16. Budget review

The budgeted amounts are drawn from the original budgeted financial statements presented to Parliament in respect of the reporting period. Subsequent amendments to the original budget (e.g. adjustment for transfer of functions between entities as a result of Administrative Arrangements Orders) are not reflected in the budgeted amounts. Major variances between the original budgeted amounts and the actual amounts disclosed in the financial statements are explained below.

The Authority had an approved budget that was approved as per Budget Paper 4 for the year ended 30 June 2021. The Budget was determined as part of NSW Treasury Cluster Budget.

Net result

The actual net result was a gain of $40.2m which is lower than budget by $267.7m. The reduction is primarily due to the Authority not receiving the non-cash grant for transfer of land from the Commonwealth, offset to some extent by the receipt of $61.6m on account of Western Parkland City Liveability Program grants.

Assets and liabilities

Current assets exceeded the budget by $30.4m largely due to a higher cash balance of $32.9m. Higher cash balance was on account of funding of $61.6m received in Jun 2021 towards Western Parkland City Liveability Program which will be utilised in financial year 2021-2022.

Non-current assets were below budget by $298.7m mainly due to delay in the transfer of land from the Commonwealth. Current liabilities were lower than the budget by $47.5k due to lower payables of $693.0k, offset by higher provisions of $549.0k and higher lease liabilities of $97.0k.

Non-current liabilities were lower than the budget by $325.0k due to lower lease liability of $339.0k offset by higher provisions of $14.0k.

Cash flows

The net cash flows from operating activities are higher than the budget by $25.2m due primarily to the Western Parkland City Liveability program related grants receipt of $61.6m. The net cash flows from investing activities were lower by $5.4m mainly due to lower than budgeted capital expenditure.