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 2005 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, as amended.
SIGNED |
SIGNED |
| N Hyden Chief Executive Officer 8 August 2005 |
P Raccosta Chief Finance Officer 8 August 2005 |
Statement of financial performance
for the year ended 30 June 2005
The above statement should be read in conjunction with the accompanying notes.
Statement of financial position
as at 30 June 2005
The above statement should be read in conjunction with the accompanying notes.
Statement of cash flows
for the year ended 30 June 2005
The above statement should be read in conjunction with the accompanying notes.
Schedule of commitments
as at 30 June 2005
The above schedule should be read in conjunction with the accompanying notes.
Note: Commitments are GST inclusive where an input tax credit is not available to the AOFM.
(a) For 2004, commitments relate to the purchase of office equipment for the AOFM.
(b) Operating leases included are effectively non-cancellable and comprise:
Nature of lease |
General description of leasing arrangement |
Lease for office accommodation
|
• the lease term is for 15 years less one day with no option to renew; and • lease payments are subject to review on each second anniversary of the lease commencement date (22 December 2000). • the novation of lease rental payments over motor vehicles. |
(c) 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.
Schedule of administered items (continued)
The above schedule should be read in conjunction with the accompanying notes.
Schedule of administered items (continued)
The above schedule should be read in conjunction with the accompanying notes.
(a) 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 above are reported on a net basis. Aggregate amounts are disclosed at Note 25C.
(b) Amounts relate to principal only.
(c) Includes redemption of debt issued on behalf of the States.
(d) Term deposit transactions were not processed through AOFM’s official administered bank accounts to 30 June 2004. Investment activity was processed directly between the Official Public Account and the term deposit facility with the RBA. Since 1 July 2004 all term deposit transactions between the Official Public Account and the term deposit facility also pass through AOFM’s official administered bank accounts.
Schedule of administered items (continued)
The above schedule should be read in conjunction with the accompanying notes.
Note: Commitments are GST inclusive where an input tax credit is not available to the AOFM.
(a) As at 30 June 2005 the AOFM had open transactions under its securities lending facility. The repurchase price of Treasury bonds sold by the Australian Government to other parties under the facility as at 30 June 2005 was $38,827,717 (face value of $35,300,000). The sale price of Commonwealth Government securities acquired by the Australian Government from other parties under the facility as at 30 June 2005 was $38,830,286 (face value of $36,604,000).These transactions are not recorded on the AOFM’s schedule of assets and liabilities administered on behalf of government.
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, administration of the debt portfolio, and monitoring the conditions in Treasury bond and futures markets. Details of the AOFM’s planned activities for 2004-05 can be found in the Treasury Portfolio Budget and Portfolio Additional Estimates Statements for 2004-05, which have been tabled in Parliament. |
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