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Chief Finance Officer's report

Contents

This financial summary provides an overview of the department's financial results for 2016–17. A comprehensive set of financial statements covering all of the department's activities is provided in this report.

The department recorded an operating surplus of $179 million for the 2016–17 financial year. Following table summarises the financial results of the department's operations for 2016–17 and 2015–16.

Financial performance

Summary of financial results of the department's operations

Category 2016–17 $'000 2015–16 $'000
Total income 5,776,159 7,565,994
Total expenses 5,596,725 5,548,281
Operating result for the year 179,434 2,017,713

Income

Total income for the year was $5.776 billion. This included appropriation revenue from the Queensland Government of $4.772 billion, user charges of $732 million and grants and contributions of $233 million.

The department's total income and operating result have decreased in 2016–17, mainly due to a reduction in asset revaluation increments of $1.790 billion.

Income by category for the year ended 30 June 2017

Category Income %
Appropriation revenue 83%
User charges and fees 13%
Grants and other contributions 4%
Other revenue 0.62%
Gains on disposal and revaluation of assets 0.07%

Expenses

Total expenses for the department were $5.597 billion and were higher than 2015–16 by $48 million. Supplies and services is our largest spend category accounting for 58 per cent of total expenditure. Payments to operators of rail, bus, air and ferry services represents approximately 41 per cent of total spend.

Total capital expenditure in 2016–17 was $2.40 billion.

Expenses by category for the year ended 30 June 2017

Category Expenses %
Supplies and services 58%
Depreciation and amortisation 18%
Grants and subsidies 11%
Employee expenses 10%
Other expenses 2%
Finance and borrowing costs 2%
Income tax equivalent expense 0.26%
Impairment losses 0.04%

Financial position

The net assets position reported in the financial statements shows the net worth of the department. At 30 June 2017, this was $65.540 billion. Table below summarises the department's financial position for 2016–17 and 2015–16.

Summary of financial position – Assets and liabilities

Category 2016–17 $'000 2015–16 $'000
Total assets 67,731,350 69,443,798
Total liabilities 2,191,415 2,135,749
Total equity 65,539,935 67,308,049
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