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Report on State Finances 2009–10 – Government of Queensland 1

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Report on State Finances 2009–10 – Government of Queensland 1 2009–10 Report on State Finances of the Queensland Government – 30 June 2010 Incorporating the Outcomes Report and the AASB 1049 Financial Statements Contents Page Message from the Treasurer 2 Scope of the Report 3 Outcomes Report - Uniform Presentation Framework Overview and Analysis 4-01 Operating Statement by Sector 4-06 Balance Sheet by Sector 4-07 Cash Flow Statement by Sector 4-08 General Government Sector Taxes 4-09 General Government Sector Dividend and Income Tax Equivalent Income 4-09 General Government Sector Grant Revenue 4-10 General Government Sector Grant Expenses 4-10 General Government Sector Expenses by Function 4-11 General Government Sector Purchases of Non-financial Assets by Function 4-12 Loan Council Allocation 4-12 Certification of Outcomes Report 4-13 AASB 1049 Financial Statements Overview and Analysis 5-01 Audited Financial Statements Operating Statement 6-01 Balance Sheet 6-03 Statement of Changes in Net Assets (Equity) 6-04 Cash Flow Statement 6-06 Notes to the Financial Statements 6-07 Certification of Queensland State Government Financial Statements 6-97 Independent Auditor's Report to the Treasurer of Queensland 6-98 Report on State Finances 2009–10 – Government of Queensland 1 Report on State Finances 2009-10 - Government of Queensland 1 Message from the Treasurer Message from the Treasurer As outlined in the Charter of Social and Fiscal Responsibility, the Government is committed to fiscal transparency and accountability. A key objective of this report is to facilitate a meaningful assessment of the State’s financial performance over the 2009-10 financial year and its net worth at balance date. ThisAs outlined report providesin the Charter details of of Social the General and Fiscal Government Responsibility, Sector's the and Government Total State is Sector'scommitted financial to fiscal operations transparency and positionand on bothaccountability. a Uniform PresentationA key objective Framework of this report (Outcomes is to facilitate Report) a meaningfuland Australian assessment Accounting of theStandards State’s basis.financial performance over the 2009-10 financial year and its net worth at balance date. Accounting standard, AASB 1049 Whole of Government and General Government Sector Financial Reporting aims to harmoniseThis report Governmentprovides details Finance of the Statistics General (GFS)Government and Generally Sector's Acceptedand Total AccountingState Sector's Principles financial (GAAP), operations with and the positionobjective on ofboth improving a Uniform the Presentation clarity and transparency Framework (Outcomes of government Report) financial and Australianstatements. Accounting Standards basis. InAccounting endorsing standard, this report, AASB I place 1049 on Wholerecord ofmy Government appreciation and of theGeneral professionalism Government and Sector co-operation Financial extended Reporting to aims to Queenslandharmonise Government Treasury by Finance agency Statisticspersonnel (GFS) and of and the Generally Treasury Acceptedstaff involved Accounting in its preparation. Principles (GAAP), with the objective of improving the clarity and transparency of government financial statements. In endorsing this report, I place on record my appreciation of the professionalism and co-operation extended to Queensland Treasury by agency personnel and of the Treasury staff involved in its preparation. ANDREW FRASER Treasurer Minister for Employment and Economic Development ANDREW FRASER Treasurer Minister for Employment and Economic Development Report on State Finances 2009-10 - Government of Queensland 2 Report on State Finances 2009–10 – Government of Queensland 2 Report on State Finances 2009-10 - Government of Queensland 2 Scope of the Report The Report on State Finances, incorporating the Outcomes Report and AASB1049 Financial Statements for the General Government Sector (GGS) and Whole of Government (Total State Sector), provides a comprehensive analysis of Government finances for the 2009-10 financial year. The Outcomes Report The Outcomes Report contains financial statements that are prepared and presented in accordance with the Uniform Presentation Framework (UPF) agreed to at the 1991 Premiers' Conference and recently revised to align with AASB 1049 Whole of Government and General Government Sector Financial Reporting. The primary objective of the UPF is to provide uniform and comparable reporting of Commonwealth, State and Territory governments' financial information. Queensland's annual Budget was prepared in accordance with the revised UPF, and the Outcomes Report compares achieved financial results with revised forecasts as per the 2010-11 Budget papers. The UPF presentation is primarily structured on a sectoral basis with a focus on the General Government and Public Non-financial Corporations sectors. The AASB 1049 Financial Statements The AASB 1049 Financial Statements outline the operations of the Queensland Government on an accrual basis in accordance with Australian Accounting Standard AASB 1049 Whole of Government and General Government Sector Financial Reporting and other applicable standards. The statements present the operating statement, balance sheet and cash flows of the Queensland Total State Sector on a consolidated basis and the GGS on a partially consolidated basis. AASB 1049 Whole of Government and General Government Sector Financial Reporting was released in October 2007. The standard aims to harmonise the Government Finance Statistics (GFS) and Accounting Standard frameworks. The GFS reporting framework, developed by the Australian Bureau of Statistics (ABS), is based on international statistical standards and allows comprehensive assessments to be made of the economic impact of government. A full set of financial statements is required for both the GGS and Total State Sector. Comparison is with the prior year, though the GGS financial statements also require analysis of variances between original published budget and actuals. Financial statements for the General Government, Public Non-financial Corporations and Public Financial Corporations sectors are disclosed in the disaggregated information note to the financial statements (Note 2). Refer Note 54 of the financial statements for a full list of consolidated entities. Where applicable, comparatives have been restated to agree with changes in presentation in the financial statements for the current reporting period and to correct timing differences and/or errors from prior periods. Related Publications This report complements other key publications relating to the financial performance of the Queensland Public Sector including: - the annual Budget papers; - Budget updates including the Mid Year Update; - the Treasurer's Consolidated Fund Financial Report; and - the annual reports of the various departments, statutory bodies, Government-owned corporations and other entities that comprise the Queensland Government. Report on State Finances 2009–10 – Government of Queensland 3 Report on State Finances 2009-10 - Government of Queensland 3 Outcomes Report 2009-10 Outcomes Report Uniform Presentation Framework of the Queensland Government – 30 June 2010 Outcomes Report - Overview and Analysis Overview The General Government UPF net operating balance for 2009-10 was a deficit of $56 million, compared to the budgeted deficit of $287 million. The improvement in the result is due to marginally lower expenses. A cash deficit of $5.305 billion was recorded for 2009-10 in the General Government Sector, compared to a budgeted deficit of $5.254 billion. The State's net worth decreased to $175.655 billion as at 30 June 2010, mainly due to revaluation decrements to non-financial assets. Payments for capital purchases in the General Government Sector were slightly higher than forecast mainly due to the purchase of the Traveston land from the Public Non-financial Corporations Sector. Summary of Key UPF Financial Aggregates Outlined in the table below are the key aggregates, by sector. General Government Public Non-financial Non-financial Public Sector Corporations Sector Sector Est. Actual Outcome Est. Actual Outcome Est. Actual Outcome $ million $ million $ million $ million $ million $ million Revenue 39,689 39,729 11,994 11,939 47,988 47,882 Expenses 39,976 39,785 11,750 11,499 48,779 48,150 Net operating balance (287) (56) 244 440 (791) (267) Cash surplus/(deficit) (5,254) (5,305) (5,508) (3,319) (10,763) (8,625) Capital purchases (8,626) (8,767) (7,682) (6,505) (16,305) (14,818) Net worth 187,607 175,655 27,213 22,499 187,607 175,655 Net debt (13,206) (13,342) 33,831 32,555 20,626 19,214 Net borrowing 5,182 5,182 3,966 2,465 9,148 7,646 Borrowing 15,524 15,916 36,080 35,782 51,604 51,697 Note: 1. Numbers may not add due to rounding Report on State Finances 2009–10 – Government of Queensland 4-01 Report on State Finances 2009-10 - Government of Queensland 4-01 Outcomes Report - Overview and Analysis 2009-10 2009-10 General Government Revenue Est. Actual Outcome $ million $ million Taxation revenue 9,474 9,375 Grants revenue 20,375 20,205 Sales of goods and services 3,928 3,962 Interest income 2,230 2,205 Dividend and income tax equivalent income 1,005 950 Other revenue 2,678 3,032 Total Revenue 39,689 39,729 Note: 1. Numbers may not add due to rounding Total revenue was only $40 million higher than the 2009-10 estimated actual. This was largely due to: - other revenue being boosted by land contributions from developers and higher royalties from increased prices and volumes of coal sales, offset by;
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