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					   AGENTS BOARD OF THE ACT

   Objectives

   The Agents Board protects consumer interests when dealing with real estate, travel and
   employment agents by maintaining an effective and efficient licensing regime.

   The objective of the Board is to ensure that all consumers using the services of real estate,
   travel and employment agents are, at all times, dealing with qualified and experienced
   practitioners. The Board also aims to maintain the confidence of all interested parties in the
   administration of the Agents Act 1968 and, where provided for by law, ensure that consumers
   have access to a strong and equitable compensation scheme.


   2003-04 Highlights

   Strategic and operational issues to be pursued in 2003-04 include:

      making the industry and consumers aware of the substantive changes arising from the
       introduction of the new Agents Bill 2003 through conducting seminars and circulation of
       publications to the industry;
      maintaining the frequency for inspection and monitoring of registered and licensed
       agents;
      promoting education programs for the real estate industry; and
      providing financial assistance to facilitate the provision of education programs relating to
       real estate matters for agents and the general public.




2003-04 Budget Paper No. 4                       435                             Agents Board of the ACT
                                              Agents Board
                                    Statement of Financial Performance
    2002-03                                          2002-03     2003-04          2004-05       2005-06     2006-07
     Budget                                     Est.Outcome       Budget   Var   Estimate      Estimate    Estimate
      $'000                                            $'000       $'000    %       $'000         $'000       $'000
               Revenue
        150     Taxes Fees and Fines                    150         154      3       158            158         162
        569     Interest                                569         658     16       808            808         808
      1 500     Other Revenue                         1 500       1 538      3     1 576          1 576       1 576
      2 219    Total Ordinary Revenue                 2 219       2 350      6     2 542          2 542       2 546

               Expenses
        319     Employee Expenses                       208         213      2       218            223         228
         57     Superannuation Expenses                  40          41      3        42             43          44
        110     Supplies and Services                   120         124      3       127            130         133
         50     Grants and Purchased Services            50          75     50       100            100         100
        536    Total Ordinary Expenses                  418         453      8       487            496         505

      1 683    Operating Result                       1 801       1 897      5     2 055          2 046       2 041
        500     Increase/(Decrease) in other            500         300    -40       300            300         300
                  reserves
       -500     Transfer to/from Reserves               -500        -300    40       -300          -300        -300
      9 048    Total Equity From Start of             9 293      11 094     19    12 991         15 046      17 092
                Period

     10 731    Total Equity At The End of            11 094      12 991     17    15 046         17 092      19 133
                Period




2003-04 Budget Paper No. 4                                 436                              Agents Board of the ACT
                                               Agents Board
                                        Statement of Financial Position
      Budget                                Est.Outcome       Planned             Planned       Planned       Planned
as at 30/6/03                               as at 30/6/03 as at 30/6/04   Var as at 30/6/05 as at 30/6/06 as at 30/6/07
        $'000                                       $'000         $'000    %          $'000         $'000         $'000
                Current Assets
        222      Cash                                381          501      31          624            739         849
        280      Receivables                         277          280       1          283            286         289
     10 323      Investments                      10 544       12 321      17       14 253         16 184      18 115
     10 825     Total Current Assets              11 202       13 102      17       15 160         17 209      19 253

     10 825     TOTAL ASSETS                      11 202       13 102      17       15 160         17 209      19 253

                Current Liabilities
          18     Payables                            103           104      1           105           106          107
          76     Other                                 5             7     40             9            11           13
          94    Total Current Liabilities            108           111      3           114           117          120

          94    TOTAL LIABILITIES                    108           111      3           114           117          120

     10 731     NET ASSETS                        11 094       12 991      17       15 046         17 092      19 133

                REPRESENTED BY FUNDS
                 EMPLOYED
      7 550      Accumulated Funds                 8 413       10 010      19       11 765         13 511      15 252
      3 181      Reserves                          2 681        2 981      11        3 281          3 581       3 881
     10 731     TOTAL FUNDS                       11 094       12 991      17       15 046         17 092      19 133
                 EMPLOYED




2003-04 Budget Paper No. 4                              437                                   Agents Board of the ACT
                                                 Agents Board
                                            Statement of Cashflows
    2002-03                                          2002-03     2003-04          2004-05       2005-06     2006-07
     Budget                                     Est.Outcome       Budget   Var   Estimate      Estimate    Estimate
      $'000                                            $'000       $'000    %       $'000         $'000       $'000
               CASH FLOWS FROM
                OPERATING ACTIVITIES

               Receipts
        153     Taxes, Fees and Fines                   153         156      2       160            160         164
        566     Interest Received                       566         655     16       805            805         805
      1 524     Other Revenue                         1 524       1 563      3     1 601          1 601       1 601
      2 243    Operating Receipts                     2 243       2 374      6     2 566          2 566       2 570

               Payments
        376     Related to Employees                    248         254      2       261            266         272
        110     Related to Supplies and                 120         123      3       125            129         132
                 Services
         50     Grants and Purchased Services            50          75     50       100            100         100
         25     Other                                    25          25      -        25             25          25
        561    Operating Payments                       443         477      8       511            520         529

      1 682    NET CASH                               1 800       1 897      5     2 055          2 046       2 041
                INFLOW/(OUTFLOW)
                FROM OPERATING
                ACTIVITIES

               CASH FLOWS FROM
                INVESTING ACTIVITIES

               Payments
      1 682     Purchase of Investments               1 682       1 777      6     1 932          1 931       1 931
      1 682    Investing Payments                     1 682       1 777      6     1 932          1 931       1 931

     -1 682    NET CASH                              -1 682       -1 777    -6     -1 932        -1 931      -1 931
                INFLOW/(OUTFLOW)
                FROM INVESTING
                ACTIVITIES

          0    NET                                      118         120      2       123            115         110
                INCREASE/(DECREASE)
                IN CASH HELD

        222    CASH AT BEGINNING OF                     263         381     45       501            624         739
                REPORTING PERIOD

        222    CASH AT THE END OF                       381         501     31       624            739         849
                THE REPORTING
                PERIOD




2003-04 Budget Paper No. 4                                 438                              Agents Board of the ACT
   Notes to the Budget Statements

   Significant variations are as follows:

   Statement of Financial Performance
      interest: the increase of $0.089m in the 2003-04 Budget from the 2002-03 estimated
       outcome is due to an increase in investment balances flowing from increased operating
       results;
      employee expenses: the decrease of $0.111m in the 2002-03 estimated outcome from the
       original budget is due to lower overhead costs associated with the Office of Fair Trading
       providing secretariat and executive support services to the Board; and
      grants and purchased services: the 2003-04 Budget and forward years reflect the intended
       gradual resumption of a restructured education grants program.

   Statement of Financial Position
      cash: the increase of $0.159m in the 2002-03 estimated outcome from the original
       budget, and the further increases across the forward years, is due to lower costs and slight
       increases in income; and
      current liabilities: the increase in the payables of $0.085m in the 2002-03 estimated
       outcome from the original budget is due to an increase in monies owed to the Department
       of Justice and Community Safety. The decrease in other current liabilities of $0.071m in
       the 2002-03 estimated outcome from the original budget is due to lower fees received in
       advance.




2003-04 Budget Paper No. 4                       439                             Agents Board of the ACT

				
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