2012-13 Government Mid-year Financial Projections Statement

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2012-13 Government Mid-year Financial Projections Statement$80 million for the ongoing replacement of critical medical equipment in 2014-15 and2015-16;$62 million for the Spoilbank Marina Precinct development in Port Hedland;$28 million for the reconfiguration of the existing coastal structures atPort Geographe (such as groynes) to address seagrass wrack accumulation and coastalerosion issues; andan additional $10 million to procure additional or replacement office accommodationfor Department of Child Protection staff in Midland, Armadale, Merredin andSouth Hedland.A total of $400 million has also been reflected in the projections as provisions forslippage in the program that will be caught up by 2015-16.Further details on changes to infrastructure programs are disclosed in Appendix 3: MajorSpending Changes Since Budget.Balance SheetThe net worth of the general government sector is forecast to increase from $111.5 billionat 30 June 2012 to $125.6 billion at 30 June 2016. This movement largely reflects:a $2.1 billion increase in accumulated surplus outcomes over the period 2012-13 to2015-16;a $3.1 billion increase in projected land values (including land under roads); anda $6.5 billion increase in the general government sector’s equity holding in publiccorporations (reflecting surplus outcomes and projected values for land and the ‘fairvalue’ of property, plant and equipment).18
Financial ProjectionsGENERAL GOVERNMENTBalance Sheet at 30 JuneTable 52012 2013 2014 2015 2016$m $m $m $m $m2012-13 MID-YEAR REVIEWAssets 135,577 141,567 146,861 152,388 157,249Liabilities 24,101 26,521 28,649 30,523 31,672Net Worth 111,475 115,046 118,211 121,865 125,578Net Debt 2,050 4,800 7,991 9,447 9,9352012-13 BUDGETAssets 136,185 140,996 147,338 152,003 157,674Liabilities 22,231 24,452 27,098 28,067 28,494Net Worth 113,955 116,544 120,239 123,935 129,180Net Debt 2,699 5,552 8,053 8,715 8,535VARIANCEAssets -609 571 -477 385 -425Liabilities 1,871 2,069 1,551 2,455 3,177Net Worth -2,480 -1,498 -2,028 -2,070 -3,602Net Debt -649 -752 -62 732 1,401Note: Columns may not add due to rounding.General government assets at 30 June 2016 are forecast to be $157.2 billion, $425 millionlower than budget. Land values are forecast to be around $2.4 billion lower than forecastat budget-time, reflecting the lower land under roads valuation at 30 June 2012(detailed in the 2011-12 Annual Report on State Finances). Financial assets at30 June 2016 are forecast to be $1.6 billion higher than budget, including the higherpublic corporation equity holding noted above and movements in investments, loans andplacements (largely reflecting part of the change in the general government sectoroperating balance across the four years to 2015-16).General government liabilities are forecast to increase from $24.1 billion at 30 June 2012to $31.7 billion at 30 June 2016, an increase of $3.2 billion compared with the budgetforecast for 30 June 2016.Forecast levels of borrowing at 30 June 2016 have increased since budget-time(up $1.9 billion), reflecting the timing of borrowings supporting infrastructure spendingand revisions to the operating outlook.19
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2012-13 Government Mid-year Financial Projections Statement

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