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Report on financial performance

The Department of Veterans' Affairs (DVA or department) reported a consolidated operating surplus (excluding depreciation) of $3.46 million in 2017–18. This is against the budget of $2.55 million reported in the 2017–18 Portfolio Budget Statements. The Defence Service Homes Insurance Scheme (DSHIS) reported an operating surplus of $5.68 million (excluding depreciation).

DSHIS operates as a separate entity but, under the Commonwealth financial framework, is reported as part of DVA. For more details on DSHIS, see Part 1 Performance — Compensation and support and DSHIS's financial statements.

DVA's cash position increased by $1.56 million in 2017–18.

DVA's net assets increased by $5.76 million in 2017–18 (from $76.94 million in 2016–17 to $82.70 million in 2017–18), mainly due to the increase in appropriations receivable.

Table 5 highlights the financial relationship between DVA and DSHIS. The table shows the entities separately, then amalgamates their finances to give the total which is used for reporting in the financial statements.

Table 5: Financial performance and financial position for DVA and DSHIS 2015–16 to 2017–18
  2015–16 2016–171 2017–18
  DVA
($m)
DSHIS
($m)
DVA
total
($m)
DVA
($m)
DSHIS
($m)
DVA
total
($m)
DVA
($m)
DSHIS
($m)
DVA
total
($m)
DSHIS = Defence Service Homes Insurance Scheme
  1. Restated 2016–17 to correct prior year DSHIS fire brigade levy recognition.
Surplus/deficit after income tax –13.47 7.03 –6.44 –23.32 0.49 –22.83 –26.29 5.61 –20.68
Non-appropriated expenses 25.37 0.07 25.44 29.10 0.13 29.23 25.33 0.13 25.46
Surplus/deficit attributable to the entity 11.90 7.10 19.00 2.42 0.56 2.98 –2.22 5.68 3.46
Cash balance 5.54 2.17 7.71 3.77 2.64 6.41 4.77 3.20 7.97
Net assets 31.78 35.02 66.80 43.04 33.90 76.94 43.19 39.51 82.70
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