Annual Report 2003/2004 Department of Business Industry and Resource Development
Tabled paper 1496
Tabled Papers for 9th Assembly 2001 - 2005; Tabled papers for 9th Assembly 2001 - 2005; Tabled papers; ParliamentNT
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An nu al R ep or t FINANCIAL STATEMENT OVERVIEW FOR THE YEAR ENDED 30 JUNE 2004 The departments overall operating deficit for 2003-04 was $5.353M, which was slightly higher than the projected deficit by $0,251 M and higher than the 2002-03 deficit of $1 .630M. The variation between years resulted principally from higher than expected non-cash costs associated with the recognition of asset revaluations for the write down of building values and an investment in QANTM Pty, Ltd, along with an increase in employee provisions. A significant change to the operations of the agency occurred during 2003-04 with the transfer of Australian Quarantine Inspection Services (AQIS) management arrangements back to the Commonwealth mid way through the year. This agency has received approximately $3M per year revenue in previous years as a recovery for the costs of managing AQIS. This change in arrangements impacts in 2003-04 as a part year reduction in revenues (and costs) of approximately $1.8M. Significant changes between 2002-03 and 2003-04 results occurred in the following areas: Total Operating Revenue increased by $7.4M despite a fall in Current Grants and Subsidies Revenue of $3.7M. This fall resulted from the reclassification of AQIS and Australian Fisheries Management Australia revenue as Sales of Goods and Services - Other Agency Revenue. In addition, the management of AQIS functions was handed back to the Commonwealth mid way through the year as mentioned above. As a result, revenue from this source has substantially fallen. When the effect of the AQIS transfer is taken into account, overall grants subsidies, miscellaneous and other agency revenues increased in 2003-04 by approximately $3m. The recognition of DCIS notional charges occurred for the first time this year. The revenue item of $5.5M for Services received free of charge relates principally to the recognition of these DCIS services. Operating Expenses also increased significantly this year by an overall amount of approximately $11.2M. A material change in results occurred within Other administrative expenses where there was an increase of approximately $6.5M. This increase flowed from the recognition of DCIS notional charges and the recognition of asset revaluations for the write down of building values and an investment in QANTM Pty Ltd. Capital Grants and subsidies expenses also increased by a material amount due to an increased uptake of renewable energy rebates. The departments financial position as at 30 June 2004 was stronger than budget estimates with net assets of $2M higher than expected. This is despite an overall fall of $1.4M in net assets since 30 June 2003. The increase over budget estimates is principally due to an increase in cash at end of financial year ($1.8M greater than estimate), resulting principally from unexpended receipts from external funding bodies. The fall in total current assets over the year was due principally to the revaluation of investments (QANTM Pty Ltd) and the repayment of advances. The fall in current liabilities (payables) was mainly the result of a substantial drop in accrued salaries (the last pay day fell on 30 June 2004). 88 Department of Business, Industry & Resource Development
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