Operating statement
| For the year ended 30 June 2024 | 2023–24 $’000 |
2022–23 $’000 |
|---|---|---|
| Income from transactions | ||
| Revenue from government* | 229,408 | 181,391 |
| Sales of goods and services | 612 | 579 |
| Payments to consolidated fund | (484) | (555) |
| Total income from transactions | 229,536 | 181,415 |
| Expenses from transactions | ||
| Employee benefits | 102,645 | 86,603 |
| Supplies and services | 108,961 | 59,213 |
| Depreciation and amortisation | 7,530 | 5,566 |
| Grants and other transfers | - | 19,827 |
| Interest expenses | 16 | 42 |
| Other expenses | - | - |
| Total expenses from transactions | 219,152 | 171,251 |
| Net result from transactions | 10,384 | 10,164 |
| Other economic flows in net result | ||
| Net gains/(losses) on financial instruments | (22) | - |
| Net gains/(losses) on non-financial assets | 100 | 40 |
| Other gains/(losses) on other economic flows | 244 | (231) |
| Total other economic flows in net result | 322 | (191) |
| Net surplus/(deficit) for reporting period | 10,706 | 9,973 |
| * Revenue from government represents the output budget allocated to the SRO. | ||
Notes to the operating statement
- The increase of $16 million in employee benefits was mainly due to an overall increase in full-time equivalent numbers associated with compliance programs, in conjunction with enterprise bargaining agreement increases and full-year costs associated with the mental health and wellbeing surcharge and the introduction of the COVID debt levy – payroll $10m+.
- The increase of $49.7 million in supplies and services was mainly associated with the reclassification of fire services property levy funding payments and motor vehicle duty collection payment from grants and other transfers to supplies and services, an increase in accommodation costs, and an increase in labour hire contractor costs in respect to Business Technology Services software developments.
- The increase of $1.9 million in depreciation and amortisation was mainly due to amortisation associated with software development.
- Expenses from transactions exclude $0.6 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 2024 | 2023–24 $’000 |
2022–23 $’000 |
|---|---|---|
| Financial assets | ||
| Cash assets | - | - |
| Receivables | 99,004 | 68,019 |
| Total financial assets | 99,004 | 68,019 |
| Non-financial assets | ||
| Assets held for sale | - | 35 |
| Plant, property and equipment | 60 | 101 |
| Intangible assets | 44,233 | 36,766 |
| Other | 4,679 | 7,364 |
| Total non-financial assets | 48,972 | 44,266 |
| Total assets | 147,976 | 112,285 |
| Liabilities | ||
| Payables | 53,185 | 29,713 |
| Interest-bearing liabilities | 1,159 | 2,028 |
| Provisions | 28,229 | 26,465 |
| Total liabilities | 82,573 | 58,206 |
| Net assets | 65,403 | 54,079 |
Notes to the balance sheet
Receivables
| 2023–24 $’000 |
2022–23 $’000 |
|
|---|---|---|
| Amounts owing from Victorian Government | 95,061 | 65,195 |
| GST input tax credit recoverable | 1,904 | 1,415 |
| Other receivables | 2,039 | 1,409 |
| Total receivables | 99,004 | 68,019 |
Written-down value of property, plant and equipment
| 2023–24 $’000 |
2022–23 $’000 |
|
|---|---|---|
| Computer equipment | 60 | 101 |
| Plant, furniture and equipment | - | - |
| Leasehold improvements/fit-outs | - | - |
| Total written-down value of property, plant and equipment | 60 | 101 |
Written-down value of intangible assets
| 2023–24 $’000 |
2022–23 $’000 |
|
|---|---|---|
| Other intangible produced assets* | 28,809 | 19,260 |
| Work in progress* | 15,424 | 17,506 |
| Total written-down value of intangible assets | 44,233 | 36,766 |
| * Capitalised and uncapitalised expenditure on e-Sys life extension project. | ||
Other non-financial assets
| 2023–24 $’000 |
2022–23 $’000 |
|
|---|---|---|
| Prepayments | 3,489 | 5,188 |
| Right of use plant and equipment | 904 | 1,862 |
| Motor vehicle leased | 286 | 314 |
| Total other non-financial assets | 4,679 | 7,364 |
Payables
| 2023–24 $’000 |
2022–23 $’000 |
|
|---|---|---|
| Unpresented cheques | (954) | (523) |
| Trade creditors | 5,814 | 1,248 |
| Accruals | 43,620 | 24,246 |
| Other payables | 4,705 | 4,742 |
| Total payables | 53,185 | 29,713 |
Interest-bearing liabilities
| 2023–24 $’000 |
2022–23 $’000 |
|
|---|---|---|
| Current liabilities | ||
| Right of use lease liabilities | 622 | 566 |
| Motor vehicle leases | 101 | 165 |
| Total current liabilities | 723 | 731 |
| Non-current liabilities | ||
| Right of use lease liabilities | 251 | 1,115 |
| Motor vehicle leases | 185 | 182 |
| Total non-current liabilities | 436 | 1,297 |
| Total interest-bearing liabilities | 1,159 | 2,028 |
Provisions
| 2023–24 $’000 |
2022–23 $’000 |
|
|---|---|---|
| Current provisions | ||
| Annual leave | 7,660 | 7,214 |
| Long service leave | 14,188 | 13,445 |
| Other employee entitlements | 3,696 | 3,157 |
| Total current provisions | 25,544 | 23,816 |
| Non-current provisions | ||
| Long service leave | 2,685 | 2,649 |
| Total non-current provisions | 2,685 | 2,649 |
| Total provisions | 28,229 | 26,465 |
Administered items
| Administered revenues | 2023–24 $’000 |
2022–23 $’000 |
|---|---|---|
| Payroll tax | 9,643,104 | 8,331,721 |
| COVID debt levy – payroll $10m+ | 1,110,048 | - |
| Mental health and wellbeing surcharge | 1,200,575 | 1,087,625 |
| Duties* | 10,514,281 | 10,625,603 |
| Land tax | 5,933,008 | 5,372,466 |
| COVID debt levy – landholdings | 1,164,231 | - |
| Congestion levy | 117,012 | 107,756 |
| Growth areas infrastructure contribution | 254,711 | 259,581 |
| Windfall gains tax | 113,799 | - |
| Metropolitan planning levy | 19,793 | 21,913 |
| Fire services property levy | 839,496 | 791,858 |
| Commercial passenger vehicle service levy | 73,194 | 61,119 |
| Wagering and betting tax | 242,442 | 253,213 |
| Keno tax | 12,593 | 11,966 |
| Casino tax | 158,292 | - |
| Community benefit levy | 8,747 | - |
| Licence fees | 37 | 20,900 |
| Total | 31,405,363 | 26,945,721 |
| Less: cattle compensation fund | (4,847) | (5,834) |
| Less: swine compensation fund | (218) | (192) |
| Less: sheep and goat compensation fund | (4,256) | (3,169) |
| Add: unclaimed money receipts | 196,312 | 129,421 |
| Add: user charges | 5,268 | 4,100 |
| Add: sundry income | 842 | 642 |
| Total administered revenues | 31,598,464 | 27,070,689 |
| * Includes cattle compensation fund, swine compensation fund and sheep and goat compensation fund. | ||
| Administered expenses | 2023–24 $’000 |
2022–23 $’000 |
|---|---|---|
| First Home Owner Grant | 99,033 | 120,645 |
| HomeBuilder Grant | 8,459 | 54,361 |
| First Home Bonus | 79 | 2 |
| Liquor subsidies | 5,600 | 5,850 |
| Other grants, rebates and other payments | 72,944 | 33,596 |
| Unclaimed money refunds | 11,581 | 8,659 |
| Bad and doubtful debts | 68,851 | 66,502 |
| Total administered expenses | 266,547 | 289,615 |
| Net administered revenues | 31,331,917 | 26,781,074 |
Notes to administered items
- Tax and duty revenue increased by $4,459 million to $31,405 million. This included:
- an increase of $1,311 million in payroll tax
- an increase of $112 million in the mental health and wellbeing surcharge
- a decrease of $311 million in land transfer duty
- an increase of $560 million in land tax
- $1,110 million in the new COVID debt levy – payroll $10m+
- $1,164 million in the new COVID debt levy – landholdings
- $167 million in casino tax and the community benefit levy (administered by the SRO from 1 July 2023).
- The fire services property levy increased by $47 million mainly due to the change of fixed charges and levy rates under ss 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 an increase of $66 million in the 2023–24 financial year.
- The First Home Owner Grant decreased by $21 million as a result of a reduction in applications compared to 2022–23.
- 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. Applications for the HomeBuilder Grant closed in April 2021. There was a decrease of $45 million in the 2023–24 financial year.
- Other grants, rebates and other payments increased by $39 million mainly due to an increase in ex gratia payments of $40 million.
- The $2.3 million increase in bad and doubtful debts includes a decrease of $1.5 million in bad debts and an increase $3.8 million in the provision for doubtful debts.