Notes to the Financial Statements

For the year ended 30 June 2004

Equity represents the residual interest in the net assets of the Department. The Government holds the equity interest in the Department on behalf of the community. The asset revaluation reserve represents that portion of equity resulting from the revaluation of non-current assets.

	2004 $'000	2003 $'000
Contributed equity
Opening balance	56,684	17,351
Capital contributions (i)	1,796	24,252
Contribution by owners: (ii)
Net assets transferred from Department of Land Information	38,168	-
Net liabilities transferred to Consolidated Fund	214	18,598
Distributions to owners: (ii)
Net liabilities transferred from Department of Transport	-	(3,517)
Net liabilities transferred from Metrobus	(53)	-
Net assets transferred to Fisheries	(2,167)	-
Net assets transferred to Public Transport Authority	(5,050)	-
Closing balance	89,592	56,684

1. Capital contributions have been designated as contributions by owners and are credited directly to equity in the Statement of Financial Position.
2. Net assets or net liabilities designated as non-reciprocal transfers.

	2004 $'000	2003 $'000
Asset revaluation reserve (i)
Opening balance	17,482	-
Net revaluation increment - Land	-	17,482
Net revaluation increments (ii)
buildings	3,767	-
bus stations	7,206	-
buses	6,144	-
vessels	196	-
Transfer to accumulated surplus (iii)	(19,675)	-
Closing balance	15,120	17,482

1. The asset revaluation reserve is used to record increments and decrements on the revaluation of non-current assets, as described in accounting policy note 2(n).
2. Revaluations in accordance with Treasurer's Instruction 955 of assets transferred to other government entities.
3. Transfer of asset revaluation reserve to accumulated surplus. This portion relates to assets transferred to other government entities.

	2004 $'000	2003 $'000
Accumulated surplus
Opening balance	180,386	181,083
Transfer from asset revaluation reserve (i)	19,675	-
Change in net assets	(16,058)	(697)
Closing balance	184,003	180,386

1. See note above on asset revaluation reserve.