Statement of financial position as at 30 June 2017

	Notes	2017 $’000	2016 $’000	2017 Budget $’000
ASSETS
Financial assets
Cash and cash equivalents		894	1,075	450
Trade and other receivables	3.1a	21,975	24,831	26,772
Total financial assets		22,869	25,906	27,222
Non-financial assets
Building leasehold Improvements	3.2a	823	1,949	1,506
Plant and equipment	3.2a	465	934	751
Intangibles	3.2a	1,218	1,069	1,316
Inventories		46	48	39
Prepayments paid	3.2b	560	565	463
Total non-financial assets		3,112	4,565	4,075
Total assets		25,981	30,471	31,297
LIABILITIES
Payables
Suppliers	3.3a	2,631	5,504	6,673
Prepayments received	3.3b	4,586	4,924	7,377
Lease incentives	3.3c	28	600	437
Other payables	3.3d	368	758	-
Total payables		7,613	11,786	14,487
Provisions
Employee provisions	5.1a	7,095	7,380	6,876
Provision for restoration obligations	3.4a	285	280	412
Total provisions		7,380	7,660	7,288
Total liabilities		14,993	19,446	21,775
Net assets		10,988	11,025	9,522
EQUITY
Contributed equity		1,775	1,208	1,775
Asset revaluation surplus		763	1,899	1,204
Retained surplus		8,450	7,918	6,543
Total equity		10,988	11,025	9,522

The above statement should be read in conjunction with the accompanying notes.

Budget variances commentary

Explanations of major variances	Affected line items
The balance for Trade and other receivables are lower than budget due to holding a lower level of appropriation receivable arising from earlier than planned payment of suppliers and lower levels of revenue received in advance from customers.	Trade and other receivables $4,797,000 lower than budget
Suppliers payable are lower than budget due to a reduction in operating lease rental payable and earlier invoicing than planned from some suppliers.	Suppliers payable $4,042,000 lower than budget
Prepayments received are lower than budget due to less revenue received in advance from other government entities.	Prepayment received $2,791,000 lower than budget