Financial summary
Treasury’s financial statements fall into two categories — administered and controlled. The administered financial statements disclose the funds Treasury administers on behalf of the Queensland Government in its role as the State’s financial manager. The controlled financial statements disclose the revenues, expenses, assets and liabilities used to conduct Treasury Department business.
Administered
Treasury administered $11.25 billion of revenues (excluding administered item revenue) and $1.66 billion of expenses on behalf of the State during 2002–03.
The largest single source of administered revenues was $6.14 billion from Commonwealth grants. This principally consisted of Queensland’s share of GST which increased in 2002–03 due to changes used to determine GST payments (refer Financial and Economic Policy).
Grants and subsidies of $747.79 million represent the largest category of administered payments made by Treasury on behalf of the State during 2002–03. The major component of grants and subsidies was payments made under the Fuel Subsidy scheme (refer Taxation).
Controlled
Treasury’s controlled revenues are largely appropriated by Parliament and in 2002–03 revenue allocated to outputs declined slightly. However, this was more than offset by a net rise of $4.37 million in user charges, principally attributed to enhanced services provided by the Superannuation output to QSuper members (refer Superannuation). Overall, Treasury’s total controlled revenues rose by a modest 2.2 per cent to $170.03 million.
In early 2003, the Shared Service Implementation output was established in Treasury to lead and support a whole-of-Government approach to shared corporate service delivery (refer Shared Service Implementation). This function was previously included in the Aligning Services and Priorities initiative, reported under the Financial and Economic Policy output. Expenses for this output were $5.17 million for the part-year.
Preparations for some Treasury offices to move to a new Government building at 33 Charlotte Street continued in 2002–03 (refer Corporate Services). This impending relocation from a mix of private and public accommodation resulted in an acceleration of the rate of depreciation of leasehold improvements, and contributed to the reduction in value of property, plant and equipment to $10.88 million for 2002–03.
Financial Summary Statements 
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189K)
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 2003. It includes explanatory notes.
Treasury's full audited financial statements
(size 523K) are available
in PDF format or may be obtained by contacting Treasury's Performance and
Finance branch on info@treasury.qld.gov.au
or by phoning +61 7 3235 4888.
Full Financial Statements (size 523K)