Financial Statements

Operating statement

For the year ended 30 June 2014 2013-14
$'000
2012-13
$'000
Income from transactions
Revenue from government* 91,242 76,705
Sales of goods and services 392 417
Payments to consolidated fund (1) (17)
Total income from transactions 91,633 77,105
Expenses from transactions
Employee benefits 44,779 44,556
Supplies and services 21,581 19,358
Depreciation and amortisation 17,169 8,804
Grants & other transfers 6,897 3,108
Capital asset charge 201 246
Interest expenses 456 423
Other expenses - 17
Total expenses from transactions 91,083 76,512
Net result from transactions 550 593
Other economic flows in net result
Net gains / (losses) on financial instruments (3) 9
Net gains / (losses) on non-financial assets 31 (20)
Other gains / (losses) on other economic flows (9) 56
Total other economic flows in net result 19 45
Net surplus/(deficit) for reporting period 569 638
* Revenue from government represents the output budget allocated to SRO

Notes to the operating statement

  • The increase of $0.223 million in employee benefits was mainly due to salary increases associated with the VPS agreement.
  • The increase of $8.365 million in depreciation and amortisation was mainly due to an increase in amortisation expenses related to municipal valuations. Municipal valuations are amortised for up to 2 years and due to the timing of purchases the amortisation expense is always lower in the first year of the cycle. 2013-14 was the second year of the two year cycle.
  • Grants & other transfers consists of payments made to Municipal Councils in relation to the administration of the Fire Service Property Levy. The levy was introduced in the 2013-14 financial year.
  • Expenses from transactions include $0.392 million in relation to the administration of the Growth Area Infrastructure Contribution.  Costs recovered from the relevant trust fund were reported as sales of goods and services.

Balance sheet

As at 30 June 2014 2013-14
$'000
2012-13
$'000
Financial assets
Cash assets 3 6
Receivables 26,685 11,749
Total financial assets 26,688 11,755
Non-financial assets
Inventories 60 55
Plant, property and equipment 1,799 2,490
Intangible assets 8,246 21,550
Other 1,722 1,754
Total non-financial assets 11,827 25,849
Total assets 38,515 37,604
Liabilities
Payables 7,311 7,121
Interest-bearing liabilities 264 230
Provisions 12,681 13,382
Total liabilities 20,256 20,733
Net assets 18,259 16,871

Notes to the balance sheet

Receivables

Receivables 2013-14
$'000
2012-13
$'000
Amounts owing from Victorian Government 25,826 10,349
GST input tax credit recoverable 178 241
Other receivables 681 1,159
Total receivables 26,685 11,749

Written-down value of property, plant & equipment

Written-down value of property, plant & equipment 2013-14
$'000
2012-13
$'000
Computer equipment 6 -
Plant, furniture and equipment 96 54
Leasehold improvements / fitouts 1,697 2,436
Construction in progress - -
Total written-down value of plant, property and equipment 1,799 2,490

Written-down value of intangible assets

Written-down value of intangible assets 2013-14
$'000
2012-13
$'000
Municipal valuations* - 11,987
Other intangible produced assets** 7,408 6,762
Work in progress** 838 2,801
Total written-down value of intangible assets 8,246 21,550

*All municipal valuations were fully amortised by 30 June 2014
** Capitalised and uncapitalised expenditure on e-Sys Life Extension Project

Other non-financial assets

Other non-financial assets 2013-14
$'000
2012-13
$'000
Prepayments 1,461 1,526
Motor vehicle leased 261 228
Total other non-financial assets 1,722 1,754

Payables

Current payables 2013-14
$'000
2012-13
$'000
Unpresented cheques 312 294
Trade creditors 313 389
Accruals 3,488 3,638
Other payables 3,198 2,800
Total payables 7,311 7,121

 

Interest-bearing liabilities

Interest-bearing liabilities 2013-14
$'000
2012-13
$'000
Current liabilities
Motor vehicle leases 75 100
Total current liabilities 75 100
Non-current liabilities
Motor vehicle leases 189 130
Total non-current liabilities 189 130
Total interest-bearing liabilities 264 230

 

Provisions

Provisions 2013-14
$'000
2012-13
$'000
Current provisions
Annual leave 3,104 3,257
Long service leave 8,370 8,171
Performance incentive provision 70 80
Redundancy provisions - 797
Total current provisions 11,544 12,305
Non-current provisions
Long service leave 1,137 1,077
Total non-current provisions 1,137 1,077
Total provisions 12,681 13,382

Administered items

Administered revenues

Administered revenues 2013-14
$'000
2012-13
$'000
Payroll tax 5,480,607 5,278,657
Duties* 5,240,196 4,341,755
Land tax 1,659,754 1,590,814
Congestion levy 83,852 48,203
Growth Areas Infrastructure Contribution 93,056 56,380
Fire Services Property Levy 630,631 -
Licence fees 23,310 22,813
Total 13,211,406 11,338,622
Less: Cattle Compensation Fund (3,414) (2,961)
Less: Swine Compensation Fund (163) (158)
Less: Sheep and Goat Compensation Fund (1,307) (1,281)
Add: Unclaimed money receipts 88,328 75,893
Add: User charges 2,981 2,603
Add: Sundry income 912 471
Total administered revenues 13,298,743 11,413,189
* Includes Cattle Compensation Fund, Swine Compensation Fund and Sheep & Goat Compensation Fund

Administered expenses

Administered expenses 2013-14
$'000
2012-13
$'000
First Home Owner Grant 121,111 225,341
First Home Bonus 43,408 43,435
Liquor subsidies 2,803 2,780
Other grants, rebates and other payments 35,320 17,562
Unclaimed money refunds 17,764 18,072
Bad and doubtful debts 39,080 28,762
Total administered expenses 259,486 335,952
Net administered revenues 13,039,257 11,077,237

Notes to administered items

  • Tax and duty revenue increased by $1,872.7 million to $13,211 million. This included:
    • an increase of $891.5 million in land transfer duty;
    • an increase of $68.9 million in land tax; and
    • an increase of $201.9 million in payroll tax.
  • Congestion levy rose by $35.6 million primarily due to a change in the levy rate.
  • The Fire Services Property Levy was introduced in 2013-14 and revenue of $630.6 million was recorded.
  • Unclaimed money receipts represent monies transferred to the Registrar under the Unclaimed Money Act and the Gambling Regulation Act. There was an increase of $12.4 million in the 2013-14 financial year.
  • The First Home Owner Grant decreased by $104.2 million mainly due to changes to the eligibility requirements. For contracts entered into on or after 1 July 2013, eligibility for the Grant was limited to buyers of new homes.
  • Other grants, rebates and other payments increased by $17.8 million mainly due to an increase in ex gratia payments of $13.2 million and Duty Concessions of $3.5 million.
  • The $10.3 million increase in bad & doubtful debts was made up of increases of $8.4 million in bad debts and an increase $1.9 million in the provision for doubtful debts.