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 2017–18 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
Total expenses are estimated at $290.8m in 2017–18, an increase of $22.2m from the 2016–17 estimated actual. The increase is primarily due to additional Departmental funding for the Delivery of Inland Rail and Stronger Communities measures, coupled with a re-allocation of funding for the Building Better Regions Fund and the current profile of previous Budget measures.
Budgeted departmental balance sheet
The Department's major non-financial assets are Buildings ($15.8m), Intangibles ($10.9m) and Property Plant and Equipment ($17.3m). The Department's primary liability continues to be accrued employee leave entitlements, estimated at $48.2m.
Budgeted administered income statement
The Department administers the collection of taxes, fees and fines, other non-taxation revenue and interest and dividends estimated at $412.7m in 2017–18, representing an increase of $38.1m from the 2016–17 estimated actual. The increase is primarily due to the current profile of interest for the Westconnex Stage 2 Concessional Loan ($28.3m) and an increase in dividends.
Administered expenses are budgeted at $3,892.3m in 2017–18, representing a decrease of $2,202.4m from the 2016–17 estimated actual and will be incurred for the administered items set out at Section 2. The primary reason for the decrease is the bring-forward of funding from 2017–18 into 2016–17 for the Financial Assistance Grant program.
Schedule of budgeted assets and liabilities administered on behalf of government
Total assets are expected to increase in 2017–18 by $1,765.5m to $8,639.0m from the 2016–17 estimated actual result. The increase relates mainly to the loan associated with WestConnex Stage 2 ($640.7m) and an increase in investments ($1,137.7m).