Part 4: Financial statements
AUSTRALIAN OFFICE OF FINANCIAL MANAGEMENT
Statement by the Chief Executive Officer and Chief Finance Officer
In our opinion, the attached financial statements for the year ended 30 June 2004 are based on properly maintained records and give a true and fair view of the matters required by the Finance Minister’s Orders made under the Financial Management and Accountability Act 1997.
| SIGNED | SIGNED |
| N Hyden Chief Executive Officer 12 August 2004 |
P Raccosta Chief Finance Officer 12 August 2004 |
Statement of financial performance
for the year ended 30 June 2004
The above statement should be read in conjunction with the accompanying notes.
Statement of financial position
as at 30 June 2004
The above statement should be read in conjunction with the accompanying notes.
Statement of cash flows
for the year ended 30 June 2004
The above statement should be read in conjunction with the accompanying notes.
Schedule of commitments
as at 30 June 2004
The above schedule should be read in conjunction with the accompanying
notes.
Note: Commitments are GST inclusive where relevant.
- For 2003 commitments relate to contractual obligations for the implementation of a treasury system for the AOFM.
- Operating leases included are effectively non-cancellable and comprise:
Nature of lease |
General description of leasing arrangement |
Lease for office accommodation |
|
| Motor vehicle leases |
|
- Other commitments relate to contractual obligations for the provision of internal audit services, payroll services, consultancies, fiscal agency agreements and service agreements with other Commonwealth bodies.
Schedule of administered items
The above schedule should be read in conjunction with the accompanying notes.
- Legal agreements between the Australian Government and interest rate swap counterparties, and forward foreign exchange contracts with the Reserve Bank of Australia provide for transactions to be settled on a net basis. Amounts are reported on a net basis. Aggregate amounts are disclosed at Note 24C.
- Amounts relate to principal only.
- Includes redemption of debt issued on behalf of the States.
Schedule of administered items (continued)
The above schedule should be read in conjunction with the accompanying
notes.
Note: Commitments are GST inclusive where relevant.
- For 2003 other commitments relate to contractual obligations to fiscal agents, financial wire service providers and for software maintenance. Effective from 1 July 2003, administrative expenses associated with management of the debt portfolio are reported as departmental activities.
Statement of activities administered on behalf of Government
|
The administered activities of the AOFM are directed towards managing the Australian Government’s net debt portfolio at least cost over the medium term, subject to the Government’s policies and risk preferences. It also aims to contribute to financial market efficiency by maintaining sufficient Commonwealth Government securities on issue to support the Treasury bond futures market. The major financial activities of the AOFM include the issuance of various borrowing instruments, the strategic formulation and undertaking of portfolio management, including through swap transactions, and the administration of the debt portfolio. Details of the AOFM’s planned activities for 2003-04 can be found in the Treasury Portfolio Budget and Portfolio Additional Estimates Statements for 2003-04, which have been tabled in Parliament. |
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