Centrelink annual report 1999 – 2000 Contact officer
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Outcomes AchievedOperating ResultCentrelink generated an operating surplus (before abnormals) of $24.8 million for 1999–2000. After abnormal items were taken into account, a net operating deficit of $4.9 million was incurred, which was a significant improvement on the 1998–99 result of $31 million. This result was achieved after taking into account an efficiency dividend of $211 million that was returned to Government via a reduced revenue base. The impact of the efficiency dividend is notionally illustrated below. A summary of 1999–2000 expenditure and staff years is also shown below. Table 19: Centrelink’s Net Operating Result 1999–2000 and 1998–99
* Financial Statement Note 16. Table 20: Summary of Resources
* Full year budget, including additional estimates. † Budget prior to additional estimates. ‡ Centrelink fully repaid the $64.112 million loan in 1999–2000. RevenueFaCS was the major source of revenue, providing 89.9 per cent of Centrelink’s overall revenue. Centrelink’s operating revenue is primarily derived from those client agencies with whom Centrelink negotiates and agrees Business Partnership Agreements. Funds are transferred to Centrelink in accordance with arrangements specified in the Business Partnership Agreements for the delivery of services. Table 21: Revenue to Centrelink 1999–2000
Abnormal ItemsThe 1999–2000 abnormal expense item of $29.8 million comprises $21.4 million in voluntary redundancies and a write-off of $8.4 million in internally developed software due to the development and implementation of a new family payments system in 2000–01 (see Chapter 11, Financial Statements, note 5, page 157). Balance Sheet and Cash FlowA positive cash position of $55 million was reported for 1999–2000. Centrelink managed its funds under new devolved banking arrangements implemented on 1 July 1999. Centrelink’s investment strategy enabled it to generate almost $5 million in interest revenue for the year. Centrelink’s revenue has been reduced by a total of $5 million in 2000–01 on the basis of it continuing this positive performance. Prescribed Efficiency DividendIn 1999–2000, for the third year in a row, Centrelink delivered government efficiency dividends in the form of a reduction in the fees paid to Centrelink by client agencies. In recognition of Centrelink’s need to achieve significant efficiencies through the integration of services and the removal of duplication across several agencies, a special dividend, in addition to the standard annual efficiency dividend of 1 per cent of total net running costs, was applicable. In 1999–2000, the level of the additional efficiency dividend was 10 per cent. The special efficiency dividend resulted in the return to Government of $139.4 million in 1999–2000. Since its inception Centrelink has returned a total of $361 million in efficiency dividends to Government. The Financial Statements section of the Annual Report (see Chapter 11 Financial Statements, page 137) shows revenue net of the dividend. The effects of the dividends are illustrated in the table below, which provides a breakdown of the individual components of the dividend.
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