Summary of financial outcomes
Financial outcomes
The ASC incurred an operating loss of $40.322m in 2018–19, primarily relating to the timing of revenue associated with the Community Sport Infrastructure (CSI) grant program.
The CSI program was a new $102.500m program announced by the government in 2018-19. $42.500m of revenue associated with this program will be recognised in 2019-20 with the first tranche of funds received on 2 July 2019. This timing loss has no impact on the ASC’s ongoing financial position.
Table 11: 2017–18 results to 2016–17 and to the 2017–18 Original Budget estimates
|
Actual 2018–19 $m |
Actual 2017–18 $m |
Variance |
Actual 2018–19 $m |
Original Budget 2018–19 $m |
Variance |
|
|---|---|---|---|---|---|---|
|
Income |
402.1 |
299.1 |
103.0 |
402.1 |
336.2 |
65.9 |
|
Expenses |
442.4 |
314.2 |
128.2 |
442.4 |
346.0 |
96.4 |
|
Surplus/(Deficit) |
(40.3) |
(15.1) |
(25.2) |
(40.3) |
(9.8) |
(30.5) |
|
Note: Budget figures are based on the 2018–19 Portfolio Budget Statements. |
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Key elements to the financial statement results are primarily associated with revenue from Government and grants expenses. The increase in revenue since 2017–18 is primarily due to the new measures introduced in 2018-19, such as Community Sporting Infrastructure, Better Ageing and increased High Performance funding. The overall increase in grant expense was mainly due to increased infrastructure and high performance grants in line with government measures.
The overall ASC performance against the Original Budget position is detailed with the Statement of Comprehensive Income in the financial statements.
.
Financial position
Key indicators defining the health of the ASC’s financial position are demonstrated by its ability to sustain its net asset base, pay debts as they fall due in the short term and maintain prudent levels of assets to cover long-term liabilities. The ASC is committed to managing within resources provided by government and remains in a positive net asset position as at 30 June 2019.
Asset management
The ASC holds financial and non-financial assets. Financial assets include cash, receivables and term deposits.
Non-financial assets support the operations of the ASC and include land and buildings, computing software and hardware and infrastructure, plant and equipment. Consideration of whole-of-life asset management is undertaken in the context of the ASC’s strategic direction to ensure investments in assets support the achievement of the ASC’s objectives.
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https://www.transparency.gov.au/annual-reports/australian-sports-commission/reporting-year/2018-2019-28