Actual results versus budget targets
2017-2018 Actual results versus budget targets
| 2017-18 Target $ 000 |
2017-18 Actual $ 000 |
Variation $ 000 |
Note | |
|---|---|---|---|---|
| Total cost of services. | 414,299 | 377,430 | (36,869) | 1 |
| Net cost of services. | 81,010 | 40,864 | (40,146) | 2 |
| Total equity. | 779,894 | 791,198 | 11,304 | 3 |
| Net increase/(decrease) in cash held. | 14,702 | 39,301 | 24,599 | 4 |
| Approved full time equivalent (FTE). | 1,378 | 1,317 | (61) | 5 |
Notes
These notes should be read in conjunction with the Explanatory Statement to the Financial Statements.
Note 1: Total cost of services
The total cost of services actual was lower than the budget target mainly due to the deferral of grants and subsidies expenditure relating to the Busselton-Margaret River Regional Airport Upgrade project, Geraldton Runway renewal project and Broome Boating Facilities Upgrade project.
Note 2: Net cost of services
In addition to the lower total cost of services, grants and contributions revenue exceeded budget target mainly due to the bringing forward of Local Projects Local Jobs funding.
Note 3: Total equity
Higher than expected total equity is a result of an accumulated surplus increase reflecting the impact of a favourable result in 2016-17.
Note 4: Net increase/(decrease) in cash held
The higher than estimated net increase in cash held is predominantly due to reduced grant payments resulting from deferrals of the Busselton-Margaret River Regional Airport Upgrade project, Geraldton Runway renewal project and underspends in Two Rocks Marina and On-demand Transport Business System Enhancements.
Note 5: Approved FTE
The actual paid FTE is lower than the target, primarily due to the Voluntary Targeted Separation Scheme and a concerted effort by the Department to lower the organisation's leave liability.
| Annual Report: Financials and notes only (2017/2018) | Kb |
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