Section 5: Budgeted financial statements

The budgeted financial statements contain the estimates prepared in accordance with the requirements of the government’s financial budgeting and reporting framework, including the principles of the Australian Accounting Standards and Statements of Accounting Concepts, as well as specific guidelines issued by the Department of Finance and Administration. They show the planned financial performance for the 2005-06 budget year and each of the forward years from 2006-07 to 2008-09. The statements also include the estimated actual for 2004-05 for comparative purposes.

5.1: Analysis of budgeted financial statements

An analysis of the NCC’s budgeted financial statements is provided below.

Budgeted departmental statement of financial performance

The NCC is budgeting for a breakeven operating result in 2005-06.

Operating Revenues

Total agency revenue is estimated to be $4.006 million. This is an increase of $0.074 million from the 2004-05 estimated actual.

Operating Expenses

Total expenses are estimated to be $4.006 million. This is an increase of $0.074 million from the 2004-05 estimated actual.

Operating expenses consist of $2.108 million in employee expenditure, $1.841 million in supplier expenditure and $0.057 million in depreciation and amortisation.

Budgeted departmental statement of financial position

In 2005-06 the NCC’s equity position will be positive $0.149 million.

Assets

The NCC’s assets are predominantly financial assets. In 2005-06 the NCC will be investing $0.015 million in capital.

Liabilities

The NCC’s liabilities are mainly employee entitlements. There is no significant movement in total liabilities from 2004-05.

5.2: Budgeted financial statements tables

Table 5.1: Budgeted departmental statement of financial performance
for the period ended 30 June

Table 5.2: Budgeted departmental statement of financial position
as at 30 June

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

Table 5.3: Budgeted departmental statement of cash flows
for the period ended 30 June

Table 5.4: Departmental capital budget statement

Table 5.5: Departmental property, plant, equipment and intangibles — summary of movement (Budget year 2005‑06)

Table 5.6: Schedule of budgeted revenues and expenses administered on behalf of Government for the period ended 30 June

This table is not applicable to the NCC.

Table 5.7: Schedule of budgeted assets and liabilities administered on behalf of Government as at 30 June

This table is not applicable to the NCC.

Table 5.8: Schedule of budgeted administered cash flows
for the period ended 30 June

This table is not applicable to the NCC.

Table 5.9: Schedule of administered capital budget

This table is not applicable to the NCC.

Table 5.10: Schedule of property, plant, equipment and intangibles — summary of movement (Budget Year 2005‑06)

This table is not applicable to the NCC.

5.3: Notes to the financial statements

Basis of accounting

The financial statements have been prepared on an accrual basis in accordance with the historical cost convention.

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