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C. FINANCIAL MANAGEMENT REPORTING

C.1 FINANCIAL MANAGEMENT ANALYSIS

A full analysis of the CFC’s 2019–20 financial results and financial position is set out in the Management Discussion and Analysis of this report.  

C.2 Financial Statements

The CFC’s 2019–20 Financial Statements are set out in this report.


C.3 CAPITAL WORKS

2019–20 CAPITAL WORKS TABLE

Project

Estimated completion date

Actual completion date

Original project value
$0,000

Revised project value
$0,000

Prior year expenditure
$0,000

Current year expenditure
$0,000

Total expenditure to date
$0,000

New Capital Work

 

 

 

 

 

 

 

Upgrading Lanyon Homestead

June 23

-

          3,097

          3,097

                       -  

        150

150

Improving facilities at the Canberra Theatre

June 21

-

995

995

-

698

698

Upgrading the Canberra Theatre Centre

June 21

-

          1,480

          1,480

 1,001                    

        104

        1,105

Upgrading the Canberra Museum and Gallery

June 20

June 20

             350

             350

                119  

            231

            350

Conserving and improving ACT Historical Places

June 20

-

            680

             680

                240  

            -

            240

 

 

 

 

 

 

 

 

Better Infrastructure Fund

 

 

 

 

 

 

 

Cultural Facilities Corporation

June 20

June 20

             298

             298

 -

298

298

 

 

 

 

 

 

 

 

Fast-Tracked Infrastructure and Maintenance Stimulus

 

 

 

 

 

 

 

Canberra Theatre Centre Security

June 20

June 20

               310

               310

 -

              310

              310

Canberra Theatre Centre Bathroom Upgrades

June 20

June 20

               187

               187

 -

              187

              187

ACT Historic Places Cottages Upgrades

June 20

June 20

               120

               120

 -

              119

              119

 

 

 

 

 

 

 

 

Total Capital Works Program

 

 

      7,517

      7,517

                1,360  

    2,097

   2,097

2019–20 CAPITAL WORKS RECONCILIATION   

 

2019–20 Approved
Financing
$0,000

2019–20 Drawdown
Amount
$0,000

2019–20 Actual Expenditure
$0,000

New Capital Works

 

 

 

Upgrading Lanyon Homestead

530

150

150

Improving facilities at the Canberra Theatre

760

698

698

Upgrading the Canberra Theatre Centre

200

200

104

Upgrading the Canberra Museum and Gallery

305

305

231

Conserving and improving ACT Historical Places

440

-

-

 

 

 

 

Better Infrastructure Fund

 

 

 

Cultural Facilities Corporation

298

298

298

 

 

 

 

Total Capital Works Program

2,533

1,651

1,481

 

 

 

 

Works Funded From Other Sources

 

 

 

Adjusted for Capital funded through Own Sourced Revenue

-

-

164

Fast‑Tracked Infrastructure and Maintenance Stimulus

-

494

494

 

 

 

 

Balances per Capital Works Management

2,533

2,145

2,139

Revised Wage Parameters

19

19

-

Balances per cash flow statements

2,552

2,164

2,139

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 $67,908,000 as at 30 June 2020.  The CFC’s major assets and approximate values are :

Description

$0,000

Canberra Theatre Centre, and extensions at fair value

33,270

Land at fair value

17,580

Historic Places buildings at fair value

5,550

Plant and Equipment at fair value

5,384

Art and Social History Collection

5,114

Capital Works in Progress

956

Intangible Assets

54

During 2019–20 the following major assets were added to the CFC’s asset register :

Description

$0,000

Canberra Museum and Gallery storage expansion

616

Art and Social History objects (including donated art)

291

There were no significant assets removed from the CFC’s asset register during 201920.

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 201920 were :

Description

$0,000

Works in Progress improving facilities at the Canberra Theatre Centre

683

Canberra Theatre Centre security upgrades

310

Canberra Theatre Centre bathroom upgrades

187

ACT Historic Places cottages upgrade

119

For building assets, the expenditure on repairs and maintenance was $481,000, which represented 1% of the assets written down value.  For Plant and Equipment assets, the expenditure on repairs and maintenance was $270,000, 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 2020 is 1,147 square metres and an estimate of the average area occupied by each (FTE) employee as at 30 June 2020 is 10 square metres.

C.5 GOVERNMENT CONTRACTING

C.5.1     Procurement Principles and Processes

The CFC engaged external sources of goods, services and works during 201920 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.

Creative Services Panel

The Creative Services Panel is a whole of government arrangement for the purchase of creative services, including:

·         advertising

·         marketing

·         communications and engagement

·         digital

·         graphic design

·         photography and video

·         media buying.

During 201920, Cultural Facilities Corporation spent $25,893 value through the panel. This includes marketing, advertising and graphic design creative work for various performances at the Canberra Theatre Centre and for exhibitions and programs at CMAG and ACT Historic Places.


C.5.2     External Sources of Goods, Services and Works

Contracts entered into in 201920 with a value exceeding $25,000

Contract Number

Contract Title

Procurement Methodology

Procurement Type

Exemption from Quotation and Tender Threshold requirements

Contractor Name

Contract Amount

Execution Date

Expiry Date

CTCGRAPHICCDESIGN2020

CTC Graphic Design contract

Quotation

Services (non-consultancy)

  No

Greer’s House

$100,000

21/01/2020

21/01/2021

Aboriginal and Torres Strait Islander Procurement Policy (ATSIPP) Performance Measures

No.

ATSIPP Performance Measure

Result

1.

The number of unique Aboriginal and Torres Strait Islander Enterprises that respond to Territory tender and quotation opportunities issued from the Approved Systems.

1

2.

The number of unique Aboriginal and Torres Strait Islander Enterprises attributed a value of Addressable Spend in the financial year.

1

3.

Percentage of the financial year’s Addressable Spend that is spent with Aboriginal and Torres Strait Islander Enterprises – target 1%.

less than 1%

C.6 STATEMENT OF PERFORMANCE

The CFC’s 201920 Statement of Performance is set out in this report.