National Transport Commission

Section 3: Budgeted financial statements

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

The NTC is funded by Commonwealth, states and territories on an annual basis, apportioned by an agreed percentage allocation as outlined within the NTC's IGA.

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

Each year, the NTC must prepare estimates, in accordance with TIC directions, of its receipts and expenditure for each financial year and, if TIC so directs, for any other period specified by TIC. The NTC must submit estimates so prepared to TIC no later than such a date as TIC directs. Except with the consent of TIC, the funding of the NTC 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 TIC.

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 2019–20)

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 2019–20)

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Budget 2019-20