Actual results versus budget targets

The following information provides a comparison of the financial targets and outcomes against criteria included in the Resource Agreement between the Chief Executive Officer, the Minister for Transport and the Treasurer.

  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.

AR_P_Annual_Report_2017_2018_Financials_only.pdf icon Annual Report: Financials and notes only (2017/2018) Kb

 

Transport Annual Report

Page last updated: Fri Sep 21 2018 8:35:21 AM