2019-08-06 Services & Organisation Committee Agenda

SERVICES & ORGANISATION COMMITTEE MEETING AGENDA                                    6 AUGUST 2019


The J interim financial performance as at 30 June 2019


  Statement of Income and          2018/19         2018/19
         Expenses                  Current          YTD           2018/19        %           YTD
                                   Budget          Budget           YTD        Current     Variance
                                                                  Actuals      Budget
 Total Revenue                        671,181         671,181        672,942   100.3%           1,761
 Total Expenditure                  1,400,148       1,400,148      1,410,011   100.7%         (9,864)
 Operating Result                   (728,967)       (728,967)      (737,069)                  (8,102)


 Expenditure Summary
 Employee Benefits                    488,994         488,994        489,231    100.0%          (237)
 Materials & Services                 398,907         398,907        397,606     99.7%          1,301
 Finance Costs                              0               0          (101)    100.0%            101
 Other Expenses                         1,060           1,060          1,060    100.0%              0
 Depreciation & Amortization          251,223         251,223        258,648    103.0%        (7,425)
 Internal Charges                     259,964         259,964        263,568    101.4%        (3,603)
 Competitive Neutrality                     0               0              0      0.0%              0
 Total Expenditure                  1,400,148       1,400,148      1,410,011                  (9,864)
*Please note figures are interim financial results only as final figures were not available at the
time of compiling this report.




The J’s financial result was essentially in line with budget with revenue exceeding budget by
$1,761 and controllable expenditure under budget by $1,165. Uncontrollable expenditure items
including depreciation and internal charges exceeded budget by $11,028, resulting in a net
negative variance to total budget of $9,864.
While revenue marginally outperformed budget, it still came in $35,120 less than the previous
year. A majority of the drop-off related to reduced bar sales and ticket sales and commission
revenue, indicating people may be reducing their discretionary spend as they find themselves in
a tighter financial position than in previous years as the economy slows. Some of the reduction
also related to performances that were cancelled at the last-minute and couldn’t be replaced with

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