Volume 2, Chapter
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Chapter 6

Financial Overview

This chapter describes the DMO business and accounting model, and provides an assessment of the DMO financial performance in 2005–06 against budget projections.

Financial Overview

The DMO was established as a prescribed agency under the Financial Management and Accountability Act 1997 on 1 July 2005. The new agency was underpinned by a business model and associated funding arrangements agreed by the Government. These arrangements in turn defined the accounting approach to be applied to the DMO, including the allocation of assets and liabilities between Defence and the DMO.

This chapter gives a high-level description of the DMO business and accounting model, and provides an assessment of financial performance in 2005–06 against budget projections. The audited financial statements for the DMO are included in Chapter Seven to this report.