Financial summary

Treasury's financial statements fall into two categories:

• controlled, which are the revenues, expenses, assets and liabilities used to conduct Treasury Department's business; and
• administered, which are the funds Treasury administers on behalf of the Queensland Government in our role as the State's financial manager.

Treasury's controlled revenues consist principally of parliamentary appropriations and user charges, and in 2001-02 totalled $166.34 million.

However, this amount was relatively modest compared to the $11.77 billion of revenues that Treasury administered on behalf of the State.

Commonwealth grants are the largest single source of State revenues with the main component being Queensland's share of the Goods and Services Tax (GST). Other revenue from the Commonwealth includes payments to Queensland for meeting its obligations under National Competition Policy and funding for the First Home Owner Grant and natural disaster relief.

The next largest source of revenue is State taxes, fees and fines, with pay-roll tax and duties the two main taxes. Taxes are also collected from gaming operators, with some of this money returned to Queenslanders through Treasury's Gambling Community Benefit Fund as grants for not-for-profit community groups.

As part of our role as the Government's financial manager, Treasury is responsible for ensuring departments receive their annual funding as approved by Parliament. Each year through the State Budget process, Parliament enacts an Appropriation Bill making funds available to the Treasurer to pay each department in the coming financial year. Payments are made fortnightly to each department in line with its approved funding profile.

These payments are made through Treasury's bankers, using a sophisticated offset arrangement to maximise the return on the State's funds. The banking contract is managed by Treasury's Performance and Finance Branch, which is also responsible for initiating and recording the transactions and for handling receipt of administered funds.

The Financial and Economic Policy output monitors the appropriation process and the finances of individual agencies.

Financial Summary Statements (size 67K)
This summary of Treasury's financial statements includes the Administered Summary Statement of Financial Performance and the Controlled Summary Statements of Financial Performance and Position, for the year ended 30 June 2002. It includes explanatory notes.

Treasury's full audited financial statements are available in PDF format (size 523K) or may be obtained on CD-ROM or hard copy by contacting Treasury's Performance and Finance branch on info@treasury.qld.gov.au or by phoning (07) 3235 4888.