Actual results versus budget targets
2016-2017 Actual results versus budget targets
|Total cost of services.||394,302||413,723||19,421||1|
|Net cost of services.||57,742||87,747||30,005||2|
|Net increase/(decrease) in cash held.||21,818||(4,635)||(26,454)||4|
|Approved full time equivalent (FTE).||1,374||1,350||24||5|
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 exceeded estimates primarily due to the On-demand Transport Reform that provided transition assistance and hardship funds to taxi owners impacted by the reform; a net land revaluation decrement recognised as an expense; and impairment losses to intangible assets mainly associated with the cancellation of the Australia Post Office contract.
Note 2: Net cost of services
In addition to the higher expenditure resulting from the taxi industry reform, the land revaluation decrement and impairment losses, lower than anticipated revenue primarily from Driver and Vehicle Services and taxi licence fees and charges contributed to the higher net cost of service.
Note 3: Total equity
Lower than expected total equity is a result of an accumulated surplus decrease reflecting the impact of an unfavourable operating result in 2017.
Note 4: Net increase/(decrease) in cash held
The higher than estimated net decrease in cash held is predominantly due to the On-demand Transport Reform and downturn in user fees and charges revenue.
Note 5: Approved FTE
The actual paid FTE is lower than the target, primarily due to a concerted effort by the Department to lower the organisation's leave liability.
|Annual Report: Financials and notes only (2016/2017)||Kb|