Overview of our financial results

Annual report 2018/19.

Operating result

For 2018/19, we had an operating surplus* of $0.246 million. Of this surplus, $0.032 million is transferred to our memorandum account, which was set up to help us manage the peaks and troughs in our revenue cycle.

Our net operating results by output are summarised below.

Audit and Assurance Services
Supporting Accountability to Parliament
Performance Audits and Inquiries
Remuneration of Auditor-General and Deputy
Funding 82,752 3,308 6,576 1,064 93,700
Costs (82,770) (3,444) (6,226) (1,064) (93,454)
Surplus/(Deficit) 32 (136) 350 - 246

* The operating surplus excludes gain on sale of assets, which was $7,000 for the year.

Memorandum account

The surplus for the year was consistent with our expected funding cycle.

The memorandum account funds are held for future use on audit and assurance services.

Opening balance at 1 July 2018 1,794
Funding from Audit and Assurance Services surplus 32
Closing balance at 30 June 2019 1,826

Investment in our assets

In 2018/19, we maintained our replacement programme for IT hardware, vehicles, and furniture and equipment. We also continued our investment in improvements to our document management system.

Asset purchases, Depreciation and amortisation.