Annual Report 2014–15

6Financial reporting

The AEC’s financial reporting consists of a financial performance summary, financial statements and supporting notes. In 2014–15 the AEC accrued an operating deficit of $382 000 and surplus of $11.047 million.

Overview

Financial performance summary

The financial performance analysis provides a snapshot of the AEC’s deficit, surplus, balance sheet and net asset information.

Financial statements and related notes

This section covers the audited financial statements for the AEC. These consist of the auditor’s report, Electoral Commissioner and Chief Finance Officer statement, various financial statements and administered schedules. Further information on the financial performance of the AEC is provided in the notes section.

Financial performance summary

For 2014–15, the AEC’s operating deficit was $0.4 million compared to an operating surplus of $11.0 million in 2013–14. The 2013–14 result was influenced by an amount of quarantined appropriation.

The statement of financial position as at 30 June 2015 shows total assets of $95.8 million and total liabilities of $38.9 million for a net asset position of $56.9 million. Total assets include cash and receivables of $59.5 million, including a quarantined amount of $30.5 million.

The Australian National Audit Office has issued an unqualified audit opinion for the AEC’s 2014–15 financial statements.