This summary provides an overview of the Department of Employment, Small Business and Training's (DESBT) financial performance for the period 1 January 2018 to 30 June 2018. Pursuant to section 80 (2) of the Financial Accountability Act 2009 for financial statements purposes the transfer following the machinery of government (MoG) changes in December 2017, is deemed to have occurred on 1 January 2018. As a newly established department there are no comparative year amounts available.
A more detailed view can be found in the financial statements included with this report. The department reported a net surplus for the year of $1 million, reflecting greater than expected revenue for hire of facilities.
Appropriation funding provided from government was DESBT’s main source of revenue, totalling $563.1 million. Other sources of revenue included $2.4 million from user charges and fees, grants and other contributions of $1.2 million and $11.7 million from other revenues.
Sources of controlled income, 1 January 2018 to 30 June 2018. Appropriation revenue 97%. Other revenue 2%.
Total expenses of $577.5 million of which $449.9 million (78%) are grants and subsidies.
A further $33.4 million is in other expenses which includes deferred appropriation expenses of $33.3 million. This reflects funding deferred to later years at year end. Finance/borrowing costs of $11.5 million is associated with the Southbank Education Precinct Public Private Partnership finance lease.
Sources of controlled expenditure, 1 January 2018 to 30 June 2018. Grants and subsidies 78%. Supplies and services 7%. Employee expenses 5%. Other expenses 6%. Finance and borrowing costs 2%. Impairment losses 1%. Depreciation and amortisation 2%.