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1996/97 STATE TRANSIT ANNUAL REPORT
Financial Statements



Notes To and Forming Part of the Financial Statements

For the year ended 30 June 1997

2: INCOME AND EXPENDITURE Note
 
1997
$000
1996
$000
       
The operating result has been determined after:      
       
(i) Crediting as Income      
       
Passenger revenue - fares   189,706 174,646
Reimbursements for free and concessional travel 2(iv)(a) 111,428 102,593
Pricing CSO 2(iv)(b) 24,895 20,123
Service CSO 2(iv)(b) 14,144 16,315
Charters and hirings   4,646 5,176
Interest 2(v) 1,873 4,711
Rent   1,735 1,422
Advertising   6,653 5,830
Proceeds from sale of assets   5,049 2,902
Finance lease contingent rental   1,738 1,843
Other   2,361 1,092
   
364,228


336,653

(ii) Charging as Expenditure      
       
Wages and salaries   164,377 150,665
Provision for employee entitlements      
  • Annual leave
  17,650 15,860
  • Long service leave
  4,287 3,574
  • Retirement benefits
12(ii) 14,648 13,060
Other employee related expenses   22,625 22,248
Operations, maintenance and general expenses   100,712 90,417
Major periodic maintenance   (1,944) 3,731
Consultants' fees   87 371
Depreciation of property, plant & equipment   27,049 18,673
Amortisation of plant and equipment under finance leases   4,616 3,730
Bad debts written off   19 65
Provision for doubtful debts   (20) (32)
Property, plant and equipment sold or written off   4,217 2,595
Public/marine risk   (1,048) (4,657)
Interest   141 156
Finance charges relating to finance leases   4,061 4,972
Operating leases   1,860 1,103
Provision for inventory obsolescence   (185) (386)
   
363,152


326,145

(iii) Abnormal Items      
       
Item Debited:      
  • Retirement Benefits
  5,058 ------
   
5,058


------



The 1994/95 and 1995/96 financial statements included the following note:

"Arising from the Triennial Actuarial Review as at 30 June 1994 of the State Authorities Superannuation Board - Pooled Fund, it has been identified that uncertainty exists in respect of all the employer reserve balances within the Pooled Fund. Until this uncertainty, which relates to taxation allocations at the employer level, is resolved, the quantum of the financial effect on individual employer reserves is unclear. This uncertainty has not arisen from inaccuracies in the maintenance of the Authority's accounting records."

The actuaries of the Board have now completed the taxation allocations of all employer reserve accounts and as a result, the Authority's reserve account has been reduced by $5.058M.

(iv) New South Wales Government Payments

(a) Reimbursements for free and concessional travel

The Authority provides free and concessional travel to a range of community groups. The extent to which these groups are entitled to free and concessional travel is determined by Government policy. The Authority is reimbursed for the provision of such travel on the basis of the number of trips taken and the distance travelled. Included in the above are reimbursements for free travel provided under the School Student Transport Scheme and concessional travel provided to pensioners, the unemployed and other welfare groups.

(b) Community service obligations

The Authority received funding for its operations in relation to agreed non-commercial passenger service routes which the NSW Government considered essential in its pursuit to improve community services. Funding in this area includes a Pricing CSO and a Service Level CSO.

Pricing CSO is paid to the Authority to reflect the difference between the fare scales charged by the Authority and an equivalent true commercial fare scale.

Service Level CSO is paid in relation to those non-commercial services in Sydney Ferries and Newcastle Services which are provided in off-peak periods and which are above predetermined minimum service levels.

(v) Interest Income Notes
 
1997
$000
1996
$000
       
Interest received or due and receivable comprises:      
  • Interest from Hour Glass facility (unitised investment)
  1,787 4,618
  • Other interest
  86 93
   
1,873


4,711



(vi) Board Members' Remuneration

The amount of remuneration, including superannuation contributions, received or due and receivable by the non-executive members of the State Transit Authority Board was $146,614 (1996: $137,694). There were no other benefits paid to the members of the Board.

(vii) Auditor's Remuneration Notes
 
1997
$000
1996
$000
       
Amounts received or due and receivable by the Auditor-General for:      
Auditing the accounts      
1997   154 ------
1996   12
146



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