2017-18 Budget Paper 1 - Appendix 3 - Estimated Outcome ... · Web viewThe Estimated Outcome...
Transcript of 2017-18 Budget Paper 1 - Appendix 3 - Estimated Outcome ... · Web viewThe Estimated Outcome...
APPENDIX 3 2016-17 ESTIMATED OUTCOME INCLUDING MARCH QUARTERLY REPORT
Key Issues
The Estimated Outcome information presented in this appendix reflects financial estimates available to Treasury at the time of the finalisation of the Budget Papers and includes agency assessments of funding requirements, current estimates of State taxation and information available from the Australian Government and Government Businesses.
This appendix also meets the information requirements for a March Quarterly Report as specified in Section 26C of the Financial Management and Audit Act 1990. It presents financial results for the nine months ending 31 March 2017 for the General Government Sector and the Consolidated Fund.
The estimated General Government Net Operating Balance for 2016-17 is a $812 million surplus, a $734.7 million improvement from the 2016-17 Budget estimate of a $77.3 million surplus. This result primarily reflects the expected receipt of a significant one-off Australian Government payment of $730.4 million for the transfer of the Mersey Community Hospital to the State which is expected to occur by 30 June 2017.
The actual General Government Net Operating Balance for the nine months to 31 March 2017 is a $166.9 million surplus.
2016-17 Estimated Outcome Including March Quarterly Report 189
INTRODUCTIONThis appendix presents the 2016-17 Estimated Outcome based on the latest available agency assessments of indicative additional funding requirements or potential savings and revised whole-of-government revenue estimates. Significant changes to revenue and expenditure estimates can occur between the preparation of these estimates and those reported in future reports on the 2016-17 Budget outcome.
Detailed information on the final Outcome for 2016-17 will be published in:
the Preliminary Outcomes Report, required to be published by 15 August 2017 in the event that the preliminary outcomes result differs materially from the Estimated Outcome published in this appendix;
the Treasurer's Annual Financial Report, which will be tabled in Parliament by 31 October 2017; and
agency Annual Reports, which will be tabled in Parliament by 31 October 2017.
This appendix also meets the information requirements for a March Quarterly Report as specified in Section 26C of the Financial Management and Audit Act 1990. It presents financial results for the nine months ending 31 March 2017 for the General Government Sector and the Consolidated Fund. These financial statements have been prepared in accordance with applicable Australian Accounting Standards including AASB 1049 Whole of Government and General Government Sector Financial Reporting. Preparation of the Report requires the application of estimation methods in accordance with the principles of AASB 134 Interim Financial Reporting.
190 2016-17 Estimated Outcome Including March Quarterly Report
GENERAL GOVERNMENT INCOME STATEMENTTable A3.1 provides details of the Estimated Outcome for 2016-17, compared to the 2016-17 Budget estimates.
Table A3.1: General Government Income Statement, 2016-172016-17)
)Budget)
2016-17)Estimated)Outcome)
2016-17)March YTD)
Actual)$m) $m) $m)
Revenue from TransactionsGrants 3 634.6) 4 371.9) 2 721.5
Taxation 1 055.6) 1 094.1) 840.0
Sales of Goods and Services 352.9) 411.2) 297.3
Fines and Regulatory Fees 96.5) 95.9) 75.7
Interest Income 16.5) 22.1) 13.0
Dividend, Tax and Rate Equivalent Income 263.8) 316.0) 239.2
Other Revenue 153.8) 188.4) 145.3
5 573.7) 6 499.6) 4 332.0
Less Expenses from TransactionsEmployee Expenses 2 311.0) 2 371.5) 1 757.0
Superannuation 284.6) 339.9) 248.8
Depreciation 264.6) 267.1) 195.0
Supplies and Consumables 1 105.9) 1 187.9) 796.4
Nominal Superannuation Interest Expense 288.2) 236.3) 178.6
Borrowing Costs 10.3) 10.4) 7.6
Grant Expenses 1 206.2) 1 243.0) 956.6
Other Expenses 25.4) 31.6) 25.2
5 496.3) 5 687.6) 4 165.1
Equals NET OPERATING BALANCE 77.3 812.0) 166.9
Plus Other Economic Flows - Included in Operating ResultGain/(Loss) on Disposal of Non-Financial Assets 10.5) 11.3) 1.0
Movement in Investments in GBEs and SOCs 19.5) 392.2 ....
Movements in Superannuation Liability ....) 2 914.6) ....
Other Gains/(Losses) ( 21.2) ( 24.7) (9.3)
8.8) 3 293.5) (8.2)
Equals Operating Result 86.1) 4 105.5) 158.6
2016-17 Estimated Outcome Including March Quarterly Report 191
Table A3.1: General Government Income Statement, 2016-17 (continued)
2016-17) 2016-17) 2016-17)Estimated) March YTD)
Budget) Outcome) Actual)$m) $m) $m)
Plus Other Economic Flows - Other Movements in EquityRevaluations of Non-Financial Assets 252.3) 224.9) 168.7
Other Non-Owner Movements in Equity 3.3) 8.6) 8.0
255.5) 233.5) 176.7
Equals Comprehensive Result 341.6) 4 339.0) 335.3
KEY FISCAL AGGREGATES
NET OPERATING BALANCE 77.3) 812.0) 166.9
Less Net Acquisition of Non-Financial AssetsPurchases of Non-Financial Assets 530.8) 495.3) 261.3
Less Sale of Non-Financial Assets 28.3) 29.4) 26.9
Less Depreciation 264.6) 267.1) 195.0
237.9) 198.9) 39.4
Equals FISCAL BALANCE ( 160.6) 613.1) 127.5
192 2016-17 Estimated Outcome Including March Quarterly Report
REVENUE VARIATIONSTotal revenue for 2016-17 is estimated to be $6 499.6 million, $926.0 million above the Budget estimate of $5 573.7 million. The major revenue variations are described in Table A3.2.
Table A3.2: Major Revenue VariationsRevenue Item Variance from Budget ReasonsGrants: $737.3 million higher
General Purpose
Payments
$44.2 million lower The decrease in General Purpose Payments funding is
a result of estimated GST receipts being revised down.
This change reflects an increase in Tasmania’s share of
the national population, offset by a $1.5 billion reduction
in the estimated GST pool available for distribution to
the states and a $4.2 million residual adjustment for
overpaid GST revenue to Tasmania in 2015-16.
Specific Purpose
Payments
$20.4 million higher The increase in Payments for Specific Purposes
primarily reflects:
an increase in Australian Government National
Health Reform Activity Based funding of
$15.7 million and National Health Reform Block
funding of $2.2 million. These changes are primarily
due to a revision of Tasmanian Health Service
activity profiles; and
an increase in Australian Government Students First
funding of $2.4 million reflecting updates in the
2016-17 Australian Government Budget.
2016-17 Estimated Outcome Including March Quarterly Report 193
Table A3.2: Major Revenue Variations (continued)Revenue Item Variance from Budget Reasons National Partnership
Payments
$750.1 million higher The increase in National Partnership Payments primarily
reflects additional revenue expected to be received from the
Australian Government in 2016-17 for a range of grants
which include:
the receipt of a significant one-off Australian
Government payment of $730.4 million for the transfer of
the Mersey Community Hospital to the State which is
expected to occur by 30 June 2017 (the National
Partnership on Transfer of the Mersey Community
Hospital);
Natural Disaster Relief and Recovery Arrangements
receipts of $21.1 million relating to the January 2016
Bushfires and June Flood Event. This reflects the
expected timing of receipts as at the finalisation of
Budget data;
Reducing elective surgery waiting lists in Tasmania
funding of $5.0 million;
Sustainable Rural Water Use and Infrastructure Program
funding of $3.4 million;
Public dental services for adults funding of $3.1 million;
DisabilityCare Australia Fund payments of $2.0 million;
Improving Health Services in Tasmania Schedule D
funding of $1.3 million relating to Walk-in Centres in
Hobart and Launceston; and
Tourism Growth Package Feasibility Studies funding of
$1.1 million relating to the Cradle Mountain Master Plan
($1 million); the ‘Geeves Effect’ ($70,000) and
FermenTasmania ($50,000).
This increase is partially offset by a reallocation of
$19.2 million in Road related grants funding from 2016-17 to
2017-18 reflecting the timing of projects.
Other Grants and
Subsidies
$10.9 million higher The increase in Other Grants and Subsidies primarily
reflects an increase in Australian Government funding of
$7.9 million relating to Commonwealth Own Purpose
Expenditure funding for the Department of Health and
Human Services and the Tasmanian Health Service.
194 2016-17 Estimated Outcome Including March Quarterly Report
Table A3.2: Major Revenue Variations (continued)Revenue Item Variance from Budget ReasonsTaxation $38.4 million higher The increase in Taxation primarily reflects:
An upwards revision in Conveyance duty receipts of
$34.3 million, due mainly to growth in residential
property prices and transaction volumes; and
an upwards revision in Land Tax of $8.3 million,
reflecting a net increase in land values across the State,
system enhancements leading to improvements in debt
management and targeted compliance efforts.
These movements are partially offset by reductions in
Betting Exchange Taxes and Levies of $3.0 million
reflecting the surrender by Betfair of its Tasmanian Gaming
Licence; and Casino Tax and Licence Fees of $2.0 million
reflecting lower than expected year-to-date revenue.
Sales of Goods and
Services
$58.3 million higher The increase in Sales of Goods and Services primarily
reflects revised estimates for the Tasmanian Health Service
comprising:
new funding of $50 million in 2016-17 associated with
the listing of Hepatitis C medications on the
Pharmaceutical Benefits Scheme; and
revised projections of Australian Government revenues
of $7.4 million primarily relating to the Child Dental
Benefit Schedule and Training More Specialists in
Tasmania Program.
Interest Income $5.6 million higher The increase in Interest Income primarily reflects projected
increases in estimated Cash and Deposits.
Dividend, Tax and Rate
Equivalent Income
$52.3 million higher The increase in Dividend, Tax and Rate Equivalent Income
reflects an increase in Dividends of $26.2 million and
Income Tax Equivalents (ITEs) of $26.1million.
The increase in Dividends primarily reflects:
a $13.1 million increase for Tasmanian Networks Pty
Ltd due to a higher profit result for 2015-16 as a result
of transmission and distribution revenues exceeding
forecasts;
a $6.1 million increase for Aurora Energy Pty Ltd as a
result of a better profit outcome primarily due to
expenditure control; and
2016-17 Estimated Outcome Including March Quarterly Report 195
Table A3.2: Major Revenue Variations (continued)Revenue Item Variance from Budget ReasonsDividend, Tax and Rate
Equivalent Income
(continued)
a $5.9 million increase for the Motor Accident Insurance
Board (MAIB) due to a better profit outcome for 2015-16
due to stronger investment returns and a lower claims
expense.
The increase in ITEs primarily reflects:
a $23.4 million increase for the Motor Accidents
Insurance Board as a result of higher taxable
distributions from fund managers and a lower than
expected claims expense; and
a $4.6 million increase for Hydro Tasmania as a result of
improving profit levels during the year.
The increase in ITEs was partly offset by a decrease in ITEs
of $3.7 million from Tasmanian Networks due to a lower
than expected profit outcome for 2016-17.
Other Revenue $34.6 million higher The increase in Other Revenue primarily reflects:
an increase in Department of State Growth of
$20.6 million reflecting a revised mineral royalties
estimate;
an increase in the Tasmanian Health Service of
$10 million which reflects the estimated one-off impact of
the transfer of ownership of the Mersey Community
Hospital asset value from the Australian Government to
the State Government; and
an increase in the Department of Justice of $1.7 million
associated with Working with Vulnerable People
registration.
196 2016-17 Estimated Outcome Including March Quarterly Report
EXPENSE VARIATIONSTotal expenses for 2016-17 are estimated to be $5 687.6 million, $191.3 million above the Budget estimate of $5 496.3 million. The major expense variations are described in Table A3.3.
Table A3.3: Major Expense VariationsExpense Item Variance from Budget ReasonsEmployee Expenses $60.5 million higher The increase in Employee Expenses primarily reflects:
an increase in the Department of Education of
$9.3 million primarily relating to a reclassification of
expenditure of $9.1 million from Supplies and
consumables to better align with actual expenditure;
an increase in the Tasmanian Health Service of
$42.2 million primarily reflecting increased National
Health Reform funding as a result of revised activity
levels and higher than budgeted employee
expenditure; and
an increase in the Department of Justice of $4 million
including:
additional costs relating to Corrective Services of
$1.8 million; and
additional expenditure relating to an increase in
revenues primarily associated with Working with
Vulnerable Persons registration.
2016-17 Estimated Outcome Including March Quarterly Report 197
Table A3.3: Major Expense Variations (continued)Expense Item Variance from Budget ReasonsSuperannuation $55.3 million higher The increase in Superannuation primarily reflects the latest
actuarial projection of the increase in the present value of
the defined benefit obligation resulting from employee
service in the current period.
Supplies and Consumables $82 million higher The increase in Supplies and Consumables primarily
reflects:
an increase in the Department of Health and Human
Services of $12.3 million primarily relating to higher
than budgeted expenditure for Out of Home Care of
$7.9 million, together with revised expenditure
projections of Australian Government funding of
$4.8 million;
an increase of $61 million in the Tasmanian Health
Service primarily reflecting additional expenditure
associated with listing of Hepatitis C medications on
the Pharmaceutical Benefits Scheme;
an increase in the Department of State Growth of
$10.1 million primarily reflecting:
the reclassification of $8.7 million from Purchase of
Non-Financial Assets to reflect the revised nature of
projected expenditure; and
additional expenditure of $3.3 million for restoration
costs associated with flood damage to the Mersey
Forest Road.
This is offset by the reallocation of $2.4 million in
expenditure from 2016-17 to 2017-18 reflecting the
revised timing of Advancing the Case for a Second
Interconnector (Energy Strategy) of $1.1 million and
the move of Mineral Resources Tasmania to Burnie of
$1.3 million;
198 2016-17 Estimated Outcome Including March Quarterly Report
Table A3.3: Major Expense Variations (continued)Expense Item Variance from Budget ReasonsSupplies and Consumables
(continued)
an increase in Marine and Safety Tasmania of
$2.4 million which primarily reflects the reallocation of
expenditure from 2015-16 to 2016-17 for a number of
Recreational Boating Fund projects; and
an increase in the Department of Premier and Cabinet
of $2.7 million primarily relating to increased
expenditure associated with additional
Telecommunications Management Division revenue
and its rollout of new technologies to clients.
These increases are partially offset by a decrease in the
Department of Education of $12.3 million which primarily
reflects:
the reclassification of expenditure to Employee
Expenses ($9.1 million) to better align with actual
expenditure; and
the reclassification of $3.8 million to Grant Expenses
to better align with actual expenditure.
Nominal Superannuation
Interest Expense
$51.9 million lower The decrease reflects the most recent actuarial
assessment of the Government’s superannuation liability,
which includes the application of the 30 June 2016 ‘spot’
discount rate of 2.7 per cent (a long-term trend rate of
4.75 per cent was used in the 2016-17 Budget) to
determine interest cost and interest income with respect
to the liability and plan assets, respectively.
2016-17 Estimated Outcome Including March Quarterly Report 199
Table A3.3: Major Expense Variations (continued)Expense Item Variance from Budget ReasonsGrant Expenses $36.8 million higher The increase in Grant Expenses primarily reflects:
an increase in the Department of Education of
$12.3 million including:
a reclassification of $3.8 million from Supplies and
Consumables to better align with actual expenditure;
an increase in projected expenditure of Australian
Government National Partnership funding of
$3.7 million; and
an increase in Students First - Non-Government
Schools funding of $4.8 million (State and Australian
Government funded);
an increase in the Department of Primary Industries,
Parks, Water and Environment of $6.5 million
including:
expenditure associated with the June 2016 flood
event of $5.2 million; and
expenditure to support the clean-up costs incurred by
businesses as a result of the outbreak of the Pacific
Oyster Mortality Syndrome of $1 million; and
an increase in the Department of State Growth of
$19.1 million including:
$10 million in funding for the Northern Cities Major
Development Initiative. This reflects the timing of a
payment for the initial stages of the Launceston
University of Tasmania relocation;
the reallocation of $4 million in expenditure from
2017-18 to 2016-17 for the Tasmanian Jobs and
Investment Fund;
200 2016-17 Estimated Outcome Including March Quarterly Report
Table A3.3: Major Expense Variations (continued)Expense Item Variance from Budget ReasonsGrant Expenses (continued) revised expenditure projections of Australian
Government funding of $5.1 million;
$1.9 million in funding for Dark Mofo reflecting the
Government’s commitment to provide $1.9 million
per annum over the next five years; and
$1.1 million in funding for an interim King Island
shipping service to the end of March 2017.
These increases are offset by the reallocation of
$3.6 million from 2016-17 to 2017-18 and $0.5 million
from 2016-17 to 2018-19 for the Academy of Creative
Industries and Performing Arts.
Other Expenses $6.2 million higher The increase in Other Expenses primarily reflects an
increase in the Tasmanian Health Service of $5.1 million
which includes the impact of an increase in National
Health Reform Activity Based and Block Funding.
2016-17 Estimated Outcome Including March Quarterly Report 201
OTHER ECONOMIC FLOWS - INCLUDED IN OPERATING RESULTOther economic flows - Included in the Operating Result is estimated to be an inflow of $3 293.5 million in 2016-17, which is $3 284.7 million higher than the 2016-17 Budget of an $8.8 million inflow. The major changes are detailed in Table A3.4.
Table A3.4: Other Economic Flows - Included in Operating Result Variations
Item Variance from Budget ReasonsMovement in Investments in
GBEs and SOCs
$372.7 million higher This is primarily due to an increase in forecast Net Assets
held by electricity entities of $350.8 million which primarily
reflects the impact of a revaluation of infrastructure assets.
Movements in
Superannuation Liability
$2 914.6 million higher The increase in the Superannuation liability reflects the
latest actuarial assessment. The increase primarily reflects
the difference between the discount rate applied by the
State Actuary, in accordance with Australian Accounting
Standard AASB 119 Employee Benefits, for financial
reporting purposes (2.7 per cent) and the estimated
long-term bond rate which is used for Budget purposes
(4.75 per cent).
202 2016-17 Estimated Outcome Including March Quarterly Report
NET ACQUISITION OF NON-FINANCIAL ASSETSNet acquisition of non-financial assets for 2016-17 is estimated to be $198.9 million, $39 million below the Budget estimate of $237.9 million. The major variations in the net acquisition of non-financial assets are described in Table A3.5.
Table A3.5: Major Net Acquisition of Non-Financial Assets VariationsItem Variance from Budget ReasonsPurchases of Non-Financial
Assets
$35.5 million lower The decrease in Purchases of Non-Financial Assets
primarily reflects:
a decrease in the Department of Health and
Human Services of $42.7 million due to revised
cashflows for the Royal Hobart Hospital
Redevelopment Project to update the timing of
likely expenditure of the program.
This decrease is partially offset by increases of:
$5 million in Affordable Housing Strategy
expenditure brought forward from 2017-18 as
part of the Northern Economic Stimulus
Package; and
$5.8 million for initiatives under Tasmania's
Affordable Housing Action Plan 2015-19; and
a decrease in the Department of State Growth of
$37.5 million due to;
the reallocation of $33.6 million of Australian
Government Roads Program funding from
2016-17 to 2017-18 and 2018-19 to better align
with revised program expenditure projections;
and
a reclassification of $8.7 million to Supplies and
Consumables based on revised program
expenditure projections.
This decrease is partially offset by additional
expenditure of $4 million for roads and bridge
infrastructure repair costs associated with the
June 2016 Floods.
2016-17 Estimated Outcome Including March Quarterly Report 203
Table A3.5: Major Net Acquisition of Non-Financial Assets Variations(continued)
Item Variance from Budget ReasonsPurchases of Non-Financial
Assets (continued)
The above decreases in Purchases of Non-Financial
Assets expenditure have been partly offset by the following
increases in expenditure:
Tasmanian Health Service of $17.4 million primarily
reflecting:
a $10 million increase following the decision by the
Australian Government to transfer ownership of the
Mersey Community Hospital to the State which is
expected to occur by 30 June 2017;
$3.4 million of own source revenue funded asset
purchases relating to asbestos removal, ICT
stabilisation and equipment purchases;
$2.0 million of works undertaken at the Mersey
Community Hospital following the reconfiguration of
maternity services in the North-West; and
$1.7 million for minor capital reconfiguration in
statewide hospitals funded as a part of the Patients
First - Stage 2 initiative; and
Department of Primary Industries, Parks Water and
Environment of $10.8 million primarily reflecting
additional Parks infrastructure costs of $9 million
following the June 2016 Floods.
204 2016-17 Estimated Outcome Including March Quarterly Report
GENERAL GOVERNMENT BALANCE SHEET
Table A3.6: General Government Balance Sheet2017) 2017) 2017)
) Estimated) March YTD Budget) Outcome) Actual
$m) $m) $m)
AssetsFinancial Assets
Cash and Deposits 880.8) 1 179.6) 1 436.4
Investments 54.2) 44.3) 47.2
Equity Investment in PNFC and PFC Sectors1 4 482.8) 5 703.4) 4 427.2
Other Equity Investments 27.4) 23.1) 20.5
Receivables 316.6) 319.5) 329.4
Other Financial Assets 847.0) 807.1) 796.1
6 608.9) 8 077.0) 7 056.7
Non-Financial AssetsLand and Buildings 6 098.6) 5 984.6) 5 876.5
Infrastructure 4 779.3) 4 521.4) 4 365.7
Plant and Equipment 224.6) 240.5) 250.1
Heritage and Cultural Assets 502.4) 471.9) 461.5
Investment Property 3.0) 3.2) 2.8
Intangibles 51.8) 45.5) 49.1
Assets Held for Sale 4.7) 5.7) 9.2
Other Non-Financial Assets 31.5) 38.3) 38.5
11 696.0) 11 311.0) 11 053.3
Total Assets 18 304.9) 19 388.0) 18 110.0
Liabilities
Borrowings 633.7) 564.1) 624.1
Superannuation2 6 345.5) 6 176.4) 8 947.8
Employee Entitlements 583.0) 612.7) 602.2
Payables 134.9) 132.8) 74.3
Other Liabilities 358.7) 408.3) 404.4
Total Liabilities 8 055.7) 7 894.3) 10 652.8
NET ASSETS 10 249.2) 11 493.7) 7 457.2
2016-17 Estimated Outcome Including March Quarterly Report 205
Table A3.6: General Government Balance Sheet (continued)
2017) 2017) 2017)) Estimated) March YTD
Budget) Outcome) Actual $m) $m) $m)
EquityAccumulated Funds 5 293.3) 6 782.4) 2 812.1
Asset Revaluation Reserve 4 955.9) 4 711.3) 4 645.1
Total equity 10 249.2) 11 493.7) 7 457.2
KEY FISCAL AGGREGATES
NET WORTH3 10 249.2) 11 493.7) 7 457.2 NET FINANCIAL WORTH4 (1 446.7) 182.6 (3 596.1)NET FINANCIAL LIABILITIES5 5 929.6) 5 520.8 8 023.2 NET DEBT6 (301.3) (659.8) (859.5)
Notes:1. The increase primarily reflects the investment of the one-off Australian Government payment of $730.4 million, following
the decision by the Australian Government to transfer ownership of the Mersey Community Hospital to the State, which is expected to occur by 30 June 2017. In addition, there are forecast increases in net assets for Hydro Tasmania and the Motor Accidents Insurance Board.
2. The Superannuation liability as at 31 March 2017 is based on the latest actuarial valuation as at 30 June 2016 adjusted for the employer service cost and the nominal interest expense, based on actuarial advice, for the nine months ending 31 March 2017. There is a difference of $2 771.4 million between the Estimated Outcome and the March year to date valuation of the Superannuation liability. This reflects the difference between the discount rate applied by the State Actuary, in accordance with Australian Accounting Standard AASB 119 Employee Benefits, for financial reporting purposes (2.7 per cent) and the estimated long-term bond rate which is used for Budget purposes (4.75 per cent at 30 June 2016).
3. Net Worth represents Total Assets (both Financial and Non-Financial) less Total Liabilities.4. Net Financial Worth represents Total Financial Assets less Total Liabilities.5. Net Financial Liabilities represents Total Liabilities less Financial Assets, excluding Equity Investment in the PNFC and
PFC Sectors.6. Net Debt represents Borrowings less the sum of Cash and Deposits and Investments.
206 2016-17 Estimated Outcome Including March Quarterly Report
GENERAL GOVERNMENT CASH FLOW STATEMENT
Table A3.7: General Government Cash Flow Statement2016-17) 2016-17) 2016-17)
) Estimated) March YTD Budget) Outcome) Actual
$m) $m) $m)
Cash Flows from Operating ActivitiesCash Received from Operating Activities
Grants Received1 3 634.6) 4 371.9) 2 716.3
Taxation 1 045.9) 1 084.5) 815.6
Sales of Goods and Services 353.7) 404.1) 295.8
Fines and Regulatory Fees 96.5) 95.8) 72.6
Interest Received 16.6) 22.1) 13.2
Dividend, Tax and Rate Equivalents 234.2) 301.2) 241.5
Other Receipts 331.9) 361.8) 310.4
5 713.5) 6 641.3) 4 465.5
Cash Payments for Operating ActivitiesEmployee Entitlements (2 298.5) (2 350.1) (1 757.3)
Superannuation (442.6) (448.9) (320.9)
Supplies and Consumables (1 117.6) (1 217.4) (870.3)
Borrowing Costs (10.4) (10.5) (2.1)
Grants and Subsidies Paid (1 206.1) (1 242.9) (958.6)
Other Payments (205.9) (215.5) (176.1)
(5 281.2) (5 485.2) (4 085.3)
Net Cash Flows from Operating Activities 432.3 1 156.1) 380.2
Cash Flows from Investing ActivitiesNet Cash Flows from Non-Financial Assets
Purchases of Non-Financial Assets (524.8) (476.3) (261.3)
Sales of Non-Financial Assets 28.3 29.4) 26.9
(496.5) (447.0) (234.4)Net Cash Flows from Financial Assets
(Policy Purposes) Equity Injections2 (63.2) (795.9) (32.9)
Net Advances Paid .... …. (4.0)
Equity/Disposals 0.7 0.7 1.7
(62.5) (795.2) (35.2)
2016-17 Estimated Outcome Including March Quarterly Report 207
Table A3.7: General Government Cash Flow Statement (continued)2016-17) 2016-17) 2016-17)
) Estimated) March YTD Budget) Outcome) Actual
$m) $m) $m)
Net Cash Flows from Investing Activities (559.0) (1 242.1) (269.5)
Net Cash Flows from Financing Activities Net Borrowing (35.7) (61.4) (1.2)
(35.7) (61.4) (1.2)
Net Increase/(Decrease) in Cash Held (162.5) (147.4) 109.5
Cash at Beginning of the Year 1 043.3 1 326.9 1 326.9 Cash at End of the Year 880.8 1 179.6 1 436.4
KEY FISCAL AGGREGATES
Net Cash Flows from Operating Activities 432.3 1 156.1) 380.2
Plus Net Cash from Investments in Non-Financial Assets (496.5) (447.0) (234.4)
Equals CASH SURPLUS/(DEFICIT) (64.2) 709.1 145.8
Notes:1. The increase in Grants Received primarily reflects the estimated receipt of a significant one-off Australian Government
payment of $730.4 million for the transfer of the Mersey Community Hospital to the State by 30 June 2017 (the National Partnership on Transfer of the Mersey Community Hospital).
2. The increase in Equity Injections primarily reflects the investment in the Tasmanian Public Finance Corporation of the one-off Australian Government payment of $730.4 million, following the decision by the Australian Government to transfer ownership of the Mersey Community Hospital to the State, which is expected to occur by 30 June 2017.
208 2016-17 Estimated Outcome Including March Quarterly Report
CONSOLIDATED FUND
Table A3.8: Consolidated Fund Outcome2016-17 2016-17 2016-17
Estimated March YTD Budget Outcome Actual
$m $m $m Recurrent receipts
Australian Government sourcesGeneral purpose payments 2 299.2 2 254.9 1 711.3
Specific purpose payments 508.1 510.6 442.6
National Partnership Payments 71.3 71.5 53.7
Other Grants and Subsidies 0.1 0.1 ....
2 878.6 2 837.1 2 207.6 State sources
Taxation 929.6 969.8 737.9
Receipts from government businesses 247.9 274.4 254.2
Departmental fees and recoveries 95.9 96.5 74.7
Recoveries of State debt charges 0.1 0.1 ....
Sale and rent of government property 5.0 5.0 ....
Resource rents and royalties 25.0 45.6 32.8
Other recurrent receipts 147.8 176.6 100.9
1 451.2 1 568.1 1 200.6 Capital receipts
State sourcesOther capital receipts 3.5 3.5 2.2
3.5 3.5 2.2
Total Receipts 4 333.4 4 408.7 3 410.4
Less ExpenditureRecurrent services
Appropriation Act 3 751.3 3 801.4 2 780.3
Reserved by Law 324.2 317.7 229.1
4 075.5 4 119.1 3 009.4 Works and services
Capital Investment Program 238.3 242.2 147.0
238.3 242.2 147.0
Total Expenditure 4 313.8 4 361.3 3 156.4
CONSOLIDATED FUND SURPLUS 19.6 47.4 254.0
2016-17 Estimated Outcome Including March Quarterly Report 209
Table A3.8: Consolidated Fund Expenditure by Agency2016-17 2016-17 2016-17
Estimated March YTD Budget Outcome Actual
$m $m $m
EducationRecurrent services 1 208.1 1 212.2 936.2
Works and services 56.2 47.9 33.4
1 264.3 1 260.1 969.6 Finance-General
Recurrent services 539.7 552.3 362.1
539.7 552.3 362.1 Health and Human Services
Recurrent services 1 244.6 1 250.3 925.8
Works and services 33.9 41.6 17.3
1 278.5 1 291.9 943.1 House of Assembly
Recurrent services 8.0 8.0 5.6
8.0 8.0 5.6 Integrity Commission
Recurrent services 2.3 2.3 1.6
2.3 2.3 1.6 Justice
Recurrent services 142.6 146.4 110.0
Works and services 1.9 1.5 0.6
144.5 148.0 110.5 Legislative Council
Recurrent services 6.5 6.8 4.9
6.5 6.8 4.9 Legislature-General
Recurrent services 6.1 6.3 5.2
Works and services 0.9 0.9 ....
7.0 7.2 5.2 Ministerial and Parliamentary Support
Recurrent services 19.6 19.5 15.0
19.6 19.5 15.0 Office of the Director of Public Prosecutions
Recurrent services 6.4 6.5 4.8
6.4 6.5 4.8
210 2016-17 Estimated Outcome Including March Quarterly Report
Table A3.8: Consolidated Fund Expenditure by Agency (continued)2016-17 2016-17 2016-17
Estimated March YTD Budget Outcome Actual
$m $m $m Office of the Governor
Recurrent services 4.0 4.0 2.7
4.0 4.0 2.7 Office of the Ombudsman
Recurrent services 2.1 2.1 1.4
2.1 2.1 1.4 Police, Fire and Emergency Management
Recurrent services 209.5 209.9 147.1
Works and services 17.0 17.0 7.2
226.5 226.9 154.3 Premier and Cabinet
Recurrent services 72.4 71.2 45.9
Works and services 1.1 1.1 0.3
73.5 72.3 46.2 Primary Industries, Parks, Water and Environment
Recurrent services 163.2 171.5 134.9
Works and services 10.5 19.1 4.1
173.7 190.6 139.0 State Growth
Recurrent services 371.6 376.9 262.3
Works and services 113.5 110.4 82.9
485.0 487.3 345.2 Tasmanian Audit Office
Recurrent services 2.3 2.3 1.8
2.3 2.3 1.8 Tourism Tasmania
Recurrent services 26.8 26.8 13.6
26.8 26.8 13.6 Treasury and Finance
Recurrent services 39.7 43.8 28.4
Works and services 3.2 2.6 1.4
42.9 46.4 29.7
TOTAL 4 313.8 4 361.3 3 156.4
2016-17 Estimated Outcome Including March Quarterly Report 211