Department of Infrastructure, Regional Development and Cities
Section 3: Budgeted financial statements
Section 3 presents budgeted financial statements which provide a comprehensive snapshot of the department's finances for the 2018–19 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 $217.8m in 2018–19. The reduction in expenses over the forward estimates is primarily due to the profile of non-ongoing measures and expenses for the Business Grants Hub to administer various grant programs.
Budgeted departmental balance sheet
The department's major non-financial assets are Land and buildings ($17.1m), Intangibles ($12.2m) and Property, plant and equipment ($10.9m). The department's primary liability continues to be accrued employee leave entitlements, estimated at $37.9m.
Budgeted administered income statement
The department administers the collection of taxes, fees and fines, other non-taxation revenue and interest and dividends estimated at $497.0m in 2018–19, representing an decrease of $103.2m from the 2017–18 estimated actual. The primary drivers of the decrease are changes to revenue as a result of the closure of the Federal Interstate Registration Scheme ($82.0m), the current profile of revenue from WSA Co ($46.5m), and the anticipated finalisation of the Melbourne Airport runway project in 2017-18 ($9.8m), offset by an increase in estimated interest for the WestConnex Stage 2 Concessional Loan ($24.5m) and dividends received from Airservices Australia ($10.0m).
Administered expenses are budgeted at $3,871.1m in 2018–19, representing a decrease of $1,363.8m from the 2017–18 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 2018–19 into 2017–18 for the Financial Assistance Grant program of $1.2 billion.
Schedule of budgeted assets and liabilities administered on behalf of government
Total assets are expected to increase in 2018–19 by $1,935.9m to $10,411.0m from the 2017–18 estimated actual result. The increase relates mainly to an increase in investments ($1,110.3m) and the profile of various loans ($820.5m).