Annual and Monthly Reporting Processes
Monthly reporting and annual reporting are integral to the Commonwealth's accrual budgeting and reporting framework, which was introduced in 1999-2000, and complement the Budget process by providing outcomes against Budget estimates.
Delivery of the Monthly Financial Statements, the Final Budget Outcome and the Consolidated Financial Statements is required by legislation and serves a number of purposes.
Monthly Financial Statements shows how the budget is tracking against the previous financial year and the latest estimate for the current year. It provides a mixture of accounting and GFS aggregate data.
The Final Budget Outcome (FBO) provides the outcome for the latest financial year with an emphasis on a GFS presentation of the general government sector. The Consolidated Financial Statements uses the same audit cleared financial data as the FBO (sometimes updated for some agencies due to a later release) but provides an accounting presentation. The FBO includes the release of the June monthly financial data as that month cannot be released until publication of the financial outcome for the year. Following the release of the FBO, July and August monthly financial statements are released.
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