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Annual Report 2018–19: Chapter 5—Financial performance
1. Summary of financial performance
Tables 11–15 give an overview of APVMA financial performance for 2018–19. Full details are in the audited financial statements on the following pages.
1.1. Income
The APVMA’s total income for 2018–19 was $57.368 million (Table 11) and incorporates Armidale Relocation appropriation funding and Enabling Technologies reform.
|
Income source |
Income ($’000) |
Percentage |
|---|---|---|
|
Receipts from industry |
? |
? |
|
Levies |
18,453 |
32.17% |
|
Application fees |
5,911 |
10.30% |
|
Annual fees (renewal fees) |
5,222 |
9.10% |
|
Other receipts from industry |
2,506 |
4.37% |
|
Parliamentary appropriation |
24,902 |
43.41% |
|
Other revenue |
374 |
0.65% |
|
Total income |
57,368 |
100% |
|
Resourcing description |
Actual available appropriation for 2018–19 ($million) |
Payments made in 2018–19 ($million) |
Balance remaining in 2018–19 ($million) |
|---|---|---|---|
|
Ordinary annual service Department expenses |
? |
? |
? |
|
Previous year departmental appropriation |
2.769 |
2.769 |
0 |
|
Departmental appropriations |
24.902 |
15.984 |
8.918 |
|
Revenue from independent sources |
0.374 |
0.374 |
0 |
|
Total |
28.045 |
19.127 |
8.918 |
|
Special appropriation |
38.952 |
27.824 |
11.128 |
|
Total resourcing and payments |
66.997 |
46.951 |
20.046 |
1.2. Expenditure
Total operating expenses for 2018–19 were $47.337 million (Tables 13 and 14).
|
Individual lines of expenditure |
2018–19?actual expenditure ($million) |
Percentage of expenditure |
2017–18?budget (per PBS) ($million) |
|---|---|---|---|
|
Employee benefits |
30.816 |
65.10% |
20.082 |
|
Supplier expenses |
14.412 |
30.45% |
31.563 |
|
Depreciation |
2.066 |
4.36% |
1.680 |
|
Other |
43 |
0.09% |
0 |
|
Total expenditure |
47.337 |
100% |
53.325 |
PBS = Portfolio Budget Statement
| Outcome 1: Protection of the health and safety of people, animals, the environment, and agricultural and livestock industries through regulation of pesticides and veterinary medicines | ||||
|---|---|---|---|---|
|
? |
2018–19 budget ($million) |
2018–19 actual ($million) |
2018–19 variance ($million) |
2017–18 actual ($million) |
| Program 1.1 (APVMA)
Department expenses |
? | ? | ? | ? |
| Ordinary annual service (Appropriation Bill 1) | 24.902 | 24.902 | 0 | 6.056 |
| Revenue from independent sources | 60 | 374 | (314) | 215 |
| Special appropriation | 28.363 | 22.061 | 6.302 | 33.637 |
| Total expenses for outcome 1 | 53.325 | 47.337 | 5.988 | 39.908 |
1.3. Equity
The APVMA recorded a net operating surplus of $10.031 million for 2018–19, resulting in an equity balance at 30 June 2019 of $16.401 million.
1.4. Audit results
The APVMA achieved an unqualified audit result, and there were no adverse findings.
1.5. Financial reserve
The APVMA’s revenue is primarily received as levy payments in December and June, and registration payments in May and June. Subsequently, the APVMA receives the majority of its revenue at three times during the year. Cash holding can exceed $7 million at various stages during the financial year.
To manage this, the APVMA monitors daily cash balances to ensure that cash is available to pay creditor expenses, particularly during times when the cash balances are reducing in the months when income is not anticipated.
The APVMA operates to keep the cash level above $7 million as an operating reserve (an equity position of $7 million is equivalent to three months operating expenses).
1.6. Consultancies
In 2018–19, the APVMA entered into two new consultancy contracts totalling?$0.084 million (incl GST), which was fully expensed during the year. Both consultancies related to white paper reform and Armidale relocation projects.
In addition, three ongoing consultancy contracts from previous years were active, involving expenditure of $0.082 million (incl GST).
Selection processes are described in terms drawn from the Commonwealth procurement guidelines. ‘Direct sourcing’ refers to a selection process in which neither a tender nor a panel was used. In these situations, the APVMA obtained multiple quotes, the number of which was determined by the value of the procurement.
APVMA Finance Procedure 4, ‘Purchasing’, outlines the number of quotes required (Table 15). Exemptions to these requirements may be approved in some circumstances.
APVMA annual reports contain information about actual expenditure on contracts for consultancies. Information on the value of contracts and consultancies is available on the AusTender website.
| Purchase limit for goods/services | Quotes required |
|---|---|
| to $2000 | 1 quote |
| $2001? to $10 000 | 2 written quotes |
| $10? 001? to $100 000 | 3 written quotes |
| $100? 001? to $400 000 | High-value procurement procedures |
| $400 000 and over | Tender |
2. ANAO letter
3. Statement by the Accountable Authority and the Chief Finance Officer
4. Financial statements
Download the financial statements (PDF, 392 kb) including:
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Cash Flow statement
Overview
Financial performance
Financial position
Funding
People and relationships
Managing uncertainties