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Summary of IGIS financial performance and resources for outcomes (PGPA Act)

The office received an unqualified audit report from the Australian National Audit Office for its 2015–16 financial statements. A summary of our financial performance follows.

The office operated within available resources in 2015–16 and ended the year with a surplus of $552 564.

Following a significant increase in appropriation funding in the previous year funding levels in 2015–16 remained steady with a slight increase reflecting changes in economic parameters.

In relation to expenditure, the most significant budget variance related to employee expenses ($427 150 underspend). This variance was largely due to delays in the lengthy security clearance process associated with recruitment. Other underspends included demand driven expenses including $30 000 for consultants, $21 000 for legal expenses, $13 000 for potential software licences and $36 000 for security clearance fees.

Net equity increased from $2 253 786 in 2014–15 to $2 831 350 in 2015–16. Movements in equity included a $552 564 increase in retained surplus. Contributed Equity also increased from $478 126 in 2014–15 to $503 126 in 2015–16. Movements in Contributed Equity included capital funding of $25 000.

The following tables can be found in Part 6 Annex A:

Figure 5.1 – Entity Resource Statement 2015–16

Figure 5.2 – Expenses for Outcome 1.

OIGIS has one outcome and one programme.

Trends in Finance

Significant changes to the finances of the office during 2015–16 included:

  • A $159 407 increase in employee expenses arising from the additional staff recruited as a consequence of the receipt of additional funding in the previous year.
  • A $60 000 decrease in supplier expenses. Decreases in expenditure included $17 000 in legal expenses, $20 000 in staff training expenses, $15 000 in travel expenses and $11 000 in translation expenses.
  • A $50 000 increase in Property, Plant and Equipment following an upgrade to the office's secure IT system and the fit-out of the office with sit-to-stand desks.
  • A $21 000 decrease in Other Payables resulting from an increase in outstanding reimbursements to home agencies for seconded staff offset by a decrease in accrued salaries at the reporting date.
  • A $268 000 decrease in Employee Provisions because of staff turnover and the changing profile of the staff. The effect was magnified by the increased usage of secondment arrangements whereby leave liabilities are retained by the home agency.
Trends in Finance
2015–16
OUTCOME 1 $
2014–15
OUTCOME 1 $
Change from
previous year
Revenue from Government 3 050 000 3 003 000 +2%
Other Income 128 625 130 023 -1%
TOTAL INCOME 3 178 625 3 133 023
Employee expenses 2 347 850 2 188 443 +7%
Supplier expenses 263 149 322 932 -18%
Other expenses 15 062 36 517 -59%
TOTAL EXPENSES 2 626 061 2 547 892
OPERATING RESULT 552 564 585 131
Financial assets A 3 479 682 3 240 736 +7%
Non-financial assets B 77 706 27 218 +185%
Liabilities C 726 038 1 014 168 -28%
NET ASSETS = A + B - C 2 831 350 2 253 786