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Budget 2012-2013 Budget Paper No.3 The Budget



Budget 2012-2013 Budget Paper No.3 The Budget

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Tabled paper 1785


Tabled Papers for 11th Assembly 2008 - 2012; Tabled Papers; ParliamentNT




Tabled By Delia Lawrie


Made available by the Legislative Assembly of the Northern Territory under Standing Order 240. Where copyright subsists with a third party it remains with the original owner and permission may be required to reuse the material.




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308 Revenue Gain/Loss on Disposal of Assets 2011-12 Estimate 2012-13 Budget Variation $000 $000 $000 GENERAL GOVERNMENT 6 847 8 393 1 546 Northern Territory Police, Fire and Emergency Services 169 100 - 69 Gain on disposal of assets 169 100 - 69 Government Printing Office 92 - 92 Gain on sale of assets 92 - 92 NT Fleet 5 500 5 000 - 500 Gain on sale of vehicles 5 500 5 000 - 500 Department of Housing, Local Government and Regional Services 2 000 2 000 Gain on sale of assets 2 000 2 000 NT Home Ownership 1 293 1 293 Gain on sale of assets 1 293 1 293 Department of Natural Resources, Environment, the Arts and Sport - 207 207 Loss on disposal of assets - 207 207 PUBLIC NON FINANCIAL CORPORATIONS 191 120 - 71 Darwin Bus Service 191 120 - 71 Gain on disposal of buses 191 120 - 71 TOTAL 7 038 8 513 1 475 Gain/Loss on Disposal of Assets This category includes gains and losses from asset disposals, primarily dwellings and vehicles, but also includes the sale of Crown land. The recognition of a gain or loss is an accrual concept and does not reflect the cash received on the sale of an asset, but rather the difference between an assets written down book value and the sale proceeds. Consistent with Australian Accounting Standards, the Territory Government has adopted a current valuation methodology for most asset classes, meaning the book value of assets typically approximates the market value, resulting in minimal gains or losses. For this reason, although some assets will be sold by agencies in 2012-13, specific allowances for gains or losses on their disposal are not generally made. Budget variations in gains/losses across years reflect the fact that disposal of assets are typically one-off occurrences rather than regular business. Overall, the gain/loss on the sale of assets in 2012-13 is expected to be $1.5million higher than in 2011-12. This is largely due to an increase in projected contracted sales from the Department of Housing, Local Government and Regional Services in 2012-13.