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Legislative Assembly for the ACT: 2003 Week 9 Hansard (28 August) . . Page.. 3408 ..
(21) What are the reasons for the variance of $0.396 million in the outcome for the Stadiums Authority
Mr Quinlan
: The answer to the member's question is as follows:Mr Smyth, before I address these questions on notice I would like to remind you that the Management Report for the June Quarter 2003 was based on June Interim financial information. As a result some of the variances to be explained may change during the audit process.
I would also like to inform you that there was an error in the June Interim report in relation to Attachment F. This error was caused as extraordinary revenues and expenses were not included in the totals. This mistake was isolated to Attachment F, and not the actual financial statements. I will arrange for a revised copy of the report to be provided to your office.
(1) The decrease of $0.505m in the outcome for ACT Community Care is due largely to an increase in employee related expenses.
(2) The increase of $0.260m in expenses for ACT Workcover is driven largely by the Canberra Airport hanger collapse and increased activity under the Dangerous Goods Act 1975.
(3) The increase of $0.297m in revenue for the Agents Board is due largely to increased revenue from agents trust accounts resulting from continued improvements in the investment and real estate markets and interest received from CFU.
The decrease of $0.144m in expenses is due an amended billing method related to the provision of staff resources by the Office of Fair Trading.
(4) The increase of $0.305m in the operating result for the Australian International Hotel School is due largely to a decrease in development activities.
(5) The increase of $0.297m in revenue for the Canberra Cemeteries Trust is due to an increase in mausoleum vault reservations.
The decrease of $0.062m in expenses results from conservative budgeting regarding supplies and services expenditure.
(6) The increase of $6.397m in expenses for the Canberra Institute of Technology identified in the June Quarterly Management Report is incorrect. Revised Attachment F tables are attached to illustrate the correct variance.
The increase of $1.386m in expenses for the Canberra Institute of Technology is due to some large payments made late in the year in relation to the ANTA national project, and expenses relating to capital funded projects such as the CIT Virtual Campus unable to be capitalised.
(7) The decrease of $3.785m in the operating result for the Central Finance Unit is driven by higher than expected interest payments to agencies of $77m compared to the 2002ï·03 estimated outcome of $73m.
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