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 2019–20 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 $222.7m in 2019–20. 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 Intangibles ($17.1m); Land and buildings ($16.6m), and Property, plant and equipment ($13.1m). The department's primary liability continues to be accrued employee leave entitlements, estimated at $43.2m.
Budgeted administered income statement
The department administers the collection of taxes, fees and fines, other non-taxation revenue and interest and dividends estimated at $511.5m in 2019–20, representing an increase of $1.3m from the 2018–19 estimated actual. The primary driver for movements in revenue is the uneven profile of concessional loans administered by the department.
Administered expenses are budgeted at $4,275.2m in 2019–20, representing a decrease of $738.4m from the 2018–19 estimated actual and will be incurred for the administered items set out at Section 2. The primary reason for the decrease was the bring-forward of funding from 2019–20 into 2018–19 for the Financial Assistance Grant program of $1.2 billion that resulted in lower than usual expenses for the program in 2019–20. This has been partially offset by an increase in expenses for new measures shown in Table 1.2.
Schedule of budgeted assets and liabilities administered on behalf of government
Total assets are expected to increase in 2019–20 by $1,669.8m from the 2018–19 estimated actual result to $11,094.1m. The increase relates mainly to an increase in investments and the profile of various loans.