Finance and Systems
The Mint's first set of financial statements as a prescribed agency is in Appendix B of this report.
The Mint's revenue of $76.6 million is generated through sales of circulating coins and numismatic products.
In 2005-06, the Mint generated an aft er tax operating surplus of $4.5 million due largely to an increase in demand for numismatic collector coins, corporate products and medals/ medallions. The Melbourne 2006 Commonwealth Games Coin Program, 2006 Year Sets and the Royal Collection contributed to this result.
It is expected that some of these surplus funds will be expended in 2006-07 as the Mint's production capacity is reduced due to building refurbishment.
Total net assets of $35.6 million were transferred from the Treasury as a result of restructure; $4.2 million capital funding was received from the Commonwealth.
The Mint collected seigniorage of $121 million on behalf of the Commonwealth.
The financial operations of the Mint were audited by the Commonwealth Auditor General. The audit results were found satisfactory and an unqualified report was issued.
Becoming a prescribed agency off ers the Mint an opportunity to improve its governance and systems controls. The Mint recognises the Commonwealth's heightened expectations and scrutiny over its governance and system controls, and must ensure that its systems meet these high standards. The challenge for the Mint going forward is to re-engineer its existing financial management information system to align with the Mint's operational and management requirements.
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