Department of Defence
Notes To And Forming Part Of The Financial Statements
for the year ended 30 June 2003
|
2002-03 |
2001-02 |
|
$'000 |
$'000 |
| Note 31: |
Future Commitments |
|
| Defence has a procurement process relating to major projects. Once a
project has been approved to proceed, tenders are called, evaluated and
contracts awarded. The period between approval for the project to proceed
and the awarding of contracts is the period of "future commitment". |
|
| Once a contract has been awarded, a "future commitment" becomes a "capital
commitment" and is reported in the Schedule of Commitments. The amounts
involved in "future commitments" are presented in phases over financial
years in the same way as the Schedule of Commitments. |
|
|
|
| Maturity profile for future commitments |
|
|
|
| One year or less |
1,174,813 |
1,060,223 |
| From one to five years |
3,865,347 |
3,761,364 |
| Over five years |
2,677,270 |
2,966,062 |
| Total future
commitments* |
7,717,430 |
7,787,649 |
|
| *Commitments are
GST inclusive where applicable |
