FORECAST FINANCIAL STATEMENTS FOR THE YEAR ENDING 30 JUNE 2007
ESTIMATED MEMORANDUM ACCOUNT - VISA AND PERMITS
For the Year Ending 30 June 2006 and Forecast Memorandum Account for the Year Ending 30 June 2007
SALES OF VISA AND PERMITS |
ESTIMATED
POSITION AS AT 30 JUNE 2006 $000 |
FORECAST
POSITION AS AT 30 JUNE 2007 $000 |
|
| Opening Balance 1 July | 12,190 |
10,862 |
|
| Revenue | 85,102 |
88,001 |
|
| Expenses | (85,634) |
(87,952) |
|
| Less Capital Injection | (796) |
(323) |
|
| Closing Balance 30 June | 10,862 |
10,588 |
This account summarises financial information relating to the accumulated financial surplus and deficits incurred in the sale of visa and permits by the Department of Labour.
The surplus/deficit levels are dependent upon the business conditions and government policy settings prevailing during that period. The expectation is that with fluctuations in the immigration market, possible changes to immigration policy, and the potential need for future capital contributions for expansion and improvement of visa and permit services, the balance of this account will fluctuate over time.
This memorandum account has been operating since 1 July 1999, and reflects forecasts based on the current strong demand for visa and permit services. Changes to these demand levels during or between years may mean actual outturns differ from forecast.
The capital injection for the year ending 30 June 2006 is to cover staff costs, depreciation and capital charge relating to the skilled migrant selection mechanism and excess demand for residence, and to cover the cost of depreciation on the capital injection received to implement the information technology systems improvements required for the Health Policy changes.
The projected capital injection for the year ending 30 June 2007 is to cover the cost of depreciation on the capital injection received to implement information technology systems improvements required for the Health Policy changes.