EXHIBITION PARK CORPORATION
Objectives
The main undertakings of Exhibition Park Corporation are to manage, develop and maintain a multi-purpose events centre of a national standard to meet the requirements of major clients, the community of the ACT and the surrounding region.
Exhibition Park Corporation actively promotes the size, infrastructure and versatility of the venue to a range of market segments including trade shows, exhibitions, meetings, festivals, sporting and recreational events, retail sales and corporate or private functions. 
Major events held at Exhibition Park Corporation continue to provide a significant boost to the ACT economy.  These include the National Folk Festival, the Summernats Street Machine Car Festival, the Royal Canberra Show, the Ski Industries Association National Snow Sports Trade Show, the Spring Home and Leisure Expo, the Snow and Outdoor Trade Association’s National Trade Show and the weekly Canberra Region Farmers Market.
2006‑07 Priorities
Strategic and operational issues to be pursued in 2006‑07 include:
•	maintaining high standards for all users through ongoing review and implementation of the maintenance and improvement program for all areas of the facility;
•	completing and implementing the Master Plan, covering 2005‑2025;
•	continuing to develop and expand commercial revenue opportunities; and
•	continuing to refine and improve the catering operations to achieve higher profit margins and service standards.

Changes to Appropriation
Changes to Appropriation - Departmental						
 	2005-06	2006-07	2007-08	2008-09	2009-10	
Government Payment for Outputs	Est. Outc.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2005-06 Budget	 - 	 - 	 - 	 - 	 - 	
						
2006-07 Budget Technical Adjustments						
Direct Appropriation to Authorities	 - 	321	328	335	342	
						
2006-07 Budget	 - 	321	328	335	342	

						
						
Changes to Appropriation - Departmental						
 	2005-06	2006-07	2007-08	2008-09	2009-10	
Capital Injections	Est. Outc.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2005-06 Budget	 - 	 - 	 - 	 - 	 - 	
						
2006-07 Budget Technical Adjustments						
Direct Appropriation to Authorities	 - 	450	450	450	450	
						
2006-07 Budget	 - 	450	450	450	450	

2006‑07 Capital Works Program
Departmental
							
 	Estimated	Prior	2006‑07	2007-08	2008-09	Expected 	
	Total	Year	Financing	Financing	Financing	Completion 	
	Cost	Expenditure				Date  	
 	$’000	$’000	$’000	$’000	$’000	 	
							
New Capital Works							
 	 	 	 	 	 	 	
Capital Upgrades							
Buildings, Roads, Grounds and Carparks	450 	-	450				
							
Total Capital Upgrades	450	-	450				
							
Total New Departmental Capital Works	450 	-	450				

Exhibition Park Corporation	
Operating Statement	
  2005‑06			  2005‑06	   2006‑07		  2007-08	  2008-09	  2009-10		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		Income								
		Revenue								
0		Government Payment for Outputs	0	321	#	328	335	342		
2,094		User Charges - Non ACT Government	2,430	2,353	-3	2,326	2,207	2,258		
313		User Charges - ACT Government	313	0	-100	0	0	0		
120		Interest	132	127	-4	122	105	81		
2,527		Total Revenue	2,875	2,801	-3	2,776	2,647	2,681		
		Gains								
0		Total Gains	0	0	-	0	0	0		
2,527		Total Income	2,875	2,801	-3	2,776	2,647	2,681		
		Expenses								
862		Employee Expenses	866	897	4	878	912	939		
118		Superannuation Expenses	113	157	39	155	159	164		
1,315		Supplies and Services	1,386	1,504	9	1,610	1,650	1,680		
511		Depreciation and Amortisation	520	530	2	531	539	538		
2,806		Total Ordinary Expenses	2,885	3,088	7	3,174	3,260	3,321		
-279		Operating Result	-10	-287	#	-398	-613	-640		

Exhibition Park Corporation	
Balance Sheet	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/06			as at 30/6/06	as at 30/6/07	   Var	as at 30/6/08	as at 30/6/09	as at 30/6/10		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
113		Cash	87	134	54	117	93	141		
93		Receivables	230	74	-68	72	70	68		
2,100		Investments	2,200	2,200	-	2,000	1,600	1,100		
17		Inventories	21	21	-	21	21	21		
4		Other	15	15	-	15	15	15		
2,327		Total Current Assets	2,553	2,444	-4	2,225	1,799	1,345		
		Non Current Assets								
20,200		Property, Plant and Equipment	20,832	21,689	4	21,958	22,219	22,481		
1,085		Capital Works in Progress	587	0	-100	0	0	0		
21,285		Total Non Current Assets	21,419	21,689	1	21,958	22,219	22,481		
23,612		TOTAL ASSETS	23,972	24,133	1	24,183	24,018	23,826		
		Current Liabilities								
210		Payables	209	209	-	209	209	209		
138		Employee Benefits	182	169	-7	169	169	169		
99		Other	90	90	-	90	90	90		
447		Total Current Liabilities	481	468	-3	468	468	468		
		Non Current Liabilities								
61		Employee Benefits	14	11	-21	11	11	11		
17		Other	18	16	-11	14	12	10		
78		Total Non Current Liabilities	32	27	-16	25	23	21		
525		TOTAL LIABILITIES	513	495	-4	493	491	489		
23,087		NET ASSETS	23,459	23,638	1	23,690	23,527	23,337		
		REPRESENTED BY FUNDS EMPLOYED								
15,931		Accumulated Funds	16,303	16,482	1	16,534	16,371	16,181		
7,156		Reserves	7,156	7,156	-	7,156	7,156	7,156		
23,087		TOTAL FUNDS EMPLOYED	23,459	23,638	1	23,690	23,527	23,337		

Exhibition Park Corporation	
Cash Flow Statement	
  2005‑06			  2005‑06	   2006‑07		  2007-08	  2008-09	  2009-10		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
0		Cash from Government - CSO Payments	0	321	#	328	335	342		
2,407		User Charges	2,589	2,507	-3	2,326	2,207	2,258		
120		Interest Received	132	127	-4	122	105	81		
400		Other Revenue	400	404	1	410	410	410		
2,927		Operating Receipts	3,121	3,359	8	3,186	3,057	3,091		
		Payments								
981		Related to Employees	980	1,054	8	1,033	1,072	1,104		
1,315		Related to Supplies and Services	1,386	1,504	9	1,611	1,649	1,680		
400		Other	400	404	1	409	410	409		
2,696		Operating Payments	2,766	2,962	7	3,053	3,131	3,193		
231		NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	355	397	12	133	-74	-102		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
600		Purchase of Property, Plant and Equipment	650	800	23	800	800	800		
600		Investing Payments	650	800	23	800	800	800		
-600		NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES	-650	-800	-23	-800	-800	-800		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Receipts								
450		Capital Injection from Government	450	450	-	450	450	450		
180		Borrowings Received	180	180	-	180	180	180		
630		Financing Receipts	630	630	-	630	630	630		
		Payments								
180		Repayment of Borrowings	180	180	-	180	180	180		
180		Financing Payments	180	180	-	180	180	180		
450		NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES	450	450	-	450	450	450		
81		NET INCREASE/(DECREASE) IN CASH HELD	155	47	-70	-217	-424	-452		
2,132		CASH AT BEGINNING OF REPORTING PERIOD	2,132	2,287	7	2,334	2,117	1,693		
2,213		CASH AT THE END OF THE REPORTING PERIOD	2,287	2,334	2	2,117	1,693	1,241		

Exhibition Park Corporation	
Statement of Changes in Equity	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/06			as at 30/6/06	as at 30/6/07	   Var	as at 30/6/08	as at 30/6/09	as at 30/6/10		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
22,916		Opening Balance	23,019	23,459	2	23,638	23,690	23,527		
		Accumulated Funds								
-279		Operating Result for the Period	-10	-287	#	-398	-613	-640		
		Reserves								
-279		Total Income And Expense For The Period	-10	-287	#	-398	-613	-640		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
450		Capital Injections	450	450	-	450	450	450		
0		Inc/Dec in Net Assets due to Admin Restructure	0	16	#	0	0	0		
23,087		Closing Balance	23,459	23,638	1	23,690	23,527	23,337		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	government payment for outputs:  the increase of $0.321 million in the 2006‑07 Budget from the 2005‑06 estimated outcome is due to the Exhibition Park Corporation being directly appropriated from 2006‑07 following recent amendments to the FMA.  This is offset by a similar reduction in user charges – ACT Government;
•	user charges – non ACT Government:  the increase of $0.336 million in the 2005‑06 estimated outcome from the original budget relates to increases in event activity and associated catering revenue;
•	interest revenue:  the increase of $0.012 million in the 2005‑06 estimated outcome from the original budget is due to increased cash holdings related to improved cash inflows from operations throughout the year;
•	superannuation expenses:  the increase of $0.044 million in the 2006‑07 Budget from the 2005‑06 estimated outcome is a result of increases in the notional superannuation contribution rate; and
•	supplies and services: 
–	the increase of $0.071 million in the 2005‑06 estimated outcome from the original budget relates mainly to additional catering expenses, building repairs, and ground maintenance; and
–	the increase of $0.118 million in the 2006‑07 Budget from the 2005‑06 estimated outcome relates mainly to the introduction of purchasing of services following the consolidation of human resources and finance functions across government.
Balance Sheet
•	receivables: the increase of $0.137 million in the 2005‑06 estimated outcome from the original budget is due to the revised repayment schedule of a major client. The decrease of $0.156 million in the 2006‑07 Budget from the 2005‑06 estimated outcome reflects a return to normal receivable trends;
•	capital works in progress:  the decrease of $0.498 million in the 2005‑06 estimated outcome from the original budget is largely due to the Grey Water Network capital works project being delayed.  The decrease of $0.587 million in the 2006‑07 Budget from the 2005‑06 estimated outcome is largely due to the expected transfer of capital works to property plant and equipment; and
•	current liabilities - employee benefits:  the increase of $0.044 million in the 2005‑06 estimated outcome from the original budget relates mainly to increases in long service leave benefits.  
Cash Flow Statement
•	purchase of property, plant and equipment:  the increase of $0.150 million in the 2006‑07 Budget from the 2005‑06 estimated outcome is due to additional forecast own source capital works projects and upgrades.