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C. FINANCIAL MANAGEMENT REPORTING

 

C.1 FINANCIAL MANAGEMENT ANALYSIS  1

C.2 FINANCIAL STATEMENTS  1

C.3 CAPITAL WORKS  1

C.4 ASSET MANAGEMENT  2

C.5 GOVERNMENT CONTRACTING   3

C.6 STATEMENT OF PERFORMANCE  3

 


C.1 FINANCIAL MANAGEMENT ANALYSIS

 

A full analysis of the CFC’s 2015-16 financial results and financial position is set out in the Management Discussion and Analysis.

 

C.2 FINANCIAL STATEMENTS


The CFC’s 2015-16 Financial Statements are set out in Attachment 1.


C.3 CAPITAL WORKS

 

2015-16 CAPITAL WORKS TABLE

 

Project

Estimated completion date

Actual completion date

Original project value

$

Revised project value

$

Prior year expenditure

 

$

Current year expenditure

 

$

Total expenditure to date

$

New Capital Works

 

 

 

 

 

 

 

Canberra Theatre Centre Upgrade works  - Stage 3

 

June 2018

 

-

 

4,109,000

 

4,109,000

 

-

 

1,931,000

 

1,931,000

Lanyon Heritage Precinct – Stormwater systems upgrade

 

 

June 2016

 

June 2016

 

99,000

 

99,000

 

-

 

99,000

 

99,000

 

 

 

 

 

 

 

 

Capital Upgrades

 

 

 

 

 

 

 

ACT Museums and Galleries

June 2016

June 2016

278,000

268,000

-

268,000

268,000

Canberra Theatre Centre

June 2016

June 2016

60,000

60,000

-

60,000

60,000

CFC Corporate

June 2016

June 2016

40,000

50,000

-

50,000

50,000

 

 

 

 

 

 

 

 

Total New Capital Works

 

 

4,586,000

4,586,000

-

2,408,000

2,408,000

 

 

 

 

 

 

 

 

Works in Progress

 

 

 

 

 

 

 

Canberra Theatre Centre Upgrade works  - Stage 2

June 2016

June 2016

1,850,000

1,850,000

1,050,000

800,000

1,850,000

 

 

 

 

 

 

 

 

Total Works in Progress

 

 

1,850,000

1,850,000

1,050,000

800,000

1,850,000

 

 

 

 

 

 

 

 

Total Capital Works Program

 

 

6,436,000

6,436,000

1,050,000

3,208,000

4,258,000

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2015-16 CAPITAL WORKS RECONCILIATION

 

2015-16 Approved

Financing

$

2015-16 Drawdown

Amount

$

2015-16 Actual Expenditure

$

New Capital Works

 

 

 

Canberra Theatre Centre Upgrade works  - Stage 3

1,931,000

1,931,000

2,051,421

Lanyon Heritage Precinct – Stormwater systems upgrade

99,000

99,000

99,000

 

 

 

 

Capital Upgrades

 

 

 

ACT Museums and Galleries

278,000

268,000

268,000

Canberra Theatre Centre

60,000

60,000

60,000

Corporate

40,000

50,000

50,000

 

 

 

 

Works in Progress

 

 

 

Canberra Theatre Centre Upgrade works  - Stage 2

800,000

800,000

800,000

 

 

 

 

Total Capital Works Program

3,208,000

3,208,000

3,328,421

 

 

 

 

Works Funded From Other Sources

 

 

 

Adjusted for Capital funded through Own Sourced Revenue

-

-

115,488

 

 

 

 

Balances per Capital Works Management

3,209,000

3,209,000

3,443,909

Adjusted for Capital injection for supplementation for the 27th Pay

-

169,000

-

 

 

 

 

Balances per cash flow statements

-

3,377,000

3,443,909

 

For further information contact : CFO, CFC Corporate Finance (02) 6205 2195

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C.4 ASSET MANAGEMENT

C.4.1    Assets Managed

The CFC managed assets with a total value of $59,381,785 as at 30 June 2016.  The CFC’s major assets and approximate values are :

 

Description

$

Canberra Theatre Centre, and extensions at fair value

28,026,290

Land at fair value

14,811,579

Historic Places and former Nolan Gallery building at fair value

5,421,011

Plant and Equipment at fair value

6,265,617

Art and Social History Collection

4,254,754

Capital Works in Progress

602,534

 

During 2015-16 the following major assets were added to the CFC’s asset register :

 

Description

$

Canberra Theatre Centre Upgrade works including lighting, security cameras, HVAC, fire panels, air locks, signage, and bar upgrades 

 

 

2,353,375

Canberra Theatre Centre seating works in progress

602,534

Lanyon stormwater system upgrade

128,669

Art and Social History objects

80,782

Canberra Museum and Gallery exhibition displays, furniture, gallery walls and video production

 

69,623

Historic Places audio guides, pumps, air conditioning and security

 

62,721

Asbestos remediation and upgrades to Lanyon and Mugga Mugga Cottages

 

42,816

Corporate Finance office fit out

41,657

 

During 2015-16 the following major assets were removed from the CFC’s asset register :

 

Description

$

Canberra Theatre Centre obsolete lighting assets

10,051

Canberra Theatre Centre refrigerated display cabinet

3,901

Canberra Museum and Gallery obsolete audio visual assets

382

Intangible software and website assets

-

 

C.4.2    Assets Maintenance and Upgrade

The CFC maintains its assets in accordance with the CFC’s Asset Management Plan.

 

Major asset upgrades (including works funded and reported through the capital works program) completed during 2015-16 were :

 

Description

$

Canberra Theatre Centre lighting upgrade

800,000

Canberra Theatre Centre security system upgrade

629,596

Canberra Theatre Centre seating works in progress

602,534

Canberra Theatre Centre bar upgrades

497,824

Lanyon stormwater system upgrade

128,669

Historic Places upgrades and improvements

82,311

Canberra Theatre Centre building management system

57,325

 

For building assets, the expenditure on repairs and maintenance was $377,094 which represented 1% of the assets written down value.  For Plant and Equipment assets, the expenditure on repairs and maintenance was $157,093 which represented 3% of the assets written down value.

 

A three year rolling independent valuation of the CFC’s assets has been implemented to ensure all items are reflected at fair value in the CFC’s asset register and any impairment is identified.

C.4.3    Office Accommodation

CFC staff members occupy or use premises at the Canberra Theatre Centre, CMAG, Lanyon, Calthorpes’ House, Mugga-Mugga and North Building administration area locations.

 

In view of the wide range of workplaces in which CFC staff work (including historic places, theatre and gallery environments, where areas used by staff as offices may be combined with other uses such as ticketing, patron servicing etc.), it is difficult to provide a precise figure of the average area occupied by each employee.  An estimate of the total office area occupied as at 30 June 2016 is 1,147 square metres and an estimate of the average area occupied by each (FTE) employee as at 30 June 2016 is 13 square metres.

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C.5 GOVERNMENT CONTRACTING

 

C.5.1    Procurement Principles and Processes

 

The CFC engaged external sources of goods, services and works during 2015-16 and these goods, services and works were procured with the support and assistance of ACT Procurement and Capital Works as required.

 

The CFC believes that its procurement selection and management processes comply with the Government Procurement Act 2001 and Government Procurement Regulation 2007.  It liaises regularly with ACT Procurement and Capital Works on procurement matters including through the involvement of officers of ACT Procurement and Capital Works in the more complex or higher value procurement processes.

 

C.5.2    External Sources of Goods, Services and Works

 

Contracts entered into in 2015-16 with a value exceeding $25,000

Contract Title

Procurement Methodology

Procurement Type

Contractor Name

Contract Amount

Execution Date

Expiry Date

 

 

China in the World Partnership

 

 

Single Select

 

 

Services

IAS Fine Art Logistics Pty Limited T/A International Art Services (IAS)

 

 

$27,694

 

 

July 2015

 

September 2015

Supply of Replacement Theatre Lighting - Package 4

 

Public

 

Goods

Barbizon Australia Pty Limited

 

$110,000

 

August 2015

 

August 2016

Canberra Theatre Centre Playhouse Lighting Upgrade - Dimmers

 

 

Public

 

 

Works

 

Sound Advice Australia Pty Limited

 

 

$189,138

 

November 2015

 

December 2016

Supply of DMX Nodes for the Playhouse Theatre

 

Select

 

Goods

Barbizon Australia Pty Limited

 

$103,364

 

March 2016

November 2016


Canberra Theatre Centre Security Upgrade

 

Public

 

Works

FS Solutions (ACT) Pty Ltd

 

$630,822

 

March 2016

 

April 2017

Playhouse Theatre Data Distribution Cabling

 

Select

 

Works

Sedcom Communications Pty Ltd

 

$37,685

 

March 2016

 

June 2017

Canberra Theatre Centre House Lighting - Packages 1 and 2

 

Select

 

Works

Sound Advice Australia Pty Limited

 

$284,661

 

May 2016

December 2017


C.6 STATEMENT OF PERFORMANCE

 

The CFC’s 2015-16 Statement of Performance is set out in Attachment 1.

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