February 2008 report to the Legislative Assembly
Report to the Legislative Assembly; Reports; PublicationNT
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Northern Territory. Auditor-General's Office -- Periodicals; Finance, Public -- Northern Territory -- Accounting -- Periodicals; Northern Territory -- Appropriations and expenditures -- Periodicals
Northern Territory Auditor-General's Office
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40 Auditor-General for the Northern Territory February 2008 Report Analysis of the Treasurers Annual Financial Statement cont Table 5 highlights the extent to which all classes of revenue earned during the year exceeded the amounts set out in the Budget that was considered by the Legislative Assembly in 2006, with total revenues exceeding the budget by $258.5 million, or 8.5 per cent. Of particular note is the extent to which current grants and subsidies exceeded the budgeted amount by $84.7 million, with GST revenues representing $47.6 million of this amount. Against the backdrop of the growth in revenues for the year, total expenses exceeded the budget by $132.4 million, or 4.4 per cent. The most significant contributor to the growth in expenses was employee expenses which exceeded the original budget by $62.8 million or 5.1 per cent. Other interest expenses for the sector were $27.4 million higher than budgeted, reflecting higher levels of borrowings following the transfer of Territory Housing to the General Government Sector, together with an increase in the weighted average cost of borrowing for the year. The overall outcome was an improvement in the sectors Net Operating Balance to $143.1 million for the year compared with a budgeted outcome for a deficit of $17 million; an improvement of $160.1 million. The financial performance of the Sector for the year was also reflected in its cash flows that are summarised at Table 6.