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35.
Revenue
and cost of services explanatory statement
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of page
The PTA
was established on 1 July 2003 and consequently a comparison
with previous year results is not possible.
Comparison
of the actual results for 2003/04 compared to the estimated
income and expenses
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Estimate
$000
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Actual
$000
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Variance
$000 |
Revenue
Revenue was $12.4 million (9.6%) above the estimate. The variations
include the following major items that were not budgeted for:
i)
A contribution of $3 million from the City of Wanneroo for
the construction of a road bridge at Quinns Road;
ii) A claim for liquidated damages of $2.3 million in accordance
with contract conditions;
iii) External works of $1.4 million including principal shared
paths and electrical isolations;
iv) Advertising revenue of $1.7 million from changed contractual
arrangements and timing of receipt of funds;
v) Resources received free of charge of $1 million from the
Department of Land Information; and,
vi) Sale of land at Joondalup of $900,000.
Total
cost of services
Cost of services for the year was $8.8 million (1.7%) under
the estimate.There were several significant positive and negative
variations compared to budget that contributed to this minor
overall variation. These variations include:
i) A lower
capital-user charge of $16 million, arising out of a decision
not to transfer the residual debt, following the sale of the
Westrail freight business, from the PTA to the Department
of Treasury and Finance because of legislative restrictions;
ii) Increased depreciation of $4.3 million due to the recording
of assets at fair value;
iii) Increased infrastructure maintenance costs of $1.9 million,
including Goongoonup Bridge and Stirling Station; and,
iv) The cost of $1 million for land valuation services provided
free of charge by the Department of Land Information.
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