Territory Stories

February 2008 report to the Legislative Assembly



February 2008 report to the Legislative Assembly


Report to the Legislative Assembly; Reports; PublicationNT




Made available via the Publications (Legal Deposit) Act 2004 (NT).






Northern Territory. Auditor-General's Office -- Periodicals; Finance, Public -- Northern Territory -- Accounting -- Periodicals; Northern Territory -- Appropriations and expenditures -- Periodicals

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Northern Territory Auditor-General's Office

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124 Auditor-General for the Northern Territory February 2008 Report Northern Territory Major Events Company Pty Ltd cont Financial analysis Abridged Income Statement 2007 2006 $000 $000 Revenue before government grants 5,120 2,607 Less expenses from ordinary activities Employee Expenses (559) (508) Depreciation (6) (7) Other (7,476) (3,885) Total expenses from ordinary activities (8,041) (4,400) Net (loss) before income government grants (2,921) (1,793) Government grants 2,490 2,144 Net (loss)/profit (431) 351 The net loss for the year directly reflects the Companys exposure to significant revenue and expenditure recognition issues surrounding the timing of the V8 Supercar championships. The 2006 event was held over the period 30 June to 2 July 2006. The effect of this timing difference resulted in an $863,001 reduction in the current year profits with 61% of the revenue and 90% of the expenditure, relating to the 2006 event, recognised in the year ended 30 June 2007. Although the Company realised a loss, revenue from Government grants increased marginally with the Company receiving additional funding for general operations and the V8 Supercar championships and one off projects such as Australian Idol and the Australian veteran golf.

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