Data Element No / Heading

Data

Definition/ Description

Section 2.3 - In-year Budget Expenditure Variance

Estimate ($m)

The estimated project expenditure for 2010-11. The data needs to present the project's 'Year to Date' performance in financial terms. It must explain the difference between the PAES and the End of Financial Year Actual Expenditure (If projects are subject to variation post PAES, then disclosure is required in a note).

Actual ($m)

The actual project expenditure incurred in the current reporting period (i.e. 2010-11).

Variance ($m)

Budget expenditure variances are to be disaggregated and disclosed separately as per the variance factors described below.

The sum of these should give a total variance equal to the difference between the Budget Estimate and actual expenditure.

Variance Factor

This section provides a range of factors attributable to the cause of the variances between the Budget Estimate and actual expenditure. These are expressed as the standard variance factors of:

•  Foreign Military Sales (FMS);

•  Overseas Industry;

•  Local Industry;

•  Brought Forward;

•  Cost Savings;

•  FOREX Variations; and

•  Commonwealth Delays.

Explanation

Explanations must address all of the variance factors noted above, where relevant.