HOUSING ACT
Purpose
Housing ACT’s principal objective is to provide those people in the community experiencing housing stress and suffering social and financial disadvantage with safe, affordable and appropriate housing that responds to their individual circumstances and needs.  In doing so, Housing ACT helps to alleviate disadvantage, social isolation and foster a safer, stronger and more cohesive society.
Housing ACT undertakes its activities in accordance with the Community Services Directorate’s Service Delivery Platform, which is based around the following five strategic themes:
•	improving outcomes for our clients;
•	engaging and involving our clients;
•	building better community partnerships;
•	serving and contributing to good governance; and
•	performing as a best practice organisation.
Through focussing on these themes, Housing ACT aims to improve linkages between programs and ensure that the emphasis on clients remains the highest priority, thereby helping to reduce poverty and exclusion for some of the most vulnerable in the community.
2011-12 Priorities
Strategic and operational issues to be pursued in 2011-12 include:
•	finalising the construction and allocation of dwellings under the Nation Building and Jobs Plan economic stimulus package;
•	continuing to implement the public housing asset management strategy to refurbish or replace public housing to better meet tenant needs, including the redevelopment of multi‑unit sites and re-housing aged tenants into more suitable housing within the same neighbourhood;
•	completing a review of the youth homelessness services to better align those services with the targets of the National Partnership Agreement on Homelessness and the ACT homelessness reform priorities;
•	implementing tenancy management plans for inappropriate tenant behaviour that address the underlying causes of problem behaviour including drug and alcohol misuse and provide appropriate support options to clients;
•	continuing to improve services to the most vulnerable and needy in the community;
•	expanding two tenant employment programs in partnership with Spotless, Housing ACT’s maintenance contract manager, and the Commonwealth Department of Education, Employment and Workplace Relations through  ‘Home to Work’;
•	improving services to Aboriginal and Torres Strait Islander families in the Territory, through increasing the number of housing tenancies and property modifications to support culturally appropriate accommodation;
•	expanding the energy efficiency program with focus on building and shell improvement of public housing stocks;
•	tendering of the Total Facilities Management contract for the repairs and maintenance of public housing properties; and
•	implementing the second stage of the upgrade to the Housing Information System (Homenet).
Business and Corporate Strategies
In accordance with the Service Delivery Platform, Housing ACT will implement strategies and direct resources towards preventing and reducing homelessness and social exclusion for the Territory’s most vulnerable people and thereby help to build a stronger and more inclusive and cohesive community.
Housing ACT will focus on the outcomes of the tenant satisfaction surveys and increase participation by tenants and the community in policy development and service delivery.
Housing ACT will implement the Central Access Point service model to provide streamlined access to a wide range of housing related services for people experiencing homelessness or housing stress.  This will be supported with a common ICT platform, a first in Australia.  The service model aims to improve clients’ service experience by co-locating services and developing common practices and procedures.  
In conjunction with the upgrade of the new business system, Housing ACT will improve work flows and streamline business practices to further integrate business operations, achieve efficiencies and cost savings and provide better information.
Housing ACT will implement strategies to retain staff, strengthen the skills and professionalism of staff and encourage a work life balance.
Estimated Employment Level
2009-10
Actual Outcome 		2010-11
Budget
	2010-11
Est.  Outcome1
	2011-12
Budget
	
225	Staffing (FTE) 	236	234	235	
Note:
1.	The estimated outcome excludes contract staff occupying temporary vacant positions whilst recruitment is pending.

Strategic Objectives and Indicators
Strategic Objective 1
Provision of Appropriate Housing to People Most in Need
Housing ACT will continue to target housing assistance to those most in need in the community and through this housing assistance, reduce social isolation and disadvantage and help build a safe, healthy and more cohesive community.
Strategic Indicator 1:  Provision of Housing to People Most in Need
This indicator demonstrates the focus of public housing priority allocations on housing those most in need within 90 days.  Needs may include:  homelessness; having mental health issues, serious medical issues or a disability, such as frail‑aged, where the natural support systems are at risk of breaking down; women with or without children escaping domestic violence; Aboriginal and Torres Strait Islander people facing complex issues; and families with children at risk.  

Strategic Objective 2
Reduction of Homelessness
Implement the “Housing First” model to provide safe, secure and long term accommodation with appropriate supports to sustain tenancies.  Provide appropriate transitional housing as a crisis response with support from specialist homelessness service providers, assertive engagement with rough sleepers and streamlining access to services, building foundation skills and improving social inclusion, with the aim of securing appropriate long term accommodation with supports.

Strategic Objectives and Indicators cont.
Strategic Indicator 21
The Provision of Housing Provides Tenants the Opportunity to be Part of a Community
A key to successful housing outcomes for those in social housing is whether housing enables tenants to integrate effectively into the community and thereby have better access to education and employment opportunities.  By reducing concentrations of disadvantage, poverty and exclusion, with the associated social problems, social housing helps build a safe, healthy and more cohesive community.

Note:
1.	Actual result is taken from the local and national social housing surveys.
Strategic Indicator 3
The Provision of Outreach Services to Sustain Tenants in Longer Term Housing
A key to successful housing outcomes for those tenants transitioning from homelessness or crisis accommodation to mainstream housing is access to appropriate and adequate supports from outreach services to assist them sustain their tenancy.  This indicator shows the increasing proportion of homelessness support provided as outreach support to tenants, to assist them sustain their tenancy in longer term accommodation.

Output Classes
	Total Cost1
	Government Payment for Outputs	
	2010-11
Est. Outcome
$’000	2011-12
Budget
$’000	2010‑11
Est. Outcome
$’000	2011-12
Budget
$’000	
Output Class 1: 
Social Housing Services	150,248	142,801	43,617	43,186	
Output 1.1:  Social Housing Services	150,248	142,801	43,617	43,186	
Note:
1.	Total cost includes depreciation and amortisation of $13,735 million in 2010-11 and $15,137 million in 2011‑12.
Output Description
The provision and management of public housing tenancies and properties and the provision of support and resources to homelessness services and community housing providers.

Accountability Indicators
	2010-11
Targets	2010-11
Est.  Outcome	2011-12
Targets	
Output Class 1:  Social Housing Services	
Output 1.1:  Social Housing Services	
a.	Priority Allocations	96%	96%	96%	
Percentage of public housing allocations to priority and highest need applicants.	
b.	Number of properties managed1
-	Public housing properties
       -	Community housing properties2	
11,992
359	
11,901
308	
12,050
N/A	
For the purposes of this indicator a property is defined as a unit of accommodation to which a tenancy agreement can be made as defined by the Australian Institute of Health and Welfare.  A tenancy unit is a way of counting the maximum number of distinct rentable units such as a house, townhouse, duplex, flat or rooms in a boarding house.	
c.	Number of tenancies managed by registered Not For Profit Housing Providers3	N/A	N/A	816	
A regulatory framework for Not For Profit Housing Providers commenced in 2009.  The registrar is responsible for the administration of the regulatory framework to ensure the sector is able to grow sustainably, provide protection to tenants and the government’s investment in the sector.	
d.	Percentage of public housing tenants receiving rebates1	90%	91%	91%	
Eligible tenants are entitled to a rebate of rent such that the rent payable is no more than 25 per cent of assessable household income.  Tenants not in receipt of a rebate, pay market rent.  The indicator records the percentage of tenants in receipt of a rebate.	
e.	Annual number of client service visits conducted	11,100	11,100	11,200	
The number of current clients visited during the financial year is the combined total of 90 days and annual client service visits undertaken.	
f.	Overall satisfaction of tenants with the provision of public housing1,4	 68%	75%	75%	
Tenant satisfaction is measured biennially through the National Social Housing Survey and in the alternate years through an internal survey.	
g.	Average cost per dwelling of public housing5	$9,624	$9,820	$9,954	
Total cost of public housing excluding the direct grants to community service providers and to the community-housing sector divided by the stock number.	
h.	Percentage of community housing tenants receiving rebates1	95%	95%	95%	
Community housing tenants who do not pay market rent are recipients of rebates.  The rent payable may be a percentage of market rent or assessable household income for eligible tenants depending on the rent setting policies for the particular housing products.   	
i.	Overall satisfaction of tenants with the provision of community housing1,4	77% 	75%	75%	
Tenant satisfaction is measured biennially through the National Community Housing Survey and in the alternative years through an internal survey.	

Accountability Indicators cont.

	2010-11
Targets	2010-11
Est.  Outcome	2011-12
Targets	
Output 1.1:  Social Housing Services cont.	
j.	Percentage of routine vacant properties re-let within 28 days6	85%	83%	N/A	
Upon vacancy, properties that are available for re-letting after undertaking cleaning and/or minor repairs and maintenance are included in the routine vacancy turnaround times.	
k.	Percentage of properties undergoing refurbishment re‑let within agreed program milestones7 	90%	75%	N/A	
Upon vacancy, those properties not available for re‑letting before substantial works to repair and maintain or upgrade the property are undertaken are included on the refurbishment vacant path prior to re‑letting.	
l.	Occupancy rate of properties managed by public housing 	N/A	N/A	99%	
Total number of tenancies divided by total number of lettable dwellings.  	
m.	Percentage of tenant accounts  $500 and four or more weeks in arrears on repayment agreements8	90%	85%	90%	
Tenants with rent arrears exceeding four weeks rent and with debts exceeding $500 are required to enter into agreements to repay the arrears within a reasonable time either prior to an Order to repay the debt has been made by the ACT Civil and Administrative Tribunal or in conjunction with an Order.  To maintain the sustainability of the tenancy and not create household stress, policy guidelines provide that the repayment of arrears and the rent payments are not to exceed 30 per cent of total income.	
n.	Percentage of rent received	99%	99%	99%	
Percentage of rent received from tenants compared to rent charged, after rebates.  	
o.	Average rent receivable after rebate per dwelling9	$6,763	$6,785	N/A	
Rent receivable from tenants to fund the public housing operations.  Based upon the total rent receivable less rebates and allowances divided by the number of dwelling units.  	
p.	The number of government funded specialist homelessness services support periods each year.10	2,800	2,800	2,800	
The number of government funded specialist homelessness services support periods in the year as reported by the Australian Institute of Health and Welfare.	
Notes:
1.	‘Public housing’ relates to housing provided by Housing ACT directly or via head-leased properties to community organisations to provide tenancy management and support whilst ‘community housing’ refers to those properties controlled and managed by community organisations.
2.	The decrease in the number of community housing properties from the 2010-11 target is due to some of the properties originally identified for transfer to community organisations under the Nation Building and Job Plan Stimulus Package will be head-leased for up to 18 months pending long term transfer to the community housing provider.  This indicator is to be replaced by indicator “c” in 2011‑12.
3.	Not for Profit Housing Providers are also responsible for the tenancy management of some public housing properties.
4.	Internal surveys will be undertaken for both public and community housing for 2011, with results to be finalised in May.  The results shown are the estimated results based upon the previous surveys.
5.	The average cost per dwelling is higher in 2010-11 as a result of higher demolition and property write-off costs associated with redevelopment of a number of public housing sites.
6.	Routine vacant properties excludes those “hard to let” properties, where “hard to let” properties are defined as those dwellings that have been refused by three or more applicants on the applicant list or are in complexes that have experienced low demand from applicants over the past twelve months.  This indicator is to be replaced by indicator “l” in 2011-12.
7.	Properties requiring significant maintenance or upgrading prior to becoming available for re-let, often have other issues that make allocation more difficult.  These issues may include co-ordination with insurance assessors if there has been an insurable event or occupational therapists if significant disability modifications are required.  Housing tenants with increasingly more complex needs may slow down turnaround time as the properties may increasingly require additional and more complex work to meet the specific needs of the tenants.  This indicator is to be replaced by indicator “l” in 2011-12.
8.	There is a continuing focus on reducing tenant arrears with the deployment of early intervention strategies to ensure that tenants engage with Housing ACT and support services to identify and address issues as early as possible, including debt.
9.	This indicator will be discontinued from 2011-12.  Whilst the indicator provides a snapshot of the average rental receipts per tenancy, there is already a measure of the level of housing assistance provided in indicator “d”.
10.	This measure reports the number of first visits for each client in any year.  This measure supports the direction of Housing ACT to provide outreach and support to prevent homelessness and enable the family to remain in their long term accommodation.

Changes to Appropriation
Changes to Appropriation - Controlled						
 	2010-11	2011-12	2012-13	2013-14	2014-15	
Government Payment for Outputs	Est.  Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2010-11 Budget	43,617	41,506	41,299	39,970	39,970	
						
2011-12 Budget Policy Adjustments						
Common Ground Feasibility Study	 - 	150	 - 	 - 	 - 	
Street to Home Program	 - 	120	125	129	134	
Savings Initiative	 - 	(385)	(474)	(478)	(482)	
						
2011-12 Budget Technical Adjustments						
Revised Indexation Parameters - Community Sector Funding	 - 	(37)	(39)	(40)	125	
Commonwealth Grant - Affordable Housing SPP	 - 	81	135	200	600	
Transfer - Domestic Violence Program from the Community Services Directorate	 - 	1,751	1,816	1,883	1,953	
						
2011-12 Budget	43,617	43,186	42,862	41,664	42,300	

Changes to Appropriation - Controlled						
 	2010-11	2011-12	2012-13	2013-14	2014-15	
Capital Injections	Est.  Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2010-11 Budget	31,024	12,169	8,500	7,000	7,000	
						
2011-12 Budget Policy Adjustments						
Expansion of Social Housing	 - 	9,446	 - 	 - 	 - 	
Expansion of Public Housing Energy Efficiency	 - 	2,000	2,000	2,000	2,000	
						
2011-12 Budget Technical Adjustments						
Rollover - CSTDA Supporting People with a Disability	(400)	400	 - 	 - 	 - 	
Rollover - Special Care Package for Extraordinary High Needs Clients	(150)	150	 - 	 - 	 - 	
						
2011-12 Budget	30,474	24,165	10,500	9,000	9,000	

2011‑12 Capital Works Program
 	Estimated	Estimated	2011‑12 	2012‑13 	2013‑14 	Physical 	
	Total	Expenditure	Financing	Financing	Financing	Completion 	
	Cost	Pre 2011‑12 				Date  	
 	$’000	$’000	$’000	$’000	$’000	 	
							
New Capital Works							
Expansion of Social Housing	9,446	-	9,446	- 	- 	Jun 2012	
Expansion of Public Housing Energy Efficiency1	8,000	-	2,000	2,000	2,000	Jun 2015	
							
Total New Works	17,446	-	11,446	2,000	2,000		
 	 	 	 	 	 	 	
Works in Progress							
Homelessness Initiative – A Place to Call Home 	2,500	1,000	1,000	500	-	Jun 2013	
National Partnership – Homelessness 
(A Place to Call Home)	5,000	3,000	1,000	1,000	-	Jun 2013	
							
Total Works in Progress	7,500	4,000	2,000	1,500	-		
							
Total Capital Works Program	24,946	4,000	13,446	3,500	2,000		
Note:
1.	An additional $2 million has been forecast for the 2014-15 financial year.

Housing ACT
Operating Statement
  2010-11			  2010-11	   2011-12		  2012-13	    2013-14	  2014-15		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		Income								
		Revenue								
43,617		Government Payment for Outputs	43,617	43,186	-1	42,862	41,664	42,300		
81,098		User Charges - Non ACT Government	80,747	83,854	4	86,648	88,824	90,603		
0		User Charges - ACT Government	128	131	2	135	139	143		
2,241		Interest	4,280	2,793	-35	2,951	3,003	3,057		
3,873		Other Revenue	9,102	6,905	-24	5,376	5,638	5,725		
130,829		Total Revenue	137,874	136,869	-1	137,972	139,268	141,828		
		Gains								
0		Other Gains	560	0	-100	0	0	0		
0		Total Gains	560	0	-100	0	0	0		
130,829		Total Income	138,434	136,869	-1	137,972	139,268	141,828		
		Expenses								
18,605		Employee Expenses	18,876	19,573	4	20,028	20,493	20,969		
2,751		Superannuation Expenses	2,802	3,007	7	3,067	3,130	3,195		
72,032		Supplies and Services	72,648	74,072	2	76,655	80,956	83,483		
14,717		Depreciation and Amortisation	13,735	15,137	10	15,951	16,743	17,556		
4,363		Borrowing Costs	4,363	4,152	-5	3,942	3,723	3,510		
43,988		Grants and Purchased Services	33,386	22,857	-32	33,870	25,360	24,155		
2,863		Other Expenses	4,438	4,003	-10	2,403	2,460	2,518		
82		Transfer Expenses	0	0	-	0	0	0		
159,401		Total Ordinary Expenses	150,248	142,801	-5	155,916	152,865	155,386		
0		Share of Operating Result from Joint Venture accounted for using the Equity Method	0	2,343	#	0	3,843	0		
-28,572		Operating Result	-11,814	-3,589	70	-17,944	-9,754	-13,558		
202,755		Inc/Dec in Asset Revaluation Reserve Surpluses	54,890	221,501	304	242,557	250,928	269,694		
202,755		Total Other Comprehensive Income	54,890	221,501	304	242,557	250,928	269,694		
174,183		Total Comprehensive Income	43,076	217,912	406	224,613	241,174	256,136		

Housing ACT
Balance Sheet
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/11			as at 30/6/11	as at 30/6/12	   Var	as at 30/6/13	as at 30/6/14	as at 30/6/15		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
34,467		Cash and Cash Equivalents	48,650	45,873	-6	30,312	29,732	26,175		
5,247		Receivables	5,516	5,492	..	5,579	5,684	5,789		
4,883		Assets Held for Sale	5,167	5,411	5	5,667	5,936	6,205		
160		Other	182	182	-	182	182	182		
44,757		Total Current Assets	59,515	56,958	-4	41,740	41,534	38,351		
		Non Current Assets								
4,335		Receivables	4,335	2,335	-46	2,335	500	500		
2,835		Investments	2,835	5,358	89	8,127	11,160	14,193		
4,461,740		Property, Plant and Equipment	4,337,546	4,579,076	6	4,822,452	5,067,639	5,328,936		
1,585		Intangibles	1,986	1,969	-1	1,645	1,268	891		
3,150		Capital Works in Progress	5,150	2,945	-43	2,740	2,535	2,330		
4,473,645		Total Non Current Assets	4,351,852	4,591,683	6	4,837,299	5,083,102	5,346,850		
4,518,402		TOTAL ASSETS	4,411,367	4,648,641	5	4,879,039	5,124,636	5,385,201		
		Current Liabilities								
3,982		Payables	5,367	5,367	-	5,367	5,367	5,367		
4,945		Interest Bearing Liabilities	4,945	4,863	-2	4,729	4,734	4,697		
199		Finance Leases	264	271	3	278	285	292		
5,295		Employee Benefits	5,835	5,949	2	6,068	6,190	6,324		
3,402		Other	3,441	3,441	-	3,441	3,441	3,441		
17,823		Total Current Liabilities	19,852	19,891	..	19,883	20,017	20,121		
		Non Current Liabilities								
86,478		Interest Bearing Liabilities	86,478	81,615	-6	76,887	72,154	67,457		
361		Finance Leases	277	279	1	281	283	285		
252		Employee Benefits	373	392	5	411	431	451		
87,091		Total Non Current Liabilities	87,128	82,286	-6	77,579	72,868	68,193		
104,914		TOTAL LIABILITIES	106,980	102,177	-4	97,462	92,885	88,314		
4,413,488		NET ASSETS	4,304,387	4,546,464	6	4,781,577	5,031,751	5,296,887		
		REPRESENTED BY FUNDS EMPLOYED								
1,106,596		Accumulated Funds	1,129,259	1,171,835	4	1,186,391	1,207,637	1,225,079		
3,306,892		Reserves	3,175,128	3,374,629	6	3,595,186	3,824,114	4,071,808		
4,413,488		TOTAL FUNDS EMPLOYED	4,304,387	4,546,464	6	4,781,577	5,031,751	5,296,887		

Housing ACT
Cash Flow Statement
  2010-11			  2010-11	   2011-12		  2012-13	    2013-14	  2014-15		
    Budget			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		CASH FLOWS FROM OPERATING ACTIVITIES								
		Receipts								
43,617		Cash from Government for Outputs	43,617	43,186	-1	42,862	41,664	42,300		
80,483		User Charges	80,260	83,344	4	86,091	88,270	89,995		
2,241		Interest Received	4,280	2,793	-35	2,951	3,003	3,057		
4,456		Other Revenue	7,456	4,694	-37	4,699	4,743	4,837		
130,797		Operating Receipts	135,613	134,017	-1	136,603	137,680	140,189		
		Payments								
18,473		Related to Employees	18,744	19,440	4	19,890	20,351	20,815		
2,751		Related to Superannuation	2,802	3,007	7	3,067	3,130	3,195		
73,564		Related to Supplies and Services	73,338	74,465	2	76,569	80,894	83,402		
4,363		Borrowing Costs	4,363	4,152	-5	3,942	3,723	3,510		
21,872		Grants and Purchased Services	21,552	22,857	6	23,588	25,360	24,155		
2,612		Other	2,612	2,781	6	2,783	2,783	2,790		
82		Territory Receipts to Government	0	0	-	0	0	0		
123,717		Operating Payments	123,411	126,702	3	129,839	136,241	137,867		
7,080		NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES	12,202	7,315	-40	6,764	1,439	2,322		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Receipts								
31,978		Proceeds from Sale of Property, Plant & Equipment	40,973	44,189	8	33,863	39,725	35,882		
31,978		Investing Receipts	40,973	44,189	8	33,863	39,725	35,882		
		Payments								
85,955		Purchase of Property, Plant and Equipment and Capital Works	114,631	73,371	-36	61,696	45,886	45,897		
85,955		Investing Payments	114,631	73,371	-36	61,696	45,886	45,897		
-53,977		NET CASH INFLOW/ (OUTFLOW) FROM INVESTING ACTIVITIES	-73,658	-29,182	60	-27,833	-6,161	-10,015		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Receipts								
31,024		Capital Injection from Government	30,474	24,165	-21	10,500	9,000	9,000		
60		Borrowings Received	60	60	-	60	60	60		
31,084		Financing Receipts	30,534	24,225	-21	10,560	9,060	9,060		
		Payments								
4,894		Repayment of Borrowings	4,894	5,005	2	4,922	4,788	4,794		
95		Repayment of Finance Lease	95	130	37	130	130	130		
4,989		Financing Payments	4,989	5,135	3	5,052	4,918	4,924		
26,095		NET CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES	25,545	19,090	-25	5,508	4,142	4,136		
-20,802		NET INCREASE/ (DECREASE) IN CASH HELD	-35,911	-2,777	92	-15,561	-580	-3,557		
55,269		CASH AT BEGINNING OF REPORTING PERIOD	84,561	48,650	-42	45,873	30,312	29,732		
34,467		CASH AT THE END OF THE REPORTING PERIOD	48,650	45,873	-6	30,312	29,732	26,175		

Statement of Changes in Equity
Housing ACT
    Budget			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/11			as at 30/6/11	as at 30/6/12	   Var	as at 30/6/13	as at 30/6/14	as at 30/6/15		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Opening Equity								
1,082,144		Opening Accumulated Funds	1,088,599	1,129,259	4	1,171,835	1,186,391	1,207,637		
3,126,137		Opening Asset Revaluation Reserve	3,142,238	3,175,128	1	3,374,629	3,595,186	3,824,114		
4,208,281		Balance at the Start of the Reporting Period	4,230,837	4,304,387	2	4,546,464	4,781,577	5,031,751		
		Comprehensive Income								
-28,572		Operating Result for the Period	-11,814	-3,589	70	-17,944	-9,754	-13,558		
202,755		Increase/(Decrease) in Asset Revaluation Reserve Surpluses	54,890	221,501	304	242,557	250,928	269,694		
174,183		Total Comprehensive Income	43,076	217,912	406	224,613	241,174	256,136		
22,000		Transfer to/from Accumulated Funds	22,000	22,000	-	22,000	22,000	22,000		
-22,000		Movement in Asset Revaluation Reserves	-22,000	-22,000	-	-22,000	-22,000	-22,000		
0		Total Movement In Reserves	0	0	-	0	0	0		
		Transactions Involving Owners Affecting Accumulated Funds								
31,024		Capital Injections	30,474	24,165	-21	10,500	9,000	9,000		
31,024		Total Transactions Involving Owners Affecting Accumulated Funds	30,474	24,165	-21	10,500	9,000	9,000		
		Closing Equity								
1,106,596		Closing Accumulated Funds	1,129,259	1,171,835	4	1,186,391	1,207,637	1,225,079		
3,306,892		Closing Asset Revaluation Reserve	3,175,128	3,374,629	6	3,595,186	3,824,114	4,071,808		
4,413,488		Balance at the End of the Reporting Period	4,304,387	4,546,464	6	4,781,577	5,031,751	5,296,887		
Notes to the Budget Statements
Significant variations are as follows:
Operating Statement
•	government payment for outputs:  the decrease of $0.431 million in the 2011-12 Budget from the 2010‑11 estimated outcome is due to the decrease in the Commonwealth funding under the National Affordable Housing Agreement ($1.019 million), the 2010‑11 efficiency dividend ($1.090 million) and the savings initiative ($0.385 million), partly offset by the transfer of the Domestic Violence Program from the Community Services Directorate (CSD) ($1.751 million), indexation ($0.044 million) and new initiatives ($0.270 million).
•	user charges – non ACT Government:
–	the decrease of $0.351 million in the 2010-11 estimated outcome from the original budget is due to the extension of the temporary exemption of the $30 per week Commonwealth pension increase from the rental rebate assessment; and
–	the increase of $3.107 million in the 2011-12 Budget from the 2010‑11 estimated outcome is due to the combined effect of the increase in market rents, indexation of tenant pensions and additional rental receipts from new properties ($3.575 million), partly offset by the rent revenue foregone due to the extension of the pension exemption for assessing rebates until October 2011 ($0.468 million).
•	user charges – ACT Government:  the increase of $0.128 million in the 2010‑11 estimated outcome from the original budget is due to rental payment from ACT Health for use of facilities at the Ainslie Village.  
•	interest:
–	the increase of $2.039 million in the 2010-11 estimated outcome from the original budget is due to larger amounts held in interest earning accounts required to cash manage the capital program, including the construction of projects under the Nation Building and Jobs Plan Stimulus Package and higher interest rates; and
–	the decrease of $1.487 million in the 2011-12 Budget from the 2010-11 estimated outcome is due to surplus cash returning to normal levels, as the Nation Building and Jobs Plan projects are completed.
•	other revenue:
–	the increase of $5.229 million in the 2010-11 estimated outcome from the original budget is due to a one-off refund of input tax credits from the Australian Tax Office as a result of a favourable Private Binding Ruling ($2.3 million), higher than budgeted gains from sale of properties ($2.229 million), and payment from the ACT Department of Environment, Climate Change, Energy and Water (DECCEW) for implementation of various energy and water efficiency initiatives benefiting public housing tenants and community groups ($0.7 million); and
–	the decrease of $2.197 million in the 2011-12 Budget from the 2010-11 estimated outcome is due to the cessation of one-off payments from the Australian Tax Office ($2.3 million) and DECCEW ($0.7 million), partially offset by higher gains from sales ($0.545 million), higher gains from equity holding of properties sold under the Shared Equity Scheme ($0.120 million), higher tenant responsible maintenance charges ($0.079) from public housing tenants and higher site fees ($0.059 million) at the Narrabundah Caravan Park.
•	other gains:
–	the increase of $0.560 million in the 2010-11 estimated outcome from the original budget is due to the return of a property from a community housing provider; and  
–	the decrease of $0.560 million in the 2011-12 Budget from the 2010‑11 estimated outcome is due to the one-off asset transfer that occurred in 2010-11.
•	employee and superannuation expenses:
–	the increase of $0.322 million in the 2010-11 estimated outcome from the original budget is mainly due to unusually long wet weather period requiring higher staff level for a longer period to finalise projects under the Nation Building and Jobs Plan project; and
–	the increase of $0.902 million in the 2011-12 Budget from the 2010‑11 estimated outcome is due to an increase in staffing numbers required to implement new initiatives and revised wage parameters ($1.224 million), partly offset by the whole of government savings initiative ($0.322 million).  
•	supplies and services:
–	the increase of $0.616 million in the 2010-11 estimated outcome from the original budget is due to additional expenditure on energy efficiency initiatives funded by DECCEW ($0.7 million), partly offset by savings in operations ($0.084 million); and
–	the increase of $1.424 million in the 2011-12 Budget from the 2010‑11 estimated outcome is due to the increased costs associated with an expanded property portfolio and general indexation ($2.579 million), partly offset by the 2010-11 efficiency dividend and the savings initiative ($1.155 million).
•	depreciation and amortisation:
–	the decrease of $0.982 million in the 2010-11 estimated outcome from the original budget is mainly due to lower than anticipated increase in building value following the revaluation of properties in 2010 and delay in the delivery of projects under the Nation Building and Jobs Plan Stimulus Package due to wet weather; and
–	the increase of $1.402 million in the 2011-12 Budget from the 2010‑11 estimated outcome is due to the expected increase in property values from revaluation in 2011 and higher depreciation expense from the additional properties delivered under the Nation Building and Jobs Plan Stimulus Package.
•	borrowing costs:  the decrease of $0.211 million in the 2011-12 Budget from the 2010‑11 estimated outcome is largely due to reduced interest payments as overall debt levels decline in line with the loan repayment schedules.
•	grants and purchased services:  
–	the decrease of $10.602 million in the 2010-11 estimated outcome from the original budget is mainly due to some of the properties earlier identified for transfer to the community housing sector under the Nation Building and Jobs Plan Stimulus Package will now be head leased for up to 18 months prior to transfer; and
–	the decrease of $10.529 million in the 2011-12 Budget from the 2010‑11 estimated outcome is due to the transfer of properties to the community housing sector in 2010‑11, cessation of funding of the upgrade of the Early Morning Centre ($0.750 million) and the reduction in Homelessness funding under the National Affordable Housing Agreement ($1.048 million), partly offset by expansion of the Street Home Program ($0.120 million) and the transfer of the Domestic Violence Program from the CSD ($1.751 million).
•	 other and transfer expenses:
–	the increase of $1.493 million in the 2010-11 estimated outcome from the original budget is due to higher demolition and write‑off costs of properties, which enabled redevelopments to occur under the Nation Building and Jobs Plan Stimulus Package.  These were partly offset by the cessation of remittances to the Territory Banking Account following the change of arrangements at the Narrabundah Long Stay Caravan Park ($0.082 million); and,
–	the decrease of $0.435 million in the 2011-12 Budget from the 2010-11 estimated outcome is largely due to demolition and property write-off costs returning to average levels post Nation Building and Jobs Plan Stimulus Package.
•	share of operating result from joint venture:  the increase of $2.343 million in the 2011‑12 Budget from the 2010-11 estimated outcome is due to the receipt of profits from the units sold in the Lyons Estate Redevelopment Joint Venture.
Balance Sheet
•	cash and cash equivalents:
–	the increase of $14.183 million in the 2010-11 estimated outcome from the original budget is due to higher revenues and proceeds from sales; and
–	the decrease of $2.777 million in the 2011-12 Budget from the 2010‑11 estimated outcome is due to funding some of the construction projects out of surplus funds.
•	current receivables:  the increase of $0.269 million in the 2010-11 estimated outcome from the original budget is due to rental arrears as a result of higher rental income and a slight decrease in the collection rate.
•	assets held for sale:
–	the increase of $0.284 million in the 2010-11 estimated outcome from the original budget is due to the increase in value of properties identified for sale; and
–	the increase of $0.244 million in the 2011-12 Budget from the 2010‑11 estimated outcome is due to an increase in value of properties in general.
•	non current assets:
–	the decrease of $121.793 million in the 2010-11 estimated outcome from the original budget is largely due to the value of properties not increasing to the anticipated level after revaluation of the property portfolio in 2010, partly offset by properties delivered under the Nation Building and Jobs Plan Stimulus Package; and
–	the increase of $239.831 million in the 2011-12 Budget from the 2010‑11 estimated outcome is largely due to the expected increase in value of properties following revaluation of the property portfolio in 2011 and further increase to property numbers through the delivery of remaining projects under the Nation Building and Jobs Plan Stimulus Package and other construction projects.
•	 total liabilities:
–	the increase of $2.066 million in the 2010-11 estimated outcome from the original budget is mainly due to a increase in payables, lease liabilities, employee benefits; and
–	the decrease of $4.803 million in the 2011-12 Budget from the 2010‑11 estimated outcome is mainly due to the reduction in borrowings with the Commonwealth in accordance with the loan repayment schedule ($4.945 million), partly offset by the increase in lease liabilities ($0.009 million) and employee benefits ($0.133 million).
Statement of Cash Flows
Variances in the statement are explained in the notes above.
Statement of Changes in Equity
Variances in the statement are explained in the notes above.