Appendix 2     2018-19 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 2019 for the General Government Sector and the Consolidated Fund.

·       The estimated General Government Net Operating Balance for 2018-19 is a $41.3 million surplus, a $120.6 million decrease from the 2018-19 Budget estimate of a $161.9 million surplus.

·       The actual General Government Net Operating Balance for the nine months to 31 March 2019 is a $198.7 million surplus.

 

Introduction

This appendix presents the 2018-19 Estimated Outcome based on the latest available agency assessments of indicative additional funding requirements or potential savings and revised whole‑of‑government revenue estimates. Significant changes to revenue and expenditure estimates can occur between the preparation of these estimates and those reported in future reports on the 2018-19 Budget outcome.

Detailed information on the final Outcome for 2018-19 will be published in:

·       the Preliminary Outcomes Report, required to be published by 15 August 2019 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 2019; and

·       agency Annual Reports, which will be tabled in Parliament by 31 October 2019.

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 2019 for the General Government Sector and the Consolidated Fund. These 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 A2.1 provides details of the Estimated Outcome for 2018-19, compared to the 2018-19 Budget estimates.

Table A2.1:       General Government Income Statement, 2018‑19

 

 

 

 

2018-19 

2018-19 

2018-19 

 

 

 

 

 

Estimated 

March YTD

 

 

 

 

Budget 

Outcome 

Actual 

 

 

 

 

$m 

$m 

$m 

 

 

 

 

 

 

 

Revenue from transactions

 

 

 

 

 

 

Grants

 

 

 

3 893.9 

4 018.9 

 2 983.0 

Taxation

 

 

 

1 215.2 

1 195.2 

  890.2 

Sales of goods and services

 

 

 

417.6 

424.6 

  306.8 

Fines and regulatory fees

 

 

 

98.6 

98.6 

  91.5 

Interest income

 

 

 

17.8 

24.7 

  14.2 

Dividend, tax and rate equivalent income

 

 

 

409.7 

451.1 

  348.4 

Other revenue

 

 

 

164.6 

167.9 

  147.9 

 

 

 

 

6 217.3 

6 381.0 

 4 782.0 

 

 

 

 

 

 

 

Less Expenses from transactions

 

 

 

 

 

 

Employee expenses

 

 

 

2 531.5 

2 665.8 

 1 963.4 

Superannuation

 

 

 

294.1 

328.7 

  243.0 

Depreciation

 

 

 

264.1 

273.0 

  206.3 

Supplies and consumables

 

 

 

1 232.7 

1 269.4 

  925.7 

Nominal superannuation interest expense

 

 

 

270.9 

243.3 

  182.5 

Borrowing costs

 

 

 

9.5 

9.4 

  7.4 

Grant and subsidy expenses

 

 

 

1 393.1 

1 511.9 

 1 025.2 

Other expenses

 

 

 

59.5 

38.2 

  30.1 

 

 

 

 

6 055.4 

6 339.7 

 4 583.4 

 

 

 

 

 

 

 

Equals NET OPERATING BALANCE

 

 

 

161.9 

41.3 

  198.7 

 

 

 

 

 

 

 

Plus Other economic flows - included in

Operating Result

 

 

 

 

 

 

Gain/(loss) on sale of non-financial assets

 

 

 

12.2 

18.1 

(4.2)

Revaluation of equity investment in PNFC

and PFC sectors

 

 

 

(93.7)

121.9 

.... 

Movements in superannuation liability

 

 

 

.... 

1 415.6 

.... 

Other gains/(losses)

 

 

 

(4.2)

42.8 

(5.4)

 

 

 

 

(85.7)

1 598.4 

(9.6)

 

 

 

 

 

 

 

Equals Operating Result

 

 

 

76.2 

1 639.7 

  189.1 

 

Table A2.1:       General Government Income Statement, 2018‑19 (continued)

 

 

 

 

2018-19 

2018-19 

2018-19 

 

 

 

 

 

Estimated 

March YTD

 

 

 

 

Budget 

Outcome 

Actual 

 

 

 

 

$m 

$m 

$m 

 

 

 

 

 

 

 

Plus Other economic flows - other

movements in Equity

 

 

 

 

 

 

Revaluations of non-financial assets

 

 

 

268.4 

274.3 

  203.8 

Other non-owner movements in Equity

 

 

 

3.8 

.... 

(0.8)

 

 

 

 

272.2 

274.3 

  202.9 

 

 

 

 

 

 

 

Equals Comprehensive Result

 

 

 

348.4 

1 914.0 

  392.0 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET OPERATING BALANCE

 

 

 

161.9 

41.3 

  198.7 

 

 

 

 

 

 

 

Less Net acquisition of non-financial

assets

 

 

 

 

 

 

Purchases of non-financial assets

 

 

 

741.0 

707.5 

  374.9 

Less Sales of non-financial assets

 

 

 

30.4 

36.3 

  22.5 

Less Depreciation

 

 

 

264.1 

273.0 

  206.3 

 

 

 

 

446.5 

398.2 

  146.1 

 

 

 

 

 

 

 

Equals FISCAL BALANCE

 

 

 

(284.6)

(356.9)

  52.5 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue Variations

Total revenue for 2018-19 is estimated to be $6 381 million, $163.7 million above the Budget estimate of $6 217.3 million. The major revenue variations are described in Table A2.2.

Table A2.2:       Major Revenue Variations

Revenue Item

Variance from Budget

Reasons

Grants:

$125 million higher

 

·       General Purpose Payments

$42.6 million lower

The reduction in General Purpose Payments funding is primarily a result of a reduction in the estimated GST pool available for distribution to the states, together with a negative $3.6 million residual adjustment for GST revenue overpaid to Tasmania in 2017‑18.

·       Specific Purpose Payments

 

$6.9 million higher

 

The increase in Payments for Specific Purposes primarily reflects an increase in Quality Schools, Quality Outcomes funding of $8.6 million from the Australian Government.

This increase is partially offset by a decrease in Australian Government Block and Activity Based National Health Reform funding of $3.8 million following a revision in activity estimates together with the reconciliation of 2017‑18 payments.

·       National Partnership Payments

$153.8 million higher

The increase in National Partnership Payments primarily reflects:

·       new funding for Project Marinus of $56 million;

·       an increase in Grants to the State for Local Government of $39.4 million due to an advance payment for two quarters to be made by the Australian Government. This advance payment will be paid to the Local Government sector upon receipt;

·       an increase in Pest and Disease Preparedness and Response funding of $20 million which primarily reflects the reallocation of the payment by the Australian Government from 2017‑18 to 2018‑19;

 

 

Table A2.2:       Major Revenue Variations (continued)

Revenue Item

Variance from Budget

Reasons

Grants (continued)

 

·       an increase in Natural Disaster Relief and Recovery Arrangements funding of $14.1 million which primarily reflects the reimbursement of costs associated with the June 2016 floods;

·       new funding for Community Health, Hospitals and Infrastructure projects of $9.4 million; and

·       an increase in funding for the National Partnership for the Skilling Australians Fund of $6.1 million reflecting the new agreement.

Taxation

$20 million lower

The decrease in Taxation primarily reflects a $51.9 million downwards revision in conveyance duty, largely driven by a reduction in residential property transaction volumes in the south of the State.

This decrease is partially offset by upward revisions in:

·       Payroll tax receipts of $15.1 million, due mainly to stronger employment growth;

·       Lottery tax receipts of $4.3 million, due mainly to large jackpot draws;

·       Motor tax revenue of $4.2 million, due to strong growth in the number of registered vehicles; and

·       Insurance duty of $3 million, reflecting the stronger premium revenue growth of general insurers.

 

 

Table A2.2:       Major Revenue Variations (continued)

Revenue Item

Variance from Budget

Reasons

Sales of goods and services

$7 million higher

The increase in Sales of goods and services primarily reflects:

·       an increase of $3.3 million for the Department of Health which reflects a revision to revenues from the Department of Veterans’ Affairs, Motor Accident Insurance Board and My Health Record;

·       an increase of $2.3 million for the Department of Education which reflects revised own‑source revenues for schools; and

·       an increase of $2 million for the Department of Police, Fire and Emergency Management which reflects revised recovery revenues from other organisations.

Interest income

$6.9 million higher

The increase in Interest income primarily reflects projected increases in estimated Cash and deposits.

Dividend, tax and rate equivalent income

$41.4 million higher

The increase in Dividend, tax and rate equivalent income reflects a combination of increased dividends of $14.7 million and increased tax equivalent income of $26.6 million. These increases primarily reflect:

·       favourable trading conditions in the National Electricity Market together with very strong yields into hydro catchments resulting in higher profits for Hydro Tasmania, increasing dividends by $12.3 million and tax equivalents by $13.9 million; and

·       higher passenger numbers supporting improved performance for TT‑Line Company Pty Ltd in recent years which has meant that previous tax losses have been used earlier than originally forecast, resulting in additional estimated tax equivalent payments of $11.0 million in 2018‑19.

 

 

Expense Variations

Total expenses for 2018-19 are estimated to be $6 339.7 million, $284.3 million above the Budget estimate of $6 055.4 million. The major expense variations are described in Table A2.3.

Table A2.3:       Major Expense Variations

Expense Item

Variance from Budget

Reasons

Employee expenses

$134.3 million higher

The increase in Employee expenses primarily reflects:

·       an increase in the Department of Education of $10.9 million primarily reflecting $7.1 million in revised expenditure profiles for Australian Government funding together with $2.1 million in increased State funding to Government Schools;

·       an increase in the Department of Health of $112.4 million including:

-   $95.6 million as part of the $105 million provided to support demand for health and ambulance services;

-   $10.3 million reflecting revised expenditure profiles of Australian Government funding;

-   $1.2 million of funding for the Aeromedical Helicopter Service; and

-   $1.1 million for the Emergency Department Support package;

·       an increase in the Department of Justice of $5.4 million primarily reflecting Tasmanian Prison Service Current Cost and Demand Pressure funding.

Superannuation

$34.6 million higher

The increase in Superannuation primarily reflects the latest actuarial projection of the defined benefit obligation resulting from employee service in 2018‑19.

 

 

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Depreciation

$8.9 million higher

The increase in Depreciation primarily reflects an increase in the Department of Health of $11.4 million which is partially offset by a decrease in the Department of Communities Tasmania of $3.1 million. These movements reflect updated estimates based on actual results.

Supplies and consumables

$36.7 million higher

The increase in Supplies and consumables primarily reflects:

·       an increase in the Department of Communities Tasmania of $14.6 million including Out of Home Care Additional Support funding of $20 million which is partially offset by a reduction in the National Disability Insurance Scheme actual 2018‑19 funding requirements. NDIS related savings are due to lower than expected client numbers during transition. The State has fully funded all identified clients;

·       an increase in the Department of Health of $15 million including:

-   $4.6 million as part of the $105 million provided to support demand for health and ambulance services;

-   $3.6 million as part of the $4 million provided for the Meningococcal W Immunisation program;

-   $3.5 million of increased expenditure relating to increases to revenue including $1.6 million related to Department of Veterans’ Affairs and MAIB revenue; and $0.6 million related to My Health Record revenue; and

-   $1.7 million of revised expenditure following an increase in projected Commonwealth Own Purpose Revenue; and

 

 

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Supplies and consumables (continued)

 

·       an increase in the Department of Police, Fire and Emergency Management of $4.6 million including:

-   $2 million to reflect expenditure of increased recoveries from other organisations for contracts administered by the Department; and

-   $2.1 million of funding carried forward from 2017‑18.

Nominal superannuation interest expense

$27.6 million lower

The decrease reflects the most recent actuarial assessment of the Government’s superannuation liability.

Grant and subsidy expenses

$118.8 million higher

The increase in Grant and subsidy expenses primarily reflects:

·       an increase in the Department of Education of $7 million including:

-   $5.9 million reflecting revised Quality Schools, Quality Outcomes funding; and

-   $765 000 in Grants to the Non‑Government Sector following updates to the 2018 Student Census; and

·       an increase in Finance‑General of $110.3 million including:

-   $64 million of additional funding to meet the cost of the Southern and Central Tasmania bushfires, which will be partially offset by Disaster Recovery Funding Arrangements receipts from the Australian Government in future years;

-   $39.4 million of Local Government Grants reflecting an advance payment of two quarters to be made by the Australian Government; and

-   $7.2 million of funding carried forward from 2017‑18.

 

 

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Other expenses

$21.3 million lower

The decrease in Other expenses primarily reflects the reallocation of $24 million in Commonwealth Redress Scheme expenditure from 2018‑19 to later years to reflect lower than expected claims during 2018‑19 and future expenditure projections.

 

Other Economic Flows - Included in Operating Result

Other economic flows - Included in the Operating Result is estimated to be an inflow of $1 598.4 million in 2018‑19, which is $1 684.1 million higher than the 2018-19 Budget estimate of an $85.7 million outflow. The major changes are detailed in Table A2.4.

Table A2.4:       Other Economic Flows - Included in Operating Result Variations

Item

Variance from Budget

Reasons

Revaluation of equity investment in PNFC and PFC sectors

$215.6 million higher

The increase primarily reflects the estimated growth in net assets held by electricity entities.

Movement in superannuation liability

$1 415.6 million higher

The increase in 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 (3.0 per cent) and the estimated long-term bond rate used for Budget purposes (4.25 per cent).

 

 

Net Acquisition of Non-Financial Assets

Net acquisition of non-financial assets for 2018‑19 is estimated to be $707.5 million, $33.5 million below the 2018‑19 Budget estimate of $741 million. The major variations in the Net acquisition of non‑financial assets are detailed in Table A2.5.

Table A2.5:       Major Net Acquisition of Non-Financial Assets Variations

Item

Variance from Budget

Reasons

Purchases of non-financial assets

$33.5 million lower

The decrease in Purchases of non-financial assets primarily reflects:

·       a decrease in the Department of Education of $29.2 million primarily reflecting the reallocation of funding to 2019-20 and other outyears based on a review of the current expenditure profile for a number of School and College infrastructure projects including:

-   $4.5 million for Taroona High School;

-   $4.3 million for the School Farm Redevelopment (Brighton/Jordan River Learning Federation);

-   $4 million for the Southern Support School;

-   $3.5 million for Sorell School;

-   $3.5 million for Riverside High School;

-   $2.4 million for the Education Act Implementation;

-   $2.3 million for East Launceston Primary School; and

-   $2.1 million for Snug Primary School;

 

 

Table A2.5:       Major Net Acquisition of Non-Financial Assets Variations (continued)

Item

Variance from Budget

Reasons

Purchases of non-financial assets (continued)

 

·       a decrease in the Department of Primary Industries, Parks, Water and Environment of $19.5 million including:

-   the reallocation of $12.2 million for the Cradle Mountain Visitor experience to 2019‑20 and 2020‑21;

-   the reallocation of $2 million to 2019‑20, 2021‑21 and 2021‑22 for Improved Statewide Visitor Infrastructure;

-   the reallocation of $2.9 million to 2020‑21 and 2021‑22 for the Cradle Mountain Experience project; and

-   the reallocation of $1 million to 2019‑20 and 2020‑21 for the Agricultural Research Development and Extension White Paper - Modernise our Research Farms; and

·       a decrease in the Department of State Growth of $25.8 million primarily reflecting:

-   the reallocation of $19.9 million in expenditure of Australian Government funding for Land Transport Infrastructure Projects - Road Component Funding from 2018‑19 to 2019‑20 and across the Forward Estimates based on a revision of the current expenditure profile; and

-   the reallocation of $2.5 million in expenditure for the Hobart Airport Interchange from 2018‑19 to 2019‑20.

These decreases are partly offset by an increase in the Department of Health of $42.7 million which includes $52.4 million of Royal Hobart Hospital Redevelopment expenditure brought forward from 2019‑20 to 2018‑19 which is partially offset by a number of minor cash flow variations for other projects.

 

 

General Government Balance Sheet

Table A2.6:       General Government Balance Sheet

 

 

 

 

2019 

2019 

2019 

 

 

 

 

 

Estimated 

March YTD

 

 

 

 

Budget 

Outcome 

Actual 

 

 

 

 

$m 

$m 

$m 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

Financial assets

 

 

 

 

 

 

Cash and deposits

 

 

 

938.7 

1 098.5 

 1 236.0 

Investments

 

 

 

139.8 

107.9 

  115.4 

Equity investments in PNFC and PFC

sectors

 

 

 

5 398.3 

5 587.7 

 5 495.5 

Other equity investments

 

 

 

47.9 

46.0 

  43.8 

Receivables

 

 

 

316.9 

310.0 

  316.9 

Other financial assets

 

 

 

802.9 

804.3 

  741.8 

 

 

 

 

7 644.5 

7 954.4 

 7 949.4 

 

 

 

 

 

 

 

Non-financial assets

 

 

 

 

 

 

Land and buildings

 

 

 

6 635.1 

6 672.4 

 6 476.6 

Infrastructure

 

 

 

5 259.9 

5 783.8 

 5 617.5 

Plant and equipment

 

 

 

255.9 

259.2 

  240.4 

Heritage and cultural assets

 

 

 

486.0 

474.3 

  464.2 

Investment property

 

 

 

4.0 

3.9 

  3.4 

Intangibles

 

 

 

54.5 

52.9 

  53.3 

Assets held for sale

 

 

 

9.4 

11.3 

  5.2 

Other non-financial assets

 

 

 

43.6 

41.3 

  41.0 

 

 

 

 

12 748.4 

13 299.1 

 12 901.5 

 

 

 

 

 

 

 

Total Assets

 

 

 

20 392.9 

21 253.6 

 20 850.9 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Borrowings

 

 

 

748.9 

671.2 

  480.0 

Superannuation1

 

 

 

6 868.1 

6 939.1 

 8 353.1 

Employee entitlements

 

 

 

648.3 

683.8 

  677.5 

Payables

 

 

 

135.8 

162.0 

  66.7 

Other liabilities

 

 

 

398.4 

383.1 

  381.3 

Total Liabilities

 

 

 

8 799.6 

8 839.2 

 9 958.5 

 

 

 

 

 

 

 

Net Assets

 

 

 

11 593.3 

12 414.4 

 10 892.4 

 

Table A2.6:       General Government Balance Sheet (continued)

 

 

 

 

2019 

2019 

2019 

 

 

 

 

 

Estimated 

March YTD

 

 

 

 

Budget 

Outcome 

Actual 

 

 

 

 

$m 

$m 

$m 

Equity

 

 

 

 

 

 

Accumulated funds

 

 

 

6 098.7 

6 197.0 

 4 745.5 

Asset revaluation reserve

 

 

 

5 494.6 

6 217.5 

 6 146.9 

Total Equity

 

 

 

11 593.3 

12 414.4 

 10 892.4 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

NET WORTH2

 

 

 

11 593.3 

12 414.4 

 10 892.4 

 

 

 

 

 

 

 

NET FINANCIAL WORTH3

 

 

 

(1 155.1)

(884.7)

(2 009.1)

 

 

 

 

 

 

 

NET FINANCIAL LIABILITIES4

 

 

 

6 553.4 

6 472.5 

 7 504.6 

 

 

 

 

 

 

 

NET DEBT5

 

 

 

(329.6)

(535.2)

 (871.5)

 

 

 

 

 

 

 

Notes:

1.    The Superannuation liability as at 31 March 2019 is based on the latest actuarial valuation as at 30 June 2018 adjusted for the employer service cost and the nominal interest expense, based on actuarial advice, for the nine months ending 31 March 2019. There is a difference of $1 414 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 (3.0 per cent at 30 June 2018) and the estimated long-term bond rate which is used for Budget purposes (4.25 per cent for the 2018-19 Budget).

2.    Net Worth represents Total Assets less Total Liabilities.

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

4.    Net Financial Liabilities represents Total Liabilities less Financial assets, excluding Equity investment in PNFC and PFC sectors.

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

 

 

General Government Cash Flow Statement

Table A2.7:       General Government Cash Flow Statement

 

 

 

 

2018-19 

2018-19 

2018-19 

 

 

 

 

 

Estimated 

March YTD

 

 

 

 

Budget 

Outcome 

Actual 

 

 

 

 

$m 

$m 

$m 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

Cash received from operating activities

 

 

 

 

 

Grants received

 

 

 

3 893.9 

4 019.0 

 2 985.5 

Taxation

 

 

 

1 213.6 

1 192.6 

  864.8 

Sales of goods and services

 

 

 

417.0 

424.1 

  289.1 

Fines and regulatory fees

 

 

 

98.6 

98.7 

  76.3 

Interest received

 

 

 

17.8 

23.6 

  14.5 

Dividend, tax and rate equivalents

 

 

 

412.0 

495.5 

  385.2 

Other receipts

 

 

 

355.2 

358.5 

  429.7 

 

 

 

 

6 407.9 

6 611.9 

 5 045.1 

 

 

 

 

 

 

 

Cash payments for operating activities

 

 

 

 

 

 

Employee entitlements

 

 

 

(2 521.3)

(2 655.5)

(1 977.9)

Superannuation

 

 

 

(481.8)

(492.7)

(353.8)

Supplies and consumables

 

 

 

(1 244.5)

(1 279.3)

(932.0)

Borrowing costs

 

 

 

(9.5)

(9.5)

(2.4)

Grants and subsidies paid

 

 

 

(1 393.1)

(1 511.9)

(1 040.9)

Other payments

 

 

 

(252.1)

(230.7)

(307.8)

 

 

 

 

(5 902.3)

(6 179.7)

(4 614.7)

 

 

 

 

 

 

 

Net cash flows from operating activities

 

 

 

505.6 

432.2 

  430.4 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Net cash flows from non-financial assets

 

 

 

 

 

Purchases of non-financial assets

 

 

 

(731.8)

(699.1)

(374.9)

Sales of non-financial assets

 

 

 

30.4 

32.4 

  22.5 

 

 

 

 

(701.4)

(666.6)

(352.4)

 

 

 

 

 

 

 

Net cash flows from financial assets (policy purposes)

 

 

 

 

Equity injections

 

 

 

(98.7)

(97.9)

(70.9)

Net advances paid

 

 

 

(27.6)

(3.0)

(13.0)

Equity disposals

 

 

 

1.1 

3.6 

  2.3 

 

 

 

 

(125.1)

(97.3)

(81.6)

 

 

 

 

 

 

 

 

Table A2.7:       General Government Cash Flow Statement (continued)

 

 

 

 

2018-19 

2018-19 

2018-19 

 

 

 

 

 

Estimated 

March YTD

 

 

 

 

Budget 

Outcome 

Actual 

 

 

 

 

$m 

$m 

$m 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

Net (purchase)/sale of investments

 

 

 

(40.5)

(40.6)

(40.3)

 

 

 

 

(40.5)

(40.6)

(40.3)

 

 

 

 

 

 

 

Net cash flows from investing activities

 

 

 

(866.9)

(804.5)

(474.3)

 

 

 

 

 

 

 

Net cash flows from financing activities

 

 

 

 

 

 

Net borrowing

 

 

 

170.0 

178.0 

(12.7)

 

 

 

 

170.0 

178.0 

(12.7)

 

 

 

 

 

 

 

Net increase/(decrease) in cash held

 

 

 

(191.3)

(194.2)

(56.7)

 

 

 

 

 

 

 

Cash at the beginning of the year

 

 

 

1 130.0 

1 292.7 

 1 292.7 

Cash at the end of the year

 

 

 

938.7 

1 098.5 

 1 236.0 

 

 

 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash flows from operating activities

 

 

 

505.6 

432.2 

  430.4 

Plus Net cash flows from non-financial assets

 

 

 

(701.4)

(666.6)

(352.4)

 

 

 

 

 

 

 

Equals CASH SURPLUS/(DEFICIT)

 

 

 

(195.7)

(234.4)

  78.0 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Fund

Table A2.8:       Consolidated Fund Outcome1

 

2018-19

2018-19

2018-19 

 

 

Estimated

March YTD 

 

Budget

Outcome

Actual 

 

$m 

$m 

$m 

Recurrent receipts

 

 

 

Australian Government sources

 

 

 

General Purpose Payments

 2 487.7 

2 445.1 

 1 852.8 

Specific Purpose Payments

529.6 

579.5 

  504.5 

National Partnership Payments

77.2 

38.0 

  28.7 

Other Grants and subsidies

0.1 

.... 

.... 

 

3 094.5 

3 062.6 

 2 386.0 

State sources

 

 

 

Taxation

  1 087.6 

1 066.3 

  804.2 

Receipts from government businesses

  388.4 

472.2 

  361.5 

Departmental fees and recoveries

  102.7 

102.7 

  80.8 

Recoveries of State debt charges

  0.1 

0.1 

.... 

Sale and rent of government property

5.0 

5.0 

.... 

Resource rents and royalties

  38.8 

38.8 

  27.0 

Other recurrent receipts

  247.1 

281.9 

  114.1 

 

 1 869.5 

1 966.9 

 1 387.5 

Capital receipts

 

 

 

State sources

3.5 

4.1 

  2.1 

 

3.5 

4.1 

  2.1 

 

 

 

 

Total receipts

4 967.4 

5 033.6

 3 775.6 

 

 

 

 

Less Expenditure

 

 

 

Recurrent services

 

 

 

Appropriation Act

 4 350.2 

4 496.2

 3 188.1 

Reserved by Law

341.0 

340.7 

  242.8 

 

 4 691.3 

4 836.9

 3 430.9 

Works and services

 

 

 

Capital investment program

  439.1 

392.6 

  254.5 

 

  439.1 

392.6 

  254.5 

 

 

 

 

Total Expenditure

5 130.4 

5 229.5 

 3 685.5 

 

 

 

 

CONSOLIDATED FUND SURPLUS/(DEFICIT)

(162.9)

(195.9)

  90.2 

 

 

 

 

 

 

 

 

Table A2.9:       Consolidated Fund Expenditure by Agency1

 

2018-19

2018-19

2018-19 

 

 

Estimated

March YTD 

 

Budget

Outcome

Actual 

 

$m

$m

$m 

Communities Tasmania

 

 

 

Recurrent services

522.0 

528.0 

 336.4 

Reserved by Law

6.5 

6.7 

 4.9 

Works and services

  47.0 

39.7 

 24.7 

 

575.5 

574.5

 366.0 

Education

 

 

 

Recurrent services

1 321.6 

1 334.5 

1 060.0 

Works and services

  59.0 

27.6 

 15.6 

 

1 380.7 

1 362.2 

1 075.5 

Finance‑General

 

 

 

Recurrent services

  265.2 

320.7 

 157.4 

Reserved by Law

  309.6 

305.7 

 218.9 

Works and services

24.8 

24.8 

 5.7 

 

  599.6 

651.2 

 381.9 

Health

 

 

 

Recurrent services

1 072.1 

1 181.3 

 803.1 

Works and services

93.3 

119.2 

 103.8 

 

1 165.4 

1 300.5 

 906.9 

House of Assembly

 

 

 

Recurrent services

  3.4 

3.4 

 2.0 

Reserved by Law

  6.0 

6.4 

 4.8 

 

  9.4 

9.8 

 6.8 

Integrity Commission

 

 

 

Recurrent services

 2.5 

2.5 

 1.7 

 

 2.5 

2.5 

 1.7 

Justice

 

 

 

Recurrent services

  179.9 

162.1 

 118.7 

Reserved by Law

  13.9 

16.9 

 10.7 

Works and services

13.7 

8.9 

 2.3 

 

  207.5 

187.9 

 131.6 

Legislative Council

 

 

 

Recurrent services

  3.9 

4.0 

 2.7 

Reserved by Law

  3.1 

3.1 

 2.3 

Works and services

…. 

0.7 

 0.2 

 

  7.0 

7.8 

 5.2 

 

Table A2.9:       Consolidated Fund Expenditure by Agency1 (continued)

 

2018-19

2018-19

2018-19 

 

 

Estimated

March YTD 

 

Budget

Outcome

Actual 

 

$m

$m

$m 

Legislature‑General

 

 

 

Recurrent services

6.7 

6.9 

 4.2 

Works and Services

.... 

1.8 

.... 

 

6.7 

8.8 

 4.2 

Ministerial and Parliamentary Support

 

 

 

Recurrent services

22.3 

22.3 

 17.8 

Reserved by Law

0.2 

0.2 

 0.2 

 

22.5 

22.5 

 18.0 

 Office of the Director of Public Prosecutions

 

 

 

Recurrent services

7.3 

8.0 

 6.2 

Reserved by Law

0.5 

0.5 

 0.4 

 

 7.8 

8.6 

 6.6 

Office of the Governor

 

 

 

Recurrent services

 3.6 

3.8 

 2.8 

Reserved by Law

  0.6 

0.6 

 0.4 

 

  4.2 

4.4 

 3.2 

Office of the Ombudsman

 

 

 

Recurrent services

  2.3 

2.3 

 1.7 

 

  2.3 

2.3 

 1.7 

Police, Fire and Emergency Management

 

 

 

Recurrent services

  229.0 

229.1 

 167.0 

Works and services

  6.9 

3.7 

 3.2 

 

  235.9 

232.8 

 170.2 

Premier and Cabinet

 

 

 

Recurrent services

  37.7 

44.9 

 30.2 

Works and services

  0.3 

0.3 

.... 

 

  38.0 

45.1 

 30.2 

Primary Industries, Parks, Water and Environment

 

 

 

Recurrent services

  182.5 

181.5 

 148.2 

Works and services

  38.4 

20.9 

 9.2 

 

  220.9 

202.4 

 157.4 

State Growth

 

 

 

Recurrent services

  394.7 

367.7 

 270.4 

Reserved by Law

  0.1 

0.1 

.... 

Works and services

154.2 

144.8 

 89.8 

 

  548.9 

512.5 

 360.3 

 

Table A2.9:       Consolidated Fund Expenditure by Agency1 (continued)

 

2018-19

2018-19

2018-19 

 

 

Estimated

March YTD 

 

Budget

Outcome

Actual 

 

$m

$m

$m 

Tasmanian Audit Office

 

 

 

Recurrent services

2.0 

2.0 

 1.7 

Reserved by Law

0.5 

0.5 

 0.3 

 

2.5 

2.5 

 2.0 

Tourism Tasmania

 

 

 

Recurrent services

  33.0 

32.5 

 16.2 

 

  33.0 

32.5 

 16.2 

Treasury and Finance

 

 

 

Recurrent services

  58.5 

58.5 

 39.8 

Works and services

  1.5 

0.2 

 0.2 

 

  60.0 

58.7 

 40.0 

 

 

 

 

TOTAL

5 130.4 

5 229.5 

3 685.5 

 

 

 

 

Note:

1.    As a result of the implementation of the Financial Management Act 2016 from 1 July 2019 the Consolidated Fund will no longer exist from 30 June 2019 as it is replaced by the Public Account. Consequently, information on the Consolidated Fund will not be presented in future Budget Papers.