Australian Capital Territory Consolidated Annual Capital Territory Consolidated Annual Financial Statements Australian Capital Territory Government

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  • Australian Capital TerritoryConsolidated Annual Financial Statements

    Australian Capital Territory Government

  • CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE AUSTRALIAN CAPITAL TERRITORY

    Independent Audit OpinionCertification by the Treasurer and the Chief Executive of the Department of TreasuryConsolidated Statement of Financial PerformanceConsolidated Statement of Financial PositionConsolidated Statement of Cash FlowsConsolidated Statement of Financial Performance by SectorConsolidated Statement of Financial Position by SectorConsolidated Statement of Cash Flows by SectorStatement of Appropriation

    Note 1 - The Australian Capital Territory GovernmentNote 2 - Summary of Significant Accounting PoliciesNote 3 - Change in Accounting PoliciesNote 4 - Disaggregated InformationNote 5 - Australian Capital Territory Government Controlled EntitiesNote 6 - Taxes, Fees and FinesNote 7 - User Charges for Goods and ServicesNote 8 - Grants from the CommonwealthNote 9 - Other RevenueNote 10 - Employee ExpensesNote 11 - SuperannuationNote 12 - Supplies and ServicesNote 13 - Grants and Purchased ServicesNote 14 - Other ExpensesNote 15 - Waivers and Write-offs of DebtsNote 16 - Net Extraordinary ItemsNote 17 - CashNote 18 - ReceivablesNote 19 - InvestmentsNote 20 - Investments Accounted for Using the Equity MethodNote 21 - InventoriesNote 22 - Property, Plant and EquipmentNote 23 - Capital Works in ProgressNote 24 - Other AssetsNote 25 - PayablesNote 26 - Interest Bearing LiabilitiesNote 27 - Finance LeasesNote 28 - Employee Superannuation Benefits

    Note Index

    Contents

    2003-2004 Financial Year

  • CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE AUSTRALIAN CAPITAL TERRITORY

    Note 29 - Other Employee BenefitsNote 30 - Other LiabilitiesNote 31 - Reconciliation of Changes in EquityNote 32 - Decrease in Accumulated Funds on the Adoption of a New Accounting StandardNote 33 - Reconciliation of Cash FlowsNote 34 - Operating Lease CommitmentsNote 35 - Capital CommitmentsNote 36 - Other CommitmentsNote 37 - Commitment ReceivableNote 38 - Contingencies, Guarantees and IndemnitiesNote 39 - Third Party Trust MoniesNote 40 - Interest in Joint Venture EntitiesNote 41 - Joint Venture OperationsNote 42 - Economic DependencyNote 43 - The Territory's Credit RatingNote 44 - Auditor's RemunerationNote 45 - Events Subsequent to Balance DateNote 46 - Financial Instruments

    Note Index (continued)

    2003-2004 Financial Year

  • AUDITOR-GENERAL Austral ian Capital Terri tory

    INDEPENDENT AUDIT REPORT AUSTRALIAN CAPITAL TERRITORY

    To the Members of the ACT Legislative Assembly

    Qualified Audit Opinion

    In my opinion, except for the effects on the financial statements of the matter referred to in the following Qualification paragraphs, the Consolidated Annual Financial Statements of the Australian Capital Territory for the year ended 30 June 2004:

    (i) are presented in accordance with the Financial Management Act 1996, Accounting Standards and other mandatory financial reporting requirements in Australia; and

    (ii) present fairly the financial position of the Australian Capital Territory as at 30 June 2004 and the results of its operations and its cash flows for the year then ended.

    Qualification Limitation on the Scope of the Audit in Relation to 2003 Comparatives Recoverable Amount of the Territorys Investment in TransACT

    The Consolidated Statement of Financial Position of the Australian Capital Territory and the Consolidated Statement of Financial Position by Sector Public Trading Enterprises included an investment by ACTEW in TransACT Communications Pty Limited (TransACT). As disclosed in Note 20: Investments Accounted for Using the Equity Method the carrying amount of this investment at 30 June 2003 was $40m. Under Australian Accounting Standard AASB 1016 Accounting for Investments in Associates, the carrying amount of this investment must not exceed its recoverable amount.

    Even though ACTEW undertook an assessment of the recoverable amount of the investment in TransACT at 30 June 2003, no independent valuation or other sufficient and appropriate evidence was provided to me to support the reasonableness of the cash flow projections and the discount rates used in the determination of the recoverable amount.

    As a result, no opinion could be formed on the appropriateness of the carrying amount of the investment in TransACT of $40m at 30 June 2003.

    Responsibility for the Financial Statements

    The Treasurer and the Chief Executive of the Department of Treasury are responsible for the financial statements. This includes responsibility for accounting policies and estimates used in the preparation of the financial statements and the maintenance of adequate accounting records and internal controls.

    Scala House, 11 Torrens Street Braddon ACT 2612 PO Box 275, Civic Square ACT 2608 Telephone: (02) 620 70833 Facsimile: (02) 620 70826

    Office Email: actauditorgeneral@act.gov.au

  • Content of the Financial Statements

    The Consolidated Annual Financial Statements of the Australian Capital Territory for the year ended 30 June 2004 comprises the following financial statements together with accompanying notes:

    Consolidated Statement of Financial Performance

    Consolidated Statement of Financial Position

    Consolidated Statement of Cash Flows

    Consolidated Statement of Financial Performance by Sector

    Consolidated Statement of Financial Position by Sector

    Consolidated Statement of Cash Flows by Sector

    Statement of Appropriation

    *****

    The Auditors Responsibility

    My responsibility is to express an opinion on the financial statements as required by the Financial Management Act 1996.

    The Audit Scope

    My audit was conducted in accordance with Australian Auditing Standards to provide reasonable assurance as to whether the financial statements are free of material misstatement.

    I formed the audit opinion by performing procedures to assess whether, in all material aspects, the financial statements present fairly, in accordance with the Financial Management Act 1996, Accounting Standards and other mandatory financial reporting requirements in Australia, a view that is consistent with my understanding of the financial position and performance of the Australian Capital Territory.

    The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent limitations of internal control, and in many cases, the availability of persuasive rather than conclusive evidence. Therefore, an audit cannot guarantee that all material misstatements have been detected.

    My procedures included:

    (i) examining, on a test basis, evidence supporting the amounts and other disclosures in the financial statements; and

    (ii) evaluating accounting policies and significant accounting estimates used in the preparation of the financial statements.

  • I considered the effectiveness of internal controls when determining the nature and extent of my procedures, however, the audit was not designed to provide assurance on internal controls. My audit also did not involve the evaluation of the prudence of decisions made by the entities included in the Consolidated Annual Financial Statements of the Australian Capital Territory.

    Tu Pham Auditor-General 30 September 2004

  • CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE AUSTRALIAN CAPITAL TERRITORY

    2003-2004 2003-2004 2002-2003Actual Budget Actual

    Notes $m $m $mREVENUES FROM ORDINARY ACTIVITIES

    Taxes, Fees and Fines 6 801 700 734 User Charges 7 411 398 393 Grants from the Commonwealth 8 1,064 1,021 1,018 Interest Received 74 88 93 Revenue from Joint Ventures 40,41 56 46 46 Other Revenue 9 522 258 303

    Total Revenues from Ordinary Activities 2,928 2,511 2,588

    EXPENSES FROM ORDINARY ACTIVITIESEmployee Expenses 10 918 870 816 Superannuation Expenses 11 411 225 212 Supplies and Services 12 572 582 484 Depreciation and Amortisation 22 195 206 180 Borrowing Costs 52 52 55 Cost of Goods Sold 2ac 122 102 111 Grants and Purchased Services 13 368 356 339 Other Expenses 14 169 97 180 Expenses from Joint Ventures 41 - - 1

    Total Expenses from Ordinary Activities 2,806 2,491 2,379

    Operating Surplus from Ordinary Activities 122 20 209

    Extraordinary Items (Net) 16 (13) (3) 21

    Operating Surplus 109 17 230

    Increase in Asset Revaluation Reserve 31 609 17 443 (Decrease) in Other Reserves 31 (2) - 0 Transfer from Reserves 31 36 28 151 (Decrease) in Accumulated Funds on the Adoption of a New Accounting Standard 32 (0) 0 (6)

    Change in Equity 752 61 817

    Total Equity at the Beginning of the Year 8,628 8,178 7,810 Total Equity at the End of the Year 31 9,380 8,240 8,628

    The above Consolidated Statement of Financial Performance should be read in conjunction with the accompanying notes.

    The actual totals of reported figures may vary slightly from totals in the statements due to the reported figures being rounded to the nearest million dollars (see Note 2(e)).

    AUSTRALIAN CAPITAL TERRITORY GOVERNMENT

    CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE

    FOR THE YEAR ENDED 30 JUNE 2004

    2003-2004 Financial Year Page- 2

  • CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE AUSTRALIAN CAPITAL TERRITORY

    2004 2004 2003Actual Budget Actual

    Notes $m $m $mASSETSCurrent Assets

    Cash 17 88 61 69 Receivables 18 182 167 242 Investments 19 854 872 746 Investments Accounted For Using the Equity Method 20 8 - - Inventories 21 35 68 31 Capital Works in Progress 23 3 0 0Other 24 35 45 71

    Total Current Assets 1,205 1,212 1,160 Non-Current Assets

    Receivables 18 62 63 68 Investments 19 1,466 1,102 1,244 Investments Accounted For Using the Equity Method 20 349 394 390 Inventories 21 16 9 3 Property, Plant and Equipment 22 9,600 8,608 8,799 Intangibles 21 15 8 Capital Works in Progress 23 140 94 139 Other 24 105 42 61

    Total Non-Current Assets 11,757 10,328 10,713 TOTAL ASSETS 12,962 11,540 11,873

    LIABILITIESCurrent Liabilities

    Payables 25 165 115 152 Interest Bearing Liabilities 26 29 224 240 Finance Leases 27 35 31 34 Employee Superannuation Benefits 28 44 64 43 Unrealised Gain from Actuarial Review of Employee

    Superannuation Benefits 28 - - 17 Other Employee Benefits 29 152 111 144 Other 30 39 81 67

    Total Current Liabilities 463 625 698 Non-Current Liabilities

    Payables 25 78 66 60 Interest Bearing Liabilities 26 793 578 597 Finance Leases 27 51 36 37 Employee Superannuation Benefits 28 2,045 1,853 1,606 Unrealised Gain from Actuarial Review of Employee

    Superannuation Benefits 28 - - 95 Other Employee Benefits 29 140 135 127 Other 30 14 7 24

    Total Non-Current Liabilities 3,119 2,675 2,547 TOTAL LIABILITIES 3,582 3,300 3,245

    NET ASSETS 9,380 8,240 8,628

    REPRESENTED BY:Accumulated Funds 31 6,641 6,283 6,497 Asset Revaluation Reserve 31 2,686 1,901 2,077 Other Reserves 31 53 56 55

    TOTAL FUNDS EMPLOYED 9,380 8,240 8,628

    AUSTRALIAN CAPITAL TERRITORY GOVERNMENTCONSOLIDATED STATEMENT OF FINANCIAL POSITION

    AS AT 30 JUNE 2004

    The actual totals of reported figures may vary slightly from totals in the statements due to the reported figures being rounded to the nearest million dollars (see Note 2(e)).

    The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

    2003-2004 Financial Year Page- 3

  • CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE AUSTRALIAN CAPITAL TERRITORY

    AUSTRALIAN CAPITAL TERRITORY GOVERNMENTCONSOLIDATED STATEMENT OF CASH FLOWS

    FOR THE YEAR ENDED 30 JUNE 20042003-2004 2003-2004 2002-2003

    Actual Budget ActualNotes $m $m $m

    CASH FLOW FROM OPERATING ACTIVITIESReceipts

    Taxes Fees and Fines 776 690 700 User Charges for Goods and Services 419 393 426 Commonwealth Government Grants 1,064 1,029 1,032 Interest Received 57 51 60 Other 495 478 312 Extraordinary Receipts 0 - 1

    Operating Receipts 2,811 2,642 2,531 Payments

    Related to Superannuation 83 69 66 Other Payments related to Employees 898 878 789 Related to Supplies and Services 576 593 496 Grants, Subsidies and Transfer Payments 371 361 341 Borrowing Costs 53 53 56 Other 360 323 303 Extraordinary Payments 3 3 25

    Operating Payments 2,343 2,279 2,076 Net Cash Inflows from Operating Activities 33(b) 469 364 455

    CASH FLOWS FROM INVESTING ACTIVITIESReceipts

    Proceeds from Sale/Maturity of Investments 78 10 16 Proceeds from Sale of Property, Plant and Equipment 45 59 38 Repayment of Home Loan Principal 10 17 20

    Investing Receipts 134 86 74 Payments

    Purchase of Investments 138 84 415 Purchase of Property, Plant and Equipment 309 324 210

    Investing Payments 446 408 624 Net Cash (Outflows) from Investing Activities (313) (322) (550)

    CASH FLOWS FROM FINANCING ACTIVITIESReceipts

    Finance Leases 42 - 9 Financing Receipts 42 0 9 Payments

    Repayment of Advance - - 2 Repayment of Finance Leases 50 20 20 Repayment of Borrowings 19 18 22

    Financing Payments 69 39 44 Net Cash (Outflows) from Financing Activities (27) (38) (34)

    NET INCREASE / (DECREASE) IN CASH HELD 129 3 (130)

    CASH AT THE BEGINNING OF THE YEAR 803 632 932CASH AT THE END OF THE YEAR 33(a) 932 635 803

    The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

    The actual totals of reported figures may vary slightly from totals in the statements due to the reported figures being rounded to the nearest million dollars (see Note 2(e)).

    Note: 'Cash' for the purposes of the Consolidated Statement of Cash Flows is defined differently to 'Cash' for the purposes of the Consolidated Statement of Financial Position. As a result the 'Cash' reported on the Consolidated Statement of Cash Flows does not equal 'Cash' in the Consolidated Statement of Financial Position.

    2003-2004 Financial Year Page- 4

  • CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE AUSTRALIAN CAPITAL TERRITORY

    AUSTRALIAN CAPITAL TERRITORY GOVERNMENTCONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE BY SECTOR

    FOR THE YEAR ENDED 30 JUNE 2004

    2003-2004 2003-2004 2002-2003 2003-2004 2003-2004 2002-2003Actual Budget Actual Actual Budget Actual

    $m $m $m $m $m $mREVENUES FROM ORDINARY ACTIVITIES

    Government Payment for Outputs - - - 79 47 6 Taxes, Fees and Fines 851 724 755 - - -User Charges - Non ACT Government 187 175 170 224 222 223 User Charges -ACT Government 15 13 15 79 76 109 Grants from the Commonwealth 1,063 1,021 1,018 19 19 0 Interest Received 89 106 110 6 6 5 Revenue from Joint Ventures 4 6 3 52 40 43 Dividend Revenue 1 51 48 - - -Other Revenue 523 264 299 19 21 25

    Total Revenues from Ordinary Activities 2,733 2,360 2,420 478 430 413

    EXPENSES FROM ORDINARY ACTIVITIESEmployee Expenses 848 804 753 74 70 67 Superannuation Expenses 408 224 210 7 8 8 Supplies and Services 494 509 427 96 86 79 Depreciation and Amortisation 155 164 141 40 42 39 Borrowing Costs 43 46 46 30 30 32 Cost of Goods Sold 61 50 56 70 67 62 Grants and Purchased Services 429 410 434 4 8 -Other Expenses 211 158 282 80 42 27 Expenses from Joint Ventures - - 1 - - -

    Total Expenses from Ordinary Activities 2,650 2,365 2,350 402 354 315

    Operating Surplus / (Deficit) before Income Tax Equivalents Expense 83 (5) 69 76 76 97...

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