Note 20: Explanations of significant variances against the Main Estimates

Explanations of significant variances from the Office's original 2019/20 budget figures (2019/20 Main Estimates) are as follows:

Statement of comprehensive revenue and expense

The overall deficit for 2019/20 was $1.634 million, compared to a deficit of $0.875 million budgeted in the Main Estimates. Revenue was $0.520 million higher than the Main Estimates, being the net result of fee changes and the effect of the Covid-19 pandemic on audits that were under way at 30 June 2020. Costs were $1.279 million higher than the Main Estimates, due to higher personnel costs.

Statement of financial position and Statement of changes in equity

Net assets at 30 June 2020 were $1.884 million lower than the Main Estimates. This is reflected in the Office's memorandum account, which has a deficit balance of $1.559 million as a result of the increased deficit due to the effect of the Covid-19 pandemic on audit work. The Office also had higher employee liabilities due to the effect of the Covid-19 pandemic on leave taken. Receivables and deferred revenue were both higher, due to the timing of invoicing of audit work.