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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 2017-18 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 2017-18 Financial Statements are set out in Attachment 1 to this report.

C.3 CAPITAL WORKS

2017-18 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 – Infinity wiring replacement

 

June 2018

 

October 2017

 

300,000

 

300,000

 

300,000

 

-

 

300,000

Canberra Museum and Gallery – Upgrading lighting

June 2018

May 2018

280,000

280,000

-

280,000

280,000

 

 

 

 

 

 

 

 

Capital Upgrades

 

 

 

 

 

 

 

Canberra Museum and Galleries

June 2018

June 2018

140,000

140,000

-

140,000

140,000

ACT Historic Places

June 2018

June 2018

140,000

140,000

-

140,000

140,000

Canberra Theatre Centre

June 2018

June 2018

68,000

68,000

-

68,000

68,000

CFC Corporate

June 2018

June 2018

50,000

50,000

-

50,000

50,000

Total New Capital Works

 

 

978,000

978,000

300,000

678,000

978,000

 

 

 

 

 

 

 

 

Works in Progress

 

 

 

 

 

 

 

Canberra Theatre Centre Upgrade works  - Stage 3

 

June 2018

 

June 2018

 

4,109,000

 

4,109,000

 

3,317,000

 

792,000

 

4,109,000

 

 

 

 

 

 

 

 

Total Works in Progress

 

 

4,109,000

4,109,000

3,317,000

792,000

4,109,000

 

 

 

 

 

 

 

 

Total Capital Works Program

 

 

5,087,000

5,087,000

3,617,000

1,470,000

5,087,000

2017-18 CAPITAL WORKS RECONCILIATION             

 

2017-18 Approved
Financing
$

2017-18 Drawdown
Amount
$

2017-18 Actual Expenditure
$

New Capital Works

 

 

 

Canberra Theatre Centre - Infinity wiring replacement

300,000

300,000

-

Canberra Museum and Gallery – Upgrading lighting

280,000

280,000

280,000

 

 

 

 

Capital Upgrades

 

 

 

Canberra Museum and Galleries

140,000

140,000

140,000

ACT Historic Places

140,000

140,000

140,000

Canberra Theatre Centre

68,000

68,000

68,000

CFC Corporate

50,000

50,000

50,000

 

 

 

 

Works in Progress

 

 

 

Canberra Theatre Centre Upgrade works  - Stage 3

792,000

792,000

568,743

 

 

 

 

Total Capital Works Program

1,770,000

1,770,000

1,246,743

 

 

 

 

Works Funded From Other Sources

 

 

 

Adjusted for Capital funded through Own Sourced Revenue

-

-

117,471

 

 

 

 

Balances per Capital Works Management

1,770,000

1,770,000

1,364,214

 

 

 

 

Balances per cash flow statements

1,770,000

1,770,000

1,364,214

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 $64,136,333 as at 30 June 2018.  The CFC’s major assets and approximate values are:

Description

$

Canberra Theatre Centre, and extensions at fair value

32,387,438

Land at fair value

15,610,000

Historic Places buildings at fair value

5,622,424

Plant and Equipment at fair value

5,670,642

Art and Social History Collection

4,822,326

Capital Works in Progress

23,503

During 2017‑18 the following major assets were added to the CFC’s asset register :

Description

$

Canberra Theatre Centre Upgrade works including Link roof walkway safety screen, Playhouse backstage access bathroom and stage wiring looms 

565,555

CMAG LED gallery lighting

283,139

CMAG gallery and equipment upgrades

137,385

Art and Social History objects

119,385

Lanyon Homestead and precinct upgrades

114,744

Lanyon plant and equipment upgrades

84,614

Canberra Theatre Centre wireless communications system

68,343

There were no significant assets removed from the CFC’s asset register during 2017‑18.

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 2017‑18 were :

Description

$

Canberra Theatre Centre Upgrade works including Link roof walkway safety screen, Playhouse backstage access bathroom and stage wiring looms 

565,555

CMAG LED gallery lighting

283,139

CMAG gallery and equipment upgrades

137,385

For building assets, the expenditure on repairs and maintenance was $461,051, which represented 1% of the assets written down value.  For Plant and Equipment assets, the expenditure on repairs and maintenance was $273,161, which represented 5% 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 2018 is 1,147 square metres and an estimate of the average area occupied by each (FTE) employee as at 30 June 2018 is 11 square metres.

C.5 GOVERNMENT CONTRACTING

C.5.1   Procurement Principles and Processes

The CFC engaged external sources of goods, services and works during 2017‑18 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 2017-18 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) 

CMAG Fabrication of Wall for Partitioning of Galleries 2 & 3

Public

Works

No

John Capezio Carpentry

$45,000.00

26/08/2017

31/08/2017

Yes

Security Consultancy

Single select

Consultancy

Yes

Lote Consulting Pty Ltd

$58,080.00

16/04/2018

30/06/2019

No

Purchase of LED Lighting units

Single select

Works

Yes

Integral Lighting

$246,178.90

14/12/2017

14/12/2018

No

Purchase of workforce management system

Single select

Goods

Yes

TimeTarget Pty Ltd

$67,195.58

6/4/2018

31/12/2021

No

C.6 STATEMENT OF PERFORMANCE

The CFC’s 2017-18 Statement of Performance is set out in Attachment 1 to this report.