Annual Report 2004/2005 Northern Territory Treasury (includes Community Benefit Committee)
Tabled paper 256
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
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2004-05 Treasurers Annual Financial Report 10 Overview The diff erence in payments and expenses ($12.8 million cash, $86.4 million accrual) is due to the increase in non-cash expenses, including an unfunded superannuation expense of $41 million and other employee expenses of $29.8 million. A more detailed explanation of the movements follows. Operating revenue increased by $39.1 million and cash receipts by $17.7 million due to: An increase in taxation revenue of $6.4 million ($6.1 million on a cash basis) due to ongoing increases in economic activity. Payroll tax revenue contributed $3.6 million to the increase, with gambling taxes contributing $2.7 million. Grants from the Australian Government were $14.8 million higher than estimated, with $14.3 million attributable to specifi c purpose grants. These will result in corresponding expenditure increases in 2005-06. Sales of goods and services were only $2.2 million higher than budgeted on an accrual basis, but $9.4 million lower on a cash basis. This is due to revenue being earnt by agencies, but not yet received. Revenue from public corporations increased by $12.6 million refl ecting improved operating outcomes for the governments trading enterprises. This improvement resulted in additional dividends of $4.9 million and taxation equivalent payments of $7.7 million. On a cash basis the improvement was $1.7 million, with the additional revenue recognised on an accrual basis to be received in 2005-06. Operating expenses increased by $86.4 million and cash payments by $12.8 million due to: A revaluation of the superannuation liability as a result of an actuarial review, causing an increase in expenses of $40.9 million, without an eff ect on the cash outcome. Accrued employee expenses are higher than budgeted including long service leave and workers compensation. These resulted in a total increase in expenses of $29.8 million and $4.1 million in additional cash payments. Consistent with previous years, timing diff erences occurred with expenditure on externally funded projects, resulting in under expenditure of $9.8 million. This will result in a corresponding increase in expenditure in 2005-06. A reduction in capital payments resulted from delays associated with the high level of construction work being undertaken in the Territory. This capacity was transferred to operating payments, reducing the eff ect of additional operating payments on the cash outcome. The reduction in capital spending does not aff ect the operating result. One-off transition costs of $7.6 million associated with the transfer of the Government communications contract in June 2005. Assets and Liabilities Non Financial Public Sector Table 4 presents the key asset and liability aggregates for the 2004-05 Budget and outcome, and includes the outcome for 2003-04.
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