Financial statements

Operating statement

For the year ended 30 June 2021 2020-21
$'000		 2019-20
$'000
Income from transactions
Revenue from government* 147,356 136,658
Sales of goods and services 579 548
Payments to consolidated fund (346) (260)
Total income from transactions 147,589 136,946
Expenses from transactions
Employee benefits 77,889 67,512
Supplies and services 57,301 53,959
Depreciation and amortisation 2,706 4,193
Grants and other transfers 5,392 5,286
Capital asset charge 795 691
Interest expenses 9 267
Other expenses 23 -
Total expenses from transactions 144,115 131,908
Net result from transactions 3,474 5,038
Other economic flows in net result
Net gains / (losses) on financial instruments - (10)
Net gains / (losses) on non-financial assets 13 20
Other gains / (losses) on other economic flows 2,306 (491)
Total other economic flows in net result 2,319 (481)
Net surplus / (deficit) for reporting period 5,793 4,557
*Revenue from government represents the output budget allocated to the State Revenue Office

Notes to the operating statement

  • The increase of $10.3 million in employee benefits was mainly due to additional staff for the administration of budget initiatives, including the implementation of Economic Survival Package measures. 
  • The decrease of $1.4 million in depreciation and amortisation was mainly due to the transfer of right-of-use lease assets and the relevant depreciation expenses for office leases under the Centralised Accommodation Management arrangements.
  • Grants and other transfers consists of payments made to municipal councils in relation to the administration of the fire services property levy, which were based on the Treasurer’s determination under section 70 of the Fire Services Property Levy Act 2012.
  • Expenses from transactions exclude $0.5 million in relation to the administration of the growth area infrastructure contribution, which is operated through a Treasury Trust.

Balance sheet

As at 30 June 2021 2020-21
$'000		 2019-20
$'000
Financial assets
Cash assets - -
Receivables 54,704 55,845
Total financial assets 54,704 55,845
Non-financial assets
Inventories - -
Plant, property and equipment 308 477
Intangible assets 12,486 10,025
Other 5,160 2,232
Total non-financial assets 17,954 12,734
Total assets 72,658 68,579
Liabilities
Payables 20,476 24,371
Interest-bearing liabilities 2,443 347
Provisions 24,235 22,826
Total liabilities 47,154 47,544
Net assets 25,504 21,035

Notes to the balance sheet

Receivables

Receivables 2020-21
$'000		 2019-20
$'000
Amounts owing from Victorian Government 53,249 54,539
GST input tax credit recoverable 1,126 646
Other receivables 329 660
Total receivables 54,704 55,845

Written-down value of property, plant and equipment

Written-down value of property, plant and equipment 2020-21
$'000		 2019-20
$'000
Computer equipment 283 421
Plant, furniture and equipment 7 11
Leasehold improvements / fitouts 18 45
Total written-down value of plant, property and equipment 308 477

Written-down value of intangible assets

Written-down value of intangible assets 2020-21
$'000		 2019-20
$'000
Other intangible produced assets* 7,773 7,521
Work in progress* 4,713 2,504
Total written-down value of intangible assets 12,486 10,025
* Capitalised and uncapitalised expenditure on e-Sys Life Extension Project

Other non-financial assets

Other non-financial assets 2020-21
$'000		 2019-20
$'000
Prepayments 2,598 1,893
Right of use plant and equipment 2,273 42
Motor vehicle leased 289 297
Total other non-financial assets 5,160 2,232

Current payables

Current payables 2020-21
$'000		 2019-20
$'000
Unpresented cheques (2,047) (134)
Trade creditors 690 483
Accruals 18,851 20,946
Other payables 2,982 3,076
Total payables 20,476 24,371

Interest-bearing liabilities

Interest-bearing liabilities 2020-21
$'000		 2019-20
$'000
Current liabilities
Right of use lease liabilities 275 24
Motor vehicle leases 192 162
Total current liabilities 467 186
Non-current liabilities
Right of use lease liabilities 1,879 24
Motor vehicle leases 97 137
Total non-current liabilities 1,976 161
Total interest-bearing liabilities 2,443 347

Provisions

Provisions 2020-21
$'000		 2019-20
$'000
Current provisions
Annual leave 6,633 4,976
Long service leave 12,861 13,224
Other employee entitlements 2,622 2,658
Total current provisions 22,116 20,858
Non-current provisions
Long service leave 2,119 1,968
Total non-current provisions 2,119 1,968
Total provisions 24,235 22,826

Administered items

Administered revenues 2020-21
$'000		 2019-20
$'000
Payroll tax 7,027,347 6,574,034
Duties* 7,974,766 7,633,868
Land tax 3,239,629 3,452,859
Congestion levy 76,848 109,729
Growth areas infrastructure contribution 197,300 244,348
Metropolitan planning levy 18,880 20,865
Fire services property levy 728,982 708,097
Commercial passenger vehicle service levy 26,971 67,239
Wagering and betting tax 186,451 131,631
Licence fees 4,453 (525)
Total 19,481,627 18,942,145
Less: Cattle Compensation Fund (6,000) (4,931)
Less: Swine Compensation Fund (192) (192)
Less: Sheep and Goat Compensation Fund (1,410) (1,691)
Add: Unclaimed money receipts 98,205 106,944
Add: User charges 4,665 4,082
Add: Sundry income 931 435
Total administered revenues 19,577,826 19,046,792
* Includes Cattle Compensation Fund, Swine Compensation Fund and Sheep and Goat Compensation Fund
Administered expenses 2020-21
$'000		 2019-20
$'000
First Home Owner Grant 274,329 200,935
HomeBuilder Grant 371,180 -
First home bonus 40 219
Liquor subsidies 5,383 5,109
Other grants, rebates and other payments 13,437 94,702
Unclaimed money refunds 11,442 8,609
Bad and doubtful debts 17,181 31,687
Total administered expenses 692,992 341,261
Net administered revenues 18,884,834 18,705,531

Notes to administered items

  • Tax and duty revenue increased by $539 million to $19,481 million. This included:
    • an increase of $453 million in payroll tax
    • an increase of $281 million in land transfer duty, and
    • a decrease of $213 million in land tax.
  • Tax and duty revenues include reductions associated with business relief measures. Total relief provided in 2020–21 includes:
    • $337 million in land transfer duty
    • $284 million in payroll tax
    • $248 million in land tax
    • $26 million in congestion levy
    • $6 million in commercial passenger vehicle service levy, and
    • $0.1 million in liquor licence fee.
  • The fire services property levy increased by $20 million, mainly due to the change of fixed charges and levy rates according to sections 11 and 12 of the Fire Services Property Levy Act 2012.
  • Unclaimed money receipts represent monies transferred to the Registrar under the Unclaimed Money Act 2008 and the Gambling Regulation Act 2003. There was a decrease of $8 million in the 2020–21 financial year.
  • The First Home Owner Grant increased by $73 million mainly due to an increase in the number of applications and an increase in the value of the grant for new home purchases in regional Victoria. 
  • The HomeBuilder Grant was introduced to assist eligible owner-occupiers to build a new home, substantially renovate an existing home or buy off-the-plan. The grant applies to eligible contracts entered into between 4 June 2020 and 31 March 2021. 
  • Other grants, rebates and other payments decreased by $81 million mainly due to a decrease in ex gratia payments of $76 million.
  • The $14 million decrease in bad and doubtful debts includes an increase of $73 million in bad debts and a decrease $87 million in the provision for doubtful debts.