Grains, Seeds and Hay Biosecurity Industry Funding Scheme: Annual Report 2013/14

2013/14 financial details

The IFS finances are administered by the Director General of DAFWA through an agency special purpose account called the Grains, Seeds and Hay Industry Declared Pest Control and Compensation Account (the IFS Account), which was established by regulation under the Financial Management Act 2006. DAFWA manages these funds on behalf of the IMC and prepares financial reports including the end of financial year statements.

• The balance of the IFS Account was $6 007 782 at the end of the 2013/14 financial year.
• Issues with DAFWAs financial management system throughout 2013/14 meant reimbursements to DAFWA for the work carried out on the IFS-funded programs could not occur at the end of each quarter. As such, reimbursement for some of the 2013/14 program expenses will be paid from the IFS Account during the 2014/15 financial year.
• The total cost of the 2013/14 Skeleton Weed Control Program was $3 052 000 and $156 523 for the Bedstraw Eradication Program.
• Industry contributions to the IFS totalling $4 625 044 were received by DAFWA in 2013/14; however, $25 818 of this was reimbursed to growers that had opted out of the Scheme.
• Interest applied to the funds during 2013/14 amounted to $147 913.
• The activities of the IMC, such as travel and committee meeting costs, resulted in expenditure of $37 131, and compensation payments totalling $131 244 were made during the year.

Table: Grains, Seeds and Hay IFS finances for the 2013/14 financial year.