The following tables provide a comparision of the original budget as presented in the 2014-15 Protfolio Budget Statements (PBS) to the 2014-15 final outcome as presented in accordance with Australian Accounting Standards for the Agency. The Budget is not audited.
Note 25A: Departmental Budgetary Reports
Actual | Budget estimate | ||
---|---|---|---|
Original(footnote1) | Variance(footnote2) | ||
2015 $’000 |
2015 $’000 |
2015 $’000 |
|
Net Cost of Services | |||
Expenses | |||
Employee benefits | 15,971 | 22,569 | (6,598) |
Suppliers | 16,470 | 11,399 | 5,071 |
Depreciation and amortisation | 805 | 729 | 76 |
Total expenses | 33,246 | 34,697 | (1,451) |
Less: | |||
Own-source Income | |||
Own-source revenue | |||
other revenue | 887 | 46 | 841 |
Total Own-source revenue | 887 | 46 | 841 |
Gains | |||
Other gains | 46 | 56 | (10) |
Total gains | 46 | 56 | (10) |
Total Own-source income | 933 | 102 | 831 |
Net cost of services | (32,313) | (34,595) | 2,282 |
Revenue from Government | 33,859 | 33,866 | (7) |
Deficit | 1,546 | (729) | 2,275 |
Other comprehensive income | |||
Total other comprehensive income | – | – | – |
Total comprehensive loss attributable to the Australian Government | 1,546 | (729) | 2,275 |
Notes:
Footnote1 The Agency’s original budgeted financial statement that was first presented to parliament in respect of the reporting period (ie. From the Agency’s 2014 to 15 Portfolio Budget Statements (PBS)).
Footnote2 Between the actual and original budgeted amounts for 2015. Explanations of major variances are provided further below.
Actual | Budget estimate | ||
---|---|---|---|
Original(footnote1) | Variance(footnote2) | ||
2015 $’000 |
2015 $’000 |
2015 $’000 |
|
Assets | |||
Financial Assets | |||
Cash and cash equivalents | 202 | 568 | (366) |
Trade and other receivables | 48,617 | 44,230 | 4,387 |
Total financial Assets | 48,819 | 44,798 | 4,021 |
Non-financial Assets | |||
Land and buildings (leasehold improvements) | 365 | 445 | (80) |
Property, plant and equipment | 518 | 292 | 226 |
Intangibles | – | 85 | (85) |
Other non-financial Assets | 506 | 621 | (115) |
Total non-financial Assets | 1,389 | 1,443 | (54) |
Total Assets | 50,208 | 46,241 | 3,967 |
Liabilities | |||
Payables | |||
Suppliers | 1,457 | 1,803 | (346) |
Other payables | 1,340 | 2,048 | (708) |
Total payables | 2,797 | 3,851 | (1,054) |
Provisions | |||
Employee provisions | 3,639 | 3,004 | 635 |
Total provisions | 3,639 | 3,004 | 635 |
Total Liabilities | 6,436 | 6,855 | (419) |
Net Assets | 43,772 | 39,386 | 4,386 |
Equity | |||
Contributed equity | 2,883 | 5,178 | (2,295) |
Retained earnings (Accumulated deficit) | 40,889 | 34,208 | 6,681 |
Total Equity | 43,772 | 39,386 | 4,386 |
Notes:
Footnote1 The Agency’s original budgeted financial statement that was first presented to parliament in respect of the reporting period (ie. From the Agency’s 2014 to 15 Portfolio Budget Statements (PBS)).
Footnote2 Between the actual and original budgeted amounts for 2015. Explanations of major variances are provided further below.
Contributed equity | Retained Earnings | Total equity | |||||||
---|---|---|---|---|---|---|---|---|---|
Actual | Budget estimate | Actual | Budget estimate | Actual | Budget estimate | ||||
Original (footnote1) | Variance (footnote2) | Original (footnote1) | Variance (footnote2) | Original (footnote1) | Variance (footnote2) | ||||
2015 $’000 |
2015 $’000 |
2015 $’000 |
2015 $’000 |
2015 $’000 |
2015 $’000 |
2015 $’000 |
2015 $’000 |
2015 $’000 |
|
Opening balance | |||||||||
Balance carried forward from previous period | 4,736 | 4,736 | – | 39,343 | 34,937 | 4,406 | 44,079 | 39,673 | 4,406 |
Opening balance | 4,736 | 4,736 | – | 39,343 | 34,937 | 4,406 | 44,079 | 39,673 | 4,406 |
Comprehensive Income | |||||||||
Surplus (deficit) for the period | – | – | – | 1,546 | (720) | 2,275 | 1,546 | (729) | 2,275 |
Total comprehensive loss attributable to the Australian Government | – | – | – | 1,546 | (720) | 2,275 | 1,546 | (729) | 2,275 |
Transactions With Owners | |||||||||
Repeal of capital appropriation | (2,295) | – | (2,295) | – | – | – | (2,295) | – | (2,295) |
Departmental capital budget | 442 | 442 | – | – | – | – | 442 | 442 | – |
Total transactions with owners | (1,853) | 442 | (2,295) | – | – | – | (1,853) | 442 | (2,295) |
Closing Balance Attributable to the Australian Government | 2,883 | 5,178 | (2,295) | 40,889 | 34,208 | 6,681 | 43,772 | 39,386 | 4,386 |
Notes:
Footnote1 The Agency’s original budgeted financial statement that was first presented to parliament in respect of the reporting period (ie. From the Agency’s 2014 to 15 Portfolio Budget Statements (PBS)).
Footnote2 Between the actual and original budgeted amounts for 2015. Explanations of major variances are provided further below.
Actual | Budget estimate | ||
---|---|---|---|
Original(footnote1) | Variance(footnote2) | ||
2015 $’000 |
2015 $’000 |
2015 $’000 |
|
Operating Activities | |||
Cash received | |||
Sales of good and rendering services | 1,014 | – | 1,104 |
Appropriations | 31,361 | 33,954 | (2,593) |
Net GST received | 1,290 | – | 1,290 |
Total cash received | 33,665 | 33,954 | (289) |
Cash used | |||
Employees | 15,729 | 21,702 | (5,973) |
Suppliers | 16,538 | 10,761 | 5,777 |
Section 74 receipts transferred to OPA | 1,467 | 1,400 | 67 |
Total cash used | 33,734 | 33,863 | (129) |
Net cash from (used by) operating activities | (69) | 91 | (160) |
Investing Activities | |||
Cash received | |||
Proceeds from sales of property, plant and equipment | 14 | – | 14 |
Total cash received | 14 | – | 14 |
Cash used | |||
Purchase of non-financial assets | 707 | 552 | 155 |
Total cash used | 707 | 552 | 155 |
Net cash used by investing activities | (693) | (552) | (141) |
Financing Activities | |||
Cash received | |||
Contributed equity | 707 | 463 | 244 |
Proceeds from sale of assets | – | – | – |
Total cash received | 707 | 463 | 244 |
Net cash from financing activities | 707 | 463 | 244 |
Net increase in cash held | (55) | 2 | (57) |
Cash and cash equivalents at the beginning of the reporting period | 257 | 566 | (309) |
Cash and cash equivalents at the end of the reporting period | 202 | 568 | (366) |
Notes:
Footnote1 The Agency’s original budgeted financial statement that was first presented to parliament in respect of the reporting period (ie. From the Agency’s 2014 to 15 Portfolio Budget Statements (PBS)).
Footnote2 Between the actual and original budgeted amounts for 2015. Explanations of major variances are provided further below.
Note 25B: Departmental Major Budget Variances for 2015
Explanations of major variances | Affected line items (and statement) |
---|---|
Employee Benefits
The staffing level reached 132 full time equivalent employees (FTE) compared with a budgeted level of 155 FTE. The FWBII received additional ongoing funding in 2013-14 and commenced a recruitment program during the year which has seen the staffing increase from 2013-14 (114 FTE) and is expected to reach the planned levels during 2015-16 |
Employee benefits expense (Statement of Comprehensive Income), trade and other receivables (Statement of Financial Position), cash used on employees (Cash Flow Statement) |
Suppliers
FWBII had an agency-wide focus on enhanced compliance and litigation activities. These reflected the significant increase in legal expenses as litigation in the Federal Court and Fair Work Commission has increased markedly. Proceedings commenced increased from 22 in 2013-14 to 42 in 2014-15 and the budget was based on 2013-14 levels. The increase in investigation activity has also led to increased travel by staff. |
Suppliers expense (Statement of Comprehensive Income), cash used on suppliers (Cash Flow Statement) |
Other Revenue
The FWBII received additional revenue from sub-leasing excess office space and costs awarded to the FWBII from court actions |
Own source revenue (Statement of Comprehensive Income), cash received from sales of goods and rendering of services (Cash Flow Statement) |
Non Financial Assets
The timing of items in the capital plan changed. Budget for leasehold improvements and intangibles included work in progress costs to be completed and planned in 2014-15, however, this will now be undertaken in 2015-16. |
Non financial assets (Statement of Financial Position), cash used for investing activities (Cash Flow Statement) |
Other Payables
Payments of appropriation made by the Department of Employment to FWBII prior to FWBII being listed as an entity under the Public Governance and Accountability Act 2013 were in excess of the amount transferred to them by the Department of Finance. FWBII has a payable at 30 June 2015 of $360,000 being a repayment of the overpayment. |
Other payables (Statement of Financial Position) |
Employee Provisions
While the staff numbers for FWBII did not reach the budgeted levels, many of the new staff transferred from other Commonwealth agencies and brought leave liability with them. In addition, the lower discount rate used in the calculation of long service leave liability resulted in a higher than budgeted provision. |
Employee provisions (Statement of Financial Position) |
Note 25C: Administered Budgetary Reports
Administered activities relate to court awarded activities and due to their nature are not budgeted.