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.
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.