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.
2008‑09 Priorities
Strategic and operational priorities to be pursued in 2008‑09 include:
•	continuing to build the Public Trustee’s “PTACT” branding through a strong marketing and promotional program; 
•	evaluating and pursuing new areas of funds management business;
•	ensuring accountability and transparency in all transactions and decisions; 
•	continuing the implementation of the review of the Public Trustee’s investment arrangements, including phasing in a new international equities fund;
•	improving service delivery to members of the community by continuing to develop staff and infrastructure; and
•	implementing the Online Wills Fact Finder. 
Estimated Employment Level
2007-08
Budget			2007-08
Est. Outcome	2008-09
Budget	
32		Staffing (FTE) 	32	33	

Changes to Appropriation
Changes to Appropriation						
 	2007-08	2008-09	2009-10	2010-11	2011-12	
Government Payment for Outputs	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2007-08 Budget	  631	  642	  652	  664	  664	
						
2008-09 Budget Technical Adjustments						
Revised Indexation Parameters	 - 	  1	  1	  1	  12	
						
2008-09 Budget	  631	  643	  653	  665	  676	

Public Trustee for the ACT	
Operating Statement	
  2007-08			  2007-08	   2008-09		  2009-10	  2010-11	  2011-12		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		Income								
		Revenue								
631		Government Payment for Outputs	631	643	2	653	665	676		
2,505		User Charges - Non ACT Government	2,945	3,099	5	3,255	3,413	3,569		
207		User Charges - ACT Government	230	260	13	290	310	330		
188		Interest	230	240	4	250	260	270		
3,531		Total Revenue	4,036	4,242	5	4,448	4,648	4,845		
		Gains								
0		Total Gains	0	0	-	0	0	0		
3,531		Total Income	4,036	4,242	5	4,448	4,648	4,845		
		Expenses								
2,021		Employee Expenses	2,186	2,449	12	2,641	2,809	3,000		
330		Superannuation Expenses	339	360	6	384	406	432		
951		Supplies and Services	926	877	-5	919	964	1,005		
96		Depreciation and Amortisation	110	114	4	114	114	2		
3,398		Total Ordinary Expenses	3,561	3,800	7	4,058	4,293	4,439		
133		Operating Result	475	442	-7	390	355	406		

Public Trustee for the ACT	
Balance Sheet	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/08			as at 30/6/08	as at 30/6/09	   Var	as at 30/6/10	as at 30/6/11	as at 30/6/12		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
2,957		Cash and Cash Equivalents	222	226	2	246	283	281		
220		Receivables	235	253	8	261	273	285		
0		Investments	3,053	3,407	12	3,723	4,022	4,306		
20		Other	20	21	5	22	23	24		
3,197		Total Current Assets	3,530	3,907	11	4,252	4,601	4,896		
		Non Current Assets								
318		Property, Plant and Equipment	373	259	-31	145	31	29		
318		Total Non Current Assets	373	259	-31	145	31	29		
3,515		TOTAL ASSETS	3,903	4,166	7	4,397	4,632	4,925		
		Current Liabilities								
118		Payables	87	100	15	113	138	151		
701		Employee Benefits	601	644	7	690	737	785		
66		Other Provisions	237	221	-7	195	177	203		
885		Total Current Liabilities	925	965	4	998	1,052	1,139		
		Non Current Liabilities								
30		Employee Benefits	21	23	10	26	29	32		
30		Total Non Current Liabilities	21	23	10	26	29	32		
915		TOTAL LIABILITIES	946	988	4	1,024	1,081	1,171		
2,600		NET ASSETS	2,957	3,178	7	3,373	3,551	3,754		
		REPRESENTED BY FUNDS EMPLOYED								
2,600		Accumulated Funds	2,952	3,173	7	3,368	3,546	3,749		
0		Reserves	5	5	-	5	5	5		
2,600		TOTAL FUNDS EMPLOYED	2,957	3,178	7	3,373	3,551	3,754		

Public Trustee for the ACT	
Cash Flow Statement	
  2007-08			  2007-08	   2008-09		  2009-10	  2010-11	  2011-12		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
203		Cash from Government for Outputs	203	207	2	210	213	216		
428		Cash from Government - CSO Payments	428	436	2	443	452	460		
2,716		User Charges	3,179	3,356	6	3,552	3,726	3,902		
176		Interest Received	218	224	3	234	244	254		
270		Other Revenue	287	303	6	320	336	353		
3,793		Operating Receipts	4,315	4,526	5	4,759	4,971	5,185		
		Payments								
2,311		Related to Employees	2,482	2,764	11	2,976	3,165	3,381		
947		Related to Supplies and Services	922	869	-6	908	953	994		
265		Other	288	298	3	318	322	351		
3,523		Operating Payments	3,692	3,931	6	4,202	4,440	4,726		
270		NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	623	595	-4	557	531	459		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
0		Purchase of Investments	3,053	354	-88	316	299	284		
0		Investing Payments	3,053	354	-88	316	299	284		
0		NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES	-3,053	-354	88	-316	-299	-284		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Payments								
293		Dividends to Government	474	237	-50	221	195	177		
293		Financing Payments	474	237	-50	221	195	177		
-293		NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES	-474	-237	50	-221	-195	-177		
-23		NET INCREASE/(DECREASE) IN CASH HELD	-2,904	4	100	20	37	-2		
2,980		CASH AT BEGINNING OF REPORTING PERIOD	3,126	222	-93	226	246	283		
2,957		CASH AT THE END OF THE REPORTING PERIOD	222	226	2	246	283	281		

Public Trustee for the ACT	
Statement of Changes in Equity	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/08			as at 30/6/08	as at 30/6/09	   Var	as at 30/6/10	as at 30/6/11	as at 30/6/12		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
2,533		Opening Balance	2,719	2,957	9	3,178	3,373	3,551		
		Accumulated Funds								
133		Operating Result for the Period	475	442	-7	390	355	406		
		Reserves								
133		Total Income And Expense For The Period	475	442	-7	390	355	406		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
-66		Dividend Approved	-237	-221	7	-195	-177	-203		
2,600		Closing Balance	2,957	3,178	7	3,373	3,551	3,754		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges - non ACT Government:  the increase of $0.440 million in the 2007‑08 estimated outcome from the original budget and the increase of $0.154 million in the 2008‑09 Budget from the 2007‑08 estimated outcome is due to additional charges associated with the cost of managing an increase in the number of clients and an increase in the value of assets under PTACT's control. 
•	user charges - ACT Government:  the increase of $0.023 million in the 2007‑08 estimated outcome from the original budget and the increase of $0.030 million in the 2008‑09 Budget from the 2007‑08 estimated outcome is due to additional charges associated with an increase in the value of investments managed on behalf of ACT Government agencies. 
•	interest revenue:  the increase of $0.042 million in the 2007‑08 estimated outcome from the original budget reflects higher than budgeted cash balances associated with an improved operating result, together with increased interest rates. 
•	employee expenses and superannuation:  the increase of $0.174 million in the 2007‑08 estimated outcome from the original budget and the increase of $0.284 million in the 2008‑09 Budget from the 2007‑08 estimated outcome is due to increased business activities, the reclassification of a number of positions after a formal review and certified agreement wage increases.
•	supplies and services:  the decrease of $0.049 million in the 2008‑09 Budget from the 2007‑08 estimated outcome reflects a projected reduction in expenditure following the finalisation of the fit‑out of 221 London Circuit.
•	depreciation and amortisation:  the increase of $0.014 million in the 2007‑08 estimated outcome from the original budget reflects depreciation of the fit-out of 221 London Circuit for a full financial year.
Balance Sheet
•	total current assets: 
–	the increase of $0.333 million in the 2007‑08 estimated outcome from the original budget is primarily due to an increase in cash and investments flowing from the 2006‑07 audited result and improved cash flows from operations in 2007‑08; and
–	the increase of $0.377 million in the 2008‑09 Budget from the 2007‑08 estimated outcome is a result of positive cash flows from operations.
•	property, plant and equipment: 
–	the increase of $0.055 million in the 2007‑08 estimated outcome from the original budget relates to the capitalisation of the additional fit‑out undertaken at 221 London Circuit; and  
–	the decrease of $0.114 million in the 2008‑09 Budget from the 2007‑08 estimated outcome is due to the depreciation of the 221 London Circuit fit‑out.
•	employee benefits:  the decrease of $0.1 million in the 2007‑08 estimated outcome from the original budget is due to the resignation and retirement of a number of long‑term staff.
•	other provisions:  the increase of $0.171 million in 2007‑08 estimated outcome from the original budget reflects a projected increase in the dividend payable associated with the improved 2007‑08 operating result.
Cash Flow Statement
•	dividend paid:  the increase of $0.181 million in the 2007‑08 estimated outcome from the original budget and the decrease of $0.237 million in the 2008‑09 Budget from the estimated outcome reflects the underlying operating result of the previous period. 
Statement of Changes in Equity
Variances in the statement are explained in the notes above.