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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 2016-17 financial statements. A summary of our financial performance follows.

The office operated within available resources in 2016-17 and ended the year with a surplus of $299 290.

Appropriation funding levels in 2016-17 remained steady with a slight increase reflecting changes in economic parameters. Other Income also increased following a reassessment of the value of resources received free of charge by the office. The increase in Other Income was matched by a corresponding increase in Supplier Expenses so there was no impact on the overall financial outcome.

In relation to expenditure, the most significant budget variance related to employee expenses ($267 000 underspend). This variance was largely due to delays in the lengthy security clearance process associated with recruitment. These delays also impacted on supplier expenses with security clearance fees $36,000 below budget.

Net equity increased from $2 831 350 in 2015-16 to $3 161 158 in 2016-17. Movements in equity included a $299 290 increase in retained surplus and a $5,518 upward movement in the asset revaluation reserve. Contributed Equity also increased from $503 126 in 2015-16 to $528 126 in 2016-17. Movements in contributed equity included capital funding of $25 000.

The following tables show:

Figure 4.1 – Agency Resource Statement and Resource for Outcomes 2016-17

Figure 4.2 – Expenses and Resources for Outcome 1.

OIGIS has one outcome and one program.

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