National Transport Commission

Section 3: Budgeted financial statements

Section 3 presents budgeted financial statements which provide a comprehensive snapshot of NTC'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

Budgeted departmental income statement

The NTC's primary source of income is funding provided by Commonwealth, States and Territories on an annual basis, apportioned by an agreed percentage allocation as outlined within the NTC's IGA. Annual funding is increased by index (forward CPI) each year to support the NTC's work program portfolio.

Under the NTC Act, funding for the Commission is to be applied only in payment or discharge of the costs, expenses and other obligations incurred by the Commission in the performance of its functions and the exercise of its powers.

Each year, the Commission must prepare estimates, in accordance with the Council directions, of the Commission's receipts and expenditure for each financial year and, if the Council so directs, for any other period specified by the Council. The Commission must submit estimates so prepared to the Council no later than such a date as the Council directs. Except with the consent of the Council, the funding of the Commission must not be spent otherwise than in accordance with the corporate plan and work program provided annually. On this basis, the NTC's forward estimate may change yearly based on directions from the Council.

Budgeted departmental balance sheet

The NTC's balance sheet is simple in structure and classification. Assets are largely comprised of cash and office plant and equipment, while liabilities are payables (to suppliers) and employee provision (staff entitlements).

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)

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Budget 2016–17