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  • Australian Capital TerritoryConsolidated Annual Financial Statements

    Australian Capital Territory Government

  • CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE AUSTRALIAN CAPITAL TERRITORY

    Independent Audit OpinionCertification by the Treasurer and the Chief Executive of the Department of TreasuryConsolidated Statement of Financial PerformanceConsolidated Statement of Financial PositionConsolidated Statement of Cash FlowsConsolidated Statement of Financial Performance by SectorConsolidated Statement of Financial Position by SectorConsolidated Statement of Cash Flows by SectorStatement of Appropriation

    Note 1 - The Australian Capital Territory GovernmentNote 2 - Summary of Significant Accounting PoliciesNote 3 - Change in Accounting PoliciesNote 4 - Disaggregated InformationNote 5 - Australian Capital Territory Government Controlled EntitiesNote 6 - Taxes, Fees and FinesNote 7 - User Charges for Goods and ServicesNote 8 - Grants from the CommonwealthNote 9 - Other RevenueNote 10 - Employee ExpensesNote 11 - SuperannuationNote 12 - Supplies and ServicesNote 13 - Grants and Purchased ServicesNote 14 - Other ExpensesNote 15 - Waivers and Write-offs of DebtsNote 16 - Net Extraordinary ItemsNote 17 - CashNote 18 - ReceivablesNote 19 - InvestmentsNote 20 - Investments Accounted for Using the Equity MethodNote 21 - InventoriesNote 22 - Property, Plant and EquipmentNote 23 - Capital Works in ProgressNote 24 - Other AssetsNote 25 - PayablesNote 26 - Interest Bearing LiabilitiesNote 27 - Finance LeasesNote 28 - Employee Superannuation Benefits

    Note Index

    Contents

    2003-2004 Financial Year

  • CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE AUSTRALIAN CAPITAL TERRITORY

    Note 29 - Other Employee BenefitsNote 30 - Other LiabilitiesNote 31 - Reconciliation of Changes in EquityNote 32 - Decrease in Accumulated Funds on the Adoption of a New Accounting StandardNote 33 - Reconciliation of Cash FlowsNote 34 - Operating Lease CommitmentsNote 35 - Capital CommitmentsNote 36 - Other CommitmentsNote 37 - Commitment ReceivableNote 38 - Contingencies, Guarantees and IndemnitiesNote 39 - Third Party Trust MoniesNote 40 - Interest in Joint Venture EntitiesNote 41 - Joint Venture OperationsNote 42 - Economic DependencyNote 43 - The Territory's Credit RatingNote 44 - Auditor's RemunerationNote 45 - Events Subsequent to Balance DateNote 46 - Financial Instruments

    Note Index (continued)

    2003-2004 Financial Year

  • AUDITOR-GENERAL Austral ian Capital Terri tory

    INDEPENDENT AUDIT REPORT AUSTRALIAN CAPITAL TERRITORY

    To the Members of the ACT Legislative Assembly

    Qualified Audit Opinion

    In my opinion, except for the effects on the financial statements of the matter referred to in the following Qualification paragraphs, the Consolidated Annual Financial Statements of the Australian Capital Territory for the year ended 30 June 2004:

    (i) are presented in accordance with the Financial Management Act 1996, Accounting Standards and other mandatory financial reporting requirements in Australia; and

    (ii) present fairly the financial position of the Australian Capital Territory as at 30 June 2004 and the results of its operations and its cash flows for the year then ended.

    Qualification Limitation on the Scope of the Audit in Relation to 2003 Comparatives Recoverable Amount of the Territorys Investment in TransACT

    The Consolidated Statement of Financial Position of the Australian Capital Territory and the Consolidated Statement of Financial Position by Sector Public Trading Enterprises included an investment by ACTEW in TransACT Communications Pty Limited (TransACT). As disclosed in Note 20: Investments Accounted for Using the Equity Method the carrying amount of this investment at 30 June 2003 was $40m. Under Australian Accounting Standard AASB 1016 Accounting for Investments in Associates, the carrying amount of this investment must not exceed its recoverable amount.

    Even though ACTEW undertook an assessment of the recoverable amount of the investment in TransACT at 30 June 2003, no independent valuation or other sufficient and appropriate evidence was provided to me to support the reasonableness of the cash flow projections and the discount rates used in the determination of the recoverable amount.

    As a result, no opinion could be formed on the appropriateness of the carrying amount of the investment in TransACT of $40m at 30 June 2003.

    Responsibility for the Financial Statements

    The Treasurer and the Chief Executive of the Department of Treasury are responsible for the financial statements. This includes responsibility for accounting policies and estimates used in the preparation of the financial statements and the maintenance of adequate accounting records and internal controls.

    Scala House, 11 Torrens Street Braddon ACT 2612 PO Box 275, Civic Square ACT 2608 Telephone: (02) 620 70833 Facsimile: (02) 620 70826

    Office Email: actauditorgeneral@act.gov.au

  • Content of the Financial Statements

    The Consolidated Annual Financial Statements of the Australian Capital Territory for the year ended 30 June 2004 comprises the following financial statements together with accompanying notes:

    Consolidated Statement of Financial Performance

    Consolidated Statement of Financial Position

    Consolidated Statement of Cash Flows

    Consolidated Statement of Financial Performance by Sector

    Consolidated Statement of Financial Position by Sector

    Consolidated Statement of Cash Flows by Sector

    Statement of Appropriation

    *****

    The Auditors Responsibility

    My responsibility is to express an opinion on the financial statements as required by the Financial Management Act 1996.

    The Audit Scope

    My audit was conducted in accordance with Australian Auditing Standards to provide reasonable assurance as to whether the financial statements are free of material misstatement.

    I formed the audit opinion by performing procedures to assess whether, in all material aspects, the financial statements present fairly, in accordance with the Financial Management Act 1996, Accounting Standards and other mandatory financial reporting requirements in Australia, a view that is consistent with my understanding of the financial position and performance of the Australian Capital Territory.

    The nature of an audit is influenced by factors such as the use of professional judgement, selective testing, the inherent limitations of internal control, and in many cases, the availability of persuasive rather than conclusive evidence. Therefore, an audit cannot guarantee that all material misstatements have been detected.

    My procedures included:

    (i) examining, on a test basis, evidence supporting the amounts and other disclosures in the financial statements; and

    (ii) evaluating accounting policies and significant accounting estimates used in the preparation of the financial statements.

  • I considered the effectiveness of internal controls when determining the nature and extent of my procedures, however, the audit was not designed to provide assurance on internal controls. My audit also did not involve the evaluation of the prudence of decisions made by the entities included in the Consolidated Annual Financial Statements of the Australian Capital Territory.

    Tu Pham Auditor-General 30 September 2004

  • CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE AUSTRALIAN CAPITAL TERRITORY

    2003-2004 2003-2004 2002-2003Actual Budget Actual

    Notes $m $m $mREVENUES FROM ORDINARY ACTIVITIES

    Taxes, Fees and Fines 6 801 700 734 User Charges 7 411 398 393 Grants from the Commonwealth 8 1,064 1,021 1,018 Interest Received 74 88 93 Revenue from Joint Ventures 40,41 56 46 46 Other Revenue 9 522 258 303

    Total Revenues from Ordinary Activities 2,928 2,511 2,588

    EXPENSES FROM ORDINARY ACTIVITIESEmployee Expenses 10 918 870 816 Superannuation Expenses 11 411 225 212 Supplies and Services 12 572 582 484 Depreciation and Amortisation 22 195 206 180 Borrowing Costs 52 52 55 Cost of Goods Sold 2ac 122 102 111 Grants and Purchased Services 13 368 356 339 Other Expenses 14 169 97 180 Expenses from Joint Ventures 41 - - 1

    Total Expenses from Ordinary Activities 2,806 2,491 2,379

    Operating Surplus from Ordinary Activities 122 20 209

    Extraordinary Items (Net) 16 (13) (3) 21

    Operating Surplus 109 17 230

    Increase in Asset Revaluation Reserve 31 609 17 443 (Decrease) in Other Reserves 31 (2) - 0 Transfer from Reserves 31 36 28 151 (Decrease) in Accumulated Funds on the Adoption of a New Accounting Standard 32 (0) 0 (6)

    Change in Equity 752 61 817

    Total Equity at the Beginning of the Year 8,628 8,178 7,810 Total Equity at the End of the Year 31 9,380 8,240 8,628

    The above Consolidated Statement of Financial Performance should be read in conjunction with the accompanying notes.

    The actual totals of reported figures may vary slightly from totals in the statements due to the reported figures being rounded to the nearest million dollars (see Note 2(e)).

    AUSTRALIAN CAPITAL TERRITORY GOVERNMENT

    CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE

    FOR THE YEAR ENDED 30 JUNE 2004

    2003-2004 Financial Year Page- 2

  • CONSOLIDATED ANNUAL FINANCIAL STATEMENTS OF THE AUSTRALIAN CAPITAL TERRITORY

    2004 2004 2003Actual Budget Actual

    Notes $m $m $mASSETSCurrent Assets

    Cash 17 88 61 69 Receivables 18 182 167 242 Investments 19 854 872 746 Investments Accounted For Using the Equity Method 20 8 - - Inventories 21 35 68 31 Capital Works in Progress 23 3 0 0Other 24 35 45 71

    Total Current Assets 1,205 1,212 1,160 Non-Current Assets

    Receivable

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