The Department funds its operations through rental income, funding under the Commonwealth State Housing Agreement (CSHA), other State Government funds and interest income.
The actual results for 2003-04 include the full cost of operations for NSW businesslink. From 1 July 2004, NSW businesslink became a separate entity.
The increase in Interest Received in 2004-05 relates to the recognition for the first time of deemed interest earned of $67.9 million on investment in bonds for the PEP (Public Equity Partnership) 1 Scheme.
In 2004-05, the reduction in Repairs and Maintenance largely reflects a re-classification of expenses for the Fire Safety program from recurrent to capital.
Other Expenses also increased in 2004-05 due to the increase in borrowing costs of approximately $99 million recognised for the Finance lease for the PEP Scheme.
During the year, the Department re-valued its property portfolio, which decreased the value of property assets by $726 million.
| |
Actual 2003-04
$'000 |
Actual 2004-05
$'000 |
Budget 2005-06
$'000 |
|
| Source of Funds |
| Market rent |
1,102,684 |
1,103,045 |
1,252,269 |
| Less: rental subsidies |
(573,192) |
(551,072) |
(664,209) |
|
| Net Rent |
529,492 |
551,973 |
588,060 |
| Consolidated Fund Allocation |
450,248 |
394,187 |
466,205 |
| Interest Received |
18,818 |
86,542 |
11,034 |
| Other Revenue |
130,908 |
80,764 |
19,578 |
|
| |
1,129,466 |
1,113,466 |
1,084,877 |
|
| Application of Funds |
| Repairs and Maintenance |
218,008 |
194,937 |
232,696 |
| Council and Water Rates |
144,751 |
151,059 |
141,387 |
| Employee Related and Administration |
340,318 |
309,186 |
285,031 |
| Depreciation |
238,176 |
248,237 |
250,541 |
| Other Expenses |
187,331 |
289,766 |
238,476 |
|
| |
1,128,584 |
1,193,185 |
1,148,131 |
|
| Surplus/(deficit) after rental subsidies |
882 |
(79,719) |
(63,254) |
|
| Cash balance |
235,822 |
143,244 |
131,761 |
| Property Assets |
29,036,875 |
28,306,339 |
28,714,084 |
|
Commonwealth State Housing Agreement activities described in this publication are funded by the Australian Government and the NSW Government.
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