PUBLIC TRUSTEE FOR THE ACT
Objectives
The Public Trustee for the ACT’s objective is to be the community’s first choice for trustee and related services that include preparing wills and enduring powers of attorney, administering estates and trust management.  The Public Trustee is also responsible for the protection of the financial and property interests of persons with a legal disability, where appointed as financial manager or guardian.
The Public Trustee acts as agent for the Territory under the Confiscation of Criminal Assets Act 2003, is the delegate for unclaimed moneys and holds investment responsibility for government and non-government trust funds.  The Public Trustee is trustee for the Perpetual Care Trust and for the Capital Region Community Foundation.
2007‑08 Priorities
Strategic and operational priorities to be pursued in 2007‑08 include:
•	building the Public Trustee’s “PTACT” branding through a strong marketing and promotional program; 
•	ensuring accountability and transparency in all transactions and decisions; 
•	broadening investment opportunities for clients through the implementation of an international equities fund;
•	improving service delivery to members of the community by developing our staff and infrastructure; and
•	developing an online portal to Public Trustee office products and services with the launch of the Online Wills Fact Finder. 
Estimated Employment Level
	2006-07
Est.  Outcome	2007-08
Budget	
Staffing (FTE) 	31	32	

Changes To Appropriation
Changes to Appropriation - Departmental					
 	2006-07	2007-08	2008-09	2009-10	2010-11	
Government Payment for Outputs	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2006-07 Budget	613	631	642	652	652	
						
2007-08 Budget Technical Adjustments						
Revised Indexation Parameters	 - 	 - 	 - 	 - 	12	
						
2007-08 Budget	613	631	642	652	664	

Public Trustee for the ACT	
Operating Statement	
  2006-07			  2006-07	   2007-08		  2008-09	  2009-10	  2010-11		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		Income								
		Revenue								
613		Government Payment for Outputs	613	631	3	642	652	664		
2,380		User Charges - Non ACT Government	2,440	2,505	3	2,657	2,767	2,903		
0		User Charges - ACT Government	202	207	2	212	217	222		
0		Grants from the Commonwealth	527	0	-100	0	0	0		
155		Interest	183	188	3	193	198	203		
3,148		Total Revenue	3,965	3,531	-11	3,704	3,834	3,992		
		Gains								
0		Total Gains	0	0	-	0	0	0		
3,148		Total Income	3,965	3,531	-11	3,704	3,834	3,992		
		Expenses								
1,868		Employee Expenses	1,973	2,021	2	2,105	2,190	2,281		
275		Superannuation Expenses	378	330	-13	349	366	387		
924		Supplies and Services	954	951	..	1,004	1,054	1,105		
1		Depreciation and Amortisation	74	96	30	97	96	96		
3,068		Total Ordinary Expenses	3,379	3,398	1	3,555	3,706	3,869		
80		Operating Result	586	133	-77	149	128	123		

Public Trustee for the ACT	
Balance Sheet	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/07			as at 30/6/07	as at 30/6/08	   Var	as at 30/6/09	as at 30/6/10	as at 30/6/11		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
2,510		Cash and Cash Equivalents	2,980	2,957	-1	3,162	3,341	3,509		
247		Receivables	213	220	3	238	246	258		
28		Other	19	20	5	21	22	23		
2,785		Total Current Assets	3,212	3,197	..	3,421	3,609	3,790		
		Non Current Assets								
9		Property, Plant and Equipment	414	318	-23	221	125	29		
9		Total Non Current Assets	414	318	-23	221	125	29		
2,794		TOTAL ASSETS	3,626	3,515	-3	3,642	3,734	3,819		
		Current Liabilities								
78		Payables	109	118	8	122	115	96		
210		Employee Benefits	661	701	6	739	781	823		
40		Other Provisions	293	66	-77	74	64	61		
328		Total Current Liabilities	1,063	885	-17	935	960	980		
		Non Current Liabilities								
394		Employee Benefits	30	30	-	32	35	38		
394		Total Non Current Liabilities	30	30	-	32	35	38		
722		TOTAL LIABILITIES	1,093	915	-16	967	995	1,018		
2,072		NET ASSETS	2,533	2,600	3	2,675	2,739	2,801		
		REPRESENTED BY FUNDS EMPLOYED								
2,072		Accumulated Funds	2,533	2,600	3	2,675	2,739	2,801		
2,072		TOTAL FUNDS EMPLOYED	2,533	2,600	3	2,675	2,739	2,801		

Public Trustee for the ACT	
Cash Flow Statement	
  2006-07			  2006-07	   2007-08		  2008-09	  2009-10	  2010-11		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
198		Cash from Government for Outputs	198	203	3	207	210	213		
415		Cash from Government - CSO Payments	415	428	3	435	442	451		
2,344		User Charges	2,599	2,716	5	2,866	2,991	3,128		
146		Interest Received	172	176	2	177	182	187		
0		Grants Received from the Commonwealth	527	0	-100	0	0	0		
170		Other Revenue	263	270	3	286	297	311		
3,273		Operating Receipts	4,174	3,793	-9	3,971	4,122	4,290		
		Payments								
2,079		Related to Employees	2,282	2,311	1	2,414	2,511	2,623		
916		Related to Supplies and Services	948	947	..	996	1,043	1,094		
165		Other	215	265	23	290	315	341		
3,160		Operating Payments	3,445	3,523	2	3,700	3,869	4,058		
113		NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	729	270	-63	271	253	232		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
0		Purchase of Property, Plant and Equipment	480	0	-100	0	0	0		
0		Investing Payments	480	0	-100	0	0	0		
0		NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES	-480	0	100	0	0	0		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Payments								
91		Dividends to Government	200	293	47	66	74	64		
91		Financing Payments	200	293	47	66	74	64		
-91		NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES	-200	-293	-47	-66	-74	-64		
22		NET INCREASE/(DECREASE) IN CASH HELD	49	-23	-147	205	179	168		
2,488		CASH AT BEGINNING OF REPORTING PERIOD	2,931	2,980	2	2,957	3,162	3,341		
2,510		CASH AT THE END OF THE REPORTING PERIOD	2,980	2,957	-1	3,162	3,341	3,509		

Public Trustee for the ACT	
Statement of Changes in Equity	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/07			as at 30/6/07	as at 30/6/08	   Var	as at 30/6/09	as at 30/6/10	as at 30/6/11		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
2,032		Opening Balance	2,240	2,533	13	2,600	2,675	2,739		
		Accumulated Funds								
80		Operating Result for the Period	586	133	-77	149	128	123		
		Reserves								
80		Total Income And Expense For The Period	586	133	-77	149	128	123		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
-40		Dividend Approved	-293	-66	77	-74	-64	-61		
2,072		Closing Balance	2,533	2,600	3	2,675	2,739	2,801		

Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges – ACT Government:  the increase of $0.202 million in the 2006‑07 estimated outcome from the original budget is due to reclassification of revenue from user charges – non ACT Government reflecting services provided to ACT Government agencies. 
•	grants from the Commonwealth:  the increase of $0.527 million in the 2006‑07 estimated outcome from the original budget and the decrease of $0.527 million in the 2007‑08 Budget from the 2006‑07 estimated outcome is due to a one off receipt of funds from the Australian Government.  The funds were received to assist with the move from 4 Mort Street to 221 London Circuit.
•	interest revenue:  the increase of $0.028 million in the 2006-07 estimated outcome from the original budget reflects higher than budgeted cash balances flowing from the 2005‑06 audited result. 
•	employee expenses and superannuation:  the increase of $0.208 million in the 2006‑07 estimated outcome from the original budget is due to additional staffing requirements to meet increased business activity.
•	depreciation and amortisation:  the increase of $0.073 million in the 2006‑07 estimated outcome from the original budget reflects the depreciation of the fitout of 221 London Circuit.
Balance Sheet
•	current assets:  the increase of $0.427 million in the 2006‑07 estimated outcome from the original budget is due to the flow on effect of the 2005‑06 audited result.
•	property, plant and equipment:  the increase of $0.405 million in the 2006‑07 estimated outcome from the original budget reflects the fitout of 221 London Circuit.
•	current and non current employee benefits:  the increase of $0.087 million in the 2006‑07 estimated outcome from the original budget and the increase of $0.040 million in the 2007‑08 Budget from the 2006‑07 estimated outcome is due to an increase in leave provisions associated with the levels and the years of service of permanent staff increasing.
•	other provisions:  the increase of $0.253 million in the 2006‑07 estimated outcome from the original budget and the decrease of $0.227 million in the 2007‑08 Budget from the 2006‑07 estimated outcome reflect an increase in the dividend payable associated with higher 2006‑07 operating result. 
Cash Flow Statement
•	purchase of property plant and equipment:  the increase of $0.480 million in the 2006‑07 estimated outcome from the original budget and the decrease of $0.480 million in the 2007‑08 Budget from the 2006‑07 estimated outcome represents capital expenditure on the fitout of 221 London Circuit.
•	dividend paid:  the increase in the 2006‑07 estimated outcome from the original budget and the increase in the 2007‑08 Budget from the 2006‑07 estimated outcome reflect changes in the operating result.