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Disclosure of budget vs actual results

Provision of these statements allows comparison of the actual financial results of the controlled operations of the department with the department estimates published in the State Budget papers 2009-10 Service Delivery Statements - Book 2. This is consistent with the government's commitment to more transparent financial reporting.

Table 3: Operating statement for the year ended June 2010

Controlled items - Parent entity

Notes

2009-10 actual
$'000

2009-10 budget
$'000

Variation
(%)

Income

Revenue

  • Output revenue

1

6 361 623

6 666 656

-5%

  • User charges

204 009

167 849

22%

  • Grants and other contributions

332 084

266 839

24%

  • Other revenues

152 354

115 985

31%

Total income

7 050 070

7 217 329

-2%

 

  • Employee expenses

4 981 683

4 782 232

4%

  • Supplies and services

2

1 320 155

1 774 083

-26%

  • Grants and subsidies

245 275

239 776

2%

  • Depreciation and amortisation

3

413 394

337 347

23%

  • Other expenses

61 038

53 607

14%

  • Finance/borrowing costs

27 273

30 284

-10%

Total expenses

7 048 818

7 217 329

-2%

Operating surplus/(deficit) continuing operations

1 252

-

N/a

Source: Department of Education and Training

Notes:

The variances for these controlled items can be explained as follows:

  1. The decrease is mainly due to the transfer of recurrent funding for the Australian Government Building the Education Revolution (BER) program to capital, which is partly offset by increased funding for depreciation due to a re-assessment of asset useful lives.
  2. The decrease is mainly due to reduced recurrent outlays for the BER program, offset by increased capital expenditure.
  3. The increase is mainly due to increased depreciation due to a re-assessment of asset useful lives.

Table 4: Balance sheet as at 30 June 2010

Notes

2010 Actual
$'000

2010 Budget
$'000

Variation (1)
(%)

Current assets

  • Cash and cash equivalents

1

550 175

390 020

41%

  • Receivables

2

140 021

78 928

77%

  • Inventories

2 776

2 560

8%

  • Other current assets

74 237

97 654

-24%

  • Non-current assets classified as held for sale

3

81 930

40 315

103%

Total current assets

849 139

609 477

39%

 

Non-current assets

  • Property, plant and equipment

 

17 521 801

17 544 024

0%

  • Intangible assets

4

52 378

12 908

306%

Total non-current assets

 

17 574 179

17 556 932

0%

 

Total Assets

 

18 423 318

18 166 409

1%

 

  • Payables

5

751 907

502 356

50%

  • Accrued employee benefits

6

125 773

11 915

956%

  • Other financial liabilities

7

2 280

80 596

-97%

  • Provisions

 

-

745

N/a

  • Other

 

72 233

109 910

-34%

Total current liabilities

 

952 193

705 522

35%

 

  • Interest bearing liabilities

7

289 566

318 345

-9%

  • Provisions

 

-

304

N/a

Total non-current liabilities

 

289 566

318 649

-9%

 

Total Liabilities

 

1 241 759

1 024 171

21%

 

Net Assets

 

17 181 559

17 142 238

0%

 

  • Contributed equity

8

4 031 790

3 837 415

5%

  • Retained surpluses

 

41 724

37 112

12%

  • Asset revaluation reserve

 

13 108 045

13 267 711

-1%

Total Equity

 

17 181 559

17 142 238

0%

Source: Department of Education and Training

Notes:

The variances for these controlled items can be explained as follows:

  1. The variance is mainly due to: a) increase in capital payables associated with the Australian Government Building the Education Revolution (BER) program; and b) increase in school bank balances.
  2. The variance is mainly due to higher GST receivables due to increased payments under the capital works program, including for the BER program.
  3. The variance is mainly due to increases in the number of properties classified as held for sale.
  4. The variance is mainly due to recognition of the upgrades to the TAFE Institute Student Administration System (ISAS).
  5. The variance is mainly due to increases in capital creditors due to increased activity associated with programs such as BER and State Schools of Tomorrow.
  6. The variance is mainly due to the requirement in the financial statements to treat payables for Annual Leave Central scheme and Long Service Levy as accrued employee benefits instead of payables.
  7. The decrease is mainly due to deferral of borrowings and progressive uptake of the South East Queensland Schools Public Private Partnership financial arrangements.
  8. The increase is mainly due to the transfer of recurrent funding for the BER program to capital, which is partly offset by increased recurrent funding for depreciation due to a re-assessment of asset useful lives.

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