Appendix 3       2015‑16 Estimated Outcome Including March Quarterly Report

Key Issues

·       The Estimated Outcome information presented in this Appendix reflects financial estimates available to Treasury at the time of the finalisation of the Budget Papers and includes agency assessments of funding requirements, current estimates of State taxation and information available from the Australian Government and Government Businesses.

·       This Appendix also meets the information requirements for a March Quarterly Report as specified in Section 26C of the Financial Management and Audit Act 1990. It presents financial results for the nine months ending 31 March 2016 for the General Government Sector and the Consolidated Fund.

·       The estimated General Government Net Operating Balance for 2015‑16 is a $90.3 million deficit, a $31.8 million deterioration from the 2015‑16 Budget estimate of a $58.5 million deficit.

·       The actual General Government Net Operating Balance for the nine months to 31 March 2016 is a $110.6 million surplus.

 

 

 


Introduction

This appendix presents the 2015‑16 Estimated Outcome which is based on agency assessments of indicative additional funding requirements or potential savings and revised whole‑of‑government revenue estimates. The latest available information prior to the finalisation of the 2016‑17 Budget Papers is used to form the Estimated Outcome. Significant changes to revenue and expenditure estimates can occur between the preparation of these estimates and those reported in future reports on the 2015‑16 Budget outcome. The Estimated Outcome has also been finalised prior to the Australian Government 2016‑17 Budget which may contain information which would lead Treasury to further revise these estimates.

Detailed information on the final Outcome for 2015‑16 will be published in:

·       the Preliminary Outcomes Report, required to be published by 15 August 2016 in the event that the preliminary outcomes result differs materially from the Estimated Outcome published in this appendix;

·       the Treasurer's Annual Financial Report, which will be tabled in Parliament by 31 October 2016; and

·       agency Annual Reports, which will be tabled in Parliament by 31 October 2016.

This appendix also meets the information requirements for a March Quarterly Report as specified in Section 26C of the Financial Management and Audit Act 1990. It presents financial results for the nine months ending 31 March 2016 for the General Government Sector and the Consolidated Fund.

The financial statements have been prepared in accordance with applicable Australian Accounting Standards including AASB 1049 Whole of Government and General Government Sector Financial Reporting. Preparation of the Report requires the application of estimation methods in accordance with the principles of AASB 134 Interim Financial Reporting.


General Government Income Statement

Table A3.1 provides details of the Estimated Outcome for 2015‑16, compared to the 2015‑16 Budget estimates.

Table A3.1:     General Government Income Statement, 2015‑16

 

2015‑16)
)

Budget)

2015‑16)
Estimated)

Outcome)

2015‑16)
March YTD)

Actual)

 

$m)

$m)

$m)

 

 

 

 

Revenue from Transactions

 

 

 

Grants

 3 453.3)

3 440.9)

2 624.8

Taxation

1 027.1)

1 052.4)

810.9

Sales of Goods and Services

357.8)

363.5)

270.5

Fines and Regulatory Fees

96.1)

96.0)

77.3

Interest Income

16.7)

24.2)

13.3

Dividend, Tax and Rate Equivalent Income

213.4)

221.7)

221.6

Other Revenue

143.4)

155.0)

116.1

 

 5 307.8)

 5 353.7)

4 134.6

 

 

 

 

Less Expenses from Transactions

 

 

 

Employee Expenses

2 237.3

 2 273.6)

1 679.7

Superannuation

261.8

305.5)

224.7

Depreciation

285.3

261.9)

186.3

Supplies and Consumables

1 059.0

 1 120.4)

802.7

Nominal Superannuation Interest Expense

285.7

259.4)

194.6

Borrowing Costs

10.8

10.5)

7.5

Grant Expenses

1 200.6

 1 183.1)

912.9

Other Expenses

25.8

29.4)

15.7

 

5 366.3

 5 444.0)

4 023.9

 

 

 

 

Equals NET OPERATING BALANCE

(58.5)

(90.3)

110.6

 

 

 

 

Plus Other Economic Flows ‑ Included in Operating Result

 

 

 

Gain/(Loss) on Disposal of Non‑Financial Assets

11.1)

12.8)

0.4

Movement in Investments in GBEs and SOCs

  58.9)

  (28.7)

....)

Movements in Superannuation Liability

....)

 1 069.0)

....)

Other Gains/(Losses)

(33.9)

  62.4)

  0.6

 

36.2)

1 115.5)

1.0

 

 

 

 

Equals Operating Result

(22.4)

1 025.2)

  111.6

 


Table A3.1:     General Government Income Statement, 2015‑16 (continued)

 

2015‑16)

2015‑16)

2015‑16)

 

 

Estimated)

March YTD)

 

Budget)

Outcome)

Actual)

 

$m)

$m)

$m)

 

 

 

 

Plus Other Economic Flows ‑ Other Movements in Equity

 

 

 

Revaluations of Non‑Financial Assets

  290.1)

262.6)

197.0)

Other Non‑Owner Movements in Equity

3.8)

5.4)

204.4)

 

293.9)

268.0)

401.4)

 

 

 

 

Equals Comprehensive Result

271.6)

1 293.3)

513.0)

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

NET OPERATING BALANCE

(58.5)

(90.3)

110.6)

 

 

 

 

Less Net Acquisition of Non‑Financial Assets

 

 

 

Purchases of Non‑Financial Assets

414.0)

376.5)

204.1)

Less Sale of Non‑Financial Assets

30.2)

34.9)

30.7)

Less Depreciation

285.3)

261.9)

186.3)

 

98.6)

79.7)

(12.9)

 

 

 

 

 Equals FISCAL BALANCE

(157.1)

(170.0)

123.5)

 

 

 

 

 


Revenue Variations

Total revenue for 2015‑16 is estimated to be $5 353.7 million, $45.9 million above the Budget estimate of $5 307.8 million. The major revenue variations are described in Table A3.2.

Table A3.2:     Major Revenue Variations

Revenue Item

Variance from Budget

Reasons

Grants:

$12.4 million decrease

 

·       General Purpose Payments

$18.3 million increase

The increase in General Purpose Payments funding is a result of GST revenue being revised upwards by $18.3 million to reflect the revisions made by the Australian Government in the Mid-Year Economic and Financial Outlook (MYEFO). This primarily reflects:

·       a residual adjustment of $15.5 million in GST revenue paid to Tasmania in 2015‑16, as a result of higher than anticipated GST receipts in 2014‑15; and

·       the impact of a small increase in Tasmania's share of the revised national population, resulting in an increase of $2.8 million in GST revenue to Tasmania.

·       Specific Purpose Payments

$47.3 million increase

The increase in Specific Purpose Payments primarily reflects an increase in Australian Government Activity based funding for the Tasmanian Health Service of $36.5 million and an increase in National Disability Services funding of $14.3 million.

This is partially offset by a reduction in Block funding for the Tasmanian Health Service of $2.7 million which reflects the most recent advice provided by the Australian Government for 2015‑16.

These changes are primarily due to a revision of Tasmanian Health Service activity profiles which relate to:

·       actual activity achieved in 2014‑15 which was higher than anticipated;

·       administrative improvements in coding of activity that result in additional activity being captured; and

·       changes made to prior years funding which has positively impacted on growth levels.

 

Table A3.2:     Major Revenue Variations (continued)

Revenue Item

Variance from Budget

Reasons

·       National Partnership Payments

$83.7 million decrease

The decrease in National Partnership Payments primarily reflects:

·       a decrease in Grants to the State for Local Government of $35.5 million following an advance payment of two quarters made by the Australian Government during 2014‑15; and

·       a reallocation of $59.4 million in Road related grants funding from 2015‑16 to 2016‑17.

This is offset by an increase in the Improving Health Services in Tasmania - Walk in Centres Hobart and Launceston grant of $9.2 million.

·       Other Grants and Subsidies

$5.5 million increase

The increase in Other grants and subsidies primarily reflects:

·       an increase in Australian Government Funding of $3.0 million relating to Commonwealth Own Purpose Expenditure for the Department of Health and Human Services and the Tasmanian Health Service; and

·       an increase of $2.7 million relating to the first of two payments from the Australian Government ANZAC Centenary Public Fund for the construction of the ANZAC Centenary Bridge. The total grant will be $7.3 million, exclusive of GST, and the remaining amount of $4.6 million will be received in 2018-19.

Taxation

$25.3 million increase

The increase in Taxation primarily reflects an increase in estimated Conveyance duties of $26.9 million, which is partially offset by a decrease in estimated Government guarantee fees of $2.1 million.

 


Table A3.2:     Major Revenue Variations (continued)

Revenue Item

Variance from Budget

Reasons


Sales of Goods and Services

$5.7 million increase

The increase in Sales of goods and services primarily reflects:

·       a revision of $8 million by the Tasmanian Health Service for program funding which includes Children's Dental Benefits Scheme, Training for more Specialists, and the University of Tasmania Clinical Redesign;

·       an increase of $2 million in recoveries by the Department of State Growth for the National Heavy Vehicle Regulator; and

·       a revision by the Department of Primary Industries, Parks, Water and Environment of $2.3 million for Three Capes Track revenues.

These movements are offset by a reclassification by the Department of Health and Human Services of $5.8 million to Other revenue, which includes $3 million for the Community Support Levy to align with agency financial statement presentation.

Interest income

$7.5 million increase

The increase in Interest income primarily reflects a  projected increase in estimated Cash and deposits together with a minor increase in the projected interest rate.


Table A3.2:     Major Revenue Variations (continued)

Revenue Item

Variance from Budget

Reasons

Dividend, Tax and Rate Equivalent Income

$8.3 million increase

The increase in Dividend, tax and rate equivalent income reflects an increase in Dividends of $24 million offset by a decrease in Income tax equivalents (ITEs)  of $15.7 million.

The increase in Dividends primarily reflects:

·            an $11.4 million increase from Hydro Tasmania as a result of a better profit outcome in 2014-15 than initially forecast. However, the financial performance of Hydro Tasmania is expected to decrease in the short to medium term due to current operational challenges;

·            a $7.5 million increase from Aurora Energy Pty Ltd as a result of more favourable energy purchasing outcomes and better than expected customer retention; and

·            a $3.9 million increase for the Motor Accident Insurance Board as a result of claims experience and investment returns being more favourable than expected.

The decrease in ITEs primarily reflects the significant turnaround in the performance of Hydro Tasmania. As a result of the extremely low inflows into storages over the year, the Basslink outage and the costs associated with implementing the Energy Supply Plan, Hydro Tasmania is expected to incur a significant loss in 2015-16 (compared to a forecast profit in the 2015-16 Budget).

As a result, the ITE liability on an accrual basis has reduced from a positive in the 2015-16 Budget ($2.9 million) to a negative ($34.1 million) figure as result of the forecast loss. The net difference between these two accrual figures is approximately $37 million. The negative ITE accrual is a non cash item that can be carried forward to offset future tax payments.

 


Table A3.2:     Major Revenue Variations (continued)

Revenue Item

Variance from Budget

Reasons

Dividend, Tax and Rate Equivalent Income (continued)

$8.3 million increase

This is offset by:

·       a $10.4 million increase from TT‑Line Company Pty Ltd due to increased passenger demand, net bunker fuel savings and a difference in timing for the write‑back of Vessel Refurbishment Costs from 2014‑15; and

·       a $14.2 million increase from the Motor Accidents Insurance Board, driven by favourable revisions to the claims expense and greater than anticipated returns on its investment portfolio.

Other Revenue

$11.6 million increase

The increase in Other Revenue primarily reflects:

·       a reclassification by the Department of Health and Human Services of $6.4 million primarily from Sales of goods and services, which includes $3 million for the Community Support Levy to align with agency financial statement presentation;

·       an increase in estimated Tasmanian Health Service own source revenue of $4.9 million reflecting movements in non‑discretionary revenue for agreements with third party organisations ($2.7 million), with the remainder reflecting adjusted workers compensation recoveries, and Private patient scheme, donations and research funding; and

·       an increase for the Department of Education of $5.5 million reflecting revised School revenue estimates of $1.7 million and adjustments within operating expenses including the State Library Service overdue fines of $3.8 million reflecting actual experience.

This is offset by a reduction in the Department of State Growth forecasting for mineral royalties of $10.2 million, which has been adjusted based on information from mining companies and an analysis of commodity prices.


Expense Variations

Total expenses for 2015‑16 are estimated to be $5 444 million, $77.7 million above the Budget estimate of $5 366.3 million. The major expense variations are described in Table A3.3.

Table A3.3:     Major Expense Variations

Expense Item

Variance from Budget

Reasons

Employee Expenses

$36.3 million increase

The increase in Employee expenses primarily reflects:

·          Department of Education ‑ a reallocation of $5.7 million from Supplies and consumables to better  align with forecast expenditure;

·          TasTAFE ‑ an increase of $1 million to better align with forecast expenditure;

·          Department of Health and Human Services ‑  a reclassification of $4.4 million from Supplies and consumables relating to National Health Reform funding to better align with forecast expenditure;

·          Tasmanian Health Service ‑ an increase of $13.2 million reflecting the additional investment in the transition to an integrated statewide service ($8.8 million), funding for the Mersey Community Hospital ($1.8 million) and the North West Cancer Centre ($1.7 million);

·          Department of Justice ‑ an increase of $2 million relating to the restructure in 2014‑15 between WorkSafe Tasmania and Building Standards and Occupational Licensing;

·          Department of Primary Industries, Parks, Water and Environment ‑ an increase of $3.3 million primarily relating to increased expenditure of Australian Government funding;


Table A3.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Employee Expenses (continued)

$36.3 million increase

·          Department of State Growth ‑ an increase of $2.7 million reflecting expenditure carried forward from 2014‑15 ($622 000), and employee separation costs ($2 million); and

·          State Fire Commission ‑ expense reclassification of $1.3 million primarily from Supplies and consumables to better align with forecast expenditure.

Superannuation

$43.7 million increase

The increase in Superannuation expense primarily reflects the most recent actuarial estimates of the Superannuation liability.

Depreciation

$23.4 million decrease

The decrease in Depreciation is primarily due to a downward revision of road asset depreciation following a review by the Department of State Growth of the useful life of road assets to better align with current experience.

Supplies and Consumables

$61.4 million increase

The increase in Supplies and Consumables primarily reflects:

·          Department of Education ‑ an increase of $2.3 million relating to school bank account estimates ($1.8 million), an increase in Australian Government funding related expenditure ($700 000) and cost adjustments linked to School revenues ($1.7 million) and Special Deposits and Trust Fund revenues ($3.8 million). These increases are primarily offset by a reclassification to Employee expenses ($5.7 million) to better align with actual expenditure;

·          Tasmanian Health Service ‑ an increase of $33.3 million primarily relating to additional expenditure of National Health Reform funding;

·          Department of Premier and Cabinet  ‑  an increase of $6.4 million primarily relating to Safe Homes, Safe Families ‑ Family Violence Action Plan, On‑Island support for Refugees and the Office of Parliamentary Counsel;


Table A3.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Supplies and Consumables (continued)

$61.4 million increase

·          Department of Primary Industries, Parks, Water and Environment  ‑ an increase of $6.9 million primarily relating to revised expenditure projections of Australian Government funding;

·          Department of State Growth ‑ a decrease of $28.6 million primarily relating to the reclassification of road expenditure from capital to maintenance following a review by the Department to better align with current experience; and

·          Marine and Safety Tasmania ‑ a reclassification of $2.1 million from various expense items to better align with actual expenditure.

These increases are partially offset by decreases in:

·       Department of Health and Human Services -  $14.6 million reflecting a reclassification to Grant expenses; and

·       State Fire Commission - $1 million reflecting a reclassification to Employee expenses.

Nominal Superannuation Interest Expense

$26.3 million decrease

The decrease in Nominal Superannuation Interest Expense reflects the latest actuarial projection of the Government's Superannuation liability.

Grant Expenses

$17.5 million decrease

The decrease in Grant Expenses primarily reflects:

·          Finance‑General ‑ a decrease in projected Grants for Local Government ($35.5 million) following the advance payment made by the Australian Government during 2014‑15 which was on‑forwarded to local government in the same year;

-  the reallocation of Tasmanian Forest Agreement funding related expenditure ($7.8 million) from 2015‑16 to 2016‑17;

-  a reallocation of Infrastructure Tasmania Fund funding ($9.6 million) to 2016-17 and 2017-18; and


Table A3.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Grant Expenses (continued)

$17.5 million decrease

·       Department of State Growth ‑ decrease of $7.3 million primarily reflecting the reallocation of Regional Revival Funding from 2015-16, to 2016-17, 2017‑18 and 2018‑19.

These decreases have been partly offset by increases relating to the 2016 bushfires ($31 million), First Home Builder Assistance funding ($4.7 million), reflecting an increase in projected demand, and a reclassification by the Department of Health and Human Services from Supplies and consumables ($14.6 million).


Other Economic Flows ‑ Included in Operating Result

Other economic flows ‑ Included in the Operating Result is estimated to be an inflow of $1 115.5 million in 2015‑16, which is $1 079.3 million higher than the 2015‑16 Budget of a $36.2 million inflow. The major changes are detailed in Table A3.4.

Table A3.4:     Other Economic Flows ‑ Included in Operating Result Variations

Item

Variance from Budget

Reasons

Movement in Investment in GBEs and SOCs

$87.6 million decrease

The decrease in the Movement in investment in GBEs and SOCs relates to a decrease in the estimated value of PNFC and PFC Sector Net Assets of $110.3 million which is primarily a result of a decrease in the value of net assets held by the electricity entities of $124.6 million. This is partly offset by a decrease in the opening balance for equity investments of $22.7 million.

Movements in Superannuation Liability

$1 069.0 million increase

The increase in the Superannuation liability reflects the latest actuarial valuation. The increase primarily reflects the difference between the discount rate applied by the State Actuary, in accordance with Australian Accounting Standard AASB 119 Employee Benefits, for financial reporting purposes and the estimated long‑term bond rate which is used for Budget purposes.


Net Acquisition of Non‑Financial Assets

Net acquisition of non‑financial assets for 2015‑16 is estimated to be $79.7 million, $18.9 million below the Budget estimate of $98.6 million. The major variations in the net acquisition of non‑financial assets are described in Table A3.5.

Table A3.5:     Major Net Acquisition of Non‑Financial Assets Variations

Item

Variance from Budget

Reasons

Purchases of Non‑Financial Assets

$37.5 million decrease

The decrease in Purchases of non‑financial assets primarily reflects revised cash flows for:

·     Department of Primary Industries, Parks, Water and Environment  of $3.8 million to reflect the reallocation to outyears of Three Capes Track ($2.1 million), and Parks and Wildlife Service ($1.7 million);  and

·     Department of State Growth of $60 million mainly reflecting timing adjustments in the Roads Program ($46.9 million), and a reclassification of expenditure from capital to maintenance ($25 million), which is partially offset by a number of capital program adjustments ($11.9 million).

These decreases have been partly offset by the following increases in expenditure:

·     Department of Education of $5.6 million reflecting  School Upgrade Projects ($10 million), partly offset by the reallocation of expenditure for the Northern Support School and School of Special Education North West to 2016‑17 ($3.3 million);

·     Finance‑General of $7.1 million for Parliament Square fitout reflecting a reallocation ($4.3 million) from 2016‑17 and unexpended funds carried forward from 2014‑15 ($2.8 million);

·     Department of Health and Human Services of $10.2 million for Tasmania's Affordable Housing Strategy 2015‑2025 Projects; and

·     Tasmanian Health Service of $2.9 million for revised plant and equipment purchases with respect to the Private Patients Scheme.


Table A3.5:     Major Net Acquisition of Non‑Financial Assets Variations

                      (continued)

Item

Variance from Budget

Reasons

Sale of Non‑Financial Assets

$4.7 million increase

The increase in Sale of non‑financial assets primarily reflects the sale of vacant lots at Huntingfield ($1.9 million) and higher sales in Tasmanian Fleet vehicles ($3.6 million).


General Government Balance Sheet

Table A3.6:     General Government Balance Sheet

 

2016)

2016)

2016)

 

)

Estimated)

March YTD 

 

Budget)

Outcome)

Actual 

 

$m)

$m)

$m)

 

 

 

 

Assets

 

 

 

Financial Assets

 

 

 

Cash and Deposits

  889.3)

 1 043.3)

 1 571.9 

Investments

  64.5)

  54.2)

 43.8 

Equity Investment in PNFC and PFC Sectors

 4 515.0)

 4 404.8)

 4 534.9 

Other Equity Investments

  20.0)

  22.8)

 19.5 

Receivables

  331.5)

  320.3)

336.3 

Other Financial Assets

  661.4)

  821.3)

 765.2 

 

 6 481.7)

 6 666.6)

 7 271.6 

 

 

 

 

Non‑Financial Assets

 

 

 

Land and Buildings

 5 969.2)

 5 865.6)

5 837.4 

Infrastructure

 4 668.9)

 4 510.5)

 4 388.7 

Plant and Equipment

  253.5)

  238.9)

 247.5 

Heritage and Cultural Assets

  490.6)

  490.2)

 477.9 

Investment Property

  19.0)

  2.7)

2.3 

Intangibles

  45.4)

  46.4)

38.5 

Assets Held for Sale

  7.0)

  5.7)

9.1 

Other Non‑Financial Assets

  30.7)

  31.7)

 37.4 

 

 11 484.2)

 11 191.6)

 11 038.7 

 

 

 

 

Total Assets

 17 965.9)

 17 858.3)

18 310.3 

 

 

 

 

Liabilities

 

 

 

Borrowings

  701.3)

  669.4)

806.2 

Superannuation1

 5 470.5)

 6 216.1)

7 289.2 

Employee Entitlements

  549.9)

  571.9)

 576.8 

Payables

  108.4)

  134.2)

115.9 

Other Liabilities

  376.6)

  359.1)

411.4 

Total Liabilities

 7 206.7)

 7 950.7)

 9 199.6 

 

 

 

 

NET ASSETS

 10 759.2)

 9 907.6)

9 110.7 

 

 

 

 


Table A3.6:     General Government Balance Sheet (continued)

 

2016)

2016)

2016)

 

)

Estimated)

March YTD 

 

Budget)

Outcome)

Actual 

 

$m)

$m)

$m)

Equity

 

 

 

Accumulated Funds

 5 712.1)

 5 203.9)

4 427.9 

Asset Revaluation Reserve

 5 047.1)

 4 703.6)

 4 682.9 

Total equity

 10 759.2)

9 907.6)

9 110.7 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

NET WORTH2

 10 759.2)

 9 907.6)

 9 110.7 

NET FINANCIAL WORTH3

(725.0)

(1 284.1)

 (1 928.0)

NET FINANCIAL LIABILITIES4

 5 240.0)

 5 688.9)

 6 462.9 

NET DEBT5

(252.6)

(428.0)

(809.5)

 

 

 

 

Notes:

1.   The Superannuation liability as at 31 March 2016 is based on the latest actuarial valuation as at 30 June 2015 adjusted for the employer service cost and the nominal interest expense, based on actuarial advice, for the nine months ending 31 March 2016. There is a difference of $1 073.1 million between the Estimated Outcome and the March year to date valuation of the Superannuation liability. This reflects the difference between the discount rate applied by the State Actuary, in accordance with Australian Accounting Standard AASB 119 Employee Benefits, for financial reporting purposes and the estimated long-term bond rate which is used for Budget purposes.

2.   Net Worth represents Total Assets (both Financial and Non‑Financial) less Total Liabilities.

3.   Net Financial Worth represents Total Financial Assets less Total Liabilities.

4.   Net Financial Liabilities represents Total Liabilities less Financial Assets, excluding Equity Investment in the PNFC and PFC Sectors.

5.   Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.

 

 

 


General Government Cash Flow Statement

Table A3.7:     General Government Cash Flow Statement

 

2015‑16)

2015‑16)

2015‑16)

 

)

Estimated)

March YTD 

 

Budget)

Outcome)

Actual 

 

 

$m)

$m)

$m)

Cash Flows from Operating Activities

 

 

 

Cash Received from Operating Activities

 

 

 

Grants Received

3 452.2 

3 439.7 

 2 606.9 

Taxation

1 027.1 

1 050.8 

 804.4 

Sales of Goods and Services

 356.4 

362.6 

 272.2 

Fines and Regulatory Fees

96.1 

95.8 

 72.6 

Interest Received

16.7 

24.1 

13.7 

Dividend, Tax and Rate Equivalents

 225.0 

262.6 

 254.2 

Other Receipts

 313.2 

330.5 

 263.6 

 

 5 486.8 

5 566.1 

4 287.6 

 

 

 

 

Cash Payments for Operating Activities

 

 

 

Employee Entitlements

(2 261.0)

(2 289.9)

(1 707.0)

Superannuation

(418.1)

(433.7)

(296.0)

Supplies and Consumables

(1 076.6)

(1 145.2)

(767.1)

Borrowing Costs

(10.9)

(10.6)

(3.1)

Grants and Subsidies Paid

(1 200.5)

(1 184.7)

(893.3)

Other Payments

(195.8)

(207.6)

(154.9)

 

(5 163.0)

(5 271.8)

(3 821.3)

 

 

 

 

Net Cash Flows from Operating Activities

 323.8 

294.3)

466.3 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

Net Cash Flows from Non‑Financial Assets

 

 

 

Purchases of Non‑Financial Assets

(410.4)

(375.6)

(204.1)

Sales of Non‑Financial Assets

 30.2 

34.9 

30.7 

 

(380.3)

(340.6)

(173.4)

Net Cash Flows from Financial Assets
(Policy Purposes)

 

 

 

Equity Injections

(53.7)

(58.4)

(16.3)

Net Advances Paid

(2.0)

3.0 

7.0 

Equity/Disposals

....  

1.0 

1.1 

 

(55.7)

(54.4)

(8.3)

 

 

 

 


Table A3.7:       General Government Cash Flow Statement (continued)

 

2015‑16)

2015‑16)

2015‑16)

 

)

Estimated)

March YTD 

 

Budget)

Outcome)

Actual 

 

$m)

$m)

$m)

 

 

 

 

Net Cash Flows from Financial Assets (Liquidity Purposes)

 

 

 

Net Purchase of Investments

....  

....  

0.1)

 

....  

....  

0.1)

 

 

 

 

Net Cash Flows from Investing Activities

(435.9)

(395.1)

(181.7)

 

 

 

 

Net Cash Flows from Financing Activities

 

 

 

Net Borrowing

( 135.0)

 (138.3)

4.9)

 

 (135.0)

 (138.3)

4.9)

 

 

 

 

Net Increase/(Decrease) in Cash Held

(247.1)

(239.1)

289.5)

 

 

 

 

Cash at Beginning of the Year

 1 136.4 

1 282.4 

 1 282.4 

Cash at End of the Year

 889.3 

1 043.3 

 

 1 571.9 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

Net Cash Flows from Operating Activities

323.8 

294.3)

 467.4 

Plus Net Cash from Investments in Non‑Financial Assets

(380.3)

(340.6)

(173.4)

Equals CASH SURPLUS/(DEFICIT)

(56.4)

(46.4)

293.9)

 

 

 

 

 


Consolidated Fund

Table A3.8:     Consolidated Fund Outcome

 

2015‑16 

2015‑16 

2015‑16 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

Recurrent receipts

 

 

 

Australian Government sources

 

 

 

General purpose payments

2 246.1 

2 264.4 

 1 698.9 

Specific purpose payments

467.6 

481.1 

  413.8 

National Partnership Payments

71.7 

36.2 

  27.1 

Other Grants and Subsidies

0.1 

0.1 

.... 

 

2 785.4 

2 781.6 

 2 139.9 

State sources

 

 

 

Taxation

904.0 

 930.4)

  725.6 

Receipts from government businesses

248.2 

283.8)

  267.0 

Departmental fees and recoveries

91.8 

 93.4)

  71.2 

Recoveries of State debt charges

0.1 

0.1)

.... 

Sale and rent of government property

5.0 

 5.0)

.... 

Resource rents and royalties

32.7 

 22.5)

  14.5 

Other recurrent receipts

176.4 

 186.6)

  100.6 

 

1 458.1 

 1 521.8)

 1 178.9 

Capital receipts

 

 

 

State sources

 

 

 

Other capital receipts

3.5 

3.5)

2.4)

 

3.5 

3.5)

2.4)

 

 

 

 

Total Receipts

4 247.0 

4 307.0)

3 321.1 

 

 

 

 

Less Expenditure

 

 

 

Recurrent services

 

 

 

Appropriation Act

3 640.7 

 3 672.1)

 2 698.9 

Reserved by Law

315.3 

315.4)

  212.4 

 

3 956.1 

 3 987.5)

 2 911.3 

Works and services

 

 

 

Capital Investment Program

161.9 

181.8)

  85.1 

 

161.9 

 181.8)

  85.1 

 

 

 

 

Total Expenditure

4 118.0 

 4 169.3)

 2 996.4 

 

 

 

 

CONSOLIDATED FUND SURPLUS

129.1)

137.7)

  324.7 

 

 

 

 


Table A3.9:     Consolidated Fund Expenditure by Agency

 

2015‑16 

2015‑16 

2015‑16 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

Education

 

 

 

Recurrent services

1 182.9 

1 182.0 

 909.4 

Works and services

 24.6 

 32.5 

 11.8 

 

1 207.4 

1 214.4 

 921.2 

Finance‑General

 

 

 

Recurrent services

 527.0 

 538.2 

 341.8 

 

 527.0 

 538.2 

 341.8 

Health and Human Services

 

 

 

Recurrent services

1 165.0 

1 196.8 

 862.7 

Works and services

 11.1 

 21.8 

 5.9 

 

1 176.1 

1 218.6 

 868.6 

House of Assembly

 

 

 

Recurrent services

 7.9 

 7.9 

 5.6 

 

 7.9 

 7.9 

 5.6 

Integrity Commission

 

 

 

Recurrent services

 2.4 

 2.5 

 1.8 

 

 2.4 

 2.5 

 1.8 

Justice

 

 

 

Recurrent services

139.6 

 141.5)

105.8 

Works and services

 0.5 

 2.5 

 0.5 

 

 140.1 

 144.0 

 106.4 

Legislative Council

 

 

 

Recurrent services

 6.5 

 6.5 

 4.9 

 

 6.5 

 6.5 

 4.9 

Legislature‑General

 

 

 

Recurrent services

 6.1 

 6.1 

 4.5 

 

 6.1 

 6.1 

 4.5 

Ministerial and Parliamentary Support

 

 

 

Recurrent services

 19.0 

 19.2 

 14.7 

 

 19.0 

 19.2 

 14.7 

Office of the Director of Public Prosecutions

 

 

 

Recurrent services

 7.7 

 7.7 

 5.4 

 

 7.7 

 7.7 

 5.4 

 

 

 

 

 

 

 

 

 


Table A3.9:     Consolidated Fund Expenditure by Agency (continued)

 

2015‑16 

2015‑16 

2015‑16 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

Office of the Governor

 

 

 

Recurrent services

 3.5 

 3.8 

 2.8 

 

 3.5 

 3.8 

 2.8 

Office of the Ombudsman

 

 

 

Recurrent services

 2.1 

 2.5 

 1.6 

 

 2.1 

 2.5 

 1.6 

Police, Fire and Emergency Management

 

 

 

Recurrent services

 196.2 

 196.2 

 146.6 

Works and services

 12.1 

 10.6 

 2.8 

 

 208.4 

 206.9 

 149.4 

Premier and Cabinet

 

 

 

Recurrent services

 66.0 

 70.0 

 48.7 

Works and services

 0.8 

 0.8 

 0.1 

 

 66.7 

 70.7 

 48.7 

Primary Industries, Parks, Water and Environment

 

 

 

Recurrent services

 168.0 

 171.6 

 132.9 

Works and services

 18.9 

 14.4 

 10.9 

 

 186.9 

 186.1 

 143.8 

State Growth

 

 

 

Recurrent services

 389.1 

 367.9 

 276.4 

Works and services

 90.6 

 97.8 

 52.2 

 

 479.8 

 465.7 

 328.5 

Tasmanian Audit Office

 

 

 

Recurrent services

 2.3 

 2.5 

 1.6 

 

 2.3 

 2.5 

 1.6 

Tourism Tasmania

 

 

 

Recurrent services

 25.9 

 25.9 

 15.5 

 

 25.9 

 25.9 

 15.5 

Treasury and Finance

 

 

 

Recurrent services

 38.9 

 38.9 

 28.5 

Works and Services

 3.2 

 1.4 

 0.9 

 

 42.1 

 40.2 

 29.4 

 

 

 

 

TOTAL

4 118.0 

4 169.3 

2 996.4