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Financial statements

Financial statements for the financial year ending 30 June 2022 and the Accountable Officer’s and Chief Financial Officer’s declaration.

Accountable Officer’s and Chief Financial Officer’s declaration

The attached financial statements for the Department of Premier and Cabinet have been prepared in accordance with Direction 5.2 of the Standing Directions of the Assistant Treasurer under the Financial Management Act 1994, applicable Financial Reporting Directions, Australian Accounting Standards including Interpretations, and other mandatory professional reporting requirements.

We further state that, in our opinion, the information set out in the comprehensive operating statement, balance sheet, cash flow statement, statement of changes in equity and accompanying notes, presents fairly the financial transactions during the year ended 30 June 2022 and the financial position of the department at 30 June 2022.

At the time of signing, we are not aware of any circumstance that would render any particulars included in the financial statements to be misleading or inaccurate.

We authorise the attached financial statements for issue on 2 September 2022.

Anthony Bale
Chief Financial Officer
Department of Premier and Cabinet
Melbourne

2 September 2022

Jeremi Moule
Secretary
Department of Premier and Cabinet
Melbourne

2 September 2022

Comprehensive operating statement for the financial year ended 30 June 2022

Notes

2022

$’000

2021

$’000

Continuing operations

Income from transactions

Output appropriations(i)

2.1

599,827

531,939

Special appropriations

2.1

50,674

75,474

Grants

2.1

30,937

30,732

Other income

2.1

13,430

4,659

Total income from transactions

694,868

642,804

Expenses from transactions

Grant expenses

3.1

225,951

201,123

Employee expenses

3.1

257,395

238,740

Capital asset charge(i)

3.1

11,050

Depreciation and amortisation

5.3

24,066

23,220

Interest expense

174

95

Other operating expenses

3.1

167,540

157,946

Total expenses from transactions

675,126

632,174

Net result from transactions (net operating balance)

19,742

10,630

Other economic flows included in net result

Net gain/(loss) on non-financial assets

8.1

22

(657)

Other gains on other economic flows

8.1

2,222

3,075

Total other economic flows included in net result

2,244

2,418

Net result

21,986

13,048

Other economic flows — other comprehensive income

Changes in physical asset revaluation surplus

5.1.1

206,975

30,632

Comprehensive result

228,961

43,680

The accompanying notes form part of these financial statements.

Note:

(i) Capital asset charge was discontinued in 2021–22, with a corresponding reduction in appropriation revenue provided to the department to cover the expense. Refer to Note 3.1 for further detail.

Balance sheet as at 30 June 2022

Notes

2022

$’000

2021

$’000

Assets

Financial assets

Cash and deposits

7.2.1

55,356

52,882

Receivables

6.1

118,104

106,753

Total financial assets

173,460

159,635

Non-financial assets

Property, plant and equipment

5.1

895,220

679,359

Intangible assets

5.2

44,241

36,684

Other non-financial assets

6.3

5,737

5,536

Total non-financial assets

945,198

721,579

Total assets

1,118,658

881,214

Liabilities

Payables

6.2

37,036

44,239

Borrowings

7.1

7,382

3,508

Employee benefits

6.4

56,993

46,365

Other provisions

6.5

5,447

1,591

Total liabilities

106,858

95,703

Net assets

1,011,800

785,511

Equity

Accumulated surplus

171,001

149,015

Physical asset revaluation surplus

599,330

392,355

Contributed capital

241,469

244,141

Total equity

1,011,800

785,511

Net worth

1,011,800

785,511

The accompanying notes form part of these financial statements.

Cash flow statement for the financial year ended 30 June 2022

Notes

2022

$’000

2021

$’000

Cash flows from/(used in) operating activities

Receipts from government(i)

669,578

634,338

Receipts from other entities

1,997

5,192

Goods and services tax recovered from the Australian Taxation Office

27,075

27,375

Interest received

4

4

Total receipts

698,654

666,909

Payments to suppliers and employees

(450,856)

(414,436)

Payments of grants expenses

(217,918)

(205,731)

Capital asset charge payments(i)

(11,050)

Interest and other costs of finance paid

(174)

(95)

Total payments

(668,948)

(631,312)

Net cash flows from operating activities

7.2.2

29,706

35,597

Cash flows used in investing activities

Purchase of non-financial assets

(22,896)

(22,575)

Proceeds from disposal of motor vehicles

891

769

Total payments

(22,005)

(21,806)

Net cash flows used in investing activities

(22,005)

(21,806)

Cash flows from/(used in) financing activities

Appropriation for capital expenditure purposes

51,800

Special appropriations for capital expenditure purposes

2.2.2

5,710

5,007

Total receipts

57,510

5,007

Cash transferred out — machinery of government changes

8.6

(2,672)

(7,628)

Capital grants to portfolio agencies

(57,510)

(5,007)

Repayment of leases

(2,555)

(1,956)

Total payments

(62,737)

(14,591)

Net cash flows used in financing activities

(5,227)

(9,584)

Net increase in cash and cash equivalents

2,474

4,208

Cash and cash equivalents at beginning of financial year

52,882

48,674

Cash and equivalents at end of financial year

7.2.1

55,356

52,882

The accompanying notes form part of these financial statements.

Note:

(i) Capital asset charge was discontinued in 2021–22, with a corresponding reduction in appropriation revenue provided to the department to cover the expense. Refer to Note 3.1 for further detail.

Statement of changes in equity for the financial year ended 30 June 2022

Notes

Physical asset revaluation surplus

$’000

Contributed capital

$’000

Accumulated surplus

$’000

Total

$’000

Balance at 1 July 2020

361,723

251,818

135,967

749,508

Net result for the year

13,048

13,048

Annual appropriations — capital

2.2.1

Special appropriations — capital

2.2.2

5,007

5,007

Machinery of government transfers

(7,677)

(7,677)

Capital distributions to portfolio agencies

(5,007)

(5,007)

Changes in physical asset revaluation surplus

5.1.1

30,632

30,632

Balance at 30 June 2021

392,355

244,141

149,015

785,511

Net result for the year

21,986

21,986

Annual appropriations — capital

2.2.1

51,800

51,800

Special appropriations — capital

2.2.2

5,710

5,710

Machinery of government transfers

8.6

(2,672)

(2,672)

Capital distributions to portfolio agencies

(57,510)

(57,510)

Changes in physical asset revaluation surplus

5.1.1

206,975

206,975

Balance at 30 June 2022

599,330

241,469

171,001

1,011,800

The accompanying notes form part of these financial statements.

Updated