Appendix 2      2021‑22 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 38(1) of the Financial Management Act 2016. It presents financial results for the nine months ending 31 March 2022 for the General Government Sector and the Public Account.

·       The estimated General Government Net Operating Balance for 2021‑22 is a $456.3 million deficit, a $233.5 million improvement from the 2021‑22 Budget estimate of a $689.8 million deficit.

·       The actual General Government Net Operating Balance for the nine months to 31 March 2022 is a $365.1 million deficit.


 

Introduction

This appendix presents the 2021‑22 Estimated Outcome based on the latest available agency assessments of additional funding requirements or potential savings and revised whole‑of‑government revenue estimates. Significant changes to revenue and expenditure estimates may occur between the preparation of these estimates and those reported in future reports on the 2021‑22 Budget outcome.

Detailed information on the final Outcome for 2021‑22 will be published in:

·       the Preliminary Outcomes Report, required to be published by 15 August 2022 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 2022; and

·       agency Annual Reports, which will be tabled in Parliament by 31 October 2022.

This appendix also meets the information requirements for a March Quarterly Report as specified in Section 38(1) of the Financial Management Act 2016. It presents financial results for the nine months ending 31 March 2022 for the General Government Sector and the Public Account. 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 2021‑22, compared to the 2021‑22 Budget estimates.

Table A2.1:       General Government Income Statement, 2021‑22

 

2021‑22 

2021‑22 

2021‑22 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

Revenue from transactions

 

 

 

Grants

4 653.2 

5 128.9 

3 682.9 

Taxation

1 448.3 

1 549.9 

1 186.4 

Sales of goods and services

441.7 

442.4 

 301.2 

Fines and regulatory fees

107.2 

110.9 

 89.4 

Interest income

7.9 

8.1 

 6.5 

Dividend, tax and rate equivalent income

383.8 

377.7 

 341.6 

Other revenue

215.3 

257.3 

 224.4 

 

7 257.5 

7 875.2 

5 832.4 

 

 

 

 

Less Expenses from transactions

 

 

 

Employee expenses

3 202.0 

3 320.9 

2 470.3 

Superannuation

410.3 

419.5 

 310.2 

Depreciation

412.5 

432.1 

 309.5 

Supplies and consumables

1 723.8 

1 787.0 

1 313.3 

Nominal superannuation interest expense

129.5 

191.3 

 143.5 

Borrowing costs

48.2 

47.1 

 25.1 

Grant and subsidy expenses

1 978.8 

2 068.6 

1 577.9 

Other expenses

42.2 

64.9 

 47.7 

 

7 947.2 

8 331.5 

6 197.6 

 

 

 

 

Equals NET OPERATING BALANCE

(689.8)

(456.3)

(365.1)

 

 

 

 

Plus Other economic flows ‑ included in Operating Result

 

 

 

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

13.7 

21.1 

 23.1 

Other gains/(losses)

(11.9)

19.8 

(65.2)

 

1.8 

40.9 

(42.2)

 

 

 

 

Equals Operating Result

(687.9)

(415.3)

(407.3)

 

 

 

 


 

Table A2.1:       General Government Income Statement, 2021‑22 (continued)

 

2021‑22 

2021‑22 

2021‑22 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

Plus Other economic flows ‑ other movements in Equity

 

 

 

Revaluations of non‑financial assets

280.4 

284.1 

 210.3 

Revaluation of equity investment in PNFC and PFC sectors

(181.2)

(52.2)

.... 

Movements in superannuation liability

(866.4)

654.4 

.... 

Other non‑owner movements in Equity

.... 

.... 

 31.3 

 

(767.3)

886.2 

 241.6 

 

 

 

 

Equals Comprehensive Result

(1 455.2)

470.9 

(165.7)

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

NET OPERATING BALANCE

(689.8)

(456.3)

(365.1)

 

 

 

 

Less Net acquisition of non‑financial assets

 

 

 

Purchases of non‑financial assets

795.8 

806.5 

 423.9 

Less Sales of non‑financial assets

31.9 

39.2 

 32.8 

Less Depreciation

412.5 

432.1 

 309.5 

 

351.4 

335.1 

 81.5 

 

 

 

 

Equals FISCAL BALANCE

(1 041.2)

(791.4)

(446.7)

 

 

 

 

 

 

 

 


 

Revenue Variations

Total revenue for 2021‑22 is estimated to be $7 875.2 million, $617.7 million higher than the Budget estimate of $7 257.5 million. The major revenue variations are described in Table A2.2.

Table A2.2:       Major Revenue Variations

Revenue Item

Variance from Budget

Reasons

Grants

$475.7 million higher

 

·       General Purpose Payments

$159.5 million higher

The increase in General Purpose Payments is primarily due to changes in GST revenue resulting from:

·       the Australian Government increasing its 2021‑22 forecast of the GST pool in its 2022‑23 Budget; and

·       a positive $133.8 million residual adjustment to Tasmania in 2021‑22 for underpaid GST revenue in 2020‑21, as a result of higher than anticipated GST receipts in that year. 

·       National Partnership Payments

$303.9 million higher

The increase in National Partnership Payments primarily reflects revised expenditure profiles for the following programs:

·       $123.2 million for the National Partnership on COVID‑19 Response;

·       $65.2 million reflecting the advance payment of approximately 75 per cent of the 2022‑23 Grant entitlement for Local Government Financial Assistance Grants from the Australian Government;

·       $40 million for the Supercharged Business Support grant program;

·       $37.3 million for the Roads of Strategic Importance;

·       $19.3 million for the Marinus Link; and

·       $17 million for the RHH Redevelopment.


 

Table A2.2:       Major Revenue Variations (continued)

Revenue Item

Variance from Budget

Reasons

·       Specific Purpose Payments and Reform Funding

$11.2 million higher

The increase in Specific Purpose Payments and Reform Funding primarily reflects an increase in Quality Schools, Quality Outcomes funding of $13 million from the Australian Government based on latest enrolment data.

This increase is partially offset by a reduction in National Health Reform estimates of $1.7 million.

Taxation

$101.7 million higher

The increase in Taxation primarily reflects:

·       a $50 million upwards revision in Conveyance Duty, largely driven by strong growth in residential property prices;

·       a $31.1 million increase in Payroll Tax driven by strong employment levels; and

·       a $12.5 million upwards revision in Insurance duties, reflecting the strong premium growth of general insurers.

Dividend, tax and rate equivalent income

$6.1 million lower

The decrease in Dividend, tax and rate equivalent income reflects an $11.1 million decrease in dividends primarily as a result of reduced dividends from Tasmanian Networks Pty Ltd and the Motor Accidents Insurance Board, due to lower profit outcomes for 2020‑21.

This decrease is partially offset by an increase in Income Tax and Rate Equivalent income of $4.9 million.

 


 

Table A2.2:       Major Revenue Variations (continued)

Revenue Item

Variance from Budget

Reasons

Other revenue

$42 million higher

The increase in Other revenue primarily reflects:

·       an increase of $23.3 million for revised Mineral Royalty income;

·       an increase in the Department of Health of $8.4 million which includes $6.8 million for revised salary and wage reimbursements under the Training More Specialist Doctors program;

·       an increase in the Department of Communities Tasmania of $4.3 million which includes a $3.4 million revision for Hotel Quarantine recoveries; and

·       an increase in the Department of Justice of $3.1 million which includes revised revenue profiles for the Asbestos Compensation Fund of $2 million and for the Workers Rehabilitation and Compensation Fund of $1 million.

 


 

Expense Variations

Total expenses for 2021‑22 are estimated to be $8 331.5 million, $384.3 million higher than the Budget estimate of $7 947.2 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

$119.0 million higher

The increase in Employee expenses primarily reflects:

·       an increase in the Department of Health of $73.7 million which includes:

-   $53.8 million for COVID‑19 health‑related costs, of which, approximately 50 per cent is funded from the Australian Government through the National Partnership on COVID‑19 Response; and

-   $9.4 million reflecting the reclassification of expenditure of National Health Reform funding from Supplies and consumables;

·       an increase in the Department of Natural Resources and Environment Tasmania of $16.8 million which includes:

-   $10 million reflecting the Government’s initiative to support the State’s ongoing COVID‑19 border control response;

-   $2.6 million reflecting revised Biosecurity costs including $1.2 million for the Securing our Borders Program; and

-   $2.4 million reflecting revised fuel reduction expenditure;

·       an increase in the Department of Justice of $12.1 million including:

-   $9.1 million reflecting additional costs of staffing the Tasmanian Prison Service; and

-   $1.3 million reflecting additional costs of administering the Tasmanian Civil and Administrative Tribunal (TasCAT); and

 

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Employee expenses (continued)

 

·       an increase in the Department of Police, Fire and Emergency Management of $8 million, which includes:

-   $5.9 million reflecting the estimated cost of the Police Enterprise Bargaining Agreement; and

-   $1.2 million reflecting costs associated with seasonal worker flights.

Supplies and consumables expenses

$63.2 million higher

The increase in Supplies and consumables primarily reflects:

·       a net increase in the Department of Health of $88 million which includes:

-   an increase of $97 million reflecting COVID‑19 health‑related costs, of which, approximately 50 per cent is funded from the Australian Government through the National Partnership on COVID‑19 Response; and

-   a decrease of $12.4 million reflecting the reclassification of expenditure primarily to Employee expenses;

·       an increase in the Department of Premier and Cabinet of $66.3 million which includes $65.9 million for the purchase of COVID‑19 Rapid Antigen Tests;

 


 

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Supplies and consumables expenses (continued)

 

·       an increase in the Department of Education of $12.1 million which includes:

-   $8 million reflecting the Government’s COVID‑19 Additional Education Measures to Keep Tasmanians Safe initiative which includes improvements to ventilation and upgraded outdoor learning areas; and

-   $3.8 million reflecting additional School cleaning costs and Personal and Protective Equipment in response to the COVID‑19 pandemic, of which, approximately 50 per cent is funded from the Australian Government through the National Partnership on COVID‑19 Response;

·       an increase in the Department of State Growth of $20.1 million which includes:

-   an increase of $11.1 million reflecting revised National Partnership Payment expenditure for the Roads Program;

-   an increase of $5.9 million reflecting  revised State funding for the Roads Program; and

-   an increase of $4.1 million reflecting the expenditure of revised Road Safety Levies.

These increases are partially offset by a net decrease in Finance‑General of $135.6 million.

The 2021‑22 Budget included an increased Treasurer’s Reserve ($150 million) to provide capacity to manage the increased likelihood of uncertain and unforeseen costs associated with the Government’s response to the COVID‑19 pandemic.


 

Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Supplies and consumables expenses (continued)

 

This expenditure is initially reflected as Supplies and consumables expenses. As new costs are identified, agencies recognise those costs in the relevant expense categories and Finance‑General adjusts Supplies and consumables expenses to recognise the utilisation of the capacity in the Treasurer’s Reserve. The decrease in Finance‑General reflects these adjustments.

Nominal superannuation interest expense

$61.8 million higher

The increase reflects the most recent actuarial assessment of the Government’s superannuation liability, which includes the application of the 30 June 2021 ‘spot’ discount rate of 2.15 per cent. A long‑term discount rate of 1.5 per cent was used in the 2021‑22 Budget to determine interest expense with respect to the liability.

Grant and subsidy expenses

 

$89.8 million higher

The increase in Grant and subsidy expenses primarily reflects:

·       a net increase in Finance‑General of $91.1 million which includes:

-   an increase of $65.2 million reflecting the advance payment of Local Government Assistance Grants by the Australian Government;

-   an increase of $29.6 million reflecting updated National Partnership funding expenditure for the Marinus Link of $19.3 million, which was reallocated to 2021‑22, together with newly announced Australian Government funding for Battery of the Nation ‑ Tarraleah of $9.8 million; and

-   a decrease of $7.5 million reflecting the transfer of Headworks Holiday funding to the Department of State Growth;


 

Table A2.3:       Major Expense Variations (continued)

 Expense Item

Variance from Budget

Reasons

Grant and subsidy expenses (continued)

 

 

·       an increase in the Department of Education of $19.7 million which includes:

-   $13 million reflecting an increase in revised Quality Schools, Quality Outcomes funding from the Australian Government; and

-   $4.6 million for State‑funded general education grants to non‑government schools to reflect enrolment data from the 2021 Non‑Government Schools Census.

These increases are partially offset by:

·       a net decrease in the Department of State Growth of $9.7 million which includes:

-   a decrease of $96.3 million reflecting a change in the expenditure profile of 2021 election commitments and other Budget initiatives from 2021‑22 to 2022‑23 and across the Forward Estimates;

-   an increase of $80 million reflecting the Supercharged Micro and Small Business ‑ Border Closure Critical Support Grants, of which, 50 per cent is funded from the Australian Government through the Supercharged Business Support grant program; and

-   an increase of $12 million for Headworks Holiday funding reflecting a $7.5 million transfer of funding originally allocated to Finance‑General and $4.5 million being brought forward from 2022‑23; and


Table A2.3:       Major Expense Variations (continued)

Expense Item

Variance from Budget

Reasons

Grant and subsidy expenses (continued)

 

 

·       a net decrease in the Department of Communities Tasmania of $9 million which includes:

-    a decrease of $50 million reflecting a change in the expenditure profile for a number of projects including 2021 election commitments and other Budget initiatives from 2021‑22 to 2022‑23 and across the Forward Estimates; and

-   an increase of $36.8 million reflecting updated Hotel Quarantine Extension costs.

Other Expenses

$22.7 million higher

The increase in Other expenses primarily reflects an increase in the Department of Justice of $20.5 million which includes:

·       $12 million reflecting revised funding estimates to provide compensation payments to victims of institutional childhood sexual abuse;

·       $2 million reflecting revised expenditure under the Safe Homes, Families and Communities initiative;

·       $2 million reflecting the expenditure of revised Asbestos Compensation Fund receipts; and

·       $1.4 million reflecting additional costs of staffing the Tasmanian Prison Service.

 


 

Other Economic Flows ‑ Other Movements in Equity

Other economic flows ‑ other movements in equity is estimated to be an inflow of $886.2 million in 2021‑22, which is $1 653.5 million higher than the 2021‑22 Budget estimate of a $767.3 million outflow. The major changes are detailed in Table A2.4.

Table A2.4:       Other Economic Flows ‑ Other Movements in Equity Variations

Item

Variance from Budget

Reasons

Revaluation of equity investments in PNFC and PFC sectors

$129 million higher

The improvement reflects the net change in asset values across a range of government businesses.

Movements in superannuation liability

$1 520.8 million higher

The improvement in Movements in superannuation liability primarily reflects the most recent actuarial assessment of the Government’s superannuation liability. This includes the change in discount rate for the 2022‑23 Budget to 2.5 per cent, an increase from the discount rate used in the 2021‑22 Budget of 1.5 per cent. An increase in discount rate reduces the projected value of the Superannuation liability and consequently results in an improvement in Equity.

 


 

Net Acquisition of Non‑Financial Assets

Net acquisition of non‑financial assets for 2021‑22 is estimated to be $806.5 million, $10.6 million higher than the 2021‑22 Budget estimate of $795.8 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

$10.7 million higher

The increase in Purchases of non‑financial assets primarily reflects:

·       a net increase in the Department of State Growth of $63.5 million which includes:

­  an increase of $38.9 million reflecting  revised Australian Government funded National Partnership Payment expenditure profiles for the Roads of Strategic Importance program;

­  an increase of $29.6 million reflecting expenditure for the Derwent Entertainment Centre/MyState Bank Arena;

­  an increase of $12.8 million reflecting a revised Australian Government National Partnership Payment expenditure profile for the New Bridgewater Bridge; and

­  a decrease of $19 million reflecting the change in expenditure of State‑funded Roads of Strategic Importance ($13 million) and Urban Congestion Fund ($6.1 million) program to 2022‑23.


 

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

Item

Variance from Budget

Reasons

Purchases of non‑financial assets (continued)

 

These increases are partially offset by the following decreases:

·       a decrease in TasTAFE of $35 million which includes:

-   a decrease of $25.3 million reflecting a revision in projected expenditure following the 30 June 2021 actual outcome;

-   a decrease of $7.3 million reflecting the change in expenditure for the TasTAFE Facility Upgrades and Transition Fund from 2021‑22 to 2022‑23 and the Forward Estimates; and

-   a decrease of $2.8 million reflecting the change in expenditure for the Trades and Water Centre of Excellence from 2021‑22 to 2022‑23;

·       a decrease in the Department of Health of $12.6 million which includes a decrease of $12.3 million reflecting the change in expenditure for the RHH Stage 2 Redevelopment from 2021‑22 to 2022‑23 and 2023‑24; and

·       a decrease in the Department of Justice of $8.6 million which includes a decrease of $9 million reflecting the change in expenditure for the Southern Remand Centre from 2021‑22 to 2022‑23.

 


·        

General Government Balance Sheet

Table A2.6:       General Government Balance Sheet

 

2022 

2022 

2022 

 

  

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

Assets

 

 

 

Financial assets

 

 

 

Cash and deposits1

1 144.0 

624.2 

1 268.3 

Investments1

311.0 

872.2 

 213.4 

Equity investments in PNFC and PFC sectors

4 928.6 

5 210.0 

5 147.8 

Other equity investments

140.9 

140.9 

 129.2 

Receivables

345.4 

409.8 

 421.2 

Other financial assets

442.6 

578.5 

 610.4 

 

7 312.6 

7 835.5 

7 790.3 

 

 

 

 

Non‑financial assets

 

 

 

Land and buildings

7 771.9 

7 953.5 

7 776.1 

Infrastructure

6 454.9 

6 254.7 

6 030.3 

Plant and equipment

313.8 

316.8 

 331.8 

Heritage and cultural assets

452.2 

466.4 

 453.6 

Investment property

3.3 

3.1 

 3.6 

Intangibles

72.6 

83.8 

 70.9 

Assets held for sale

1.1 

2.2 

 6.0 

Lease ‑ right‑of‑use‑assets

275.2 

375.4 

 377.2 

Other non‑financial assets

99.8 

912.3 

 951.1 

 

15 444.7 

16 368.2 

16 000.5 

 

 

 

 

Total Assets

22 757.3 

24 203.7 

23 790.8 

 

 

 

 

Liabilities

 

 

 

Borrowings

2 874.1 

2 623.3 

2 221.5 

Lease liabilities

285.4 

395.1 

 400.1 

Superannuation2

9 895.0 

8 412.9 

9 077.9 

Employee entitlements

831.8 

853.9 

 886.6 

Payables

199.9 

181.7 

 112.0 

Other liabilities

743.5 

777.1 

 769.8 

Total Liabilities

14 829.7 

13 244.1 

13 467.8 

 

 

 

 

Net Assets

7 927.6 

10 959.6 

10 323.0 

 

 

 

 


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

 

2022 

2022 

2022 

 

  

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

Equity

 

 

 

Accumulated funds

3 326.2 

5 766.4 

5 118.6 

Asset revaluation reserve

5 581.9 

5 831.2 

5 757.5 

Other revaluation reserves

(980.4)

(638.0)

( 553.1)

Total Equity

7 927.6 

10 959.6 

10 323.0 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

NET WORTH3

7 927.6 

10 959.6 

10 323.0 

 

 

 

 

NET FINANCIAL WORTH4

(7 517.1)

(5 408.6)

(5 677.5)

 

 

 

 

NET FINANCIAL LIABILITIES5

12 445.7 

10 618.6 

10 825.3 

 

 

 

 

NET DEBT6

1 704.4 

1 522.1 

1 139.8 

 

 

 

 

GFS NET DEBT7

1 419.0 

1 126.9 

 739.8 

 

 

 

 

Notes:

1.    The change in Cash and deposits and Investments in 2022 primarily reflects the reclassification of $600 million from Cash to Investments for funds invested with the Tasmanian Public Finance Corporation.

2.    The Superannuation liability as at 31 March 2022 is based on the latest actuarial valuation as at 30 June 2021 adjusted for the employer service cost and the nominal interest expense, based on actuarial advice, for the nine months ending 31 March 2022. There is a difference of $665 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 (2.15 per cent at 30 June 2021) and the estimated long‑term bond rate which is used for Budget purposes (2.5 per cent for the 2022‑23 Budget).

3.    Net Worth represents Total Assets less Total Liabilities.

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

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

6.    Net Debt represents Borrowings plus Lease liabilities, less the sum of Cash and deposits and Investments.

7.    GFS 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

 

202122 

202122 

202122 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

Cash flows from operating activities

 

 

 

Cash received from operating activities

 

 

 

Grants received

4 697.6 

5 119.1 

3 676.0 

Taxation

1 448.3 

1 550.4 

1 194.7 

Sales of goods and services

436.9 

437.6 

 298.1 

Fines and regulatory fees

107.2 

110.8 

 81.6 

Interest received

8.0 

8.0 

 6.5 

Dividend, tax and rate equivalents

451.7 

448.7 

 341.6 

Other receipts

447.1 

494.8 

 535.0 

 

7 596.8 

8 169.4 

6 133.5 

 

 

 

 

Cash payments for operating activities

 

 

 

Employee entitlements

(3 181.9)

(3 298.8)

(2 434.3)

Superannuation

(577.6)

(612.0)

( 438.2)

Supplies and consumables

(1 733.7)

(1 793.2)

(1 400.4)

Borrowing costs

(44.0)

(41.0)

( 27.5)

Grants and subsidies paid

(1 978.7)

(2 067.5)

(1 607.9)

Other payments

(276.4)

(302.8)

( 317.3)

 

(7 792.3)

(8 115.4)

(6 225.6)

 

 

 

 

Net cash flows from operating activities

(195.5)

54.0 

( 92.1)

 

 

 

 

Cash flows from investing activities

 

 

 

Net cash flows from non‑financial assets

 

 

 

Purchases of non‑financial assets

(776.2)

(806.8)

( 423.9)

Sales of non‑financial assets

36.3 

42.9 

 32.8 

 

(739.9)

(763.8)

( 391.0)

 

 

 

 

Net cash flows from financial assets (policy purposes)

 

 

 

Equity injections

(285.6)

(224.6)

( 101.7)

Net advances paid

(129.4)

(90.6)

( 9.8)

Equity disposals

3.6 

3.6 

 4.4 

 

(411.4)

(311.6)

( 107.1)

 

 

 

 

 


 

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

 

202122 

202122 

202122 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

Net cash flows from financial assets (liquidity management purposes)

 

 

 

Net (purchase)/sale of investments

21.2 

(578.7)

( 0.3)

 

21.2 

(578.7)

( 0.3)

 

 

 

 

Net cash flows from investing activities

(1 130.1)

(1 654.1)

( 498.4)

 

 

 

 

Cash flows from financing activities

 

 

 

Net borrowing

1 001.5 

758.0 

 392.5 

Net cash flows from financing activities

1 001.5 

758.0 

 392.5 

 

 

 

 

Net increase/(decrease) in cash held

(324.1)

(842.1)

( 198.0)

 

 

 

 

Cash at the beginning of the year

1 468.1 

1 466.3 

1 466.3 

Cash at the end of the year

1 144.0 

624.2 

1 268.3 

 

 

 

 

KEY FISCAL AGGREGATES

 

 

 

 

 

 

 

Net cash flows from operating activities

(195.5)

54.0 

( 92.1)

Plus Net cash flows from non‑financial assets

(739.9)

(763.8)

( 391.0)

Equals CASH SURPLUS/(DEFICIT)

(935.4)

(709.8)

( 483.1)

 

 

 

 

 


 

Public Account Receipts and Expenditure

Tables A2.8 and A2.9 provide the 2021‑22 Estimated Outcome information together with the financial results, for the nine months ending 31 March 2022, for the total estimated Receipts and Expenditure of the Public Account. Estimated receipts are categorised based on the source and nature of each receipt. Estimated expenditure is categorised by the relevant Authority for Expenditure from the Public Account as provided under the FMA.

These tables meet the requirements of section 38(5) of the FMA.

These tables reflect the gross cash receipts to, and expenditure from, the Public Account. As such, they do not include the impact of the elimination of inter‑entity transactions within the Public Account or whole‑of‑government investment and cash management activities within the Public Account. These transactions are fully reflected in General Government Statements and the key financial measures, including the Net Operating Balance, Fiscal Balance and Net Debt. Consequently the receipts and expenditures detailed in the tables will not reconcile directly with those presented in the General Government Cash Flow Statement.

Table A2.8:       Public Account Receipts

 

2021‑22 

2021‑22 

2021‑22 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

General Receipts

 

 

 

Australian Government Sources

3 692.2 

3 929.9 

 3 017.2 

State Sources

2 126.9 

2 258.1 

 1 721.1 

 

5 819.1 

6 188.0 

 4 738.3 

 

 

 

 

Specific Purpose Accounts

2 706.3 

3 243.6 

 2 312.8 

 

 

 

 

Statutory Authorities

287.3 

292.6 

  208.8 

 

 

 

 

Total Receipts

8 812.8 

9 724.2 

 7 259.9 

 

 

 

 

 


 

Table A2.9:       Public Account Expenditure

 

2021‑22 

2021‑22 

2021‑22 

 

 

Estimated 

March YTD 

 

Budget 

Outcome 

Actual 

 

$m 

$m 

$m 

 

 

 

 

Annual Appropriation

 

 

 

Operating Services Expenditure

6 006.4 

6 146.4 

 4 577.5 

Capital Services Expenditure

593.0 

576.7 

  424.4 

 

6 599.4 

6 723.0 

 5 001.8 

 

 

 

 

Reserved by Law

475.9 

491.0 

  281.7 

 

 

 

 

Specific Purpose Accounts

2 707.6 

3 476.1 

 2 343.1 

 

 

 

 

Statutory Authorities

301.2 

283.6 

  212.0 

 

 

 

 

Other Provisions

(0.5)

(0.1)

.... 

 

 

 

 

Total Expenditure

10 083.6 

10 973.6 

 7 838.7 

 

 

 

 

 


 

Specific Purpose Accounts Estimated Receipts and Expenditure for 2021‑22

Table A2.10 provides estimated receipts and expenditure and associated balances together with the financial results for the nine months ending 31 March 2022 for each Specific Purpose Account for 2021‑22, by agency.

This table provides information on the gross cash receipts to and payments from Specific Purpose Accounts and it does not include the elimination of inter‑entity transactions which are reflected in General Government Statements. Revenue and expenditure amounts do not, therefore, equal amounts in General Government Statements.

Table A2.10:     Specific Purpose Accounts Estimated Receipts and Expenditure for 2021‑221

 

Opening 

2021‑22 

Estimated 

31 March 

 

Balance 

Revised Budget 

Balance 

2022 

 

1 July 

Estimates 

30 June 

YTD 

 

2021 

Receipts 

Expenditure 

2022 

Actual 

 

$m 

$m 

$m 

$m 

$m 

Brand Tasmania

 

 

 

 

 

Agency Financial Management Account

.... 

0.2 

0.2 

.... 

0.2 

Communities Tasmania

 

 

 

 

 

Agency Financial Management Account

70.2 

150.2 

178.0 

42.5 

51.5 

Education

 

 

 

 

 

Agency Financial Management Account

23.9 

82.4 

77.7 

28.6 

20.9 

Department of Education School Banking Account

59.0 

111.0 

114.8 

55.2 

43.9 

 

82.9 

193.3 

192.5 

83.8 

64.8 

Environment Protection Authority

 

 

 

 

 

Agency Financial Management Account

.... 

17.7 

1.5 

16.2 

16.3 

Finance‑General

 

 

 

 

 

Agency Financial Management Account

275.6 

54.1 

329.6

0.1 

20.6 

Australian Government Funding Management Account

245.0 

484.1 

494.5 

234.6 

221.7 

Government Car Fleet Account

10.8 

37.9 

40.2 

8.5 

12.5 

Rosetta Landslip Account

0.6 

0.1 

.... 

0.7 

0.6 

Tasmanian Risk Management Fund

290.9 

214.4 

105.0 

400.2 

333.9 

TT‑Line Vessel Replacement Fund

62.4 

0.4 

21.7 

41.0 

62.6 

 

885.2 

791.0 

991.0 

685.1 

652.0 

Health

 

 

 

 

 

Agency Financial Management Account

161.4 

1 124.2 

1 123.0 

162.6 

  183.1 

Private Patient Account

18.5 

30.4 

29.5 

19.4 

  17.0 

 

179.9 

1 154.6 

1 152.5 

182.0 

  200.2 

House of Assembly

 

 

 

 

 

Agency Financial Management Account

.... 

0.1 

0.1 

.... 

.... 


 

Table A2.10:     Specific Purpose Accounts Estimated Receipts and Expenditure for 2021‑221 (continued)

 

Opening 

2021‑22 

Estimated 

31 March 

 

Balance 

Revised Budget 

Balance 

2022 

 

1 July 

Estimates 

30 June 

YTD 

 

2021 

Receipts 

Expenditure 

2022 

Actual 

 

$m 

$m 

$m 

$m 

$m 

Integrity Commission

 

 

 

 

 

Agency Financial Management Account

0.1 

.... 

.... 

0.1 

0.1 

Justice

 

 

 

 

 

Agency Financial Management Account

30.7 

66.3 

66.9 

30.1 

  30.1 

Asbestos Compensation Fund

24.6 

9.9 

9.7 

24.8 

  25.9 

Local Government and Other Elections Account

0.5 

0.5 

0.9 

0.1 

  0.3 

Workers Rehabilitation and Compensation Fund

2.4 

10.8 

10.9 

2.3 

  6.5 

 

58.1 

87.5 

88.3 

57.3 

  62.8 

Legislative Council

 

 

 

 

 

Agency Financial Management Account

.... 

0.1 

0.1 

.... 

.... 

Legislature‑General

 

 

 

 

 

Agency Financial Management Account

0.1 

0.7 

0.7 

0.1 

0.1 

Ministerial and Parliamentary Support

 

 

 

 

 

Agency Financial Management Account

0.4 

1.7 

1.7 

0.4 

0.5 

Natural Resources and Environment Tasmania

 

 

 

 

 

Agency Financial Management Account

45.8 

86.9 

106.9 

25.9 

  30.4 

Crown Lands Administration Fund

46.3 

6.9 

6.3 

46.9 

  53.8 

Tasmanian Forests Agreement Account

.... 

2.7 

1.6 

1.2 

  0.9 

 

92.2 

96.5 

114.7 

74.0 

  85.1 

Office of the Director of Public Prosecutions

 

 

 

 

 

Agency Financial Management Account

2.0 

0.9 

0.9 

2.0 

1.7 

Office of the Governor

 

 

 

 

 

Agency Financial Management Account

0.2 

0.2 

0.4 

0.1 

0.1 

Office of the Ombudsman

 

 

 

 

 

Agency Financial Management Account

0.4 

0.6 

0.6 

0.4 

0.4 

Police, Fire and Emergency Management

 

 

 

 

 

Agency Financial Management Account

4.2 

152.8 

152.8 

4.2 

16.8 

Premier and Cabinet

 

 

 

 

 

Agency Financial Management Account2

13.8 

116.0 

117.2 

12.5 

(30.8) 

State Growth

 

 

 

 

 

Agency Financial Management Account

32.7 

448.7 

447.1 

34.3 

2.5 

Tasmanian Forests Agreement Account

2.3 

1.6 

3.9 

.... 

.... 

 

35.0 

450.2 

451.0 

34.3 

2.5 


 

Table A2.10:     Specific Purpose Accounts Estimated Receipts and Expenditure for 2021‑221 (continued)

 

Opening 

2021‑22 

Estimated 

31 March 

 

Balance 

Revised Budget 

Balance 

2022 

 

1 July 

Estimates 

30 June 

YTD 

 

2021 

Receipts 

Expenditure 

2022 

Actual 

 

$m 

$m 

$m 

$m 

$m 

Tasmanian Audit Office

 

 

 

 

 

Agency Financial Management Account

2.7 

6.5 

6.6 

2.6 

1.9 

Tourism Tasmania

 

 

 

 

 

Agency Financial Management Account

5.0 

5.2 

10.1 

0.1 

3.2 

Treasury and Finance

 

 

 

 

 

Agency Financial Management Account

8.8 

17.6 

15.2 

11.2 

10.4 

 

 

 

 

 

 

Total Specific Purpose Accounts

1 441.3 

3 243.6 

3 476.1 

1 208.7 

1 139.3 

 

 

 

 

 

 

Notes:

1.    Discrepancies between totals and sums of components reflect rounding.

2.    The 31 March YTD deficit for the Department of Premier and Cabinet reflects a timing difference between the purchase of Rapid Antigen Test kits and the reimbursement from the Department of Health.