Overview of financial statements

Agency statements

In 2004–05, Customs reported a net operating surplus of $37.1m as compared with a net operating surplus of $6.1m in 2003–04.

Total revenue for 2004–05 was $962.2m (up from $806.7m in 2003–04). This increase is primarily due to additional funding provided for new measures and the outcomes of the Review of Customs Financial Health as announced in the 2004–05 Budget and the Portfolio Additional Estimates Statements.

Total costs for 2004–05 were $925.1m ($800.6m in 2003–04). This increase is primarily due to increases in employee costs related to increases under the Certified Agreement and additional expenditure associated with new measures.

The agency statement of financial position represents the financial position of Customs as at 30 June 2005 and takes into account movements in assets, liabilities and equity. Total equity has increased to $276.6m compared with $198.1m in 2004. This increase relates principally to the reported surplus for the year, the carry forward of expenditure associated with the Cargo Management Reengineering project and capital injections associated with new initiatives funded by the Government.