The ASC incurred an operating surplus of $37.649m in 2019–20, primarily relating to the timing of revenue associated with the Community Sport Infrastructure (CSI) grants and programs delayed due to the COVID-19 Pandemic.
Table 27: 2019-20 results to 2018-19 and to the 2019-20 Original Budget estimates
Original Budget 2019-20
Note: Original Budget figures are based on the 2019-20 Portfolio Budget Statements.
Key elements to the financial statement results are primarily associated with revenue from Government and grant expenses. The increase in revenue since 2018–19 is primarily due to the new measures introduced in 2019-20, such as Athlete Wellbeing and Pathways. The overall decrease in grant expense was mainly due to decreased Community Sport Infrastructure grants.
The overall ASC performance against the Original Budget position is detailed with the Statement of Comprehensive Income in the financial statements.
Key indicators defining the health of the ASC’s financial position are demonstrated by its ability to pay debts as they fall due in the short term and maintain prudent levels of financial assets to cover long-term liabilities and the replacement of ASC non-financial assets. The ASC is committed to managing within resources provided by government and remains in a positive net asset position as at 30 June 2020.
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.