These
variations include:
| |
(i) |
|
Lower interest on borrowings of $5.7 million due to delays
in capital works expenditure; |
| |
(ii) |
|
Written down value of non-current assets disposed of
$3.1 million; |
| |
(iii) |
|
Increased infrastructure costs of $2.0 million due to
concrete re-sleepering on the Armadale and Fremantle lines;
and |
| |
(iv) |
|
Land valuation services amounting to $1.6 million provided
free of charge by the Department of Land Information. |
b) Significant
variations between actual revenues and expenditures for the
financial year and
revenues and expenditures for the immediately preceding financial
year
Details and reasons for significant variations between
actual results with the corresponding items of the preceding
year are
detailed below. Significant
variations are considered to be those greater than 10% or
$1,000,000.
Employee expenses
Increase in number of transit guards and
train drivers for the Northern Suburbs line extension to Clarkson
and the Thornlie line.
Supplies and Services
| |
(i) |
|
Settlement of claim related to a
disputed contract $4.55 million. |
| |
(ii) |
|
Maintenance contract for new railcars
delivered under the New MetroRail project - $3.4 million. |
| |
(iii) |
|
Increased infrastructure costs of
$2.0 million due to concrete re-sleepering on the Armadale
and Fremantle lines. |
| |
(iv) |
|
Maintenance of bus stations and
stops including signage - $1.4 million. |
| |
(v) |
|
Increased general overhaul charges $1.0 million. |
Depreciation
and amortisation expense
The commissioning of 17 three-car units
electric railcars, new gas buses and Northern Suburbs extension
to Clarkson including
the Nowergup depot and rail infrastructure during the financial
year.
Borrowing costs expense
Increase in borrowings to purchase
buses, railcars and construction of the Northern Suburbs,Thornlie
and Southern Suburbs
railway line.
Grants and subsidies
Increased contract costs due to fuel and
labour, Eastern Goldfields Transport Board cost pressures and
Composite Rate model
indexation costs and component review costs for the School
Bus contracts.
Capital user charge
The capital user charge is based on the
average net assets multiplied by 8%.The variance is due to
the first full
year for calculation of average net assets.
Energy and fuel
Increase in world oil prices and increase in
demand for electricity for the Northern Suburbs extension of
the railway line to
Clarkson.
Carrying amount of non-current assets disposed of
Primarily
due to the sale of land at Leighton Beach Marshalling Yards.
User
charges and fees
Increase in patronage and additional revenue
on the Northern Suburb line with the opening of new stations
at Greenwood and
Clarkson.
Other revenue
Proceeds from sale of assets $26 million offset
by revenue decrease due to one-off items in 2003/04, such as
the Safer Transport
Grant of $10 million; a grant from the City of Wanneroo $3
million and liquidated damages in accordance with contract
conditions $2 million. |
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