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 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:
•	increase its revenue base, from events and other activities, to ensure that the venue achieves and remains operationally self-sufficient;
•	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 facility located in the National Capital.
2007‑08 Priorities
Strategic and operational issues to be pursued in 2007‑08 include:
•	expanding the existing client base whilst retaining key events;
•	finalising the Exhibition Park Corporation Master Plan 2005‑2025;
•	further expanding the revenue streams from camping and in-house catering; 
•	continuing to improve existing facilities to meet the expectations of hirers;
•	building on the Corporation’s profile through the implementation of a strategic marketing program which supports the mission statement and achieves stated goals;
•	ensuring that the venue continues to provide excellent customer service to clients to secure their future business;
•	undertaking, as funds permit, a development program to provide additional facilities, or to improve operational efficiency, safety and/or performance of existing facilities; and
•	developing a comprehensive database on the efficiency, cost and life cycle of plant, equipment and facilities within the complex.

Estimated Employment Level
	2006-07
Est.  Outcome	2007-08
Budget	
Staffing  (FTE)	11	11	

Changes to Appropriation
Changes to Appropriation - Departmental						
 	2006-07	2007-08	2008-09	2009-10	2010-11	
Government Payment for Outputs	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2006-07 Budget	321	328	335	342	342	
						
2007-08 Budget Policy Adjustments 						
Wage Outcome	1	3	5	7	7	
						
2007-08 Budget Technical Adjustments						
Revised Indexation Parameters	 - 	 - 	 - 	 - 	8	
						
2007-08 Budget	322	331	340	349	357	

Changes to Appropriation - Departmental						
 	2006-07	2007-08	2008-09	2009-10	2010-11	
Capital Injections	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2006-07 Budget	450	450	450	450	450	
						
2007-08 Budget Technical Adjustments						
Capital Upgrades Indexation	 - 	12	24	36	48	
						
2007-08 Budget	450	462	474	486	498	

2007‑08 Capital Works Program
Departmental
							
 	Estimated	Estimated	2007‑08	2008-09	2009-10	Expected 	
	Total	Expenditure	Financing	Financing	Financing	Completion 	
	Cost	Pre 2007-08				Date  	
 	$’000	$’000	$’000	$’000	$’000	 	
							
New Capital Works							
 	 	 	 	 	 	 	
Capital Upgrades							
Buildings, Roads, Grounds and Car Parks	462 	-	462				
							
Total Capital Upgrades	462	-	462				
							
Total New Departmental Capital Works	462 	-	462				

Exhibition Park Corporation	
Operating Statement	
  2006-07			  2006-07	   2007-08		  2008-09	  2009-10	  2010-11		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		Income								
		Revenue								
321		Government Payment for Outputs	322	331	3	340	349	357		
2,353		User Charges - Non ACT Government	2,783	2,387	-14	2,179	2,223	2,274		
127		Interest	160	161	1	126	100	70		
2,801		Total Revenue	3,265	2,879	-12	2,645	2,672	2,701		
		Gains								
0		Total Gains	0	0	-	0	0	0		
2,801		Total Income	3,265	2,879	-12	2,645	2,672	2,701		
		Expenses								
897		Employee Expenses	977	1,001	2	1,006	1,036	1,076		
157		Superannuation Expenses	147	145	-1	148	154	159		
1,504		Supplies and Services	1,654	1,630	-1	1,639	1,680	1,725		
530		Depreciation and Amortisation	564	572	1	573	572	582		
3,088		Total Ordinary Expenses	3,342	3,348	..	3,366	3,442	3,542		
-287		Operating Result	-77	-469	-509	-721	-770	-841		

Exhibition Park Corporation	
Balance Sheet	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/07			as at 30/6/07	as at 30/6/08	   Var	as at 30/6/09	as at 30/6/10	as at 30/6/11		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
2,334		Cash and Cash Equivalents	2,903	2,205	-24	1,808	1,360	851		
74		Receivables	65	63	-3	61	59	57		
21		Inventories	21	21	-	21	21	21		
15		Other	8	8	-	8	8	8		
2,444		Total Current Assets	2,997	2,297	-23	1,898	1,448	937		
		Non Current Assets								
21,689		Property, Plant and Equipment	20,937	20,827	-1	22,365	22,529	22,695		
0		Capital Works in Progress	587	1,387	136	0	0	0		
21,689		Total Non Current Assets	21,524	22,214	3	22,365	22,529	22,695		
24,133		TOTAL ASSETS	24,521	24,511	..	24,263	23,977	23,632		
		Current Liabilities								
209		Payables	225	225	-	225	225	225		
0		Finance Leases	7	7	-	7	7	7		
169		Employee Benefits	209	214	2	219	219	219		
90		Other	103	103	-	103	103	103		
468		Total Current Liabilities	544	549	1	554	554	554		
		Non Current Liabilities								
0		Finance Leases	22	15	-32	11	11	11		
11		Employee Benefits	10	11	10	11	11	11		
16		Other	16	14	-13	12	10	8		
27		Total Non Current Liabilities	48	40	-17	34	32	30		
495		TOTAL LIABILITIES	592	589	-1	588	586	584		
23,638		NET ASSETS	23,929	23,922	..	23,675	23,391	23,048		
		REPRESENTED BY FUNDS EMPLOYED								
16,482		Accumulated Funds	16,773	16,766	..	16,519	16,235	15,892		
7,156		Reserves	7,156	7,156	-	7,156	7,156	7,156		
23,638		TOTAL FUNDS EMPLOYED	23,929	23,922	..	23,675	23,391	23,048		

Exhibition Park Corporation	
Cash Flow Statement	
  2006-07			  2006-07	   2007-08		  2008-09	  2009-10	  2010-11		
    Budget			Est.Outcome	   Budget	   Var	  Estimate	   Estimate	  Estimate		
    $'000			   $'000	   $'000	    %	   $'000	    $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
321		Cash from Government - CSO Payments	322	331	3	340	349	357		
2,507		User Charges	2,847	2,387	-16	2,179	2,223	2,274		
127		Interest Received	160	161	1	126	100	70		
404		Other Revenue	400	400	-	400	400	400		
3,359		Operating Receipts	3,729	3,279	-12	3,045	3,072	3,101		
		Payments								
1,054		Related to Employees	1,117	1,140	2	1,149	1,190	1,235		
1,504		Related to Supplies and Services	1,654	1,630	-1	1,639	1,680	1,725		
404		Other	400	400	-	400	400	400		
2,962		Operating Payments	3,171	3,170	..	3,188	3,270	3,360		
397		NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES	558	109	-80	-143	-198	-259		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Payments								
800		Purchase of Property, Plant and Equipment	600	1,262	110	724	736	748		
800		Investing Payments	600	1,262	110	724	736	748		
-800		NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES	-600	-1,262	-110	-724	-736	-748		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Receipts								
450		Capital Injection from Government	450	462	3	474	486	498		
180		Borrowings Received	180	180	-	180	180	180		
630		Financing Receipts	630	642	2	654	666	678		
		Payments								
180		Repayment of Borrowings	180	180	-	180	180	180		
0		Repayment of Finance Lease	3	7	133	4	0	0		
180		Financing Payments	183	187	2	184	180	180		
450		NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES	447	455	2	470	486	498		
47		NET INCREASE/(DECREASE) IN CASH HELD	405	-698	-272	-397	-448	-509		
2,287		CASH AT BEGINNING OF REPORTING PERIOD	2,498	2,903	16	2,205	1,808	1,360		
2,334		CASH AT THE END OF THE REPORTING PERIOD	2,903	2,205	-24	1,808	1,360	851		

Exhibition Park Corporation	
Statement of Changes in Equity	
    Budget			Est.Outcome	   Planned		   Planned	   Planned	   Planned		
as at 30/6/07			as at 30/6/07	as at 30/6/08	   Var	as at 30/6/09	as at 30/6/10	as at 30/6/11		
   $'000			   $'000	    $'000	    %	    $'000	    $'000	    $'000		
23,459		Opening Balance	23,556	23,929	2	23,922	23,675	23,391		
		Accumulated Funds								
-287		Operating Result for the Period	-77	-469	-509	-721	-770	-841		
		Reserves								
-287		Total Income And Expense For The Period	-77	-469	-509	-721	-770	-841		
		Transactions Involving Equity Holders Affecting Accumulated Funds								
450		Capital Injections	450	462	3	474	486	498		
16		Inc/Dec in Net Assets due to Admin Restructure	0	0	-	0	0	0		
23,638		Closing Balance	23,929	23,922	..	23,675	23,391	23,048		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	user charges – non ACT Government:
–	the increase of $0.430 million in the 2006‑07 estimated outcome from the original budget relates to increases in event hiring activity, associated catering revenue and camping revenues; and
–	the decrease of $0.396 million in the 2007‑08 Budget from the 2006‑07 estimated outcome relates to a lower forecast level of retail sales, associated catering revenues, and lower levels of commercial lease rentals.
•	interest revenue:  the increase of $0.033 million in the 2006‑07 estimated outcome from the original budget is due to increased cash holdings related to improved cash inflows from operations throughout the year.
•	employee expenses:  the increase of $0.080 million in the 2006‑07 estimated outcome from the original budget relates to an increase in casual wages from catering related activities.
•	supplies and services:  the increase of $0.150 million in the 2006‑07 estimated outcome from the original budget relates mainly to additional catering expenses, water costs, and building repairs.
•	depreciation and amortisation:  the increase of $0.034 million in the 2006‑07 estimated outcome from the original budget relates mainly to additional capital expenditure on plant and equipment throughout the year.
Balance Sheet
•	cash: 
–	the increase of $0.569 million in the 2006‑07 estimated outcome from the original budget relates to a higher than expected carry forward of cash surpluses from 2005‑06 and better than budgeted 2006‑07 cash surpluses.  These cash surpluses were a result of increases in operating activity and delays in capital expenditure; and
–	the decrease of $0.698 million in the 2007‑08 budget from the 2006‑07 estimated outcome mainly relates to projected capital expenditure during 2007-08.
•	capital works in progress:  
–	the increase of $0.587 million in the 2006‑07 estimated outcome from the original budget is largely due to delays in implementing/finalising the Grey Water Network capital works project; and
–	The increase of $0.8 million in the 2007‑08 Budget from the 2006‑07 estimated outcome is largely due to the capital works noted above.
•	current - employee benefits:  the increase of  $0.040 million in the 2006‑07 estimated outcome from the original budget relates mainly to increases in both annual leave and long service leave liabilities.
Cash Flow Statement
•	purchase of property, plant and equipment:
–	the decrease of $0.2 million in the 2006-07 estimated outcome from the original budget reflects delayed capital works expenditure; and 
–	the increase of $0.662 million in the 2007‑08 Budget from the 2006‑07 estimated outcome is due to an increase in own source capital works projects and upgrades.