Overview of our financial results
Annual report 2018/19.
Operating result
For 2018/19, we had an operating surplus* of $0.246 million. Of this surplus, $0.032 million is transferred to our memorandum account, which was set up to help us manage the peaks and troughs in our revenue cycle.
Our net operating results by output are summarised below.
| Audit and Assurance Services $000 |
Supporting Accountability to Parliament $000 |
Performance Audits and Inquiries $000 |
Remuneration of Auditor-General and Deputy $000 |
Total $000 |
|
|---|---|---|---|---|---|
| Funding | 82,752 | 3,308 | 6,576 | 1,064 | 93,700 |
| Costs | (82,770) | (3,444) | (6,226) | (1,064) | (93,454) |
| Surplus/(Deficit) | 32 | (136) | 350 | - | 246 |
* The operating surplus excludes gain on sale of assets, which was $7,000 for the year.
Memorandum account
The surplus for the year was consistent with our expected funding cycle.
The memorandum account funds are held for future use on audit and assurance services.
| $000 | |
|---|---|
| Opening balance at 1 July 2018 | 1,794 |
| Funding from Audit and Assurance Services surplus | 32 |
| Closing balance at 30 June 2019 | 1,826 |
Investment in our assets
In 2018/19, we maintained our replacement programme for IT hardware, vehicles, and furniture and equipment. We also continued our investment in improvements to our document management system.
