cost of services 394,302 413,723 19,421 Note 1 Net cost of services 57,742 87,747 30,005 Note 2 Total equity 776,238 719,571 (56,667) Note 3 Net increase/(decrease) in cash held 21,818 (4,635) (26,454) Note 4 Approved full time equivalent (FTE) 1,374 1,350 24 Note 5 Notes These notes should be read in conjunction with the Explanatory Statement to the Financial Statements. Note 1: Total cost of services The cost of services exceeded estimates primarily due to the On-demand Transport Reform that provided transition assistance and hardship funds to taxi owners impacted by the reform; a net land revaluation decrement recognised as an expense; and impairment losses to intangible assets mainly associated with the cancellation of the Australia Post Office contract. Note 2: Net cost of services In addition to the higher expenditure resulting from the taxi industry reform, the land revaluation decrement and impairment losses, lower than anticipated revenue primarily from Driver and Vehicle Services and taxi licence fees and charges contributed to the higher net cost of service. Note 3: Total equity Lower than expected total equity is a result of an accumulated surplus decrease reflecting the impact of an unfavourable operating result in 2017. Note 4: Net increase/(decrease) in cash held The higher than estimated net decrease in cash held is predominantly due to the On-demand Transport Reform and downturn in user fees and charges revenue. Note 5: Approved FTE The actual paid FTE is lower than the target, primarily due to a concerted effort by the Department to lower the organisation’s leave liability. Significant Issues Impacting the Agency Rapid population growth over the last decade has increased travel demand and congestion on Perth’s transport networks at peak times, costing an estimated $2.6 billion annually in additional travel time, vehicle operation and pollution costs. DoT is committed to working with Transport Portfolio partners PTA and Main to manage congestion as the population continues to grow. DoT will achieve this by embracing a range of
cost of services 394,302 413,723 19,421 Note 1 Net cost of services 57,742 87,747 30,005 Note 2 Total equity 776,238 719,571 (56,667) Note 3 Net increase/(decrease) in cash held 21,818 (4,635) (26,454) Note 4 Approved full time equivalent (FTE) 1,374 1,350 24 Note 5 Notes These notes should be read in conjunction with the Explanatory Statement to the Financial Statements. Note 1: Total cost of services The cost of services exceeded estimates primarily due to the On-demand Transport Reform that provided transition assistance and hardship funds to taxi owners impacted by the reform; a net land revaluation decrement recognised as an expense; and impairment losses to intangible assets mainly associated with the cancellation of the Australia Post Office contract. Note 2: Net cost of services In addition to the higher expenditure resulting from the taxi industry reform, the land revaluation decrement and impairment losses, lower than anticipated revenue primarily from Driver and Vehicle Services and taxi licence fees and charges contributed to the higher net cost of service. Note 3: Total equity Lower than expected total equity is a result of an accumulated surplus decrease reflecting the impact of an unfavourable operating result in 2017. Note 4: Net increase/(decrease) in cash held The higher than estimated net decrease in cash held is predominantly due to the On-demand Transport Reform and downturn in user fees and charges revenue. Note 5: Approved FTE The actual paid FTE is lower than the target, primarily due to a concerted effort by the Department to lower the organisation’s leave liability. Significant Issues Impacting the Agency Rapid population growth over the last decade has increased travel demand and congestion on Perth’s transport networks at peak times, costing an estimated $2.6 billion annually in additional travel time, vehicle operation and pollution costs. DoT is committed to working with Transport Portfolio partners PTA and Main to manage congestion as the population continues to grow. DoT will achieve this by embracing a range of