Movement of administered funds between years
The IGT does not have any administered funds.
3.1.3 Special accounts
Table 3.1.3: Estimates of special account cash flows and balances
The IGT does not have any special accounts.
3.1.4 Australian Government Indigenous Expenditure
Table 3.1.4: Australian Government Indigenous Expenditure
The IGT does not have any Australian Government Indigenous Expenditure.
3.2 Budgeted financial statements
3.2.1 Differences in agency resourcing and financial statements
There are no differences between agency resourcing and financial statements.
3.2.2 Analysis of budgeted financial statements
For 2008‑09, the IGT is expected to consist of a statutory office holder and six staff. The IGT relies upon the support and contribution to reviews of many in the private sector, particularly professional associations and business groups. The cooperation and support of relevant Government agencies is also very important to the achievement of outcomes.
It is expected that for 2008‑09, approximately 55 per cent of the budget allocation will be expended on employee costs, 25 per cent on office accommodation and corporate overheads, and 20 per cent on other direct costs associated with completing the work program. Employee costs are expected to rise gradually as a proportion of budget allocation in future years.
3.2.3 Budgeted financial statements tables
Table 3.2.1: Budgeted departmental income statement
(for the period ended 30 June)
Prepared on an Australian Accounting Standards basis.
Table 3.2.2: Budgeted departmental balance sheet
(as at 30 June)
Prepared on an Australian Accounting Standards basis.
Table 3.2.3: Budgeted departmental statement of cash flows
(for the period ended 30 June)
Prepared on an Australian Accounting Standards basis.
Table 3.2.4: Departmental statement of changes in equity — summary of
movement (Budget year 2008‑09)
Prepared on an Australian Accounting Standards basis.
Table 3.2.5: Schedule of budgeted income and expenses administered on
behalf of Government (for the period ended 30 June)
The IGT does not have any administered funds.
Table 3.2.6: Schedule of budgeted assets and liabilities administered on
behalf of Government (as at 30 June)
The IGT does not have any administered funds.
Table 3.2.7: Schedule of budgeted administered cash flows
(for the period ended 30 June)
The IGT does not have any administered funds.
3.2.4 Notes to the financial statements
The budgeted financial statements have been prepared on an Australian Accounting Standards basis.
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