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Annual Report 2005-06: Overview of financial performance

Overview of financial performance

 

Table 1 compares the actual audited results for 2005–06 to budget for the year and to actual results for 2004–05.

Table 1 – Actual results for 2004–05 and actual and budgeted results for 2005–06 ($ million)
  Actual
2005–06
Actual
2004–05
Variance Budget
2005–06
Actual
2005–06
Variance
Revenue 118.0 122.6 (4.6) 118.4 118.0 (0.3)
Expenses 120.5 110.1 (10.4) 120.9 120.5 0.3
Operating result (2.5) 12.5 (15.0) (2.5) (2.5) 0.0

 

CASA had an operating deficit of $2.5 million in 2005–06, compared to a $12.5 million surplus in 2004–05. This difference of $15.0 million is represented by a $4.6 million reduction in revenue and a $10.4 million increase in expenses in line with the Long Term Funding Strategy (LTFS) and the ‘Building a New CASA’ initiatives.

The 2005–06 operating deficit of $2.5 million was the same as the budgeted deficit of $2.5 million. The budgeted deficit reflects an agreement with the Department of Finance and Administration to defer LTFS expenditure from 2005 to 2006. Operating revenue was $0.3 million less than budget; this was offset by under-budget expenses of $0.3 million.

Figure 2 highlights the change in revenue and expenses.

Figure 2 – Actual results for 2004–05 and actual and budgeted results for 2005–06 ($ million)