Rural Business Development Corporation
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1 Division 49 Part 11 Rural Business Development Corporation Minister for Agriculture and Food; Fisheries Appropriations, Expenses and Cash Assets d DELIVERY OF SERVICES Item 64 Net amount appropriated to deliver services... 4, Total appropriations provided to deliver services... 4, TOTAL APPROPRIATIONS... 4, EXPENSES Total Cost of Services... 6,699 2,393 1, Net Cost of Services (a)... 2,875 (370) CASH ASSETS (b)... 5,222 3,819 5,365 4,912 4,565 4,218 3,958 (a) Represents Total Cost of Services (expenses) less retained revenues applied to the agency s services. Reconciliation to the Total appropriations provided to deliver services includes adjustments related to movements in cash balances and other accrual items such as resources received free of charge, receivables, payables and superannuation. (b) As at 30 June each financial year. Spending Changes All recurrent spending changes, other than cashflow timing changes and non-discretionary accounting adjustments, impacting on the agency s Income Statement since presentation of the to Parliament on 8 May 2014, are outlined below: d Streamlined Process Incentive Funding Significant Issues Impacting the Agency The Government has created a number of assistance schemes through the Rural Business Development Corporation Act 2000 that are administered by the Corporation. These assistance schemes include the Commonwealth Government initiated concessional loans schemes. The Commonwealth Farm Finance Concessional Loans Scheme commenced taking applications in Western Australia in January Funding of $50 million ($25 million per annum for and ) has been made available to Western Australia to assist farm businesses experiencing debt servicing difficulties, through the provision of concessional interest rate loans for productivity enhancement activities. In early 2015, it was amended to include debt restructuring of up to $1 million (for up to 50% of eligible farm debt). 556
2 In February 2014, the Commonwealth Government announced a package of measures offering financial, social and mental health support to farming families, farm businesses and rural communities suffering from drought. These measures include up to $280 million in concessional loans to eligible drought affected farm businesses for debt restructuring, operating expenses and drought recovery activities across all Australian States and Territories. On 23 September 2014, the Commonwealth Government s Drought Concessional Loans Scheme opened in Western Australia, with the Corporation administering this $20 million Scheme. Most Western Australian Wheatbelt businesses experienced a very good 2013 grain harvest with record deliveries in many areas, and had a better than average finish to In the shires of Yilgarn and Westonia (and surrounds) in the eastern Wheatbelt of Western Australia, there has been a run of below average to well below average growing seasons rainfall since the 2010 season. This has resulted in many grain growers in that area experiencing five consecutive below average production years. This in turn has caused increasing debt levels, falling land values, and an increasing number of farm businesses not being able to obtain sufficient carry on finance to implement their 2015 cropping program. The State s pastoral region has also seen continuing dry seasons since 2013 and in 2015, shires from Northampton to Exmouth have experienced some financial difficulty in relation to the ongoing dry conditions. In response to the dry seasonal situation, the Government approved the Farm Business Assessment 2014 Scheme in 2014 and has extended the 2014 Scheme into The Scheme provides farm businesses that are experiencing some degree of financial hardship or difficulty servicing their debt, up to $10,000 in grants, to employ independent professional advice to help them to look at their financial options. In addition to the shires of Yilgarn and Westonia (and surrounds) included in the original 2014 Scheme, the extension of the Scheme into 2015 has seen the further inclusion of the shires of Chapman Valley, Shark Bay, Murchison, Upper Gascoyne, Carnarvon, Mount Marshall, Morawa, Dalwallinu, Koorda, Northampton, Perenjori, Exmouth, and the City of Greater Geraldton. Resource Agreement The following performance information (financial and non-financial) is the subject of a Resource Agreement signed by the Minister, Accountable Authority and Treasurer under Part 3, Division 5 of the Financial Management Act Outcomes, Services and Key Performance Information Relationship to Government Goals Broad government goals are supported at agency level by specific outcomes. Agencies deliver services to achieve these outcomes. The following table illustrates the relationship between the agency s service and desired outcome, and the government goal it contributes to. The key effectiveness indicators measure the extent of impact of the delivery of services on the achievement of desired outcomes. The key efficiency indicators monitor the relationship between the service delivered and the resources used to produce the service. Government Goal Desired Outcome Service Stronger Focus on the Regions: Greater focus on service delivery, infrastructure investment and economic development to improve the overall quality of life in remote and regional areas. Service Summary Improved ecologically sustainable development of agri-industry. 1. Farm Business Development Expense d 1. Farm Business Development... 6,699 2,393 1, Total Cost of Services... 6,699 2,393 1,
3 Outcomes and Key Effectiveness Indicators (a) d Target Note Outcome: Improved ecologically sustainable development of agri-industry: The extent to which recipients were satisfied with the way schemes are administered... 93% 91% 91% 91% (a) Further detail in support of the key effectiveness indicators is provided in the agency s Annual Report. Services and Key Efficiency Indicators 1. Farm Business Development This service provides financial support to farmers who have been significantly impacted by exceptional seasonal events. It assists them to enhance their skills in order to improve and sustain long-term profitability and be better equipped to deal with risks inherent in farming. This service contributes to the ecologically sustainable development of agri-industry in a number of ways. The Corporation aims to implement the industry support within the funding guidelines to maximise the protection of the resources of the agri-industries. d Target Note Total Cost of Service... 6,699 2,393 1, Less Income... 3,824 2,763 1, Net Cost of Service... 2,875 (370) Efficiency Indicators Proportion of Expenditure as Administrative Expenditure % 10% 32% 13.2% 3 Explanation of Significant Movements (Notes) 1. The Total Cost of Service for the d is lower than the due to a change in the accounting treatment of interest expense associated with the Commonwealth Farm Finance Concessional Loans and Drought Concessional Loans Schemes. Further detail will be provided in the full audited financial statements published in the Corporation s Annual Report. The estimated decrease in the Total Cost of Service for the Target compared to the d relates primarily to the decrease in administration relating to the Commonwealth Farm Finance Concessional Loans and Drought Concessional Loans Schemes, as these Schemes move from loan application to management of the loan book. 2. Income for the d is lower than the due to a change in the accounting treatment of interest revenue associated with the Commonwealth Farm Finance Concessional Loans and Drought Concessional Loans Schemes. Further detail will be provided in the full audited financial statements published in the Corporation s Annual Report. The estimated decrease in income for the Target compared to the d relates primarily to the upfront administration fees received from the Commonwealth Government in and to finance the administration of the Commonwealth Farm Finance Concessional Loans and Drought Concessional Loans Schemes over the five year term of the Schemes. 3. The efficiency indicator relates only to the administration expenses incurred on the various grant programs. Administration expenditure on the Commonwealth Farm Finance Concessional Loans and Drought Concessional Loans Schemes is not included in the calculation of this efficiency indicator due to the loans having a different cost structure and being managed over a five year term. The Proportion of Expenditure as Administrative Expenditure in the d is relatively high reflecting the scaling down of administrative overheads from a significant grants program in. The ongoing reduction in administration expenses is reflected in the Target. 558
4 Financial Statements Income Statement Expenses The estimated decrease in the Total Cost of Services of $0.4 million (35.9%) for the compared to the d relates primarily to decrease in administration expenses relating to the Commonwealth Farm Finance Concessional Loans and Drought Concessional Loans Schemes, as these Schemes move from loan application to management of the loan book. Income The estimated decrease in total income of $1 million (98%) for the compared to the d primarily reflects the upfront receipt of the administration fees for the Commonwealth Farm Finance Concessional Loans and Drought Concessional Loans Schemes. These administration fees have been received in and with the expenditure to be incurred over the five year term of the loans. Statement of Financial Position The estimated decrease in the total assets of $0.5 million (8.2%) for the compared to the d relates to the reduction in cash. This relates to the administration expenditure for the Commonwealth Farm Finance Concessional Loans and Drought Concessional Loans Schemes where the cash was received upfront in and. The estimated decrease in current assets and current liabilities of $50 million for the d compared to the is due to a change in the accounting treatment of loans associated with the Commonwealth Farm Finance Concessional Loans and Drought Concessional Loans Schemes. Statement of Cashflows The movement in payments and receipts are similar to the movements in expenses and income in the Income Statement listed above. 559
5 INCOME STATEMENT (a) (Controlled) d COST OF SERVICES Expenses Employee benefits Grants and subsidies (b)... 5, Supplies and services Other expenses , TOTAL COST OF SERVICES... 6,699 2,393 1, Income Grants and subsidies... 2, Other revenue... 1,747 2,763 1, Total Income... 3,824 2,763 1, NET COST OF SERVICES... 2,875 (370) INCOME FROM STATE GOVERNMENT Service appropriations... 4, Resources received free of charge TOTAL INCOME FROM STATE GOVERNMENT... 4, SURPLUS/(DEFICIENCY) FOR THE PERIOD... 1, (453) (347) (347) (260) (a) Full audited financial statements are published in the agency s Annual Report. (b) Refer to the Details of Controlled Grants and Subsidies table below for further information. DETAILS OF CONTROLLED GRANTS AND SUBSIDIES d Climate Adaptation Assistance Scheme Farm Business Assessment 2014 Scheme Future Rural Support Schemes Research Grants Rural Financial Counselling Service Scheme Subsidised Interest Rate Scheme - Live Cattle Exports to Indonesia State Assistance Package for Farmers... 3, Western Australian Pilot of Drought Reform Measures... 1, Western Australian Pilot of Drought Reform Measures Phase TOTAL... 5,
6 STATEMENT OF FINANCIAL POSITION (a) (Controlled) d CURRENT ASSETS Cash assets... 5,222 3,819 5,365 4,912 4,565 4,218 3,958 Receivables Other , Total current assets... 5,356 54,325 5,499 5,046 4,699 4,352 4,092 TOTAL ASSETS... 5,356 54,325 5,499 5,046 4,699 4,352 4,092 CURRENT LIABILITIES Payables Other , Total current liabilities , TOTAL LIABILITIES , EQUITY Contributed equity... (2) - (2) (2) (2) (2) (2) Accumulated surplus/(deficit)... 4,629 4,325 4,772 4,319 3,972 3,625 3,365 Total equity... 4,627 4,325 4,770 4,317 3,970 3,623 3,363 TOTAL LIABILITIES AND EQUITY... 5,356 54,325 5,499 5,046 4,699 4,352 4,092 (a) Full audited financial statements are published in the agency s Annual Report. 561
7 STATEMENT OF CASHFLOWS (a) (Controlled) d CASHFLOWS FROM STATE GOVERNMENT Service appropriations... 4, Net cash provided by State Government... 4, CASHFLOWS FROM OPERATING ACTIVITIES Payments Employee benefits... - (8) (8) (8) (8) (8) (8) Grants and subsidies... (6,826) (400) (400) (300) (200) (200) (200) Supplies and services... (846) - - (5) Other payments... (1,005) (1,985) (692) (392) (392) (392) (291) Receipts Grants and subsidies... 2, GST receipts Other receipts... 1,683 2,313 1, Net cash from operating activities... (3,961) (80) (80) (685) (580) (580) (499) CASHFLOWS FROM FINANCING ACTIVITIES Other payments... - (35,000) Other proceeds , Net cash from financing activities... - (10,000) NET INCREASE/(DECREASE) IN CASH HELD (9,857) 143 (453) (347) (347) (260) Cash assets at the beginning of the reporting period... 4,665 13,676 5,222 5,365 4,912 4,565 4,218 Cash assets at the end of the reporting period... 5,222 3,819 5,365 4,912 4,565 4,218 3,958 (a) Full audited financial statements are published in the agency s Annual Report. 562
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