Assets

Following the transfer of resources on the establishment of DESBT, the department has a sound net asset position at $1.4 billion, illustrating the net worth of the departmental entity. The departmental assets valued at $1.7 billion, consists primarily of $237.4 million of cash and cash equivalents and $1.5 billion in property, plant and equipment. The significant value of property, plant and equipment relates almost entirely to the assets held for TAFE Queensland, land ($535.9 million), buildings ($693.7 million) and leased assets ($248.8 million).

Liabilities

Liabilities primarily relate to payables, provisions and interest-bearing liabilities. Payables of $122.8 million reflect trade creditors, and amounts owned to other departments, as the result of the machinery of government changes; and appropriation payable to government for unspent program expenditure, largely for demand driven programs.

Provisions at $33.7 million relate to obligations under contractual arrangements to training providers for students enrolled as at 30 June, but who have not completed their courses.

The interest-bearing liabilities relates to the finance lease for the Southbank Education and Training Precinct Public Private Partnership.

The following tables summarises the financial results of controlled operations.

Table 4. Statement of comprehensive income for the period 1 January to 30 June 2018

  2018 Actual 2018
Adjusted
budget
Budget variance
$'000$'000$'000%
Statement of comprehensive income
Total income from continuing operations 578,533 610,854 (32,321) -5%
Total expense from continuing operations 577,500 610,854 (33,354) -5%
Surplus / (deficit) 1,033 - 1,033 0%
Statement of financial position
Total assets 1,736,987 1,554,381 182,606 12%
Total liabilities 373,577 274,603 98,974 36%
Total equity 1,363,410 1,279,778 83,632 7%

Table 5. Income from continuing operations

  2018
Actual
2018
Adjusted
budget
Budget
variance
$'000$'000$'000%
Revenue
Appropriation revenue 563,142 607,481 (44,339) -7%
User charges and Fees 2,446 905 1,541 170%
Grants and contributions 1,201 7 1,194 17057%
Other revenue 11,744 2,461 9,283 377%
Total Revenue 578,533 610,854 (32,321) -5%
Total income from continuing operations 578,533 610,854 (32,321) -5%

Table 6. Expenses from continuing operations

  2018
Actual
2018
Adjusted
budget
Budget
variance
$'000$'000$'000%
Employee expenses 29,208 36,739 (7,531) -20%
Supplies and services 38,063 102,909 (64,846) -63%
Grants and subsidies 449,946 445,638 4,308 1%
Depreciation and amortisation 12,380 13,848 (1,468) -11%
Impairment losses 3,030 - 3,030  
Finance/borrowing costs 11,522 11,522   0%
Other expenses 33,351 198 33,153 16744%
Total expenses from continuing operations 577,500 610,854 (33,354) -5%
Total comprehensive income (surplus) / (deficit) 1,033 - 1,033  

Table 7. Statement of financial position

  2018
Actual
2018
Adjusted
budget
Budget
variance
$'000$'000$'000%
Current assets
Cash and cash equivalents 237,394 139,172 98,222 71%
Receivables 4,189 9,521 (5,332) -56%
Prepayments 698 1,439 (741) -51%
Total current assets 242,281 150,132 92,149 61%
Non-current assets
Property, plant & equipment 1,492,830 1,403,203 89,627 6%
Intangible assets 1,876 1,046 830 79%
Total non-current assets 1,494,706 1,404,249 90,457 6%
Total assets 1,736,987 1,554,381 182,606 12%
Current liabilities
Payables 122,780 56,503 66,277 117%
Interest-bearing liabilities 2,923 2,923 - 0%
Accrued employee benefits 927 965 (38) -4%
Provisions 33,680 - 33,680  
Unearned revenue 404 - 404  
Total current liabilities 160,714 60,391 100,323 166%
Non-current liabilities
Interest-bearing liabilities 212,863 214,212 (1,349) -1%
Total non-current liabilities 212,863 214,212 (1,349) -1%
Total liabilities 373,577 274,603 98,974 36%
Net assets 1,363,410 1,279,778 83,632 7%
Equity 
Contributed equity 1,277,163
Accumulated surplus 1,033
Asset revaluation surplus 85,214
Total equity 1,363,410

Last updated 28 September 2018

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