Department of Infrastructure and Regional Development

Section 3: Budgeted financial statements

Section 3 presents budgeted financial statements which provide a comprehensive snapshot of the Department's finances for the 2016–17 Budget year, including the impact of Budget measures and resourcing on financial statements.

3.1 Budgeted financial statements

3.1.1 Explanatory notes and analysis of budgeted financial statements

Departmental
Budgeted departmental income statement

Total expenses are estimated to be $283.5m in 2016–17, an increase of $3.1m from the 2015–16 estimated actual. The increase is primarily due to additional Departmental funding for the Delivery of Inland Rail and Western Sydney Airport measures and the profile of previous Budget measures.

Chart 3.1: Total departmental expenses

Chart 3.1: Total departmental expenses

Budgeted departmental balance sheet

The Department's major non-financial assets are Buildings ($7.1m), Intangibles ($11.3m) and Property Plant and Equipment ($8.6m). The Department's primary liability continues to be accrued employee leave entitlements, estimated at $46.3m.

Administered
Schedule of budgeted income and expenses administered on behalf of government

The Department administers the collection of taxes, fees and fines, other non-taxation revenue and interest and dividends estimated at $555.0m in 2016–17, representing an increase of $96.0m from the 2015–16 estimated actual. The increase is primarily due to the profile of receipts from the Building Australia Fund special account for grants under the Plan for the Future administered item ($125.8m) and increased interest revenue ($13.1m) and dividend revenue ($3.6m), partially offset by the profile of receipts associated with international contributions to the search for Malaysia Airlines flight MH370 ($50.0m).

Administered expenses are budgeted at $4 884.7m in 2016–17, representing an increase of $1 526.1m from the 2015–16 estimated actual and will be incurred for the administered items set out at Section 2. The increase is primarily due to:

  • changes in the funding profile of the Local Government Financial Assistance Grants ($1 144.5m);
  • changes in the funding profile of the Infrastructure Investment Program ($277.2m);
  • changes in the funding profile of the National Stronger Regions Fund ($165.0m);
  • the recognition of expenses associated with concessional loans ($144.9m);
  • changes in the funding profile of the Building Australia Fund ($115.7m); and
  • changes in the funding profile of several other administered items ($31.4m).

The increase is partially offset by reduced funding for the Infrastructure Growth Package ($350.0m)

Chart 3.2: Total administered expenses

Chart 3.2: Total administered expenses

Schedule of budgeted assets and liabilities administered on behalf of government

Total assets are expected to increase in 2016–17 by $937.5m to $7 222.5m from the 2015–16 estimated actual result. The increase relates mainly to the loan associated with WestConnex Stage 2 ($509.1m) and an increase in Administered investments ($424.0m).

3.2 Budgeted financial statements tables

Table 3.1: Comprehensive income statement (showing net cost of services) (for the period ended 30 June)

Table 3.2: Budgeted departmental balance sheet (as at 30 June)

Table 3.3: Departmental statement of changes in equity—summary of movement (Budget year 2016–17)

Table 3.4: Budgeted departmental statement of cash flows (for the period ended 30 June)

Table 3.5: Departmental capital budget statement (for the period ended 30 June)

Table 3.6: Statement of asset movements (Budget year 2016–17)

Table 3.7: Schedule of budgeted income and expenses administered on behalf of Government (for the period ended 30 June)

Table 3.8: Schedule of budgeted assets and liabilities administered on behalf of Government (as at 30 June)

Table 3.9: Schedule of budgeted administered cash flows (for the period ended 30 June)

Table 3.10: Administered capital budget statement (for the period ended 30 June)

Table 3.11: Schedule of administered asset movements (Budget year 2016–17)

Appendix 3.1: Administered own-source revenue

Appendix 3.2: Administered loan repayments

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Budget 2016–17