Note 20: Explanations of significant variances against the Main Estimates
Explanations of significant variances from the Office's original 2018/19 budget figures (2018/19 Main Estimates) are as follows:
Statement of comprehensive revenue and expense
The overall surplus for 2018/19 was $0.25 million, compared to a deficit of $0.83 million budgeted in the Main Estimates. The main reason for this variance is the surplus achieved in the Audit and Assurance Services RDA, which was originally forecast to be in deficit for the year. This more favourable outcome was a result of approximately $2 million higher audit fee revenue, due to additional work completed up to balance date and improved cost recovery on audits. This was partly offset by associated operating costs of approximately $1 million.
Statement of financial position
The Office's cash balance at 30 June 2019 was $1.9 million higher than forecast in the Main Estimates. Of this, approximately $1 million relates to the small surplus achieved compared to the forecast deficit in the Audit and Assurance Services RDA. This is also reflected in the higher Memorandum Account balance.