Department of Commerce

Annual Report 2010-2011

Financial targets

Table 3 provides a summary of the department's financial performance for 2010-11.

Table 3: Summary of financial performance for 2010-11
Indicator Target (1)
$'000
Actual (2)
$'000
Variation
$'000
Total cost of services (expense limit) (details from Statement of Comprehensive Income) $165,223 (3) $175,905 $10,682
Net cost of services (details from Statement of Comprehensive Income) $122,582 (4) $124,298 $1,716
Total equity (details from Statement of Financial Position) $70,963 $68,894 ($2,069)
Net increase/(decrease) in cash held (details from Statement of Cash Flows) $101 $3,842 $3,741 (a)
Indicator Target (5) Actual Variation
Approved full time equivalent (FTE) staff level 1,028 882 146 (b)
Notes:
  1. The targets were derived from the 2010-11 Budget Papers (No. 2, Volume 3, Part 18).
  2. As specified in the Financial Statements section of this report.
  3. This figure included $55,259,000 for the Consumer Protection Service, $48,480,000 for the Safety and Employment Protection Service and $61,484,000 for the Industry, Science and Innovation Service (formerly the Science, Innovation and Business Service).
  4. This figure included $29,667,000 for the Consumer Protection Service, $32,723,000 for the Safety and Employment Protection Service and $60,192,000 for the Industry, Science and Innovation Service (formerly the Science, Innovation and Business Service).
  5. The target figure includes employees of the Real Estate and Business Agents Supervisory Board and the Settlement Agents Supervisory Board.

Explanations of variances provided in Table 3 are as follows:

  1. The variance is due to unspent funding relating to COAG reforms and the Gas Rectification Programme.

  2. The variance is due to the FTEs for Real Estate and Business Agents Supervisory Board and Settlement Agents Supervisory Board being included in the ‘Target’ figures contained in the 2010-11 Budget Papers but not being included in the ‘Actual’; the difficulty in attracting and retaining employees in inspectorate areas; not filling of positions in the anticipation those positions would transfer to the Commonwealth; and utilising externally procured contractors for information technology capital works programs relating to COAG reforms.