Financial Summary
In 2003-04 the Department recorded a net cost of services of $152.1 million.
Expenses from ordinary activities totalled $235.1 million for the year. The bulk of the expenditure related to employee expenses, supplies and services, grants and subsidies and capital user charge.
Net cost refers to the difference between expenditure and revenue, before funding from State Government, for those operations we 'control' as opposed to those operations we administer on behalf of the Government.
Operating Expenses for 2004 (in $ thousands)
Revenue of $83 million for the year was made up of the items displayed in the graph below.
Operating Revenue for 2004 (in $ thousands)
The Department's equity at 30 June 2004 was $288.7 million and comprised total accumulated equity contributions of $89.6 million from Government, asset revaluation reserves of $15.1 million and accumulated surpluses of $184.0 million. Funding of the Department's net cost of services was primarily by means of output appropriation funding from the Consolidated Fund.
Total appropriations received were $130.8 million including $8.9 million which was retained by the Department of Treasury and Finance to be used to fund future employee leave entitlements and replace assets. This significantly differs from the Published Budget Statements due to transfers to/from other agencies. This is further explained in the Notes to Financial Statements 40(i).
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