Note 1: Administered financial statements

1.1 Schedule of administered income and expenses

	Notes	2007 Budget $’000	2007 Actual $’000	2006 Actual $’000
Income
Appropriation revenue - recurrent	2.9(a), 14.1	39,024	40,944	37,911
Grants	2.9(b), 14.2	226,719	231,487	222,504
Sales of goods and services¹	2.9(c), 14.3	659	339	336
Fees and fines	2.9(d), 14.4	-	25	19
Other revenue from ordinary activities	2.9(g), 14.5	-	88	71
Total income		266,402	272,883	260,841
Expenses
Grants and subsidies	2.10(c), 14.6	157,563	163,889	152,236
Supplies and consumables²	2.10(f), 14.7	8,333	13,408	-
Total expenses		165,896	177,297	152,236
Net operating surplus		100,506	95,586	108,605
Transfers to the Consolidated Fund		100,506	101,400	98,518
Net surplus/(deficit) attributable to the state		-	(5,814)	10,087

The above schedule of administered income and expenses should be read in conjunction with the accompanying notes.

Budget information refers to original estimates and has not been subject to audit.

Explanations of major variances between budget and actual are provided after the schedule of administered cash flows.

The above schedule of administered assets and liabilities should be read in conjunction with the accompanying notes.

Budget information refers to original estimates and has not been subject to audit.

Explanations of major variances between budget and actual are provided after the schedule of administered cash flows.

	Notes	2007 Budget $’000	2007 Actual $’000	2006 Actual $’000
Cash flows from operating activities
Cash inflows
Appropriation receipts - recurrent		39,024	40,944	37,911
Grants		226,719	231,487	222,504
Sales of goods and services		659	339	336
Fees and fines		-	25	19
Other cash receipts		-	88	83
Total cash inflows		266,402	272,883	260,853
Cash outflows
Grants and subsidies		157,563	163,889	152,236
Supplies and consumables		8,333	13,408	-
Transfers to Consolidated Fund		100,506	101,400	98,518
Total cash outflows		266,402	278,697	250,754
Net cash from/(used by) operating activities	14.11	-	(5,814)	10,099
Net increase/(decrease) in cash held		-	(5,814)	10,099
Cash at the beginning of the reporting period		365	10,464	365
Cash at the end of the reporting period	14.10	365	4,650	10,464

The above schedule of administered cash flows should be read in conjunction with the accompanying notes.

Budget information refers to original estimates and has not been subject to audit.

Sale of goods and services variance reflects the lower than anticipated receipts from education support programs. This issue has been addressed in the 2007-08 Budget figures and subsequent estimates.
Supplies and consumables and cash and deposits variances are due to timing issues and recording of appropriate budgets for the Australian Government Investing in Our Schools program.

	Notes	Actual $’000	2006 Actual $’000
Net surplus/(deficit) for the period	14.9	(5,814)	10,087
Total recognised income and expense for the period		(5,814)	10,087

The above schedule of recognised administered income and expenses should be read in conjunction with the accompanying notes.