FINANCIAL STATEMENTS 2002/03 HIGHLIGHTS
 
Highlights of the Department's activities which it directly controlled during 2002/03 were:

Total revenue from ordinary activities $134.730 million
Total expenditure from ordinary activities $179.226 million
Total assets $3.094 billion
Total liabilities $16.350 million
The major components of the Department's revenue were:

Appropriations, $116.315 million; and
Funds received under the Government's Infrastructure Fund programs, $14.384 million.
The major components of the Department's expenditure were:

Employee Entitlements, $33.666 million;
Depreciation, $79.338 million; and
Other Operating Expenses, $50.246 million (including contractor payments for repair and maintenance of roads and bridges of $26.906 million)
The Net Operating Deficit was $44.496 million. This includes the Depreciation expense of $79.338 million which is a non-cash transaction. The result compares with a Net Operating surplus of $5.917 million in 2001/02. This included revenue of $29.108 million from revaluation of assets as a one-off accounting adjustment.
Commonwealth Grants revenue increased by $0.545 million primarily due to a one-off payment received from the Commonwealth for Wind Farm development.
User Charges revenue has increased by $0.417 million primarily due to a one-off contribution from another agency for works on the Cradle Mountain Road.

The major asset managed by the Department is the Roads and Bridge infrastructure which is valued at over $3.057 billion. In 2002/03 the Department reviewed its methodology for valuing the Roads infrastructure replacement cost. The review recommended a change to the valuation model which was adopted. The impact of the change was to increase the valuation of the road replacement cost by about 10% or $246.177 million.

This increased valuation contributed to the following effects in the Financial Statements:

Depreciation of roads increased by $5.895 million; and
The Asset Revaluation Reserve increased by $246.177 million.
The Department also administers transactions and assets on behalf of government generally which are recorded in the Administered Statements.
In 2002/03:
Total Revenue from ordinary activities $396.957 million
Total expenditure from ordinary activities $283.440 million
Total assets $496.981 million
Total liabilities $5.940 million
The major increases in the administered revenue were:

Monies collected on behalf of external bodies primarily through vehicle registrations, $17.069 million; and
An increase in the value of the Ministers' share of State Owner Corporations contributed $50.398 million.
The major increases in the administered expenditure were:

The transfer of a half-share ownership of the TT-Line Company Pty Ltd to the Minister for Tourism, Parks and Heritage, $31.141 million; and
Monies transferred to external bodies primarily through vehicle registrations, $18.686 million.