Our finances

Financial summary

The Office of the Energy and Water Ombudsman had a strong focus on financial management throughout 2020-21 enabling us to plan and deliver our objectives.

In 2020-21, our financial position was impacted by COVID-19 with an overall reduction in case numbers leading to a reduction in revenue and expenses against the forecasted budget.

The risk management and control systems relating to financial management have been operating efficiently, effectively and economically throughout the financial year.

Projects

As part of our commitment to improve business processes and customer service delivery, approximately $600,000 of special funding contributions received in 2019-20 was carried over to complete special projects 2020-21.

Revenue (excluding special projects)

We are predominantly funded by scheme participants – the energy and water retailers and distributors operating in Queensland – who are required to pay an annual participation fee and user pays fees.

Our income for 2020-21 was $7.5 million (up from $7.3 million in 2019-20) and included:

• $7.2 million user pays fees
• $305,463 participation fees
• $28,393 other revenue.

Expenses (excluding special projects)

Our expenses in 2020-21 were $7.5 million (up from $7.3 million in 2019-20). Employee expenses accounted for 72 per cent of this, with supplies and services accounting for a further 26 per cent. Depreciation, audit fees, and costs associated with our Advisory Council made up the balance of our total expenditure.

Assets

At 30 June 2021, the Office’s assets totalled $4.4 million, which was comprised of:

• cash and cash equivalents
• receivables
• prepayments
• plant and equipment
• intangible assets.

Liabilities

As at 30 June 2021, our liabilities totalled $3.7 million,which included:

• $1.9 million in unearned revenue
• $1.3 million in accounts payable
• $534,857 in employee entitlements.

Disclaimer

We provide content on this website for information purposes only.

Electronic versions of financial statements on this website aren’t official or authorised versions. You will need to confirm for yourself that they’re accurate, complete and current.

Although we work hard to prepare and maintain the electronic versions, we’re not liable for any loss or damage that may occur if you rely on them.

See the official copy of the annual report, as tabled in the Legislative Assembly of Queensland, on the Queensland Parliament's tabled papers website.