EXHIBITION PARK CORPORATION
Objectives
Exhibition Park Corporation (the Corporation) was established under the Exhibition Park Corporation Act 1976.  The major goals of the Corporation, as provided in the Act, are to establish, manage, develop and maintain a multi-purpose exhibition and event centre of national standard to meet the requirements of the Corporation’s major clients and the community of the ACT and the surrounding region.
The Corporation aims to promote the use of the Exhibition Park in Canberra (EPIC) complex and increase public awareness of the facilities and services available with a view to maximising revenue and continuously improving operational efficiency.
Additionally, the Corporation endeavours to:
•	ensure the venue becomes and then remains operationally self-sufficient through increasing its revenue from events and other activities and expanding its client base;
•	ensure the highest standard of service is provided to all clients and patrons while minimising costs to the Corporation; and
•	ensure that all buildings and grounds are maintained to a standard commensurate with a national standard facility located in the National Capital.
2008‑09 Priorities
Strategic and operational issues to be pursued in 2008‑09 include:
•	expanding the existing client base while retaining key clients and events;
–	building on the Corporation’s profile through the implementation of a strategic marketing program which supports the mission statement and achieves stated goals;
–	ensuring the venue continues to provide excellent customer service to clients, enabling the assurance of future business; and
–	arranging long term tenants for the service station site;
•	undertaking a strategic planning assessment of the venue in conjunction with major stakeholders;
•	undertaking capital works approved in the 2008‑09 Budget to upgrade existing facilities - including the exhibition and catering areas, parking, and toilet and shower blocks; 
•	optimising the revenue streams from camping and in-house catering; and
–	conducting feasibility studies into the enhancement of the existing camping and caravan facility, and investigating the upgrade of existing pavilions.

Estimated Employment Level
2007‑08
Budget			2007‑08
Est. Outcome	2008‑09
Budget	
11		Staffing  (FTE)	11	11	

Changes to Appropriation
Changes to Appropriation 						
 	2007-08	2008-09	2009-10	2010-11	2011-12	
Government Payment for Outputs	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2007-08 Budget	  331	  340	  349	  357	  357	
						
2008-09 Budget Policy Adjustments 						
Creation of Camping, Caravan and Tourist Park Accommodation Facility - Feasibility Study	 - 	100	 - 	 - 	 - 	
Upgrade to Existing Facilities and the Addition of an Exhibition Facility - Feasibility Study	 - 	100	 - 	 - 	 - 	
						
2008-09 Budget Technical Adjustments						
Revised Indexation Parameters	 - 	1	1	1	10	
						
2008-09 Budget	  331	  541	  350	  358	  367	

						

Changes to Appropriation						
 	2007-08	2008-09	2009-10	2010-11	2011-12	
Capital Injections	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2007-08 Budget	462	474	486	498	498	
						
2008-09 Budget Policy Adjustments 						
Upgrade of Parking Area and Sealing of Roadway	 - 	700	 - 	 - 	 - 	
Construction of Toilet/Shower Blocks	 - 	1,000	 - 	 - 	 - 	
Extension of Kosciuszko and Kuringai Pavilions and Surrounds	 - 	1,000	 - 	 - 	 - 	
						
2008-09 Budget Technical Adjustments						
Revised Indexation Parameters	 - 	2	2	2	15	
						
2008-09 Budget	462	3,176	488	500	513	

2008‑09 Capital Works Program
							
 	Estimated	Estimated	2008‑09	2009-10	2010-11	Expected 	
	Total	Expenditure	Financing	Financing	Financing	Completion 	
	Cost	Pre 2008-09				Date  	
 	$’000	$’000	$’000	$’000	$’000	 	
							
New Capital Works							
Extension of Kosciuszko and Kuringai Pavilions and Surrounds	1,000	-	1,000	-	-	Jun 2009	
Upgrade of Parking Area and Sealing of Roadway	700	-	700	-	-	Jun 2009	
Construction of Toilet/Shower Blocks	1,000	-	1,000	-	-	Jun 2009	
Creation of Camping, Caravan and Tourist Park Accommodation Facility - Feasibility Study	100	-	100	-	-	Jun 2009	
Upgrade to Existing Facilities and the Addition of an Exhibition Facility - Feasibility Study	100	-	100	-	-	Jun 2009	
							
Total New Works	2,900	-	2,900	-	-		
 	 	 	 	 	 	 	
Capital Upgrades							
Buildings, Roads, Grounds and Car Parks	476 	-	476				
							
Total Capital Upgrades	476	-	476				
							
Total Capital Works Program	3,376	-	3,376	-	-		

Exhibition Park Corporation	
Operating Statement	
  2007-08			  2007-08	   2008-09		  2009-10	  2010-11	  2011-12		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		Income								
		Revenue								
331		Government Payment for Outputs	331	541	63	350	358	367		
2,387		User Charges - Non ACT Government	2,534	2,315	-9	2,317	2,379	2,442		
161		Interest	190	211	11	194	170	141		
2,879		Total Revenue	3,055	3,067	..	2,861	2,907	2,950		
		Gains								
0		Other Gains	1,930	0	-100	0	0	0		
0		Total Gains	1,930	0	-100	0	0	0		
2,879		Total Income	4,985	3,067	-38	2,861	2,907	2,950		
		Expenses								
1,001		Employee Expenses	946	1,006	6	1,047	1,089	1,132		
145		Superannuation Expenses	138	151	9	157	163	170		
1,630		Supplies and Services	1,640	1,861	13	1,720	1,813	1,850		
572		Depreciation and Amortisation	521	514	-1	564	577	592		
0		Borrowing Costs	3	4	33	5	5	5		
3,348		Total Ordinary Expenses	3,248	3,536	9	3,493	3,647	3,749		
-469		Operating Result	1,737	-469	-127	-632	-740	-799		

Exhibition Park Corporation	
Balance Sheet	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/08			as at 30/6/08	as at 30/6/09	   Var	as at 30/6/10	as at 30/6/11	as at 30/6/12		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
2,205		Cash and Cash Equivalents	3,094	2,890	-7	2,572	2,159	1,702		
63		Receivables	182	180	-1	178	176	174		
21		Inventories	17	17	-	17	17	17		
8		Other	13	13	-	13	13	13		
2,297		Total Current Assets	3,306	3,100	-6	2,780	2,365	1,906		
		Non Current Assets								
20,827		Property, Plant and Equipment	21,068	23,980	14	24,154	24,327	24,498		
0		Investment Property	3,750	3,750	-	3,750	3,750	3,750		
1,387		Capital Works in Progress	587	587	-	587	587	587		
22,214		Total Non Current Assets	25,405	28,317	11	28,491	28,664	28,835		
24,511		TOTAL ASSETS	28,711	31,417	9	31,271	31,029	30,741		
		Current Liabilities								
225		Payables	180	180	-	180	180	180		
7		Finance Leases	7	7	-	7	7	7		
214		Employee Benefits	193	198	3	198	198	198		
103		Other	93	93	-	93	93	93		
549		Total Current Liabilities	473	478	1	478	478	478		
		Non Current Liabilities								
15		Finance Leases	31	27	-13	27	27	27		
11		Employee Benefits	13	13	-	13	13	13		
14		Other	14	12	-14	10	8	6		
40		Total Non Current Liabilities	58	52	-10	50	48	46		
589		TOTAL LIABILITIES	531	530	..	528	526	524		
23,922		NET ASSETS	28,180	30,887	10	30,743	30,503	30,217		
		REPRESENTED BY FUNDS EMPLOYED								
16,766		Accumulated Funds	19,085	21,792	14	21,648	21,408	21,122		
7,156		Reserves	9,095	9,095	-	9,095	9,095	9,095		
23,922		TOTAL FUNDS EMPLOYED	28,180	30,887	10	30,743	30,503	30,217		

Exhibition Park Corporation	
Cash Flow Statement	
  2007-08			  2007-08	   2008-09		  2009-10	  2010-11	  2011-12		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
0		Cash from Government for Outputs	0	200	#	0	0	0		
331		Cash from Government - CSO Payments	331	341	3	350	358	367		
2,387		User Charges	2,625	2,315	-12	2,317	2,379	2,442		
161		Interest Received	190	211	11	194	170	141		
400		Other Revenue	400	400	-	400	400	400		
3,279		Operating Receipts	3,546	3,467	-2	3,261	3,307	3,350		
		Payments								
1,140		Related to Employees	1,115	1,152	3	1,204	1,252	1,302		
1,630		Related to Supplies and Services	1,667	1,861	12	1,720	1,813	1,850		
0		Borrowing Costs	3	4	33	5	5	5		
400		Other	400	400	-	400	400	400		
3,170		Operating Payments	3,185	3,417	7	3,329	3,470	3,557		
109		NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	361	50	-86	-68	-163	-207		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
1,262		Purchase of Property, Plant and Equipment	660	3,426	419	738	750	763		
1,262		Investing Payments	660	3,426	419	738	750	763		
-1,262		NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES	-660	-3,426	-419	-738	-750	-763		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Receipts								
462		Capital Injection from Government	462	3,176	587	488	500	513		
180		Borrowings Received	180	180	-	180	180	180		
642		Financing Receipts	642	3,356	423	668	680	693		
		Payments								
180		Repayment of Borrowings	180	180	-	180	180	180		
7		Repayment of Finance Lease	7	4	-43	0	0	0		
187		Financing Payments	187	184	-2	180	180	180		
455		NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES	455	3,172	597	488	500	513		
-698		NET INCREASE/(DECREASE) IN CASH HELD	156	-204	-231	-318	-413	-457		
2,903		CASH AT BEGINNING OF REPORTING PERIOD	2,938	3,094	5	2,890	2,572	2,159		
2,205		CASH AT THE END OF THE REPORTING PERIOD	3,094	2,890	-7	2,572	2,159	1,702		

Exhibition Park Corporation	
Statement of Changes in Equity	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/08			as at 30/6/08	as at 30/6/09	   Var	as at 30/6/10	as at 30/6/11	as at 30/6/12		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
23,929		Opening Balance	24,042	28,180	17	30,887	30,743	30,503		
		Accumulated Funds								
-469		Operating Result for the Period	1,737	-469	-127	-632	-740	-799		
		Reserves								
0		Increase/(Decrease) in asset revaluation reserve	1,939	0	-100	0	0	0		
-469		Total Income And Expense For The Period	3,676	-469	-113	-632	-740	-799		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
462		Capital Injections	462	3,176	587	488	500	513		
23,922		Closing Balance	28,180	30,887	10	30,743	30,503	30,217		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	government payment for outputs:  the increase of $0.210 million in the 2008‑09 Budget from the 2007‑08 estimated outcome is due primarily to the funding of two feasibility studies in 2008‑09.
•	user charges - non ACT Government:  
–	the increase of $0.147 million in the 2007‑08 estimated outcome from the original budget relates mainly to the staging of the federal election, minor increases in event hiring activity and increasing camping revenues; and
–	the decrease of $0.219 million in the 2008‑09 Budget from the 2007‑08 estimated outcome relates to the one-off staging of the federal election in 2007‑08, a decrease in estimated revenues from a major long term commercial lease that is yet to be finalised, lower expected retail sales and associated catering revenues.
•	interest revenue:  the increase of $0.029 million in the 2007‑08 estimated outcome from the original budget is due to increased cash holdings related to improved cash inflows from operations throughout the year.
•	other gains:  the total increase in 2007-08 of $1.930 million includes an increase of $0.680 million due to increased value of an investment property.  It also includes an increase of $1.250 million which is due to the ownership of the buildings component of the service station site transferring to EPC on 1 January 2008.
•	supplies and services:  the increase of $0.221 million in the 2008‑09 Budget from the 2007‑08 estimated outcome is due mainly to feasibility studies to be undertaken in 2008‑09. 
Balance Sheet
•	cash and cash equivalents:  the increase of $0.889 million in the 2007‑08 estimated outcome from the original budget is due to the Grey Water Network project being delayed.
•	property, plant and equipment:  the increase of $2.912 million in the 2008‑09 Budget from the 2007‑08 estimated outcome is due to new capital works projects.
•	investment property:  the increase of $3.750 million in the 2007‑08 estimated outcome from the original budget is largely due to the transfer of the service station to EPC and the reclassification of that land from property, plant and equipment.
•	capital works in progress:  the decrease of $0.8 million in the 2007‑08 estimated outcome from the original budget is largely due to delays in implementing the next stage of the Grey Water Network project. 
Cash Flow Statement
•	cash from government for outputs:  the increase of $0.200 million in the 2008‑09 Budget from the 2007‑08 estimated outcome is due to feasibility studies to be undertaken by consultants in 2008‑09.
•	purchase of property, plant and equipment:  
–	the decrease of $0.602 million in the 2007‑08 estimated outcome from the original budget is due to delays in the Grey Water Network project; and  
–	the increase of $2.766 million in the 2008‑09 Budget from the 2007‑08 estimated outcome relates to new and existing capital works projects.
•	capital injection from government:  the increase of $2.714 million in the 2008‑09 Budget from the 2007‑08 estimated outcome relates to the new capital works projects. 
Statement of Changes in Equity
Variances in the statement are explained in the notes above.