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Objectives
The Corporation’s
primary objective is to add value to the cultural life of the ACT and region by delivering
high quality arts and heritage services, through professional management of its
facilities.
The Corporation undertakes
the management of a number of cultural assets. The operations of the Corporation are
funded by a combination of user charges, payments from the Government, and revenue
generated by the Corporation’s performing arts businesses and programs, and by
admission fees and activities associated with museums and galleries.
1999-2000 Highlights
Strategic and operational
issues to be pursued in 1999-2000 include:
- encouraging community involvement in a
wide range of arts and heritage activities;
- developing a greater commercial focus;
- achieving a positive balance between
social benefits and financial costs;
- providing unique cultural experiences
for visitors to Canberra;
- providing cultural leadership;
- providing new services, in particular a
$0.050m Events/Activities Program to develop the cultural focus of Civic Square; and
- undertaking a package of measures for
increasing revenue, and for cost containment, which provides for a net improvement in
operating results progressively through 1999-2000, and the forward years.
Budget Summary
|
1999-2000
Planned
$’000 |
| Government
Appropriations |
|
- Service payments from General Government
|
6 124 |
|
|
354 |
| Own
Sourced Revenues |
|
|
|
2 480 |
|
|
30 |
| Services
Provided |
|
- Delivery of Arts and Heritage services
|
9 665 |
Cultural Facilities
Corporation
Operating Statement
1998-99 |
|
|
1998-99 |
1999-00 |
|
2000-01 |
2001-02 |
2002-03 |
Budget |
|
|
Est.Outcome |
Budget |
Var |
Estimate |
Estimate |
Estimate |
$'000 |
|
|
$'000 |
$'000 |
% |
$'000 |
$'000 |
$'000 |
| |
|
Revenue |
|
|
|
|
|
|
4 053 |
|
User Charges - Non ACT Government
|
2 269 |
2 480 |
9 |
2 517 |
2 554 |
2 591 |
6 054 |
|
User Charges - ACT Government
|
6 054 |
6 124 |
1 |
6 248 |
6 372 |
6 466 |
30 |
|
Interest
|
30 |
30 |
- |
30 |
30 |
30 |
10 137 |
|
Total
Revenue |
8 353 |
8 634 |
3 |
8 795 |
8 956 |
9 087 |
| |
|
Expenses |
|
|
|
|
|
|
3 943 |
|
Employee Expenses
|
3 443 |
3 498 |
2 |
3 531 |
3 564 |
3 595 |
231 |
|
Superannuation Expenses
|
280 |
284 |
1 |
288 |
291 |
295 |
5 697 |
|
Administrative Expenses
|
4 433 |
4 619 |
4 |
4 686 |
4 753 |
4 792 |
1 159 |
|
Depreciation and Amortisation
|
1 159 |
1 161 |
.. |
1 184 |
1 184 |
1 184 |
167 |
|
Other Expenses
|
98 |
103 |
5 |
107 |
111 |
115 |
11 197 |
|
Total
Expenses |
9 413 |
9 665 |
3 |
9 796 |
9 903 |
9 981 |
-1 060 |
|
Operating
Result |
-1 060 |
-1 031 |
3 |
-1 001 |
-947 |
-894 |
25 737 |
|
Accumulated
Funds - Start of Period |
18 884 |
17 906 |
-5 |
17 229 |
16 228 |
15 281 |
138 |
|
Capital Injections
|
82 |
354 |
332 |
0 |
0 |
0 |
24 815 |
|
Accumulated
Funds - End of Period |
17 906 |
17 229 |
-4 |
16 228 |
15 281 |
14 387 |
Cultural Facilities
Corporation
Statement Of Financial Position
Budget |
|
|
Est.Outcome |
Planned |
|
Planned |
Planned |
Planned |
as at 30/6/99 |
|
|
as at 30/6/99 |
as at 30/6/00 |
Var |
as at 30/6/01 |
as at 30/6/02 |
as at 30/6/03 |
$'000 |
|
|
$'000 |
$'000 |
% |
$'000 |
$'000 |
$'000 |
| |
|
Current
Assets |
|
|
|
|
|
|
140 |
|
Cash
|
185 |
200 |
8 |
268 |
390 |
565 |
296 |
|
Receivables
|
392 |
392 |
- |
392 |
392 |
392 |
75 |
|
Inventories
|
17 |
17 |
- |
17 |
17 |
17 |
65 |
|
Other
|
83 |
83 |
- |
83 |
83 |
83 |
576 |
|
Total
Current Assets |
677 |
692 |
2 |
760 |
882 |
1 057 |
| |
|
Non
Current Assets |
|
|
|
|
|
|
24 852 |
|
Property, Plant and Equipment
|
18 233 |
17 551 |
-4 |
16 492 |
15 433 |
14 374 |
50 |
|
Capital Works in Progress
|
50 |
50 |
- |
50 |
50 |
50 |
24 902 |
|
Total Non
Current Assets |
18 283 |
17 601 |
-4 |
16 542 |
15 483 |
14 424 |
25 478 |
|
TOTAL
ASSETS |
18 960 |
18 293 |
-4 |
17 302 |
16 365 |
15 481 |
| |
|
Current
Liabilities |
|
|
|
|
|
|
101 |
|
Creditors
|
98 |
98 |
- |
98 |
98 |
98 |
260 |
|
Employee Entitlements
|
312 |
312 |
- |
312 |
312 |
312 |
26 |
|
Other
|
62 |
62 |
- |
62 |
62 |
62 |
387 |
|
Total
Current Liabilities |
472 |
472 |
- |
472 |
472 |
472 |
| |
|
Non
Current Liabilities |
|
|
|
|
|
|
276 |
|
Employee Entitlements
|
393 |
403 |
3 |
413 |
423 |
433 |
276 |
|
Total Non
Current Liabilities |
393 |
403 |
3 |
413 |
423 |
433 |
663 |
|
TOTAL
LIABILITIES |
865 |
875 |
1 |
885 |
895 |
905 |
24 815 |
|
NET ASSETS |
18 095 |
17 418 |
-4 |
16 417 |
15 470 |
14 576 |
| |
|
REPRESENTED
BY FUNDS EMPLOYED |
|
|
|
|
|
|
24 815 |
|
Accumulated Funds
|
17 906 |
17 229 |
-4 |
16 228 |
15 281 |
14 387 |
0 |
|
Reserves
|
189 |
189 |
- |
189 |
189 |
189 |
24 815 |
|
TOTAL
FUNDS EMPLOYED |
18 095 |
17 418 |
-4 |
16 417 |
15 470 |
14 576 |
Cultural Facilities
Corporation
Cashflow Statement
1998-99 |
|
|
1998-99 |
1999-00 |
|
2000-01 |
2001-02 |
2002-03 |
Budget |
|
|
Est.Outcome |
Budget |
Var |
Estimate |
Estimate |
Estimate |
$'000 |
|
|
$'000 |
$'000 |
% |
$'000 |
$'000 |
$'000 |
155 |
|
CASH AT
BEGINNING OF REPORTING PERIOD |
200 |
185 |
-7 |
200 |
268 |
390 |
| |
|
CASH FLOWS
FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
| |
|
Receipts |
|
|
|
|
|
|
10 108 |
|
User Charges
|
8 324 |
8 604 |
3 |
8 765 |
8 926 |
9 057 |
30 |
|
Interest Received
|
30 |
30 |
- |
30 |
30 |
30 |
10 138 |
|
Operating
Receipts |
8 354 |
8 634 |
3 |
8 795 |
8 956 |
9 087 |
| |
|
Payments |
|
|
|
|
|
|
3 972 |
|
Related to Employees
|
3 713 |
3 772 |
2 |
3 809 |
3 845 |
3 881 |
5 762 |
|
Related to Administration
|
4 433 |
4 619 |
4 |
4 686 |
4 753 |
4 791 |
294 |
|
Other
|
98 |
103 |
5 |
107 |
111 |
115 |
10 028 |
|
Operating
Payments |
8 244 |
8 494 |
3 |
8 602 |
8 709 |
8 787 |
110 |
|
NET CASH
INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES |
110 |
140 |
27 |
193 |
247 |
300 |
| |
|
CASH FLOWS
FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
| |
|
Payments |
|
|
|
|
|
|
263 |
|
Purchase of Property, Plant and
Equipment
|
557 |
479 |
-14 |
125 |
125 |
125 |
263 |
|
Investing
Payments |
557 |
479 |
-14 |
125 |
125 |
125 |
-263 |
|
NET CASH
INFLOW/ (OUTFLOW) FROM INVESTING ACTIVITIES |
-557 |
-479 |
14 |
-125 |
-125 |
-125 |
| |
|
CASH FLOWS
FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
| |
|
Receipts |
|
|
|
|
|
|
138 |
|
Capital Injection from Government
|
432 |
354 |
-18 |
0 |
0 |
0 |
138 |
|
Financing
Receipts |
432 |
354 |
-18 |
0 |
0 |
0 |
138 |
|
NET CASH
INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES |
432 |
354 |
-18 |
0 |
0 |
0 |
-15 |
|
NET
INCREASE/ (DECREASE) IN CASH HELD |
-15 |
15 |
200 |
68 |
122 |
175 |
140 |
|
CASH AT
THE END OF THE REPORTING PERIOD |
185 |
200 |
8 |
268 |
390 |
565 |
Notes to the Budget
Statements
Operating Statement
Significant variations are as follows:
- user charges - ACT Government: the
increase in 1999-2000 of $0.070m is due to CPI related increases ($0.106m) and funding
transferred from other ACT agencies for functions previously provided free of charge
($0.067m). These increases are offset by a funding reduction resulting from accommodation
rationalisation ($0.103m);
- user charges - non ACT Government: the
increase in 1999-2000 of $0.211m is a result of a range of initiatives to increase
revenue. They are below budget in 1998-99, reflecting a change in the level and type of
activity at the Theatre, particularly the lack of joint venture opportunities. However,
this is matched by reductions in employee ($0.451m) and administrative ($1.333m) expenses,
resulting in no net impact on the operating result in 1998-99; and
- administrative expenses: the increase
($0.186m) reflects the cost of new undertakings such as developing Civic Square as a
cultural precinct/focus for the Territory ($0.050m) and expected IT modernisation costs
($0.245m) offset by efficiency gains.
Statement of Financial Position
- The significant factor impacting on the
balance sheet is a transfer of capital works building expenditure related to the Canberra
Museum and Gallery project within Civic Square’s North Building to the Office of
Asset Management ($6.076m) in 1998-99.
Capital Works
| |
Estimated
Total Cost
$m |
Expenditure
Previous
Years
$m |
1999-2000
Estimated
Expenditure
$m |
1999-2000
Financing
1999-2000
$m |
Expected
Completion
Date |
| New
Capital Works |
|
|
|
|
|
| Civic Square
Development Minor New Works -
Acoustic Modifications
Emergency Warning System
Replace Water Tanks |
0.200
0.087
0.042
0.025 |
-
-
-
- |
0.200
0.087
0.042
0.025 |
0.200
0.087
0.042
0.025 |
Feb 2000
June 2000
June 2000
June 2000
|
| Total
Capital Works |
0.354 |
- |
0.354 |
0.354 |
|
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