Section 5: Budgeted financial statements
The budgeted financial statements contain estimates prepared in accordance with the requirements of the Government’s financial budgeting and reporting framework, as well as specific guidelines issued by the Department of Finance and Administration. The budgeted statements show the planned financial performance for the 2007-08 budget year and each of the forward years from 2008‑09 to 2010‑11. The statements also include the estimated actual for 2006-07 for comparative purposes.
5.1 Analysis of budgeted financial statements
An analysis of the National Competition Council’s (NCC) budgeted financial statements is provided below.
Budgeted departmental income statement
The NCC is budgeting for a breakeven operating result in 2007-08.
Operating revenues
Total agency revenue is estimated to be $4.0 million. This is a decrease of $0.1 million from the 2006-07 estimated actual.
Operating expenses
Total expenses are estimated to be $4.0 million. This is a decrease of $0.1 million from the 2006-07 estimated actual.
Budgeted departmental balance sheet
In 2007-08 the NCC’s equity position will be positive $1.3 million.
Assets
The NCC’s assets are predominantly financial assets. In 2007-08 the NCC will be investing $0.01 million in capital.
Liabilities
The NCC’s liabilities are mainly employee entitlements. There is no significant movement in total liabilities from 2006-07.
5.2 Budgeted financial statements tables
Table 5.1: Budgeted departmental income statement
(for the period ended 30 June)
Table 5.2: Budgeted departmental balance sheet (as at 30 June)
Table 5.3: Budgeted departmental statement of cash flows
(for the period ended 30 June)
Table 5.4: Departmental statement of changes in equity — summary of movement
(Budget year 2007-08)
Table 5.5: Departmental capital budget statement
Table 5.6: Departmental property, plant, equipment and intangibles — summary of movement (Budget year 2007-08)
Table 5.7: Schedule of budgeted income and expenses administered on behalf of government
(for the period ended 30 June)
The NCC does not have any administered items.
Table 5.8: Schedule of budgeted assets and liabilities administered on behalf of government
(as at 30 June)
The NCC does not have any administered items.
Table 5.9: Schedule of budgeted administered cash flows
(for the period ended 30 June)
The NCC does not have any administered items.
Table 5.10: Schedule of administered capital budget
The NCC does not have any administered items.
Table 5.11: Schedule of administered property, plant, equipment and intangibles — summary of movement
(Budget year 2007-08)
The NCC does not have any administered items.
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.