2.3 In-year Budget Expenditure Variance

Estimate $m

Actual $m

Variance $m

Variance Factor

Explanation

FMS

An opportunity arose to achieve a July 2011 payment early in FY2010-11. A Program Variation Certificate (PVC) (072 10/11) was completed to take advantage of this.

Overseas Industry

Local Industry

12.5

Brought Forward

Cost Savings

(0.9)

FOREX Variation

Commonwealth Delays

110.9

122.5

11.6

Total Variance