LONG SERVICE LEAVE AUTHORITY STATEMENT OF INTENT



ACT Long Service Leave AuthorityStatement of Intent201718LONG SERVICE LEAVE AUTHORITY The Long Service Leave Authority is a Territory Authority established under the Long?Service?Leave (Portable Schemes) Act 2009.This Statement of Intent for 2017-18 has been prepared in accordance with Section 61 of the Financial Management Act 1996. The responsible Minister, Ms Rachel Stephen-Smith, was consulted during the preparation of the Statement of Intent.The Statement of Intent, which focuses on the 2017-18 Budget year, has been developed in the context of a four year forward planning horizon to be incorporated, as far as practicable, into the Long Service Leave Authority’s strategic and business planning processes.The Long Service Leave Authority’s 2017-18 Statement of Intent has been agreed between:Glenys RoperChairperson on behalf of the Governing BoardAndrew Barr MLATreasurerRachel Stephen-Smith MLAMinister for Workplace Safety and Industrial RelationsContents TOC \o "1-3" \h \z \u Purpose4Nature and scope of activities4Performance measures and targets6Employment profile10Monitoring and reporting12Financial arrangements12Attachment 1 - Organisational Chart for Long Service Leave Authority36Long Service Leave Authority Purpose The Long Service Leave Authority (the Authority) was established under the Long Service Leave (Portable Schemes) Act 2009 (the Act) to administer portable long service leave benefit schemes, for workers in the ACT engaged in the building and construction industry, contract cleaning industry, security industry and the community sector. The primary objectives of the Authority are to ensure that:the maximum number of eligible employers and their employees are registered with the?Authority;long service leave payments to employees, contractors, and reimbursements to employers, are made in accordance with the Act;employers’ contribution levies are collected efficiently and effectively; andlong service leave funds are invested prudently, with the objective being to ensure a modest long-term surplus of assets over liabilities in matured schemes.Nature and scope of activitiesGeneral activitiesThe Authority will engage in the following activities in order to achieve its stated objectives:undertake daytoday operational activities, including collecting worker service credit information and levy contributions from employers, along with the processing and payment of all long service leave claims, in an accurate and timely manner;investment of employer contributions to ensure there are sufficient funds to meet all long service leave payments;undertake regular reviews of the Investment Plan, to keep pace with changing conditions;maintain a compliance program to ensure the maximum number of eligible employers and employees are registered in the schemes; andmonitor the operation of its database to ensure data integrity. Business Priorities in 2017-18The Authority will pursue the following priorities in 2017-18:review the appropriateness of the current Investment Plan and associated investment arrangements, including the strategic asset allocation;assess any recommendations contained in the triennial actuarial report against current business operations; maintain the focus on corporate governance reforms, particularly in relation to risk management practices, staff performance management and development processes, and workplace health and safety; maintain a strong focus on business continuity and succession planning practices;maintain sound working relationships with relevant stakeholder groups; andcoordinate the move to new office accommodation for the Authority and divest the existing office space.RisksInvestment riskThe Authority is required to prudently invest long service leave employer contributions to ensure that there are sufficient assets to meet long service leave liabilities. A key risk for the Authority is a reduction in the value of funds invested as a result of volatile market conditions. The Authority reviews its investment strategy regularly in light of market conditions and will undertake a further review after the actuary’s Triennial Report due September 2017. Information technology riskThe Authority is heavily dependent on its IT systems, therefore the continued functionality of the system and the integrity of the data is a significant risk. The risk is mitigated through undertaking daily backups of the entire database, which is securely stored off-site. The Authority has a business continuity plan that can restore full operational capability of the IT system within 24 hours. The business continuity plan is tested annually.Security of our IT systems and data held by the Authority is a risk that requires constant monitoring and response, to ensure system and information integrity. The Authority also conducts IT penetrating testing to mitigate such risk and potential consequences of data misuse or loss and conducts systems controls audits as part of its audit program.Contribution Levy payment riskAn ongoing risk to the Authority is that eligible employers do not register, declare service for employees or pay the required contribution levy. The Authority mitigates this risk by ensuring that its Compliance Team monitors the activity of covered industries in the Territory and liaises with employers and their representative associations to ensure that all eligible employers and employees are registered. The Authority also works cooperatively with other ACT Government organisations including Shared Services Procurement, the Office of Regulatory Services and the Building and Construction Industry Training Council. Key performance indicators for 2017-18 to 2020-21ObjectiveMeasureTarget201718Target201819Target201920Target202021Ensure the maximum number of eligible employers and their employees are registered with the Authority.Percentage of employer registrations completed within 10 working days of receipt of a correctly completed and verified application form.97%98%99%100%Number of visits to employer sites or premises to ensure that all employees working in the covered industries are registered with the Authority.8090100110Contact registered employees who have not had service recorded for 2 years or more to check if they have been working in a covered industry.400450500550Annual statements made available to employees by 30 September.100%100%100%100%Ensure that employers’ contribution levies are collected efficiently and effectively.Percentage of employer returns and payments submitted by due date (five?working days after the end of the month following the relevant quarter).80%80%80%80%Ensure that payments to employees, contractors and reimbursements to employers are made in accordance with the Act.Percentage of payments completed within 10?working days of receipt of a correctly completed and verified claim form.85%85%85%85%Ensure that long service leave administered schemes’ funds are invested to ensure a long-term surplus of assets over liabilities.Annual net return for each administered scheme on funds under management is in accordance with the Investment Plan.3.5% above CPI averaged over five?years for each scheme3.5% above CPI averaged over five?years for each scheme3.5% above CPI averaged over five years for each scheme3.5% above CPI averaged over five?years for each schemeEnsure each scheme has adequate assets to meet its liabilities.The ratio of total assets over total liabilities as at 30 June of the financial year for each administered scheme is maintained at least of the target.110%110%110%110%Assessment of performance against 2016-17 objectivesObjectiveMeasurePlanned 201617Est. Outcome 201617Explanation of varianceEnsure the maximum number of eligible employers and their employees are registered with the Authority.Percentage of employer registrations completed within 10?working days of receipt of a correctly completed and verified application form.97%100%All applications processed in the required time frame.Number of visits to employer sites or premises to ensure that all employees working in the covered industries are registered with the Authority.8090Additional employer visits undertaken to assist employers with scheme compliance.Percentage of eligible unregistered active businesses, identified through a Yellow Pages review, are contacted and registered with the Authority.100%100%N/AAnnual statements made available to employees by 30 September.100%100%N/AEnsure that employers’ contribution levies are collected efficiently and effectively.Percentage of employer returns and payments submitted by due date (five working days after the end of the month following the relevant quarter).80%83%N/AEnsure that payments to employees, contractors and reimbursements to employers are made in accordance with the Act.Percentage of payments completed within 10?working days of receipt of a correctly completed and verified claim form.85%100%All of the applications are expected to be processed in the required time frame.Ensure that long service leave administered schemes’ funds are invested to ensure a long-term surplus of assets over liabilities.Annual net return for each administered scheme on funds under management in accordance with the Investment Plan.3.5% aboveCPI averaged over five?years for each scheme.6.2% above CPI averaged over five years for each administered scheme.The market has stabilised after the flow on effect of the global financial crisis and has performed relatively well in the last five years.The Authority also increased the growth asset allocation from 55% to 65% in 2014 after the current investment plan was endorsed by the Treasurer.Ensure each scheme has adequate assets to meet its liabilities.The ratio of total assets over total liabilities as at 30 June of the financial year for each administered scheme is maintained at least of the target.110%Construction: 114%Cleaning:162%Community:123%Security:123%All the four administered schemes are expected to meet the target as at 30 June 2017.Employment profileThe Authority’s staff are officers of the ACT Public Service, employed under the Public Sector Management Act 1994. The Registrar is also the Chief Executive Officer (CEO) of the Authority and a non-voting member of the Authority’s Governing Board. The CEO is employed under a long-term executive contract from 2015 to 2018. All the other staff are covered under the ACT Public Service enterprise agreement. Organisation formThe organisational structure of the Authority is disclosed at Attachment 1.Workplace Health and Safety (WH&S)The Authority ensures its operations and practices are in compliance with the Work?Health and Safety Act 2011. In addition to providing ongoing training and updates on the Act to the staff, the Authority liaises with the Injury Management and Safety Team within CMTEDD for advice on any WH&S issues.Over the 201718?Budget year, the Authority will continue to implement appropriate and effective work health and safety policy and procedures with the aim of providing ongoing support, preventing injuries to staff and reducing compensation costs where possible.Consultants and contractors The Authority engages external consultants or contractors from time to time in response to the Authority’s operational needs. The Authority is bound by the provisions in the Government Procurement Act 2001 and the Government Procurement Regulations 2007 when contracting for goods and services. The Authority also discloses its use of consultants and contractors in its annual report.ACT Long Service Leave Authority organisational profile at 30 June 2017PositionEst. Outcomeas at 30/6/17Est. FTE 201718Years of Serviceas at 30/6/17Gender201617 M FRegistrar & Chief Executive (SES?1.2)112-1Chief Operations Officer (SOG?B)1181-Chief Finance Officer (SOG?B)116-1Compliance Manager (ASO?6)116-1Finance Manager(ASO?6)11171-Finance Officer (ASO 5)112-1Customer Service Team Leader (ASO?5)119-1Personal Assistant to CEO (ASO?4)116-1Compliance Team Leader (ASO?5) 111-1Compliance Support Officer (ASO?4)1121-Customer Service Officers (ASO?4) 233.5,1.5-2Project Manager (ASO 6)1-0.251-Total1313 4 9Age of workforceFTE 201617 ActualFTE 201718 EstimateUnder 35?years3435 – 55?years98Over 55?years11Monitoring and reportingThe Long Service Leave Authority shall satisfy the requirements of the Chief Minister’s Annual Reports Directions. The Long Service Leave Authority Annual Report will, amongst other things, report against the requirements of this Statement of Intent. The Authority is not funded by budget appropriation and its accounts are not consolidated into the whole of government budget. Annual reportingAs part of preparations for end of year reporting, the Chief Minister, Treasury, and Economic Development Directorate will advise the dates when the following documents are required at the Chief Minister, Treasury, and Economic Development Directorate and at the Auditor-General's Office:Certified financial statements.Management discussion and analysis.A full and accurate set of audited financial records for the preceding financial year in the form requested. Financial arrangementsThe budgeted financial statements included in this Statement of Intent reflect the financial activities of the Authority.In 201718 the Authority is expecting to make an overall operating surplus of $6.002?million. This consolidated result is aggregated from each administered scheme’s budgeted 201718 operating results below:Construction: operating surplus of $3.589?million;Cleaning: operating surplus of $0.259?million;Community: operating surplus of $2.092 million; andSecurity: operating surplus of $0.062?million.Financial statementsBudgeted financial statements for the 2017-18 Budget year, as well as forward estimates for the three financial years commencing 2018-19 appear below. These general purpose financial statements have been prepared in accordance with the ACT’s?Model Financial Statements and include: Operating Statement;Balance Sheet;Statement of Changes in Equity;Cash Flow Statement;Notes to the Financial Statements as appropriate; andIndividual Scheme Financial Statements.ACT Long Service Leave Authority (Consolidated)Operating Statement2016-17?2016-172017-18?2018-192019-202020-21Budget Est. OutcomeBudgetVarEstimateEstimate Estimate $’000$’000$’000%$’000$’000$’000?Income??????Revenue??????23,751Contributions Received24,53125,370326,26727,23328,2633,639Gains/(Losses) from Investments2,0142,08332,1682,2622,35891Interest Received7174477808120Net Rental Income200-1000005,244Other7,0877,24127,7218,1808,92032,745Total Revenue33,72334,768336,23337,75539,622Expenses101Depreciation and Amortisation8166-19116121116791Supplies and Services5728034072775878527,704Long Service Leave Benefit25,06126,103427,55429,11329,9051,271Employee Expenses1,5501,60031,6561,7141,774172Other1151946912112612930,039Total Expenses 27,37928,766530,17431,83232,7092,706Operating Result6,3446,002-56,0595,9236,9132,706Total Comprehensive Income6,3446,002-56,0595,9236,913ACT Long Service Leave Authority (Consolidated)Balance SheetBudget?Est. Outcome Planned ?PlannedPlannedPlanned as at 30/6/17?as at 30/6/17as at 30/6/18Varas at 30/6/19as at 30/6/20as at 30/6/21$’000?$’000 $’000 %$’000$’000$’000Current Assets2,808Cash Assets2,6332,77252,4022,1192,0049,035Receivables9,0179,670710,46511,25011,7188Other88-91011137,514Investments 147,335160,1839173,477187,444201,816149,365Total Current Assets158,993172,6339186,353200,823215,549Non Current Assets1,006Property, Plant and Equipment 856 482 -44 446 413 382 503Intangibles40558444599611545190Investment Property2300-1000001,699Total Non Current Assets1,4911,066-291,0451,024927151,064TOTAL ASSETS160,484173,6998187,398201,847216,476Current Liabilities596Payables7687903744774802117,489Provision for Long Service Leave Benefits 112,532118,8326125,844133,893142,452508Employee Benefits5305483557581604118,593Total Current Liabilities113,830120,1706127,145135,248143,858Non Current Liabilities14,334Provision for Long Service Leave Benefits 10,50711,378812,03812,45911,56443Employee Benefits18201125272814,377Total Non Current Liabilities10,52511,398812,06312,48611,592132,970TOTAL LIABILITIES124,355131,5686139,208147,734155,45018,094NET ASSETS36,12942,1311748,19054,11361,026EQUITY18,094Accumulated Funds36,12942,1311748,19054,11361,02618,094TOTAL EQUITY36,12942,1311748,19054,11361,026?ACT Long Service Leave Authority (Consolidated)Statement of Changes in EquityBudget?Est. OutcomePlanned PlannedPlannedPlanned as at 30/6/17 ?as at 30/6/17as at 30/6/18Varas at 30/6/19as at 30/6/20as at 30/6/21$’000?$’000$’000%$’000$’000$’00015,388Opening Balance29,78536,1292142,13148,19054,1132,706Operating Result for the Period6,3446,002-56,0595,9236,9132,706Total Comprehensive Income6,3446,002-56,0595,9236,91318,094Closing Balance36,12942,1311748,19054,11361,026ACT Long Service Leave Authority (Consolidated)Cash Flow Statement2016-17?2016-172017-18?2018-192019-202020-21Budget ? Est. Outcome Budget VarEstimate Estimate Estimate $’000?$’000$’000%$’000$’000$’000CASH FLOWS FROM OPERATING ACTIVITIES??????Receipts?????22,656Contributions from Employers and Contractors23,68025,061625,98926,86427,80220Rental Revenue Received200-100000286Other309226-2724025626322,962Operating Receipts24,00925,287526,22927,12028,065Payments16,783Payments of Long Service Leave Benefits15,32618,9322419,88220,64322,2412,031Payment to Suppliers and Employees2,1142,381132,2632,4512,47218,814Operating Payments17,44021,3132222,14523,09424,7134,148NET CASH INFLOWS/(OUTFLOW) FROM OPERATING ACTIVITIES6,5693,974-404,0844,0263,352CASH FLOWS FROM INVESTING ACTIVITIESReceipts0Proceeds from Sale of Property, Plant and Equipment0800#0000Proceeds from Sale of Investment Property0230#0001,010Proceeds on Sale of Investments1000-100401002001,010Investing Receipts1001,03093040100200Payments0Purchases of Property, Plant and Equipment0500#000210Purchases of Intangibles205185-109510005,078Purchases of Investments5,2404,180-204,3994,3093,6675,288Investing Payments5,4454,865-114,4944,4093,667-4,278NET CASH FLOWS FROM INVESTING ACTIVITIES-5,345-3,83528-4,454-4,309-3,467-130NET INCREASE/(DECREASE) IN CASH HELD1,224139-89-370-283-1152,938CASH AT THE BEGINNING OF THE REPORTING PERIOD1,4092,633872,7722,4022,1192,808CASH AT THE END OF THE REPORTING PERIOD2,6332,77252,4022,1192,004Notes to the Financial StatementsSignificant variations are as follows:Operating Statementcontributions received: the increase of $0.780?million in the 201617 estimated outcome from the original budget mainly reflects a small upturn in the construction activity of the Building and Construction Industry scheme in the 2016-17 financial year; and the increase of $0.839 million in the 2017-18 Budget from the 2016-17 estimated outcome is largely in line with the industry wage growth of the four administered schemes.gains from investments: the decrease of $1.625?million in the 201617 estimated outcome from the original budget is mainly due to a larger part of the investment return (capital growth plus distributions) that is expected to be allocated in the investment distributions as a result of increased turnover due to realised capital gains and index rebalancing. An overall 6-6.5 per?cent full year return is anticipated for 2016-17 which aligns with the Authority’s long term investment annual forecast under the current asset allocations. other income: the increase of $1.843 million in the 2016-17 estimated outcome from the original budget is due to higher than anticipated investment distribution from the Authority’s investment manager, Vanguard Australia, as discussed above.long service leave benefit expenses: the decrease of $2.643?million in the 201617 estimated outcome from the original budget is largely due to the actuarial forecast on the present value of the long term long service leave liability which factored in some reduction in the industry activities mainly in the Building and Construction Industry scheme and Contract Cleaning scheme; andThe increase of $1.042 million in the 2017-18 Budget from the 2016-17 estimated outcome is mainly due to the growth in the Community Sector and the Security Industry schemes.Balance Sheetreceivables: the increase of $0.653?million in the 201718 Budget from the 2016-17 estimated outcome is mainly due to the anticipated increase in the fourth quarter investment distribution for all administered schemes from the growth of the investment portfolio.investments: the increase of $9.821?million in the 201617 estimated outcome from the original budget is mainly due to higher than expected investment return achieved for 2015-16 (3.72 per cent) than expected (nil) when the original budget was prepared and the follow on effect on the full year investment performance at end of June 2017; andthe increase of $12.848?million in the 201718 Budget from the 201617 estimated outcome is mainly due to the expected annual return of 6.5 per cent projected for 2017-18, and the additional funds to be invested mainly from the Community Sector and Security Industry schemes.current and non-current provision for long service leave benefit payments: the decrease of $8.784?million in the 2016-17 estimated outcome from the original budget is mainly due to the recent actuarial valuation on the present value of the long term long service leave liability, which reflected a moderate industry slowdown in the Building and Construction and Contract Cleaning industries; and the increase of $7.171 million in the 2017-18 Budget from the 2016-17 estimated outcome is mainly due to the actuarial valuation, based on the projected number of workers, wage growth, and other actuarial demographic assumptions, for all administered schemes. While the actuary expected some moderate growth in the long service leave liabilities, the main growth is expected to come from the Community Sector scheme ($3.562 million or 14.3 per cent) and the Security Industry scheme ($0.814 million or 30.1 per cent). The Community Sector scheme and the Security Industry scheme were established in 1 July 2010 and 1 January 2013 respectively, and both schemes have gradually entered into maturity in 2017-18 with some scheme members becoming eligible to access their long service leave entitlements.Statement of Changes in Equity Variations in the statement are explained in the notes above.Statement of Cash Flow Variations in the statement are explained in the notes above. It is worth noting that the cash flow patterns of the four administered schemes vary in accordance with the phase of maturity of each scheme. For example, the Community Sector scheme and the Security Industry scheme are cash flow positive for the out years because of a much later scheme commencement date (1 July 2010 and 1 January 2013). The Building and Construction Industry scheme and the Contract Cleaning Scheme are largely cash flow neutral as these schemes have long matured since they were established in 1981 and 2000 respectively.Individual Scheme Financial StatementsACT Construction Industry Long Service Leave SchemeOperating Statement2016-17?2016-172017-18?2018-192019-202020-21Budget? Est. OutcomeBudgetVarBudgetBudgetBudget$’000$’000$’000 %$’000$’000$’000Income??????12,280Contributions Received12,94913,338313,73814,15014,5752,543Gains/(Losses) from Investments1,1101,15341,2111,2711,33544Interest Received3031332333420Net Rental Income200-1000003,873Other5,1885,30025,4595,5025,83818,760Total Income19,29719,822320,44020,95621,782Expenses101Depreciation and Amortisation8148-41808885326Supplies and Services2713583237138439715,915Long Service Leave Benefit 15,26314,980-215,40415,84616,310635Employee Expenses6766973721746772144Other7215010875788117,121Total Expenses 16,36316,233-116,65117,14217,6451,639Operating Result2,9343,589223,7893,8144,1371,639Total Comprehensive Income2,9343,589223,7893,8144,137ACT Construction Industry Long Service Leave Scheme Balance SheetBudget?Est. Outcome Planned ?PlannedPlannedPlanned as at 30/6/17?as at 30/6/17as at 30/6/18Varas at 30/6/19as at 30/6/20as at 30/6/21$’000?$’000$’000%$’000$’000$’000Current Assets 1,638 Cash Assets 1,063 1,522 43 1,152 869 754 5,299Receivables5,2375,834116,0096,5376,7338Other88-9101192,778Investments100,113105,8276112,034118,205125,00199,723Total Current Assets106,421113,1916119,204125,621132,499Non Current Assets1,006Property, Plant and Equipment8560-100000503Intangibles40558444599611545190Investment Property2300-1000001,699Total Non Current Assets1,491584-61599611545101,422TOTAL ASSETS107,912113,7755119,803126,232133,044Current Liabilities500Payables550567351553355292,516Provision for Long Service Leave Benefits87,86990,115392,39394,97797,621332Employee Benefits308319433034235493,348Total Current Liabilities88,72791,001393,23895,85298,527Non Current Liabilities2,685Provision for Long Service Leave Benefits00-00024Employee Benefits99-1112122,709Total Non Current Liabilities99-11121296,057TOTAL LIABILITIES88,73691,010393,24995,86498,5395,365NET ASSETS19,17622,7651926,55430,36834,505EQUITY5,365Accumulated Funds19,17622,7651926,55430,36834,5055,365TOTAL EQUITY19,17622,7651926,55430,36834,505ACT Construction Industry Long Service Leave SchemeStatement of Changes in EquityBudget?Est. OutcomePlanned ?PlannedPlannedPlannedas at 30/6/2017?as at 30/6/17as at 30/6/18Varas at 30/6/19as at 30/6/20as at 30/6/21 $’000? $’000 $’000%?$’000$’000$’0003,726Opening Balance16,24219,1761822,76526,55430,3681,639Operating Result for the Period2,9343,589223,7893,8144,1371,639Total Comprehensive Income2,9343,589223,7893,8144,1375,365Closing Balance19,17622,7651926,55430,36834,505ACT Construction Industry Long Service Leave SchemeCash Flow Statement2016-17?2016-172017-18?2018-192019-202020-21Budget?Est. Outcome?Budget Var?Estimate Estimate Estimate$’000?$’000$’000%$’000$’000$’000CASH FLOWS FROM OPERATING ACTIVITIES??????Receipts12,176Contributions from Employers and Contractors 13,082 13,203 1 13,642 14,000 14,437 20Rental Revenue Received 20 0-100000242Other 275 200 -27 207 209 214 12,438Operating Receipts 13,377 13,403 .. 13,849 14,209 14,651 Payments12,430Payments of Long Service Leave Benefits 12,175 12,734 5 13,126 13,262 13,666 938Payment to Suppliers and Employees 947 1,055 11 998 1,130 1,100 13,368Operating Payments 13,122 13,789 5 14,124 14,392 14,766 -930NET CASH FLOWS FROM OPERATING ACTIVITIES 255 -386 -251 -275 -183 -115 CASH FLOWS FROM INVESTING ACTIVITIESReceipts0Proceeds from Sale of Property, Plant and Equipment0 800 # 0 0 0 0Proceeds from Sale of investment Property0 230 #0 0 0 1,010Proceeds on Sale of Investments0 0 - 0 0 0 1,010Investing Receipts0 1,030 #0 0 0 Payments0Purchases of Property, Plant and Equipment0 0 -0 0 0 210Purchases of Intangibles205 185 -10 95 100 0 0Purchase of Investments 0 0 - 0 0 0 210Investing Payments 205 185 -10 95 100 0 800NET CASH FLOWS FROM INVESTING ACTIVITY-205 845 512 -95 -100 0 -130NET INCREASE/(DECREASE) IN CASH HELD50 459 818 -370 -283 -115 1,768CASH AT THE BEGINNING OF THE REPORTING PERIOD1,013 1,063 5 1,522 1,152 869 1,638CASH AT THE END OF THE REPORTING PERIOD 1,063 1,522 43 1,152 869 754 ACT Cleaning Industry Long Service Leave SchemeOperating Statement2016-17?2016-172017-182018-192019-202020-21BudgetEst. OutcomeBudgetVarEstimateEstimateEstimate $’000? $’000 $’000 %$’000 $’000 $’000IncomeRevenue1,411Contributions Received1,4001,44631,4851,5301,57610Interest Received5620677315Gains/(Losses) from Investments1992053211222230388Other56557625805986372,124Total Revenue2,1692,23332,2822,3572,450Expenses1,903Long Service Leave Benefit1,8281,737-51,8151,8951,976140Employee Expenses 1631694175181187138Supplies and Services6267870727510Other11 - 2332,191Total Expenses2,0541,974-42,0622,1512,241-67Operating Result115259 125 220206209-67Total Comprehensive Income115259 125 220206209ACT Cleaning Industry Long Service Leave SchemeBalance SheetBudget?Est. OutcomePlanned ?PlannedPlannedPlanned as at 30/6/17?as at 30/6/17as at 30/6/18Varas at 30/6/19as at 30/6/20as at 30/6/21$’000?$’000$’000%$’000$’000$’000Current Assets100Cash Assets100100 - 100100100594Receivables600567-659562565711,856Investments 12,36813,214713,93914,62915,27512,550Total Current Assets13,06813,881614,63415,35416,03212,550TOTAL ASSETS13,06813,881614,63415,35416,032Current Liabilities60Payables13013221371421477,937Provision for Long Service Leave Benefits6,7527,32187,8878,4378,95756Employee Benefits636536065698,053Total Current Liabilities6,9457,51888,0848,6449,173Non Current Liabilities930Provision for Long Service Leave Benefits834814-27807346744Employee Benefits2350444934Total Non Current Liabilities836817-27847386788,987TOTAL LIABILITIES7,7818,33578,8689,3829,8513,563NET ASSETS5,2875,54655,7665,9726,181EQUITY3,563Accumulated Funds5,2875,54655,7665,9726,1813,563TOTAL EQUITY5,2875,54655,7665,9726,181ACT Cleaning Industry Long Service Leave SchemeStatement of Changes in EquityBudget?Est. OutcomePlanned?PlannedPlanned Plannedas at 30/6/17 as at 30/6/17as at 30/6/18Varas at 30/6/19as at 30/6/20as at 30/6/21$’000 ?$’000 $’000 %$’000 $’000 $’000 3,630Opening Balance5,1725,28725,5465,7665,972Accumulated Funds-67Operating Result for the Period115259125220206209-67Total Comprehensive Income1152591252202062093,563Closing Balance5,2875,54655,7665,9726,181ACT Cleaning Industry Long Service Leave SchemeCash Flow Statement2016-17?2016-172017-182018-192019-202020-21Budget Est. Outcome BudgetVar Estimate Estimate Estimate $’000?$’000$’000%$’000$’000$’000CASH FLOWS FROM OPERATING ACTIVITIES??????Receipts1,357Contributions from Employers and Contractors1,3091,42291,4751,5321,5704Other 82-753451,361Operating Receipts1,3171,42481,4781,5361,575Payments842Payments of Long Service Leave Benefits1,1011,18881,2831,3911,516280Payment to Suppliers and Employees22523652352452591,122Operating Payments1,3261,42471,5181,6361,775239NET CASH FLOWS FROM OPERATING ACTIVITIES-90-100-40-100-200CASH FLOWS FROM INVESTING ACTIVITIESReceipts0Proceeds on Sale of Investments1000-100401002000Investing Receipts1000-10040100200Payments239Purchases of Investments700-100000239Investing Payments700-100000-239NET CASH FLOWS FROM INVESTING ACTIVITIES300-100401002000NET INCREASE/(DECREASE) IN CASH HELD210-100000100CASH AT THE BEGINNING OF THE REPORTING PERIOD7910027100100100100CASH AT THE END OF THE REPORTING PERIOD100100 - 100100100ACT Community Sector Long Service Leave SchemeOperating Statement2016-17?2016-172017-18?2018-192019-202020-21Budget ?Est. Outcome Budget VarEstimate Estimate Estimate $’000?$’000$’000 %$’000$’000$’000?Income??????Revenue9,239Contributions Received9,2349,55739,89210,23810,596674Gains from Investments619 637 365667669733Interest Received32333343535919Other 1,2221,2553 1,549 1,889 2,200 10,865Total Revenue11,10711,482312,13112,83813,528Expenses0Depreciation and Amortisation018#363331285Supplies and Services208334612382462559,133Long Service Leave Benefits7,0648,351189,14310,01610,086445Employee Expenses63465436777017262Other323333435359,865Total Expenses 7,9389,3901810,12811,03111,1331,000Operating Result3,1692,092-342,0031,8072,3951,000Total Comprehensive Income3,1692,092-342,0031,8072,395ACT Community Sector Long Service Leave Scheme Balance SheetBudget?Est. OutcomePlanned ?PlannedPlannedPlanned as at 30/6/17?as at 30/6/17as at 30/6/18Varas at 30/6/19as at 30/6/20as at 30/6/21$’000?$’000 $’000 %$’000$’000$’000Current Assets1,000Cash Assets1,3201,000-241,0001,0001,0002,886Receivables2,9082,98933,5733,7593,9490Other 00 - 00030,083Investments31,81437,2331742,75549,03955,08433,969Total Current Assets36,04241,2221447,32853,79860,033Non Current Assets0Property, Plant and Equipment0482#4464133820Total Non Current Assets0482#44641338233,969TOTAL ASSETS36,04241,7041647,77454,21160,415Current Liabilities36Payables8891392959817,036Provision for Long Service Leave Benefits17,91121,0441724,69928,95433,536114Employee Benefits152157316016617217,186Total Current Liabilities18,15121,2921724,95129,21533,806Non Current Liabilities8,253Provision for Long Service Leave Benefits 6,9657,39467,8008,1667,38413Employee Benefits55-7778,266Total Non Current Liabilities6,9707,39967,8078,1737,39125,452TOTAL LIABILITIES25,12128,6911432,75837,38841,1978,517NET ASSETS10,92113,0131915,01616,82319,218EQUITY8,517Accumulated Funds10,92113,0131915,01616,82319,2188,517TOTAL EQUITY10,92113,0131915,01616,82319,218ACT Community Sector Long Service Leave SchemeStatement of Changes in EquityBudget?Est. Outcome Planned ?PlannedPlannedPlannedas at 30/6/17 ?as at 30/6/17as at 30/6/18Varas at 30/6/19as at 30/6/20as at 30/6/21 $’000? $’000 $’000% $’000 $’000 $’0007,517Opening Balance7,75210,9214113,01315,01616,8231,000Operating Result for the Period 3,1692,092-342,0031,8072,3951,000Total Comprehensive Income3,1692,092-342,0031,8072,3958,517Closing Balance10,92113,0131915,01616,82319,218ACT Community Sector Long Service Leave SchemeCash Flow Statement2016-17?2016-172017-18?2018-192019-202020-21Budget ?Est. Outcome BudgetVarEstimate Estimate Estimate $’000? $’000 $’000 ?% $’000 $’000 $’000CASH FLOWS FROM OPERATING ACTIVITIESReceipts8,317Contributions from Employers and contractors8,3389,429139,77210,10610,43036Other2220-92536378,353Operating Receipts8,3609,449139,79710,14210,467Payments3,511Payments of LSL Benefits 2,000 4,789 1395,0825,3956,286723Payment to Suppliers and Employees842980169159479814234?Operating Payments2,8425,7691035,9976,3427,2674,119NET CASH FLOWS FROM OPERATING ACTIVITIES5,5183,680-333,8003,8003,200CASH FLOWS FROM INVESTING ACTIVITIESReceipts0Proceeds on Sale of Investments00 - 0000Investing Receipts00 - 000Payments0Purchases of Property, Plant and Equipment0500#0004,119Purchases of Investments4,5003,500-223,8003,8003,2004,119Investing Payments4,5004,000-113,8003,8003,200-4,119NET CASH FLOWS FROM INVESTING ACTIVITIES-4,500-4,00011-3,800-3,800-3,2000NET INCREASE/(DECREASE) IN CASH HELD1,018-320-1310001,000CASH AT THE BEGINNING OF THE REPORTING PERIOD3021,3203371,0001,0001,0001,000CASH AT THE END OF REPORTING PERIOD1,3201,000-241,0001,0001,000ACT Security Industry Long Service Leave SchemeOperating Statement2016-17?2016-172017-18?2018-192019-202020-21Budget Est. OutcomeBudget VarEstimate Estimate Estimate $’000? $’000 $’000 % $’000 $’000 $’000?Income??????Revenue821Contributions Received 948 1,029 9 1,152 1,315 1,516 4Interest Received4 4 - 5 5 5 107Gains from Investments86 88 2 90 93 96 64Other 112 110 2 133 191 245 996Total Revenue 1,150 1,231 7 1,380 1,604 1,862 Expenses753Long Service Leave Benefit 906 1,035 14 1,192 1,356 1,533 51Employee Expenses 77 80 4 83 86 89 42Supplies and Services 31 44 42 48 56 58 16Other 10 10 - 10 10 10 862Total Expenses 1,024 1,169 14 1,333 1,508 1,690 134Operating Result126 62 -51 47 96 172 134Total Comprehensive Income126 62 -51 47 96 172 ACT Security Industry Long Service Leave Scheme Balance SheetBudget ? Est. Outcome Planned ?PlannedPlannedPlanned as at 30/6/17as at 30/6/17as at 30/6/18Varas at 30/6/19as at 30/6/20as at 30/6/21$’000?$’000$'000%$’000$’000$’000Current Assets70Cash Assets 150 150 - 150 150 150 256Receivables 272 280 3 288 329 379 2,797Investments 3,040 3,909 29 4,749 5,571 6,456 3,123Total Current Assets 3,462 4,339 25 5,187 6,050 6,985 3,123TOTAL ASSETS 3,462 4,339 25 5,187 6,050 6,985 Current Liabilities0Payables0 0 - 0 4 5 0Provision for Long Service Benefits0 352 # 865 1,525 2,338 6Employee Benefits 7 7 - 7 8 9 6Total Current Liabilities 7 359 5,029 872 1,537 2,352 Non Current Liabilities2,466Provision for Long Service Leave Benefits 2,708 3,170 17 3,458 3,559 3,506 2Employee Benefits 2 3 50 3 4 5 2,468 Total Non Current Liabilities 2,710 3,173 17 3,461 3,563 3,511 2,474 TOTAL LIABILITIES 2,717 3,532 30 4,333 5,100 5,863 649NET ASSETS 745 807 8 854 950 1,122 EQUITY649Accumulated Funds 745 807 8 854 950 1,122 649TOTAL EQUITY 745 807 8 854 950 1,122 ACT Security Industry Long Service Leave SchemeStatement of Changes in EquityBudget ?Est. Outcome Planned PlannedPlannedPlanned as at 30/6/17 as at 30/6/17as at 30/6/18Varas at 30/6/19as at 30/6/20as at 30/6/21$’000?$’000$’000?%$’000$’000$’000515Opening Balance 619 745 20 807 854 950 134Operating Result for the Period126 62 -51 47 96 172 134Total Comprehensive Income126 62 -51 47 96 172 649Closing Balance 745 807 8 854 950 1,122 ACT Security Industry Long Service Leave SchemeCash Flow Statement2016-17?2016-172017-182018-192019-202020-21BudgetEst. Outcome Budget VarEstimate Estimate Estimate $’000? $’000 $’000 ?% $’000 $’000 $’000 CASH FLOWS FROM OPERATING ACTIVITIES??????Receipts806Contributions from Employers and contractors 951 1,007 6 1,100 1,226 1,365 4Other 4 4 - 5 7 7 810Operating Receipts 955 1,011 6 1,105 1,233 1,372 Payments0Payments of Long Service Leave Benefits 50 221 342 391 595 773 90Payment to Suppliers and Employees 100 110 10 115 129 132 90Operating Payments 150 331 121 506 724 905 720NET CASH FLOWS FROM OPERATING ACTIVITIES 805 680 -16 599 509 467 CASH FLOWS FROM INVESTING ACTIVITIESReceipts0Proceeds on Sale of Investments0 0 - 0 0 0 0Investing Receipts0 0 - 0 0 0 Payments720Purchases of Investments 670 680 1 599 509 467 720Investing Payments 670 680 1 599 509 467 -720NET CASH FLOWS FROM INVESTING ACTIVITIES -670 -680 -1 -599 -509 -467 0NET INCREASE/(DECREASE) IN CASH HELD 135 0-100 0 0 0 70CASH AT THE BEGINNING OF THE REPORTING PERIOD 15 150 900 150 150 150 70CASH AT THE END OF REPORTINGN PERIOD 150 150 - 150 150 150 Attachment 1 - Organisational Chart for Long Service Leave Authority ................
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