Annual Report 2015-16 - Financial overview
Statement of financial performance
In 2015-16 the department administered approximately $172.1 billion in payments or around 41% of government outlays. The department reported a small operating deficit of $3.2 million after adjustment for unfunded depreciation and amortisation expenses and the revaluation of assets. This represents a 0.07% variance to the budgeted net cost of services of $4.5 billion.
The department was primarily funded through direct appropriation in the annual budget cycle. The department received service-related revenue from other Australian Government agencies and non-government entities under service arrangements - see Table 71 below.
In 2015-16 the department received total income of $4,417.1 million, comprising $4,223.5 million in government appropriation and $193.6 million in own source revenue and gains - see Table 77.
|Government agencies and other entities||$ million|
|Australian Electoral Commission||6.4|
|Australian Taxation Office||16.5|
|Department of Foreign Affairs and Trade||7.2|
|Department of Health||36.1|
|Department of Immigration and Border Protection||1.5|
|Department of the Prime Minister and Cabinet||3.2|
|Department of Social Services||5.5|
|Department of Veterans’ Affairs||26.0|
|National Disability Insurance Agency||18.8|
|Other agencies (amounts of less than $1.0 million from other government agencies)||5.2|
1. Financial and other data in this annual report is rounded to the nearest decimal point. This may lead to minor differences between numbers.
The department's expenses in 2015-16 totalled $4,669.8 million compared to $4,432.6 million in 2014-15.
|% change since
Figure 8: Income and expenses
Reporting of significant non-compliance issues
No matters were reported under section 19(1)(e) of the Public Governance, Performance and Accountability Act 2013 in relation to non-compliance with the finance law during the reporting period.
Statement of financial position
Figure 9: Equity, assets and liabilities
The total equity of the department at 30 June 2016 was $698.0 million compared to $671.4 million the year before.
Assets were revalued upwards during the year resulting in a 34.9% increase to the asset revaluation reserve.
Contributed equity increased by 17.2% reflecting $47.6 million in equity injections for the purchase of plant and equipment and software development; and $196.4 million departmental capital budget funding for the purchase of plant and equipment, software development and property leasehold improvement. In addition $1.9 million of net liabilities were transferred to the Department of Health under a restructuring of administrative arrangements.
The department's total assets increased by 0.6% to $2,061.1 million at 30 June 2016.
The department's total liabilities decreased by 1.0% to $1,363.1 million at 30 June 2016.
|% change since
In 2015-16 the department collected and transferred $1.5 billion child support payments between separated parents for the support of their children. The department also recognised $26.6 million dividends and competitive neutrality payments on behalf of the Australian Government from Australian Hearing.