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 to the Mint from all sources. For departmental operating appropriations (outputs) this includes carry‑forward amounts as well as amounts appropriated at budget. As the Mint incurs and is funded for future liabilities, generally depreciation and employee entitlements, the total amount of departmental operating appropriation available to an the Mint 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 Mint's asset base and to meet employee entitlement liabilities.
Table 3.1.1: Reconciliation of total available appropriation and outcomes
Note: The Mint does not receive any departmental outputs.
3.1.2 Movement of administered funds between years
Table 3.1.2: Movement of administered funds between years
The Mint does not have any movement of administered funds
3.1.3 Special accounts
Special accounts provide a means to set aside and record amounts used for specified purposes. Special accounts can be created by a Finance Minister's Determination under the Financial Management and Accountability Act 1997 or under separate enabling legislation. Table 3.1.3 shows the expected additions (receipts) and reductions (payments) for each account used by the Mint.
Table 3.1.3: Estimates of special account cash flows and balances
3.1.4 Australian Government Indigenous Expenditure
Table 3.1.4: Australian Government Indigenous Expenditure
The Mint does not have any Australian Government Indigenous Expenditure.
3.2 Budgeted financial statements
3.2.1 Differences in agency resourcing and financial statements
The Mint does not have any significant differences between the resource information presented in the Budget Papers and Portfolio Budget Statements as a result of differences between Australian Accounting Standards and Government Finance Statistics.
3.2.2 Analysis of budgeted financial statements
A significant change in the 2008‑09 budgeted financial statements compared to the 2007‑08 Portfolio Additional Estimates Statements is a $5 million (25 per cent) increase in inventory to reflect revised estimates of numismatic product stock levels at 30 June 2008, an associated $3 million (96 per cent) increase in employee provisions, $1 million (80 per cent) increase in suppliers payables and $1 million (20 per cent) increase in other payables.
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)
Prepared on an Australian Accounting Standards basis.
Table 3.2.6: Schedule of budgeted assets and liabilities administered on
behalf of Government (as at 30 June)
The Mint does not have any administered assets and liabilities.
Table 3.2.7: Schedule of budgeted administered cash flows
(for the period ended 30 June)
3.2.4 Notes to the financial statements
Departmental
Basis of Accounting
The Mint's budgeted statements have been prepared on an accrual basis, in accordance with the historical cost convention except for some assets and liabilities that are at valuation and in accordance with:
- Australian Government's financial budgeting and reporting framework; and
- Australian Accounting Standards.
Budgeted departmental income statement
Revenues
Revenue is derived from the production of circulating coin, the sale of numismatic coins and coin like products. The amount of revenue earned in any one year is dependant upon the demand for such products by the Reserve Bank of Australia, Australian commercial banks and the coin collecting market.
Expenses
Employees
This includes wages and salaries, superannuation, provision for annual leave and long service leave.
Depreciation and amortisation
Depreciable assets are written off over their estimated useful lives, using the straight‑line method.
Other
Other expenses include the cost of goods sold.
Budgeted departmental balance sheet
Non‑financial assets
Inventory
Inventories held for re-sale are at the lower of cost and net realisable value. Work in progress and finished goods are brought to account to include direct costs and a portion of direct labour and overhead. All precious metals are purchased and brought to account at cost.
Provisions and payables
Employees
The liability for employee entitlements includes provision for annual leave and long service leave. No provision has been made for sick leave, as all sick leave is non‑vesting.
The non‑current portion of the liability for long service leave is recognised and measured at the present value of the estimated future cash flows in respect of all employees.
Asset valuation
Australian Government agencies are required to value property, plant and equipment and other infrastructure assets using the fair value method of valuation.
Administered
Seigniorage is collected by the Mint on behalf of the Australian Government. Seigniorage represents the difference between the face value of the coinage sold to the Reserve Bank of Australia and/or Australian commercial banks and its cost of production to the Mint. Seigniorage is treated as an administered item within the Mint's administered budget statements.
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