Portfolio Budget Statements 2011–12


Section 3: Explanatory tables and budgeted financial statements



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Section 3: Explanatory tables and budgeted financial statements


Section 3 presents explanatory tables and budgeted financial statements that provide a comprehensive snapshot of agency finances for the 2011–12 budget year. It explains how budget plans are incorporated into the financial statements and provides further details of the reconciliation between appropriations and program expenses, movements in administered funds, special accounts and government Indigenous expenditure.

3.1 Explanatory tables

3.1.1 Movement of administered funds between years

The TSRA does not have any administered funds.
3.1.2 Special accounts

The TSRA does not have any special accounts.


3.1.3 Torres Strait Regional Authority, Australian Government Indigenous expenditure

Table 3.1.3: Australian Government Indigenous expenditure


3.2 Budgeted financial statements

3.2.1 Differences in agency resourcing and financial statements

There are no differences in the Budget papers and TSRA’s PB Statements.
3.2.2 Analysis of budgeted financial statements
Budgeted comprehensive income statement

This statement provides a picture of the expected financial results for the TSRA by identifying full accrual expenses and revenues, which highlights whether the TSRA is operating at a sustainable level. A modest surplus of $159,000 is forecast for the 2011–12 fiscal year.
Budgeted departmental balance sheet

This statement shows the financial position of the TSRA. It helps decision-makers to track the management of assets, liabilities and equity. TSRA’s budgeted balance sheet for the fiscal year ending June 2012 shows TSRA forecasting a total assets position $61.78 million and liabilities of $16.7 million, resulting in a net asset position of $45.08 million.
Budgeted departmental statement of cash flows

The budgeted cash flows, as reflected in the statement of cash flows, provide important information on the extent and nature of cash flows by categorising them into expected cash flows from operating activities, investing activities and financing activities.

Predicted departmental cash flows have been adjusted to reflect the anticipated impact on cash after taking into account the forecast movements in the balance sheet and comprehensive income statement. The agency is forecasting a favourable cash position of $27.48 million for the fiscal year ending June 2012. The favourable cash position is due to the timing across fiscal years between receipt of income and program expenditure commitments.


3.2.3 Budgeted financial statements tables

Table 3.2.1: Comprehensive income statement (showing net cost of services)
(for the period ended 30 June)


Table 3.2.2: Budgeted departmental balance sheet (as at 30 June)

* ‘Equity’ is the residual interest in assets after deduction of liabilities.


Table 3.2.3: Departmental statement of changes in equity—summary of movement (Budget year 2011–12)

Table 3.2.4: Budgeted departmental statement of cash flows (for the period ended 30 June)




Table 3.2.5: Departmental capital budget statement


Table 3.2.6: Statement of asset movements (2011–12)



3.2.4 Notes to the financial statements
Basis of accounting

The budgeted financial statements have been prepared in accordance with the requirements of the Finance Minister’s Orders issued by the Minister for Finance and Deregulation. Amounts in these statements are rounded to the nearest thousand dollars.
Departmental financial statements and schedule to administered activity

Under the Australian Government’s financial budget and reporting framework, transactions that agencies control (departmental transactions) are separately budgeted for and reported on from transactions agencies do not have control over (administered transactions). This ensures that agencies are only held fully accountable for the transactions over which they have control.

Departmental items are those assets, liabilities, revenues and expenses in relation to an agency or authority that are controlled by the agency. Departmental expenses include employee and supplier expenses and other administrative costs, which are incurred by the agency in providing its goods and services.



TSRA has no administered items.
Revenue from Government—ordinary annual appropriations

Revenue from Government represents amounts appropriated to fund the TSRA’s seven programs, actioned in order to deliver the agency’s stated outcome.
Expenses—depreciation

Property, plant and equipment assets are written-off to their estimated residual values over their estimated useful lives, using in all cases the straight-line method of depreciation.
Asset valuation

All assets are initially recorded at cost. Property, plant and equipment and other infrastructure assets are periodically revalued at their fair value.
Financial assets – cash

This includes notes and coins held and deposits at call.
Financial assets—receivables

This includes loans and advances made by the TSRA to clients in the delivery of its programs, in addition to amounts owing to the TSRA for delivery of goods and services. Loans receivable are measured at amortised cost using the effective interest method less impairment.


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