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C. FINANCIAL MANAGEMENT REPORTING

C.1 FINANCIAL MANAGEMENT ANALYSIS. 3
C.2 FINANCIAL STATEMENTS. 3
C.3 CAPITAL WORKS. 4
C.4 ASSET MANAGEMENT. 7
C.5 GOVERNMENT CONTRACTING.. 8
C.6 STATEMENT OF PERFORMANCE. 9

 


C.1 FINANCIAL MANAGEMENT ANALYSIS

A full analysis of the CFC’s 2016-17 financial results and financial position is set out in the Management Discussion and Analysis at Attachment 1, to this report.      

C.2 Financial Statements

The CFC’s 2016-17 Financial Statements are set out in Attachment 1, to this report.


C.3 CAPITAL WORKS

2016-17 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 - Improved arts facilities

 

June 2017

 

June 2017

 

410,000

 

410,000

 

-

 

410,000

 

410,000

 

 

 

 

 

 

 

 

Capital Upgrades

 

 

 

 

 

 

 

ACT Museums and Galleries

June 2017

June 2017

278,000

278,000

-

278,000

278,000

Canberra Theatre Centre

June 2017

June 2017

60,000

60,000

-

60,000

60,000

CFC Corporate

June 2017

June 2017

50,000

50,000

-

50,000

50,000

 

 

 

 

 

 

 

 

Total New Capital Works

 

 

798,000

798,000

-

798,000

798,000

 

 

 

 

 

 

 

 

Works in Progress

 

 

 

 

 

 

 

Canberra Theatre Centre Upgrade works  - Stage 3

 

June 2018

 

-

 

4,109,000

 

4,109,000

 

1,931,000

 

1,386,000

 

3,317,000

 

 

 

 

 

 

 

 

Total Works in Progress

 

 

4,109,000

4,109,000

1,931,000

1,386,000

3,317,000

 

 

 

 

 

 

 

 

Total Capital Works Program

 

 

4,907,000

4,907,000

1,931,000

2,184,000

4,115,000

2016-17 CAPITAL WORKS RECONCILIATION

 

2016-17 Approved
Financing
$

2016-17 Drawdown
Amount
$

2016-17 Actual Expenditure
$

New Capital Works

 

 

 

Canberra Theatre Centre - Improved arts facilities

410,000

410,000

410,000

 

 

 

 

Capital Upgrades

 

 

 

ACT Museums and Galleries

278,000

278,000

278,000

Canberra Theatre Centre

60,000

60,000

60,000

Corporate

50,000

50,000

50,000

 

 

 

 

Works in Progress

 

 

 

Canberra Theatre Centre Upgrade works  - Stage 3

1,386,000

1,386,000

1,386,000

 

 

 

 

Total Capital Works Program

2,184,000

2,184,000

2,184,000

 

 

 

 

Works Funded From Other Sources

 

 

 

Adjusted for Capital funded through Own Sourced Revenue

-

-

263,099

 

 

 

 

Balances per Capital Works Management

2,184,000

2,184,000

2,447,099

 

 

 

 

Balances per cash flow statements

2,184,000

2,184,000

2,447,099

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


C.4 ASSET MANAGEMENT

C.4.1   Assets Managed

The CFC managed assets with a total value of $65,092,443 as at 30 June 2017.  The CFC’s major assets and approximate values are :

Description

$

Canberra Theatre Centre, and extensions at fair value

33,420,000

Land at fair value

15,610,000

Historic Places and former Nolan Gallery building at fair value

5,660,000

Plant and Equipment at fair value

5,591,273

Art and Social History Collection

4,702,951

Capital Works in Progress

108,219

During 2016-17 the following major assets were added to the CFC’s asset register :

Description

$

Canberra Theatre Centre Upgrade works including lighting, security cameras, seating, PA system, and bar upgrades 

1,488,836

Canberra Theatre Centre bio box hoist and roof access controls

301,781

Canberra Theatre Centre replacement wiring looms

108,219

Lanyon Homestead and Heritage Centre upgrades including stormwater upgrade

201,571

Art and Social History objects

155,188

CMAG gallery and equipment upgrades

54,705

There were no significant assets removed from the CFC’s asset register during 2016‑17.

C.4.2   Assets Maintenance and Upgrade

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

Major asset upgrades (including works funded and reported through the capital works program) completed during 2016-17 were :

Description

$

Canberra Theatre Centre Upgrade works including lighting, security cameras, seating, PA system, and bar upgrades 

1,488,836

Canberra Theatre Centre replacement wiring looms

108,219

Lanyon Homestead and Heritage Centre upgrades including stormwater upgrade

201,571

For building assets, the expenditure on repairs and maintenance was $677,535, which represented 2% of the assets written down value.  For Plant and Equipment assets, the expenditure on repairs and maintenance was $113,980, which represented 2% 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 2017 is 1,147 square metres and an estimate of the average area occupied by each (FTE) employee as at 30 June 2017 is 13 square metres.

C.5 GOVERNMENT CONTRACTING

C.5.1   Procurement Principles and Processes

The CFC engaged external sources of goods, services and works during 2016-17 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 2016-17 with a value exceeding $25,000

Contract Title

Procurement Methodology

Procurement Type

Exemption from Quotation and Tender Threshold requirements

Contractor Name

Contract Amount

Execution Date

Expiry Date

Small to Medium Enterprise (SME) 


Theatre Public Address System Design and Acquisition

Public

Works

No

Eighth Day Sound Australia Pty Ltd

$796,927.68

September 2016

December 2017

Yes

Bio Box Equipment Hoist Installation and Associated Works

Select

Works

No

HME SERVICES PTY LTD

$32,318.37

December 2016

January 2018

No

Wiring Loom Supply for the Canberra Theatre

Public

Consultancy

No

Sound Advice Australia Pty Ltd

$94,050

January 2017

July 2018

Yes

Touring production accommodation for Canberra Theatre Centre

Single Select

Services

No

Mantra on Northbourne

$45,276

20 March 2017

10 April 2017

No

International art freight for Canberra Museum and Gallery

Single Select

Services (non-cosultancy)

Yes

International Art Services

$33,549.87

31 March 2017

30 April 2017

Yes

C.6 STATEMENT OF PERFORMANCE

The CFC’s 2016-17 Statement of Performance is set out in Attachment 1 to this report.