For 2011–12, we recorded an operating deficit of $9.2 million. This compares to the operating deficit in 2010–11 of $16.6 million. The operating deficit reflects:
- the increase in long service leave provisions as a result of the decrease in the treasury bond rate,
- the focus on roll stimulation, including the conduct of the Count Me In campaign, and
- the maintenance of our election-ready status, which includes the commencement of a simulated election.
The balance sheet as at 30 June 2012 shows total assets of $55.4 million and total liabilities of $42.5 million. The total assets include cash and receivables of $23.9 million.
Net assets have decreased by $1.3 million (9.4 per cent). This can be attributed to:
- an increase in employee provisions as a result of the decrease in the Treasury bond rate,
- an increase in supplier payables due to the Count Me In campaign and simulated election,
- an increase in lease incentive payables due to the negotiation of lease incentives from implementing larger work units,
- increases in internally developed software from the implementation of the postal voting application and enhancements to the general enrolment, elections support and information system (GENESIS), and leasehold improvements increases due to the fit-out of the larger work units, and
- an increase in appropriations receivable due to the large supplier payables at year end being paid in July.
The Australian National Audit Office has issued an unqualified audit opinion for the AEC’s 2011–12 financial statements.