Financial statements
For the year ended 30 June 2015 | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
Income from transactions | ||
Revenue from government* | 80,219 | 91,242 |
Sales of goods and services | 405 | 392 |
Payments to consolidated fund | (1) | (1) |
Total income from transactions | 80,623 | 91,633 |
Expenses from transactions | ||
Employee benefits | 50,210 | 44,779 |
Supplies and services | 16,101 | 21,581 |
Depreciation and amortisation | 8,465 | 17,169 |
Grants & other transfers | 4,621 | 6,897 |
Capital asset charge | 84 | 201 |
Interest expenses | 448 | 456 |
Total expenses from transactions | 79,929 | 91,083 |
Net result from transactions | 694 | 550 |
Other economic flows in net result | ||
Net gains / (losses) on financial instruments | - | (3) |
Net gains / (losses) on non-financial assets | 7 | 31 |
Other gains / (losses) on other economic flows | (58) | (9) |
Total other economic flows in net result | (51) | 19 |
Net surplus/(deficit) for reporting period | 643 | 569 |
* Revenue from government represents the output budget allocated to SRO
Notes to the operating statement
- The increase of $5.431 million in employee benefits was mainly due to salary increases associated with the VPS agreement and the inclusion of IT contractors as labour contractors in 2014-15 as a result of a change in DTF accounting policy. This change forms the primary reason for the reduction in Supplies and Services.
- The decrease of $8.704 million in depreciation and amortisation was mainly due to a decrease in amortisation expenses related to municipal valuations. Municipal valuations are amortised for up to 2 years and due to the timing of purchases the amortisation expense is always lower in the first year of the cycle. 2014-15 was the first year of the two year cycle.
- Grants & other transfers consists of payments made to Municipal Councils in relation to the administration of the Fire Service Property Levy, which were based on the Treasurer’s determination under section 70 of the Fire Services Property Levy Act 2012.
- Expenses from transactions include $0.405 million in relation to the administration of the Growth Area Infrastructure Contribution. Costs recovered from the relevant trust fund were reported as sales of goods and services.
As at 30 June 2015 | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
Financial assets | ||
Cash assets | 3 | 3 |
Receivables | 16,617 | 26,685 |
Total financial assets | 16,620 | 26,688 |
Non-financial assets | ||
Inventories | - | 60 |
Plant, property and equipment | 1,072 | 1,799 |
Intangible assets | 21,648 | 8,246 |
Other | 1,676 | 1,722 |
Total non-financial assets | 24,396 | 11,827 |
Total assets | 41,016 | 38,515 |
Liabilities | ||
Payables | 9,320 | 7,311 |
Interest-bearing liabilities | 214 | 264 |
Provisions | 13,631 | 12,681 |
Total liabilities | 23,165 | 20,256 |
Net assets | 17,851 | 18,259 |
Notes to the balance sheet
Receivables | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
Amounts owing from Victorian Government | 14,955 | 25,826 |
GST input tax credit recoverable | 183 | 178 |
Other receivables | 1,479 | 681 |
Total receivables | 16,617 | 26,685 |
Written-down value of property, plant & equipment | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
Computer equipment | 5 | 6 |
Plant, furniture and equipment | 101 | 96 |
Leasehold improvements / fitouts | 966 | 1,697 |
Construction in progress | - | - |
Total written-down value of plant, property and equipment | 1,072 | 1,799 |
Written-down value of intangible assets | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
Municipal valuations* | 13,161 | - |
Other intangible produced assets** | 6,128 | 7,408 |
Work in progress** | 2,359 | 838 |
Total written-down value of intangible assets | 21,648 | 8,246 |
*All municipal valuations will be fully amortised by 30 June 2016
** Capitalised and uncapitalised expenditure on e-Sys Life Extension Project
Other non-financial assets | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
Prepayments | 1,464 | 1,461 |
Motor vehicle leased | 212 | 261 |
Total other non-financial assets | 1,676 | 1,722 |
Current payables | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
Unpresented cheques | 66 | 312 |
Trade creditors | 956 | 313 |
Accruals | 4,627 | 3,488 |
Other payables | 3,671 | 3,198 |
Total payables | 9,320 | 7,311 |
Interest-bearing liabilities | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
Current liabilities | ||
Motor vehicle leases | 139 | 75 |
Total current liabilities | 139 | 75 |
Non-current liabilities | ||
Motor vehicle leases | 75 | 189 |
Total non-current liabilities | 75 | 189 |
Total interest-bearing liabilities | 214 | 264 |
Provisions | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
Current provisions | ||
Annual leave | 2,678 | 3,104 |
Long service leave | 8,077 | 8,370 |
Other Employee Entitlements | 1,698 | 70 |
Total current provisions | 12,453 | 11,544 |
Non-current provisions | ||
Long service leave | 1,178 | 1,137 |
Total non-current provisions | 1,178 | 1,137 |
Total provisions | 13,631 | 12,681 |
Administered items
Administered revenues | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
Payroll tax | 5,681,309 | 5,480,607 |
Duties* | 6,034,735 | 5,240,196 |
Land tax | 1,754,156 | 1,659,754 |
Congestion levy | 110.603 | 83,852 |
Growth Areas Infrastructure Contribution | 128,767 | 93,056 |
Metropolitan Planning Levy | 2 | - |
Fire Services Property Levy | 588,478 | 630,631 |
Licence fees | 22,544 | 23,310 |
Total | 14,320,594 | 13,211,406 |
Less: Cattle Compensation Fund | (4,161) | (3,414) |
Less: Swine Compensation Fund | (179) | (163) |
Less: Sheep and Goat Compensation Fund | (1,404) | (1,307) |
Add: Unclaimed money receipts | 90,825 | 88,328 |
Add: User charges | 3,251 | 2,981 |
Add: Sundry income | 902 | 912 |
Total administered revenues | 14,409,828 | 13,298,743 |
* Includes Cattle Compensation Fund, Swine Compensation Fund and Sheep & Goat Compensation Fund
Administered expenses | 2014-15 $'000 |
2013-14 $'000 |
---|---|---|
First Home Owner Grant | 98,293 | 121,111 |
First Home Bonus | 5,182 | 43,408 |
Liquor subsidies | 2,531 | 2,803 |
Other grants, rebates and other payments | 65,320 | 35,320 |
Unclaimed money refunds | 14,567 | 17,764 |
Bad and doubtful debts | 25,877 | 39,080 |
Total administered expenses | 211,770 | 259,486 |
Net administered revenues | 14,198,058 | 13,039,257 |
Notes to administered items
- Tax and duty revenue increased by $1,109.2 million to $14,320.6 million. This included:
- an increase of $770.7 million in land transfer duty;
- an increase of $94.4 million in land tax; and
- an increase of $200.7 million in payroll tax.
- Congestion levy rose by $26.7 million primarily due to a change in the levy rate and the introduction of category 2 levy area as from 1 January 2015.
- The Fire Services Property Levy decreased by $42.1 million mainly due to the inclusion of 2013-14 final reconciliations in 2014-15 leading to a reduction in revenue.
- Unclaimed money receipts represent monies transferred to the Registrar under the Unclaimed Money Act and the Gambling Regulation Act. There was an increase of $2.5 million in the 2014-15 financial year.
- The First Home Owner Grant decreased by $22.8 million mainly due to changes to the eligibility requirements for contracts entered into on or after 1 July 2013, and a reduction in the number of applications.
- Other grants, rebates and other payments increased by $30.0 million mainly due to an increase in ex gratia payments of $26.7 million, Duty Concessions of $2.0 million, and Interest on Tax Refunds of $1.0 million.
- The $13.2 million decrease in bad & doubtful debts was made up of a decrease of $12.5 million in bad debts and a decrease $0.7 million in the provision for doubtful debts.