EXHIBITION PARK CORPORATION
Objectives
The Corporation was established under the Exhibition Park Corporation Act 1976.  The major goals of the Corporation 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 optimising revenue and continuously improving operational efficiency.
Additionally, the Corporation endeavours to ensure:
•	operational self-sufficiency through increasing revenue from events and other activities and expanding the client base;
•	that the highest standard of service is provided to all clients and patrons while minimising costs; and
•	that all buildings and grounds are maintained to a standard commensurate with a high profile facility located in the National Capital.
2010‑11 Priorities
Strategic and operational issues to be pursued in 2010‑11 include:
•	expanding the 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;
•	finalising arrangements for a long‑term lease over the service station site;
•	identifying and implementing investment opportunities at EPIC;
•	developing a master plan for EPIC in conjunction with major stakeholders;
•	constructing a plant to process non‑potable water for irrigation of the venue;
•	undertaking capital works to upgrade existing facilities - including new window treatments to the Budawang Pavilion; upgrading of on-site signage; improvements to the Terrace Restaurant Entry and entrance way; and 
•	optimising the revenue streams from the camping and caravan facility.
Estimated Employment Level
2008‑09
Actual Outcome		2009-10
Budget
	2009-10
Est. Outcome	2010-11
Budget
	
10	Staffing (FTE) 1 	0	10	10	
Note:
1.	The 2009‑10 Budget reflected the movement of staff to TAMS in anticipation of the Corporation being subsumed into that Department.
Changes to Appropriation
Changes to Appropriation - Departmental						
 	2009-10	2010-11	2011-12	2012-13	2013-14	
Government Payment for Outputs	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2009-10 Budget	  0	  0	  0	  0	  0	
						
2010-11 Budget Policy Adjustment						
Revised Wage Parameters	- 	12 	22 	23 	23 	
						
2010-11 Budget Technical Adjustments						
Re-instatement of Direct Appropriation - CSO Payments	- 	358 	367 	377 	386 	
Revised Indexation Parameters - CSO Payments	- 	- 	- 	- 	1 	
						
2010-11 Budget	  0	  370	  389	  400	  410	

Changes to Appropriation - Departmental						
 	2009-10	2010-11	2011-12	2012-13	2013-14	
Capital Injections	Est. Out.	Budget	Estimate	Estimate	Estimate	
 	$'000	$'000	$'000	$'000	$'000	
						
2009-10 Budget	 - 	 - 	 - 	 - 	 - 	
						
2010-11 Budget Technical Adjustments						
Re-instatement of Direct Appropriation - Capital Upgrades Program	- 	500 	513 	526 	526 	
Revised Indexation Parameters - Capital Upgrades Program	- 	- 	- 	- 	13 	
Rollover - Plant to Process Effluent Waste Water for Irrigation	- 	2,500 	- 	- 	- 	
Rollover - Installation of Electronic Billboard	- 	60 	- 	- 	- 	
						
2010-11 Budget	 - 	3,060	513	526	539	

2010-11 Capital Works Program 
 	Estimated	Estimated	2010‑11	2011‑12	2012‑13	Physical 	
	Total	Expenditure	Financing	Financing	Financing	Completion 	
	Cost	Pre 2010‑11				Date  	
 	$’000	$’000	$’000	$’000	$’000	 	
							
Capital Upgrades							
Buildings, Roads, Grounds and Car Parks	500	-	500				
							
Total Capital Upgrades	500	-	500				
							
Total New Works	500	-	500				
							
Works in Progress							
Plant to Process Effluent Water for Irrigation	2,500	-	2,500	-	-	Jun 2011	
Installation of Electronic Billboard 
(Prior Year Capital Upgrades)	60	-	60	-	-	Jun 2011	
							
Total Works in Progress	2,560	-	2,560	-	-		
 							
 Total Capital Works Program	3,060	-	3,060	-	-		

Exhibition Park Corporation
Operating Statement
  2009-10			  2009-10	   2010-11		  2011-12	    2012-13	  2013-14		
    Budget1			Est.Outcome	   Budget	     Var	  Estimate	    Estimate	  Estimate		
    $'000			    $'000	   $'000	      %	    $'000	     $'000	   $'000		
		Income								
		Revenue								
0		Government Payment for Outputs	0	370	#	389	400	410		
0		User Charges - Non ACT Government	1,921	1,591	-17	1,875	1,924	2,055		
0		User Charges - ACT Government	350	0	-100	0	0	0		
0		Interest	162	74	-54	51	33	14		
0		Other Revenue	175	0	-100	0	0	0		
0		Total Revenue	2,608	2,035	-22	2,315	2,357	2,479		
		Gains								
0		Total Gains	0	0	-	0	0	0		
0		Total Income	2,608	2,035	-22	2,315	2,357	2,479		
		Expenses								
0		Employee Expenses	829	826	..	853	885	918		
0		Superannuation Expenses	121	137	13	141	147	153		
0		Supplies and Services	1,863	1,727	-7	1,707	1,758	1,852		
0		Depreciation and Amortisation	593	630	6	696	706	716		
0		Borrowing Costs	1	1	-	1	1	1		
0		Other Expenses	1,550	0	-100	0	0	0		
0		Total Ordinary Expenses	4,957	3,321	-33	3,398	3,497	3,640		
0		Operating Result	-2,349	-1,286	45	-1,083	-1,140	-1,161		
0		Total Comprehensive Income	-2,349	-1,286	45	-1,083	-1,140	-1,161		
Note:
1.	The 2009‑10 Budget assumed that the Corporation would be subsumed into the Department of Territory and Municipal Services during 2009-10.

Exhibition Park Corporation
Balance Sheet
    Budget1			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/10			as at 30/6/10	as at 30/6/11	   Var	as at 30/6/12	as at 30/6/13	as at 30/6/14		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Current Assets								
0		Cash and Cash Equivalents	2,211	1,543	-30	1,146	710	255		
0		Receivables	63	61	-3	59	57	55		
0		Other	39	39	-	39	39	39		
0		Total Current Assets	2,313	1,643	-29	1,244	806	349		
		Non Current Assets								
0		Property, Plant and Equipment	24,128	27,157	13	26,974	26,806	26,629		
0		Investment Property	2,500	2,500	-	2,500	2,500	2,500		
0		Capital Works in Progress	587	0	-100	0	0	0		
0		Total Non Current Assets	27,215	29,657	9	29,474	29,306	29,129		
0		TOTAL ASSETS	29,528	31,300	6	30,718	30,112	29,478		
		Current Liabilities								
0		Payables	127	127	-	127	127	127		
0		Finance Leases	22	12	-45	12	12	12		
0		Employee Benefits	296	296	-	296	296	296		
0		Other	56	56	-	56	56	56		
0		Total Current Liabilities	501	491	-2	491	491	491		
		Non Current Liabilities								
0		Finance Leases	0	10	#	0	10	0		
0		Employee Benefits	12	12	-	12	12	12		
0		Other	11	9	-18	7	5	3		
0		Total Non Current Liabilities	23	31	35	19	27	15		
0		TOTAL LIABILITIES	524	522	..	510	518	506		
0		NET ASSETS	29,004	30,778	6	30,208	29,594	28,972		
		REPRESENTED BY FUNDS EMPLOYED								
0		Accumulated Funds	19,908	21,682	9	21,112	20,498	19,876		
0		Reserves	9,096	9,096	-	9,096	9,096	9,096		
0		TOTAL FUNDS EMPLOYED	29,004	30,778	6	30,208	29,594	28,972		
Note:
1.	The 2009‑10 Budget assumed that the Corporation would be subsumed into the Department of Territory and Municipal Services during 2009-10.

Exhibition Park Corporation
Cash Flow Statement
  2009-10			  2009-10	   2010-11		  2011-12	    2012-13	  2013-14		
    Budget1			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	370	#	389	400	410		
0		User Charges	2,271	1,591	-30	1,875	1,924	2,055		
0		Interest Received	341	74	-78	51	33	14		
0		Other Revenue	697	400	-43	400	400	400		
0		Operating Receipts	3,309	2,435	-26	2,715	2,757	2,879		
		Payments								
0		Related to Employees	829	826	..	853	885	918		
0		Related to Superannuation	121	137	13	141	147	153		
0		Related to Supplies and Services	1,851	1,727	-7	1,707	1,758	1,852		
0		Borrowing Costs	1	1	-	1	1	1		
0		Other	700	400	-43	400	400	400		
0		Operating Payments	3,502	3,091	-12	3,102	3,191	3,324		
0		NET CASH INFLOW/ (OUTFLOW) FROM OPERATING ACTIVITIES	-193	-656	-240	-387	-434	-445		
		CASH FLOWS FROM INVESTING ACTIVITIES								
		Receipts								
0		Proceeds from Sale of Property, Plant & Equipment	10	18	80	0	18	0		
0		Investing Receipts	10	18	80	0	18	0		
		Payments								
0		Purchase of Property, Plant and Equipment and Capital Works	1,000	3,060	206	513	526	539		
0		Investing Payments	1,000	3,060	206	513	526	539		
0		NET CASH INFLOW/ (OUTFLOW) FROM INVESTING ACTIVITIES	-990	-3,042	-207	-513	-508	-539		
		CASH FLOWS FROM FINANCING ACTIVITIES								
		Receipts								
0		Capital Injection from Government	428	3,060	615	513	526	539		
0		Borrowings Received	180	180	-	180	180	180		
0		Financing Receipts	608	3,240	433	693	706	719		
		Payments								
0		Repayment of Borrowings	180	180	-	180	180	180		
0		Repayment of Finance Lease	15	30	100	10	20	10		
2,747		Payments of Transferred Cash Balances	0	0	-	0	0	0		
2,747		Financing Payments	195	210	8	190	200	190		
-2,747		NET CASH INFLOW/ (OUTFLOW) FROM FINANCING ACTIVITIES	413	3,030	634	503	506	529		
-2,747		NET INCREASE/ (DECREASE) IN CASH HELD	-770	-668	13	-397	-436	-455		
2,747		CASH AT BEGINNING OF REPORTING PERIOD	2,981	2,211	-26	1,543	1,146	710		
0		CASH AT THE END OF THE REPORTING PERIOD	2,211	1,543	-30	1,146	710	255		
Note:
1.	The 2009‑10 Budget assumed that the Corporation would be subsumed into the Department of Territory and Municipal Services during 2009-10.

Exhibition Park Corporation
Statement of Changes in Equity
    Budget1			Est.Outcome	    Planned		   Planned	   Planned	   Planned		
as at 30/6/10			as at 30/6/10	as at 30/6/11	   Var	as at 30/6/12	as at 30/6/13	as at 30/6/14		
   $'000			   $'000	     $'000	    %	    $'000	    $'000	    $'000		
		Opening Equity								
21,966		Opening Accumulated Funds	21,829	19,908	-9	21,682	21,112	20,498		
9,096		Opening Asset Revaluation Reserve	9,096	9,096	-	9,096	9,096	9,096		
31,062		Balance at the Start of the Reporting Period	30,925	29,004	-6	30,778	30,208	29,594		
		Comprehensive Income								
0		Operating Result for the Period	-2,349	-1,286	-45	-1,083	-1,140	-1,161		
0		Total Comprehensive Income	-2,349	-1,286	-45	-1,083	-1,140	-1,161		
9,096		Transfer to/from Accumulated Funds	0	0	-	0	0	0		
-9,096		Movement in Asset Revaluation Reserves	0	0	-	0	0	0		
0		Total Movement in Reserves	0	0	-	0	0	0		
		Transactions Involving Owners Affecting Accumulated Funds								
0		Capital Injections	428	3,060	615	513	526	539		
-31,062		Increase/(Decrease) in Net Assets due to Admin Restructure	0	0	-	0	0	0		
-31,062		Total Transactions Involving Owners Affecting Accumulated Funds	428	3,060	615	513	526	539		
		Closing Equity								
0		Closing Accumulated Funds	19,908	21,682	9	21,112	20,498	19,876		
0		Closing Asset Revaluation Reserve	9,096	9,096	-	9,096	9,096	9,096		
0		Balance at the End of the Reporting Period	29,004	30,778	6	30,208	29,594	28,972		
Note:
1.	The 2009‑10 Budget assumed that the Corporation would be subsumed into the Department of Territory and Municipal Services during 2009-10.
Notes to the Budget Statements
At the time that the 2009‑10 Budget was prepared it was expected that EPC would be subsumed within the Department of Territory and Municipal Services from 1 July 2009.  The Government subsequently retained EPC as a stand-alone Statutory Authority with its own budget.  However, as EPC was not identified in the 2009‑10 Appropriation Bill No. 1, a budget was not published for 2009‑10.
Significant variations between the 2009‑10 estimated outcome and the 2010‑11 Budget are as follows:
Operating Statement
•	government payment for outputs:  the increase of $0.370 million in the 2010‑11 Budget from the 2009‑10 estimated outcome reflects the direct appropriation to EPC as a Statutory Authority.
•	user charges - non ACT Government:  the decrease of $0.330 million in the 2010‑11 Budget from the 2009‑10 estimated outcome relates to reduced rental proceeds due to the expiry of a lease and lower catering commissions.
•	interest revenue:  the decrease of $0.088 million in the 2010‑11 Budget from the 2009‑10 estimated outcome relates to lower average cash holdings throughout the year.
•	other revenues:  the decrease of $0.175 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due to the one‑off reimbursement of demolition costs in 2009-10.
•	supplies and services:  the decrease of $0.136 million in the 2010‑11 Budget from the 2009‑10 estimated outcome reflects a return to normal expenditure levels following costs incurred in 2009‑10 mainly for lease and site preparation related to the service station site.
•	other expenses:  the decrease of $1.550 million in the 2010‑11 Budget from the 2009‑10 estimated outcome relates to the write-off of an investment as a result of the demolition of the service station building ($1.250 million) and also the one-off costs incurred in the demolition and remediation works ($0.3 million).
Balance Sheet
•	cash and cash equivalents:  the decrease of $0.668 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is due mainly to cash outflows from operating activities.
•	property, plant and equipment:  the increase of $3.029 million in the 2010‑11 Budget from the 2009‑10 estimated outcome reflects the timing of the plant to process effluent waste water for irrigation, as well as other planned capital upgrade works.
•	capital works in progress:  the decrease of $0.587 million in the 2010‑11 Budget from the 2009‑10 estimated outcome is largely due to delays in the plant to process effluent waste water for irrigation.
Cash Flow Statement
•	capital injection from government:  the increase of $2.632 million in the 2010‑11 Budget from the 2009‑10 estimated outcome relates to the rollover of the funds to implement the plant to process effluent waste water for irrigation and the annual capital upgrades program.
Statement of Changes in Equity
Variances in the statement are explained in the notes above.