Contents

Year in review

AEC overview

Report on performance: Outcome 1

Report on performance: Outcome 2

Report on performance: Outcome 3

Management and accountability

Appendices

References

Financial statements

Analysis of financial performance

Updated: 25 November 2010

Analysis of financial performance

For 2009–10, the AEC recorded an operating deficit of $4.4 million. This compares to the operating surplus in 2008–09 of $4.3 million. The operating result in 2009–10 reflects:

  • the implementation of a number of accounting standards for straight lining of leases and superannuation on-costs
  • the conduct of work to be prepared to implement JSCEM recommendations that were enacted on 23 July 2010
  • the work undertaken to ensure the AEC's preparedness for the 2010 Federal election.

The Balance Sheet as at 30 June 2010 shows total assets of $55.9 million and total liabilities of $33.0 million. The total assets include cash and receivable of $27.1 million.

Net assets have decreased by $2.4 million (9.5 percent). This can be attributed to:

  • a decrease in appropriation receivable balances as the deficit used additional cash resources
  • an increase in inventories, which were items to be used in the 2010 federal election such as ballot paper and cardboard
  • the increase in trade liabilities, reflecting the increased activity for election preparedness.

The Australian National Audit Office has issued an unqualified audit opinion for the AEC's 2009–10 financial statements.