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The year’s surplus of $1,491,731 represents unspent grant funds and will be carried over to 2008/09 for spending by the respective projects. 1. Government Grants were up by 24% due to a number of new major projects taken on during the year including the Tarkine Gateway Experience, the Regional Planning Initiative and Skills for Sustainable Agriculture.
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Corporate Services Manager’s Financial Report
The Authority’s Audited Financial Statements for 2007/08 are presented in full on the following pages. The statements represent the overall financial position of the Authority and are inclusive of Core Operations, Education & Training, Natural Resource Management (NRM), Tourism and Core Projects. The Authority’s income, expenses and surplus for the year are summarised in the table below:
The year’s surplus of $1,491,731 represents unspent grant funds and will be carried over to 2008/09 for spending by the respective projects. Some points of note for the year include:
1. Government Grants were up by 24% due to a number of new major projects taken on during the year including the Tarkine Gateway Experience, the Regional Planning Initiative and Skills for Sustainable Agriculture.
2. Interest income was up by 25% due to a combination of higher interest rates and more dollars being available for investment pending payment of project expenses.
3. Expenses from Ordinary Activities were up by 83% which was predominantly due to the payment to proponents for external projects for the NRM Regional Investment Plan 2 and the additional advertising, IT support and communication costs associated with the Co-operative Marketing project.
4. The Employee Benefits expense was up by 26% due to an increase in the number of project staff including the employment of a Tourism Marketing Manager, a NRM Information, Evaluation and Reporting Manager, a NRM Communications Officer, a second NRM Weeds Officer and a Finance Officer; combined with the NRM Water & Coastal and Land & Biodiversity Program Managers being in their first full year of employment with the Authority.
After accounting for outstanding creditors and leave accruals, the Authority held net assets of $5,388,045 on 30 June 2008. The net assets represent the accumulation of unexpended grant funds which have been carried over to 2008/09. For details of the projects these funds are committed to, see note 16 of the Audited Financial Statements.
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Income $ %
Council Contributions 878,863 13
Government Grants 5,621,290 81
Other Income (inc Net Profit from sale of Non-Current Assets) 246,555 3
Interest (re-invested into projects) 222,019 3
Total Income 6,968,727 100
Expenses
Expenses from Ordinary Activities 3,957,474 72
Employee Benefits 1,471,803 27
Depreciation 47,719 1
Total Expenses 5,476,996 100
Surplus (Deficit) 1,491,731
Corporate Services Manager’s Financial Report (cont.)
Core Operations Core Operations is the cost centre for the operational costs of the Authority itself. It is predominantly funded by Council Contributions and has Projects contributing to it for administration and financial support. In 2007/08, Core Operations received income of $845,906, which comprised:
The income received contributed to Core Operations’ expenses of $786,254 comprising:
Heidi Hillbeck
CORPORATE SERVICES MANAGER
$ %
Council Contributions 768,989 91
Government Grants* 62,359 7
Interest 14,558 2
Income for Core Operations 845,906 100
*Funds contributed by NRM, Tourism and Education projects
$ %
Expenses from Ordinary Activities 345,849 44
Employee Benefits 440,405 56
Expenses for Core Operations 786,254 100
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30 Marine Terrace PO Box 338
BURNIE TAS 7320
Telephone: (03) 6431 6285 Facsimile: (03) 6431 7014
Email: [email protected] Website: www.cradlecoast.com
King Island
