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141 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS Note 19 Budgetary reports and explanations of major variances Note 19B Departmental major budget variances for 2014-15 Affected line items and statement Explanations of major variances Grants Statement of Comprehensive Income Grants Cash Flow Statement When compared to Original Budget an additional 14.724m in grant expenditure was paid in 2014-15. The increase was primarily driven by an increase in High Performance and Participation grants paid to national sporting organisations. These grants were provided through additional funding from the Department of Health grants carried forward from 2013-14 and repurposing of operational activities. Sale of goods and rendering of services Statement of Comprehensive Income Sale of goods and rendering of services Cash Flow Statement When compared to Original Budget an additional 11.382m in Revenue from sale of goods and rendering of services was received in 2014-15. The increase predominantly relates to additional revenue from Federal Government agencies 15.470m relates to one Memorandum of Understanding with the Department of Health offset by a 2.440m reduction in one-off funding from the prior year. Revenue from Government Statement of Comprehensive Income. Receipts from Government Cash Flow Statement When compared to Original Budget an additional 2.412m in Revenue from Government was received in 2014-15. 2.478m in redundancy funding was provided to assist in implementing savings decisions affecting operations. This funding relates to the 2013-14 MYEFO measure - Funding for pre-existing measures affecting the public sector. Grant payables Statement of Financial Position Grants Cash flow statement When compared to Original Budget Grants payable for 2014- 15 decreased by 7.052m primarily due to the majority of executed grant agreements being paid prior to 30 June 2015. Sale of goods and rendering of services Cash Flow Statement Net GST received Cash Flow Statement Employees Cash Flow Statement Suppliers Cash Flow Statement Grants Cash Flow Statement When compared to Original Budget the actual cash flow has a greater GST component across multiple line items. This is due to a different methodology being employed for the Budget cash flow whereby cash flows do not include GST for the purposes of simplicity. Changes in asset revaluation reserves Statement of Comprehensive Income Reserves Statement of Financial Position When compared to Original Budget Changes in asset revaluation has increased by 6.956m for the 2014-15 revaluation as the revaluation movements were not known at the time of the preparation of the Budget. Land and buildings Statement of Financial Position Reserves Statement of Financial Position Purchase of property plant and equipment Cash Flow Statement Asset revaluation reserve Statement of Changes in Equity When compared to Original Budget Land and buildings assets have increased by 13.036m. This is due to a 12.124m asset revaluation increase across two years which were not known at the time of the preparation of the Budget. Additionally there was a shift of funds 2.350m approved across years post- budget to replace ASC assets in 2014-15. AUSTRALIAN SPORTS COMMISSION For the year ended 30 June 2015