INDEPENDENT COMPETITION AND REGULATORY COMMISSION
Objectives
The Independent Competition and Regulatory Commission (the Commission) has responsibilities for a broad range of regulatory and utility administrative issues under the Independent Competition and Regulatory Commission Act 1997 (ICRC Act) and the Utilities Act 2000 (Utilities Act) to:
•	promote effective competition in the interests of consumers;
•	facilitate an appropriate balance between efficiency, environmental and social considerations;
•	ensure non-discriminatory access to monopoly and near-monopoly infrastructure;
•	encourage the provision of safe, reliable, efficient and high quality utility services at reasonable prices;
•	minimise the potential for misuse of monopoly power in the provision of utility services and promote competition in the provision of utility services;
•	encourage long-term investment, growth and employment in utility services; and
•	protect the interests of consumers.
The ICRC Act also provides that the Commission be the complaints body for Competitive Neutrality Complaints, a specific role embedded in the National Competition Policy obligations undertaken by the Territory, and advise the Government on government regulated activities. 
2006‑07 Priorities
The strategic and operational issues to be pursued in 2006‑07 include:
•	regulating prices for utilities, including resetting regulated fares for Taxi services;
•	overseeing the pricing arrangements for retail electricity;
•	publishing discussion papers on a range of water and wastewater related issues as initial steps in the process of determining water and wastewater prices for the period commencing 1 July 2008;
•	reporting on compliance with Greenhouse Gas Abatement Scheme in the ACT; and
•	reporting on utility compliance and performance under the Utilities Act.

Independent Competition and Regulatory Commission	
Operating Statement	
  2005-06			  2005-06	   2006-07		  2007-08	  2008-09	  2009-10		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		Income								
		Revenue								
1,086		Taxes Fees and Fines	1,570	1,623	3	1,662	1,702	1,744		
473		User Charges - Non ACT Government	0	0	-	0	0	0		
885		User Charges - ACT Government	859	804	-6	816	821	840		
14		Interest	33	14	-58	46	47	47		
2,458		Total Revenue	2,462	2,441	-1	2,524	2,570	2,631		
		Gains								
0		Total Gains	0	0	-	0	0	0		
2,458		Total Income	2,462	2,441	-1	2,524	2,570	2,631		
		Expenses								
768		Employee Expenses	702	709	1	718	725	734		
110		Superannuation Expenses	90	145	61	147	149	150		
1,588		Supplies and Services	1,552	1,591	3	1,624	1,667	1,709		
13		Depreciation and Amortisation	13	13	-	13	13	13		
0		Other Expenses	196	0	-100	0	0	0		
2,479		Total Ordinary Expenses	2,553	2,458	-4	2,502	2,554	2,606		
-21		Operating Result	-91	-17	81	22	16	25		

Independent Competition and Regulatory Commission	
Balance Sheet	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/06			as at 30/6/06	as at 30/6/07	   Var	as at 30/6/08	as at 30/6/09	as at 30/6/10		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
496		Cash	869	863	-1	896	930	974		
719		Receivables	21	21	-	21	21	21		
1,215		Total Current Assets	890	884	-1	917	951	995		
		Non Current Assets								
65		Property, Plant and Equipment	65	52	-20	39	26	13		
65		Total Non Current Assets	65	52	-20	39	26	13		
1,280		TOTAL ASSETS	955	936	-2	956	977	1,008		
		Current Liabilities								
360		Payables	127	119	-6	111	110	110		
90		Employee Benefits	71	71	-	71	71	71		
450		Total Current Liabilities	198	190	-4	182	181	181		
		Non Current Liabilities								
98		Employee Benefits	182	188	3	194	200	206		
98		Total Non Current Liabilities	182	188	3	194	200	206		
548		TOTAL LIABILITIES	380	378	-1	376	381	387		
732		NET ASSETS	575	558	-3	580	596	621		
		REPRESENTED BY FUNDS EMPLOYED								
732		Accumulated Funds	575	558	-3	580	596	621		
732		TOTAL FUNDS EMPLOYED	575	558	-3	580	596	621		

Independent Competition and Regulatory Commission	
Cash Flow Statement	
  2005-06			  2005-06	   2006-07		  2007-08	  2008-09	  2009-10		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
1,086		Taxes, Fees and Fines	1,374	1,623	18	1,662	1,702	1,744		
1,358		User Charges	859	804	-6	816	821	840		
14		Interest Received	33	14	-58	46	47	47		
83		Other Revenue	83	81	-2	83	83	86		
2,541		Operating Receipts	2,349	2,522	7	2,607	2,653	2,717		
		Payments								
872		Related to Employees	776	848	9	859	869	878		
1,581		Related to Supplies and Services	1,585	1,584	..	1,617	1,652	1,694		
98		Other	98	96	-2	98	98	101		
2,551		Operating Payments	2,459	2,528	3	2,574	2,619	2,673		
-10		NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	-110	-6	95	33	34	44		
-10		NET INCREASE/(DECREASE) IN CASH HELD	-110	-6	95	33	34	44		
506		CASH AT BEGINNING OF REPORTING PERIOD	979	869	-11	863	896	930		
496		CASH AT THE END OF THE REPORTING PERIOD	869	863	-1	896	930	974		

Independent Competition and Regulatory Commission	
Statement of Changes in Equity	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/06			as at 30/6/06	as at 30/6/07	   Var	as at 30/6/08	as at 30/6/09	as at 30/6/10		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
753		Opening Balance	666	575	-14	558	580	596		
		Accumulated Funds								
-21		Operating Result for the Period	-91	-17	81	22	16	25		
		Reserves								
-21		Total Income And Expense For The Period	-91	-17	81	22	16	25		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
732		Closing Balance	575	558	-3	580	596	621		
Notes to the Budget Statements
Significant variations are as follows:
Operating statement 
•	taxes fees and fines:  the increase of $0.484 million in the 2005‑06 estimated outcome from the  original budget is due mainly to a reclassification of revenue from user charges – non ACT Government;
•	user charges – non ACT Government:  the decrease of $0.473 million in the 2005‑06 estimated outcome from the original budget is due to the reclassification of revenue as noted above;
•	employee and superannuation expenses: 
–	the decrease of $0.086 million in the 2005‑06 estimated outcome from the original budget is due to lower than expected staff levels; and
–	the increase of $0.062 million in the 2006‑07 Budget from the 2005‑06 estimated outcome is due to higher notional superannuation contribution rates.
•	other expenses:  the increase of $0.196 million  in the 2005‑06 estimated outcome from the original budget and the decrease of $0.196 million in the 2006‑07 Budget from the 2005‑06 estimated outcome is due to the recognition of licence fee rebates in 2005‑06. 
Balance Sheet
•	cash:  the increase of $0.373 million in the 2005‑06 estimated outcome from the original budget reflects a higher level of cash held from 2004‑05;
•	receivables:  the decrease of $0.698 million in the 2005‑06 estimated outcome from the original budget is due to a revision to the anticipated levels of receivables;
•	payables:  the decrease of $0.233 million in the 2005‑06 estimated outcome from the original budget is due to a projected reduction in the levels of outstanding liabilities; and
•	employee benefits:  the increase of $0.065 million in the 2005‑06 estimated outcome from the original budget is due to increases arising from the certified agreement and a change to reflect the correct accounting for employee benefits.