13 May 2011
Financial Management Report – as at 31 January 2011
Distribution:  Executive Board and General Managers

Reason for paper
To inform Board members of the Treasury’s financial performance as at 31 January 2011.
  	
Recommendations
The Board:
(i)	note the financial performance of the Treasury as at 31 January 2011.	
Summary
The Treasury ended January 2011 with a surplus of $6.5 million (the surplus last month was $4.1 million).  The main reason for the increase in surplus is due to staff being on Christmas leave and being paid from provisions rather than expenses.  The surplus represents an underspend in expenses of $8.2 million offset by less than expected revenue of $1.7 million.
2.	It should be noted that the areas with less than expected revenue are also underspent by roughly an equivalent amount in expenses.
3.	The ASL to end January was 1,003 compared to a budget of 1,019.  Details are at Attachment A1.
4.	The Treasury's capital expenditure to 31 January 2011 was $4.3 million, which is $0.9 million under budget. 
5.	Further details on capital, and variances and revisions to internal budgets can be found in the 2010-11 Mid-Year Review Board paper.
6.	Further information can be found in the following attachments:
•	Attachment A1 – Average Staffing Levels
•	Attachment A2 – Departmental Income Statement by Class
•	Attachment A3 – Departmental Income Statement by Group/Organisational Unit
•	Attachment A4 – The Treasury’s appropriation from 2011-11 onwards
•	Attachment A5 – Administered Expense Statement
•	Attachment A6 – Budget Pressures and Budget Savings
•	Attachment A7 – Chart depicting actual versus budget for departmental expenses

Chief Financial Officer

Traffic Light Key:
 Green – Materially within budget	 Orange – Need to monitor	 Red – Consider action 
 or of little concern at this
 stage

Note:  Depreciation is currently under budget as the Standard Business Reporting asset value has not yet been finalised.  Once finalised, depreciation will be backdated to the beginning of the financial year.

Group/Divisional Financial Performance

Traffic Light Key:
 Green – Materially within budget or of little concern at this stage	 Orange – Need to monitor	 Red – Consider action 

FINANCIAL MANAGEMENT REPORT FOR JANUARY 2011
Average Staffing Levels (Year-to-date average)

FINANCIAL MANAGEMENT REPORT FOR JANUARY 2011
Departmental Income Statement by Class

FINANCIAL MANAGEMENT REPORT FOR JANUARY 2011
Departmental Income Statement by Group / Organisational Unit

TREASURY’S APPROPRIATION FROM 2010-11 ONWARDS

FINANCIAL MANAGEMENT REPORT FOR JANUARY 2011
Administered Expense Statement

Comments
The variance in Program 1.10 is primarily due to delays in some deliverables and milestones with payments to the States and Territories.
* Does not include foreign exchange rate movements.

BUDGET PRESSURES

Budget pressures have been addressed in the 2010-11 Mid-Year Review Board paper.

PRESSURE	Total Pressure $m	Description	Action to alleviate impact	YTD Position
$m	
Nil at this stage					
TOTAL					

BUDGET SAVINGS
SAVINGS	$m	Description	Year End Forecast
$m	YTD Position
$m	
Nil at this stage					
TOTAL