Annual Report 2006–07 Report Annual Sydney Olympic Park Authority Park Olympic Sydney
Sydney Olympic Park Authority 2006–07 Report Annual
Letter to the Minister 31 October 2007
The Hon. Frank Sartor MP Minister for Planning, Minister for the Arts and Minister for Redfern/Waterloo Level 34 Governor Macquarie Tower 1 Farrer Place Sydney NSW 2000
Dear Minister,
We have great pleasure in presenting the Annual Report of Sydney Olympic Park Authority for the financial year ended 30 June 2007 for presentation to the Parliament.
The report has been prepared in accordance with the provisions of the Annual Reports (Statutory Bodies) Act 1984 and the Annual Reports (Statutory Bodies) Regulation 2005. The report details the work, achievements and relevant statutory and financial information of Sydney Olympic Park Authority.
Yours sincerely
Michael Knight AO Chairman, Sydney Olympic Park Authority
Brian Newman Chief Executive Officer, Sydney Olympic Park Authority
Letter to the Minister Chairman’s Report Sydney Olympic Park became well-known around the world during the Sydney 2000 Olympic and Paralympic Games. However, for the people of New South Wales, it already had become a special place where major sporting events, premium indoor entertainment and the annual Sydney Royal Easter Shows take place.
And while it is important to Throughout 2006–07, Sydney The Minister responsible for appreciate and celebrate the Olympic Park Authority made Sydney Olympic Park for most of past, Sydney Olympic Park significant progress in all of 2006–07, the Honourable Sandra Authority needs to focus on these areas. That progress is Nori, retired from Parliament in the future. The Park itself detailed in this Annual Report. March this year. Responsibility is not frozen in time and for Sydney Olympic Park is constantly evolving. Personally, I can claim no shifted from the Minister credit for those achievements for Sport to the Minister for Consequently, the Authority has since I did not join the Board Planning and our new Minister faced many new challenges in until 1 July this year. These is the Hon. Frank Sartor. the last 12 months and will face achievements have been the many more in the years ahead. work of the Board, the staff The Board appreciates the In particular, the Authority must: and particularly the outgoing strong support which Sandra Chairman, David Richmond. Nori gave to the Park over several • continue to nurture Sydney years and wishes her a happy Olympic Park as the premier David Richmond was a driving and active life after politics. sporting and events location force behind the creation of in New South Wales Sydney Olympic Park in the I also want to thank the lead-up to the Olympic Games. Board, Brian Newman and • support and enhance He later became the first his staff for all of their hard the magnificent public Chairman of Sydney Olympic work over the last year. I look parklands that adjoin the Park Authority and has been forward to working with them sporting and commercial integral to its achievements. on our future challenges. facilities; and promote them to a wider audience David has only given up Yours sincerely his formal association with • facilitate commercial and Sydney Olympic Park because residential development he was recently appointed to make the urban core the first Coordinator General an active and vibrant of New South Wales. Michael Knight AO place all the time, not just Chairman, during major events The Board thanks David for Sydney Olympic Park Authority his outstanding contributions • pursue these objectives in and wishes him well in his a way which respects the own future challenges. Olympic legacy and the iconic nature of the site and which demonstrates an enduring commitment to the principles of environmentally sustainable development.
ii Chairman’s Report CEO’s Report & Executive Summary This year has witnessed further significant progress in Sydney Olympic Park’s journey from gold medal sporting and events precinct to an emerging urban centre and a special place for recreation and enjoyment… especially our diverse parkland system.
The urban transformation of property area this year has Visitation to the Park continues Sydney Olympic Park is now been the rapid progress of to rise, reaching 8.2 million well underway – our vision is construction on the first of the for 2006, well on track for the to create a unique integrated Commonwealth Bank buildings Authority’s target of 10 million township that balances its on site 5. Some 1,300 Bank staff visitors annually by 2010. Key principle roles as Australia’s have commenced relocating into drivers of this sustained growth premier events precinct and this building and we look forward include increasing usage of as a vibrant, mixed-use centre to their contribution to the daily the parklands, ever more major offering a lifestyle-based option activity within the Park. The CBA sporting, entertainment and for working, learning and living. development will eventually business events across the In the long-term we are planning incorporate 3,500 m2 of ground Park’s entire range of venues, to create over 6,500 dwellings, floor retail space, adding and increasing visitation work space for around 16,000 handsomely to the Park’s retail from business activities. workers and education space offer and social infrastructure. for over 5,000 students. This The Authority’s economic ‘resident’ population will be By years’ end the value of development strategy for supplemented by a growing private sector commitments Sydney Olympic Park, which number of visitors attracted to new property development promotes business opportunities to the Park for business events, projects had exceeded $1.1 across the themes of sport; entertainment, passive and active billion with a further $140 education; health, leisure and recreational pursuits, hotel stays, million of new development well-being; environment; education experiences etc. opportunities under negotiation. events; and culture, the arts This pipeline of new projects and entertainment, continues The process of urban change will ensure that construction to produce positive results. at Sydney Olympic Park is activity will be evident through manifested by the appearance to 2012, whilst in which time In particular, the agreement to of a growing number of cranes new projects are expected to build a new sports and specialist on the Park’s skyline. Currently, surface, either through the hospital on Olympic Boulevard, construction is underway at Authority’s activities or those construction of a new Olympic- five locations around the Park of private developers/lessees. standard BMX course and the – sites 5, 6 and 7 will house an continued growth of business office campus for some 3,500 In the parklands we are events hosted within the Park Commonwealth Bank of Australia continuing to enhance the all provide tangible examples of staff, whilst sites 4 and 35 will quality of our recreational spaces. the benefits of the Authority’s house two new hotels in the During the year we opened two economic development strategy. Accor Group’s stable – one five exceptional facilities – the 20- The ever-improving performance star, the other two star – giving hectare Blaxland Riverside Park of our privately-operated venues, the Park a compliment of 650 and a new adventure playground including Telstra Stadium hotel rooms. These projects will within Wentworth Common. and Acer Arena, was another be joined in the near future by at Both of these initiatives are part highlight of the year in review. least three other development of our continuing strategy to Their performance clearly shows sites, all of which attest to the satisfy a growing demand for that they have overcome any widespread interest in Sydney recreational space emanating post-Olympic issues and are Olympic Park by developers from a rapidly growing sub- now performing in the top and investors and tenants. regional population and wider metropolitan recognition of the quartile of comparable venues Without doubt the most uniqueness of Sydney Olympic in the world. Their outstanding significant initiative in the Park’s 425-hectares of parklands. achievements are a key driver
CEO’s Report & Executive Summary iii of the Park’s visitation whilst Olympic Park continues to For example, in December the outlook for their business be protected and enhanced 2006, 88% of material taken prospects remains very positive. through sustainable from Sydney Olympic Park was practices applied to visitation, recycled whilst only 12% went The ongoing growth of the operational management to landfill. This compares to Sydney Showground’s conference and development activities. previous figures of 11% and 89% and exhibition business has respectively. The Authority is enabled the Royal Agricultural During the year the Authority continually seeking to improve Society of NSW to invest completed a Wetlands Operation its performance in this area. in upgrading the Society’s Management Plan, the first venues and infrastructure. In ‘whole of Park’ plan which Improving the quality of the addition, the annual Sydney provides resource guidance and visitor experience at Sydney Royal Easter Show, which this operational priorities for the Olympic Park is an essential year celebrated its tenth year next three years to deliver more facet of the Authority’s at the Park, attracted almost effective management of the business. In this regard we 900,000 visitors, once again Sydney Olympic Park wetlands. constantly seek to develop making a significant contribution new products, experiences to overall visitor numbers. The Authority has also completed and opportunities to further vegetation and landscape enhance the appeal of the Park. The Authority continues to make management plans for 11 progress in reducing the cost precincts identified as having Tangible examples of this to Government of maintaining significant environmental values continuing development include Sydney Olympic Park. For example or threatened species habitats. the opening of Blaxland Riverside the Authority’s decision to These plans will guide direction Park, incorporating a café take over the operations of the and priorities to ensure legislative situated within a heritage-listed Aquatic and Athletic Centers has compliance and provide for building; the enhancement of the resulted in a $500,000 saving adaptive management practises Armory precinct, including the over previous year’s results. Major in the unique habitats, landscape reintroduction of the heritage revenue sources such as property and environmental areas under train ride which has proven very rents and car parking continue to the Authority’s stewardship. popular; the development of the grow as the demand for property Wentworth Common adventure space and levels of general Practical measures undertaken playground which offers an visitation to the precinct expand. included the completion of the enhanced family experience; water bird refuge tidal gate The biological diversity of the which will improve water quality remnant and constructed within the 25-hectare saltwater landscapes of Sydney wetland in Bicentennial Park and improve ecological diversity, particularly for migratory birds protected by international treaty.
As part of its commitment to sustainability, the Authority continues to work with on- site venues to enhance the percentage of waste that is recycled and not taken to landfill.
Movies in The Overflow attracted record numbers. iv CEO’s Report & Executive Summary the further development of The Authority looks forward to Every member of the Authority the ‘Segway’ tourist product; seeing an improvement in the is helping to shape the future and the revitalisation of current residential property of Sydney Olympic Park – their the merchandising offer in market in order to facilitate hard work, dedication and the Park’s Visitor Centre. the development of planned passion is helping us achieve residential developments at our long-term objectives. Future Challenges site 3 and elsewhere within the Park. In the meantime, The Authority is committed to Sydney is the first city in the it is important that Sydney achieving something special world to attempt to create a Olympic Park Authority and at Sydney Olympic Park and, new urban centre in and around its development partners take as the Sydney 2000 Olympic its Olympic venues – a town full advantage of the buoyant and Paralympic Games set new developed in a manner that commercial market in Sydney international standards in Games maintains the precinct’s strong to facilitate the development of delivery, we seek to demonstrate sense of place and environmental new projects. The Park’s growing Sydney’s ability to set similar standards that were major reputation as a location that standards for the post-Games legacies of the Sydney 2000 offers business and workers evolution of an Olympic precinct. Olympic Games. Our progress in healthy buildings and healthy implementing this new model is Much work remains to be outdoor environments should being keenly observed by other done, however, together with place it in a strong competitive Olympic host cities looking to government, our venues, position going forward. optimise their post Games legacy. commercial partners and the The finalisation of draft wider community, Sydney The Authority’s journey is a Master Plan 2025 continues Olympic Park’s future now long and challenging one, to be a primary focus for looks extremely positive. however, the opportunities to the Authority, with a final create a truly unique place at Yours sincerely outcome from Government Sydney Olympic Park drive the expected next financial year. Authority to achieve outstanding This Plan will provide a new outcomes in planning, design, blueprint for the development execution and management. of Sydney Olympic Park.
Brian Newman Chief Executive Officer
CEO’s Report & Executive Summary • The 2007 Sydney Royal Easter Show, the 10th to be held at the Sydney Olympic Park site, attracted 2006–07 almost 900,000 visitors over 14 days.
at a Glance • $2.309 million in • Colonial First State business events was Property commenced secured through the • 8.2 million people construction on three Authority’s centralised visited Sydney Olympic buildings designed booking service in Park in 2006–07, to house 3,500 2006–07, up 28% a 6.6% increase Commonwealth on 2005–06. on 2005–06. Bank staff by 2009. Bank personnel have • The Authority has commenced occupation of the first of three • Australia’s largest secured approximately hotel group, Accor, $500 million in purpose built premises, providing 60,000 m2 of has commenced additional property construction on two investment, which office space in the heart of Sydney Olympic Park. new hotels at the Park. will see eight new The five-star Sofitel development sites and two-star Formule 1 under construction at will bring the total the Park by June 2008. number of hotel rooms within the Park to approximately 700.
vi 2006–07 at a Glance Cooling off at Blaxland Riverside Park. • The Sydney Olympic Park Master Plan 2025 entered its final stages of development. The • Acer Arena has Plan will support a • The creation of an maintained its residential population education campus at position in the top 10 of around 16,500 and Sydney Olympic Park entertainment Arenas a daily population of moved closer with the in the world, a position up to 24,000 workers Authority entering held since 2004. More and students. into negotiations with than 1 million patrons education providers have been entertained for the first of what in the Arena in the will eventually total last 12 months and the • The $7-million first 19 development stage of Blaxland next 12 months will see sites surrounding that number eclipsed. Riverside Park, a the Athletics Centre 20-hectare waterfront Competition and park on the Parramatta Warm-Up Arena. The River, was formally education campus will • Since financial opened in March 2007 become an integrated year 2003–04, the and has since proven component of Sydney NSW Government extremely popular Olympic Park’s sporting net contribution with the public. and creative hub, to operating and further defining the capital expenditure town’s identity. at Sydney Olympic Park has more than halved to $30 million.
2006–07 at a Glance vii
Contents Sydney Olympic Park Authority Charter...... 1 Corporate Governance and Board...... 2 Corporate Planning Framework...... 4 The NSW State Plan...... 5 Organisational Structure...... 6 P.8 Parklands Foundation at Sydney Olympic Park...... 7
Making the Park...... 8 1 Evolving and developing Sydney Olympic Park into a dynamic and diverse town for living, working, leisure and learning P.16
Managing the Park...... 16 P.22 2 Maintaining, operating, conserving and activating Sydney Olympic Park for present and future generations
Marketing the Park...... 22 3 Communicating Sydney Olympic Park’s identity and enriching the visitor experience P.28
Return on Investment...... 28 4 Generating economic activity and returns for the people of NSW
Financial Statements Sydney Olympic Park Authority...... 33 Office of Sydney Olympic Park Authority...... 59 Parklands Foundation...... 68 Sydney Olympic Park Aquatic and Athletic Centres Division...... 75
Appendices Appendix A – Financial...... 82 Appendix B – Statutory Reports...... 83 Appendix C – Capital Works and Environmental Compliance...... 87 Appendix D – Staffing Overview...... 89 Appendix E – Freedom of Information...... 92 Appendix F – Consultancy Services Engaged...... 94 Appendix G – Research...... 94 Appendix H – Publications...... 94 Appendix I – Glossary of Terms, Abbreviations and Acronyms...... 95 Appendix J – Index...... 96 Appendix K – Annual Report Costs and Accessing the Authority...... 97
viii Contents Sydney Olympic Park Authority Charter
Sydney Olympic Park Authority (the Authority) was established on 1 July 2001 as a statutory body of the NSW Government under the Sydney Olympic Park Authority Act 2001. Our charter is to manage and promote the 640-hectare Sydney Olympic Park site, including protection of the 425-hectare parklands.
Vision Our Values Serving the Public Our vision is for Sydney Enrich… our core brand promise In achieving its mission, the Olympic Park to be become is to enrich the lives of those Authority seeks to support two an internationally admired who experience Sydney Olympic key Government priorities: example of sustainable urban Park by improving their physical, renewal and development: intellectual, emotional, social • To grow prosperity across and spiritual well-being. NSW… through, inter …one that successfully alia, increased business integrates world-class venue Inclusive… at Sydney investment and through infrastructure and parklands Olympic Park we are building more people participating with a new community of a community; one that in education and training workers, residents, students and integrates a diversity of uses, throughout their life visitors to create an innovative demographics and visitor example of place making groups. Communication and • To enhance our environment stakeholder engagement are for living… by providing, …a township offering a tenets of our place management inter alia, jobs closer to healthy, creative and vibrant and place-making work. home and facilitating more urban environment. people using parks, sporting Innovative… we strive to and recreational facilities Mission be forward thinking in our and participating in the approach to urban management arts and cultural activity. Our mission is defined by and to achieving our goal our four principal goals: of being an exemplar of 1. To build the Park’s position sustainable development. as Australia’s premier Sustainable… we are committed major events precinct to balancing economic, 2. To create an economically environmental and social viable township that objectives and see the quality expresses high standards of our urban development 640 ha of design in the private activities measured by the site and public domains quality of life it offers our visitors, workers and residents. 3. To create a world-class 425 ha parkland Integrity… we strive to parklands operate to the highest 4. To apply a best practice professional, moral and environmental management ethical standards and model approach to all aspects a consistent high standard of of the Park’s making. excellence in all that we do.
Sydney Olympic Park Authority Charter Corporate Governance and Board
Chairman Chris Christodoulou John Coates AC LLB Jack Cowin LLD Michael Knight AO BA
Penelope Figgis Gabrielle Kibble AO Brian Newman AO BA (Hons) BA Dip TCP FRAPI BE (Civil) MBA DSc hc UNSW
The Hon. Frank Sartor, MP Sydney Olympic Park Authority sits within the portfolio of the Hon. Frank Sartor, MP, Minister for Planning, Minister for the Arts and Minister for Redfern/Waterloo.
Terms of Office take up a new role heading the Pecuniary Interests The Board has seven Office of the Coordinator-General, Board members are required Board Members including within the NSW Department to disclose any direct or the Authority’s Chief of Premier and Cabinet. indirect pecuniary interest Executive Officer (CEO). they have in any matter being The Minister appointed Michael considered by the Board. Knight AO as Chairman of the The Authority’s long-serving A register is kept outlining Board for a three-year term Chairman, David Richmond AO, Board members’ disclosures. stood down on 30 June 2007 to commencing from 1 July 2007. Interaction with Management Attendance of Board Members at Board Meetings The CEO and senior executives regularly brief the Board on From 1 July 2006 to 30 June 2007, the Board met five times. aspects of the Authority’s Meetings activities and performance Board Members Aug 06 Nov 06 Feb 07 April 07 June 07 attended and seek and receive guidance David Richmond Yes Yes Yes Yes Yes 5/5 and direction on policy and John Coates Yes Yes Yes Yes Yes 5/5 operational matters. Board Jack Cowin Yes Yes Yes Yes Yes 5/5 members receive regular Chris Christodoulou Yes Yes No Yes Yes 4/5 financial updates from the Penelope Figgis Yes Yes No Yes Yes 4/5 General Manager, Corporate and Gabrielle Kibble Yes Yes Yes Yes Yes 5/5 Commercial, on all aspects of Brian Newman Yes Yes Yes Yes Yes 5/5 revenue, expenditure and debtors.
Corporate Governance and Board Board Member Profiles Chairman John Coates AC LLB Gabrielle Kibble AO BA Dip Michael Knight AO Mr John Coates was appointed TCP FRAPI DSc hc UNSW Mr Michael Knight was to the Board on 1 January 2005. Mrs Gabrielle Kibble was appointed as Chairman of appointed to the Board on the Board on 1 July 2007. Mr Coates is President of 1 July 2001. On 1 January the Australian Olympic 2005, this appointment was Mr Knight was the Minister Committee Inc, Vice President extended for three years. for the Olympics. He was also of the International Council the Minister responsible for of Arbitration for Sport, and a Mrs Kibble is the Administrator the Paralympics and President Member of the Council of the of Liverpool Council, a Trustee of the Organising Committee International Rowing Federation and Deputy Chancellor of for the Sydney 2000 Olympic (FISA). He is a Member of the University of Western Games (SOCOG). Since leaving the International Olympic Sydney and an Honorary Parliament Mr Knight has Committee and its Juridical, TV Associate of the Graduate provided advice to a range of Rights & New Media and 2012 School of Government, organisations, especially in London Games Co-ordination University of Sydney. the infrastructure, property Commissions. He will be Chef de and energy sectors. Mission of the 2008 Australian Brian Newman BE (Civil) MBA Olympic Team in Beijing. Mr Brian Newman was Chris Christodoulou BA Mr Coates is a Partner of appointed Chief Executive Mr Chris Christodoulou was Kemp Strang Lawyers, Deputy Officer (CEO), Sydney initially appointed to the Board Chairman of David Jones Limited, Olympic Park Authority on on 1 July 2001. On 1 January a Member of the Grant Samuel 29 January 2002 and joined 2005, this appointment was Advisory Board and a Director of the Board on that date. extended for three years. Grosvenor Australia Asia Pacific. Mr Newman was previously: Mr Christodoulou is Deputy CEO, Emaar Properties in Assistant Secretary of Unions NSW Jack Cowin LLD the United Arab Emirates; and has responsibility on behalf of Mr Jack Cowin was appointed Managing Director of Nusajaya Unions NSW for the construction to the Board on 1 January 2005. Development Sdn Bhd in industry. He is Chairperson of the Malaysia; CEO, City West Wollongong Sports Ground Trust Mr Cowin is Executive Chairman Development Corporation; and a member of the Correctional of Competitive Foods Australia Acting CEO, Honeysuckle Services Industry Advisory Council. Pty Ltd which owns Hungry Jack’s Development Corporation; nationally and Kentucky Fried and NSW Manager, Lend Chicken in Western Australia Lease Development. He is and the Northern Territory. He a member of the Greater is a Director of Network Ten and Western Sydney Economic BridgeClimb, and Governor of the Development Board and a Centennial Parklands Authority. Director of Sport Knowledge Australia and the Sydney Penelope Figgis AO BA (Hons) Convention and Visitors Bureau. Ms Penelope Figgis was appointed to the Board on 1 July 2001. On 1 January 2005, this appointment was extended for three years.
Ms Figgis has published widely on nature conservation, protected area policy and sustainable tourism. She is currently Vice Chair of the IUCN World Commission on Protected Areas and a Member of the Northern Territory Parks and Wildlife Advisory Council. Until 2005, she was a long-standing Vice President of the Australian Conservation Foundation.
Board Member Profiles Corporate Planning Framework Our Act tourist, recreational, Park and Optimising Returns The Sydney Olympic Park entertainment and on Government Investment. Act 2001, incorporating transport activities The Authority’s Corporate the Sydney Olympic Park and facilities Plan outlines an economic Amendment Regulation • protect and enhance development strategy that 2004, requires the Authority the natural and cultural drives development of Sydney to make all reasonable heritage of Sydney Olympic Park according efforts to ensure that: Olympic Park, including to six core themes: • Sydney Olympic Park the parklands Sport – creating a premier becomes an active and • provide, operate sports destination and vibrant town centre within and maintain public unique integrated sports metropolitan Sydney transport facilities within industry model • Sydney Olympic Park Sydney Olympic Park Education – establishing becomes a premium • liaise with and maintain a world-class precinct for destination for cultural, arrangements with education and sport, health, entertainment, recreation Olympic organisations, arts and environmental and sporting events such as the International sustainability and becoming • any new development Olympic Committee a campus with a diverse carried out in accordance and the Australian student and institution base with the Act complies Olympic Committee. Health, Leisure and with best-practice Well-being – establishing environmental and town State of the Environment a holistic town and place planning standards Under the Act, the Authority of enrichment for spiritual, is also required to produce • the natural heritage emotional, occupational, an annual report on the of the parklands is intellectual, economic, social, state of the environment protected and enhanced. and physical well-being within Sydney Olympic Under the Act, a governing Park, covering four key Culture, the Arts, Food and Board of Authority (the environmental performance Entertainment – becoming Board) was created to provide areas: biodiversity, resource a lively regional centre for direction and guidance to the conservation, involving culture, the arts, food and Authority to ensure it meets people, and site impacts. entertainment for those who its core functions. They are to: It also includes an reside at or visit the Park Environmental Compliance • promote, coordinate Report and Parklands Plan Events – hosting an increasing and manage the of Management Report. program of sporting, business, orderly and economic entertainment and cultural development and use This year, a stand-alone State events to generate economic of Sydney Olympic Park, of the Environment report will benefits and build the including the provision be produced by the Authority Park’s position as Australia’s and management in the latter half of 2007. leading events precinct of infrastructure Environment – progressing Our Corporate Planning • promote, coordinate, the Park’s reputation for Framework organise, manage, environmental sustainability undertake, secure, Sydney Olympic Park through the establishment provide and conduct Authority’s primary objectives of a ‘green economy’. cultural, sporting, are Place Making, Place educational, commercial, Management, Promoting the
Corporate Planning Framework The NSW State Plan The NSW State Plan, facilities and participating in The Authority also makes A New Direction for NSW, is a the arts and cultural activity’. significant contributions to the commitment from the New State Plan Objective: ‘Growing South Wales Government to The Authority contributes to this Prosperity across NSW’. the people of NSW setting Priority through its continued out clear targets for improved encouragement of professional Sydney Olympic Park contributes outcomes and service delivery. and community access to the to business prosperity across Park’s array of sporting and NSW through a range of The purpose of the State Plan cultural venues and the parklands outcome areas including: is clear: to deliver better results facilities. This directly contributes for the NSW community to the State Plan Targets of: • the generation of economic from Government services. returns through private • increasing visits to State sector investment and The State Plan sets out the Government parks and business growth goals the community wants reserves by 20% by 2016 the NSW Government to work • generating economic towards. It identifiespriorities • increasing participation value through the for Government action that will in sporting activities hosting of iconic major help achieve each of these goals by 10% by 2016 sporting, entertainment over the next 10 years. Targets and show events • increasing visits to and have been set where possible. participation in the arts • the evolution of Sydney Sydney Olympic Park Authority and cultural activity Olympic Park into a continues to provide effective by 10% by 2016. specialised economic centre. and valuable support to the NSW In addition, the Authority In addition to providing State Plan, in particular in the key contributes to improving Sydney’s significant support to the State Plan Objective of creating urban environment through achievement of these specific an ’ ’. Environment for Living Sydney Olympic Park’s world- Objectives, Sydney Olympic The Goal most relevant to class water recycling system, Park makes meaningful the Authority under this innovative examples of energy contributions across the entire Objective is ‘Improved Urban management, integrated social range of State Plan Objectives. Environments’, in particular housing models and high quality The Authority continues to the State Plan Priority of urban and architectural design. seek opportunities to further having ‘more people using support the Objectives, Goals and parks, sporting and recreational Targets of the NSW State Plan.
The NSW State Plan Organisational Structure
Board
Chief Executive Officer
Corporate and Commercial
Property Development Management Accounting Executive Services to Contract Management and Reporting Board, Chairman, CEO and Minister’s Office Accounts Payable Property/Car Park and Receivable Management Governance Coordination Commercial Services Risk Management Human Resource Management Financial Control Treasury Liaison Information Services Financial Systems Venue and Lease – IT&T, CADD and Accounting Management Records Management Administrative Services
Marketing, Sales and Communications
Business Events Website Management Community Relations Leisure and Marketing Graphic Design Education Programs Communications Sponsorship Research Marketing Services Tourism Business Visitor Centre/Services Corporate and Development Media Relations
Sustainability and Operations
Asset and Infrastructure Safety and Security Water and Energy Maintenance Management Management Holiday and Tour Site Presentation Education Development Programs Delivery Traffic and Transport Building Approvals and Environment and Coordination Events Compliance Ecosystems Conservation Visitor Experience Public Event Programming Precinct Operations and Enhancement Urban Design Venue Event Support Environmental Sustainability Urban Planning Services Parklands Management Major Assets Management Capital Works Project Arts Development Management
Business Development
Sports Development Education Development Property Development
Organisational Structure Parklands Foundation at Sydney Olympic Park The Parklands Foundation (the A significant result in January The Marketing and Promotions Foundation) began formal 2007 was the commencement Strategy was completed in October operations in March 2006. The of operation of a new Parklands 2006 and a new product brand was Parklands Foundation is a subsidiary Foundation organisational adopted in May 2007, with a unique corporation under the Sydney structure, directly linked to logotype and position statement Olympic Park Authority Act 2001, the needs of the Foundation’s (The Geography Challenge – Where established with the approval of organisational objectives and Technology Meets Ecology) the Minister and the concurrence Business Plan. The Plan and established in June 2007. of the Treasurer of NSW. structure were approved by the Foundation Board and supported A sales campaign was developed The Parklands Foundation Limited by Sydney Olympic Park Authority. involving a direct marketing (the Foundation Limited) is a promotion and advertising subsidiary corporation under the campaign with select education Sydney Olympic Park Authority Act Achievements and trade journals and proactive 2001. It is a not-for-profit company Milestone Developments selling to geography teachers limited by guarantee registered During 2006–07, the Parklands in the various school systems. under the Corporations Act 2001. Foundation achieved the following major milestones: The role of the Foundation is Future Directions as a not-for-profitpartner of • attracted $84,000 value The Parklands Foundation looks Sydney Olympic Park Authority. of in-kind support from forward to launching a number It was established to add ESRI Australia and ESRI Inc of new programs in 2007–08 value to the future of the (USA) of educational GIS such as: Friends and Supporters; Park through its support of Software licences for The Corporate and Capital partnerships; educational, environmental, Geography Challenge and Community and Environment cultural, scientific and recreational the Authority’s Education partnerships, public events; projects and programs, unit (November 2006) research development; enhanced involving both the parklands Geography Information Systems • secured strategic partnership and within the greater Park. (GIS); and other initiatives that alliances with: NSW will enhance the parklands As a newly-established not-for- Department of Education & at Sydney Olympic Park. profit organisation, the Foundation Training (DET), DET – Centre for Learning Innovation is also committed to enhancing Parklands Foundation Board the parklands at Sydney Olympic (CLI), ESRI Inc (USA) and ESRI Lucio Di Bartolomeo, Chairman Park by helping to foster learning, Australia (November 2006) (appointed February 2007) discovery, recreation and well- • a research grant of $10,000 being and to providing a place value in-kind was secured Hon. Michael Knight AO, Director for the community to enjoy and from the University of Western (appointed June 2007) treasure in future generations. Sydney for targeted education Peter Duncan, Founding Director research (May 2007). During the first 15 months of (appointed May 2005) start-up operation, the Foundation experienced growth associated The Geography Challenge Penelope Figgis AO, Founding with its absorption of programs Product Market Launch Director (appointed May 2005) from the Authority during The Geography Challenge September 2006. This included Andrew Beatty, Director is an online program that the prototype phase of an online (appointed June 2007). seamlessly integrates Information environmental education program, Communications Technology ‘The Geography Challenge’ Board Developments (ICT) class work with fieldwork (formerly known as the ‘Geography at Sydney Olympic Park. in 2006–07 Learning Sequence’ and the Peter Duncan stepped down ‘Parklands Learning Model’), Post trial and evaluation in April as Chair and assumed role as infrastructure for a Geographic 2006, the product was completed Director (February 2007). Information System (GIS) and by the Foundation for market an archival electronic library implementation with direct David Richmond resigned as referred to as the ‘Databank’. involvement from education Founding Director (June 2007). and technology partners DET – CLI and ESRI Australia.
Parklands Foundation at Sydney Olympic Park Making Sydney Olympic Park Sydney Olympic Park is host to sporting, artistic, cultural, educational, recreational and entertainment activities and experiences that promote social, physical, intellectual and emotional well-being for workers and visitors to the Park. As well as hosting major events in sport, business, agriculture and entertainment, Sydney Olympic Park is emerging as a significant urban centre in metropolitan Sydney, building on the high civic quality of its streets and public spaces and 425-hectares of diverse parklands.
Blaxland Riverside Park, our newest public space.
Making Sydney Olympic Park At Sydney Olympic Park, we are building on the Olympic legacy to create a vibrant, unique town – an outstanding example of sustainable urban development.
The focus on building the town involves management and staff in a range of place-making activities to facilitate property and business development; to respond operationally to growing use and visitation; to guide and support property and product development activities; to commission and oversee major capital works projects; to expand and refine the range of 1 programs and services on offer; and to respond properly to ongoing change around the site.
Master Plan 2025 Master Plan 2025 has involved two years of Master Plan 2025 is a new, exciting blueprint consultation and planning development, and is designed to guide development at the Park over the supported by extensive research and analysis of coming decades in a sustainable manner. The draft traffic and noise management, social planning Plan builds on Sydney Olympic Park’s uniqueness requirements, engineering, environmental as an outstanding sports, entertainment and management, equitable access and the interface recreation precinct, and provides for a variety of land of major-event operations with the day-to- uses and facilities including commercial, residential, day workings of the emerging township. retail, education, community, venues and mixed use. Property Development The Master Plan addresses a range of critical During 2006–07, construction work issues for the Park. These include future land uses, commenced on four major property development development capacity, built form, public domain, projects having an investment value of around transport and access, sustainability, event operations $275 million. An additional $150 million of property and infrastructure provision. The structuring development projects were either transacted principles that underpin the draft Plan, developed or under negotiation by years’ end. These new using key Olympic urban and landscape elements commercial agreements bring the total value of as ordering devices, facilitate the development of property development projects committed since distinct precincts within Sydney Olympic Park. A the Sydney 2000 Olympic Games to $1.1 billion. staged implementation of the Plan will see each precinct’s specific characteristics combine to Transactions Completed in 2006–07 make Sydney Olympic Park not only a premium Site 9 – Announced in late 2006, this $40 million destination for major events and recreational and sports and specialist hospital development will entertainment activities, but also a world-class incorporate 99 beds, 20 consultation rooms and a urban centre where people work, live and learn. ground floor café. Due to be completed late 2009. Currently, there are more than 90 businesses Site 4B – Announced in late 2006, this and 6,000 workers located at the Park. Under the $80 million development has a current new Master Plan, the projected resident, worker development application for 24,000 m2 of and student population of the Park in 2025 will commercial office space. Due to be completed total around 40,000, including some 16,500 in 2010–2011, subject to market conditions. residents and a daily influx of approximately 24,000 workers, students and visitors.
Making Sydney Olympic Park Commonwealth Bank Other Commercial decks, a water feature and The Commonwealth Bank of Developments water play and extensive Australia has approved plans to Site 13 – This site is the landscaping. The site will occupy more than 60,000 m2 of subject of negotiations with also include an artwork high quality office space at the a commercial developer. sculpture of ‘birds in flight’, Park to house approximately The site offers potential for an appropriate response 3,500 of the Bank’s staff by late 15,000 m2 of commercial to the notion of adventure 2009. The office buildings will be offices and retail space. and the environmental located on sites 5, 6 and 7 under values of the precinct. development by the property Site 8A Commercial • Installation of a tidal flushing investment division of Colonial Development – An agreement gate on the water bird refuge First State Property. Occupation has been struck between Watpac wetland in Bicentennial Park of the first office building, on Ltd and the Authority under to provide water exchange site 5, will commence in late which Watpac will develop a six- 2 between Homebush Bay 2007. Once fully completed, level complex featuring 7,200 m and the wetland, thereby the office campus will house of office and ground-floor retail improving the ecology around 3,500 m2 of retail space, space. The development will and environmental adding street life to the town help change the face of Sydney quality of the area. centre and a nearby town Olympic Park’s new town centre square, also under construction. and will create a new urban layer between the Olympic Park train Blaxland Riverside Park Accor Hotel Developments station and the Royal Agriculture In 2006, work commenced Accor, which operates the Society’s exhibition facilities. on a $15 million staged Novotel and Hotel Ibis at Sydney redevelopment of a Olympic Park, has committed Parklands and Open 20-hectare waterfront park on to building two new hotels, Space Development the Parramatta River. Stage 1, the Sofitel and Formule 1. During 2006–07, the Authority costing $7 million, was opened When completed, they will continued its program of by the Hon. Minister Sandra bring the total number of transforming the parklands to Nori on 3 March 2007. The hotel rooms at Sydney Olympic meet the rapidly growing needs improvement works included Park to approximately 700. and expectations of visitors to a the extension of Jamieson Street local and regional park. Projects to provide access to new public Sofitel Hotel– Announced in planned or underway aim to: space along the waterfront October 2005, this $65 million along Parramatta River. New 212-room five-star hotel is • improve access and car parking, bus and taxi set due to be completed by mid- connectivity to and down and entrance to the 2008. The hotel will include within the parklands adjoining Newington Armory retail space at street level and precinct were also established. will be joined by a two-storey • enhance the visitor common underground car park experience Blaxland Riverside Park provides to the Novotel. Construction a public accessible pontoon, commenced early in 2007. • provide new amenities BBQ and picnic facilities, public and services amenities, water play and water Formule 1 Hotel – This features. The development of • protect and enhance the $20 million two-star 156-room the Armory Wharf Café and Park’s environmental hotel will cater to a broad the availability of bike hire and heritage assets. range of recreational and and programs in the Armory, business users. Construction Parklands projects included: including exhibitions in the commenced mid-2007, with a Armory Gallery, the heritage completion date of mid-2008. • Commencement of the Stage railway ‘Discovery Tours’ and 2 ‘adventure playground’ walking history tours of the at Wentworth Common, Armory, have proved very which will cover an area of popular, resulting in significant one hectare and boast three visitation growth and enjoyment major playground structures of this major addition to including a flying fox, shade Sydney’s waterfront park assets. structures, bridges and
10 Making Sydney Olympic Park Business Development used to fund research programs • Elite Sport programs/events dedicated to finding a cure – Athletics NSW, Sydney Sports Development for prostate cancer. The event Lions Volleyball, NSW In 2006–07, the Authority also helps to build a stronger Weightlifting, NRL Referees continued to assist sports awareness of men’s health Training, Monster BMX organisations, businesses, issues within the community. Games and NSW Water Polo partners and associations in engaging with the Park AOC Youth Olympic Festival • Industry events – NSW and its world-class sporting – The fourth Australian Youth Institute of Sports Awards, venues. Sports development Olympic Festival (AYOF) was NSW Women’s Sport highlights included: held from 17 to 21 January and Recreation and NSW 2007 at Sydney Olympic Park. Sports Federation Action Sports – Construction Over 1,600 athletes from commenced on the new BMX 20 countries competed over • AC Milan Soccer Clinics racing track – Monster BMX. the five days of competition – 335 young football players In addition to Sydney Olympic across 16 Olympic sports. attended three weeks of Park’s funding contribution, coaching practice from project funding was secured Swimming – The pre-World five visiting AC Milan from Auburn Council and Championship Men’s Youth Academy coaches. the Federal Department and Women’s Water Polo of Transport and Regional Competition was held, as was SportAccord, Beijing, Development through the the Australia v USA ‘Duel in 23–27 April 2007 ‘GROW’ program. The completion the Pool’ which was televised In April 2007, Sydney Olympic of this facility will give the nationally by Channel 9. Park Authority worked in Park three Monster-branded partnership with NSW Major youth targeted sport facilities The Inaugural Maccabi Events, the Department of State – Monster Skatepark, Monster Australian International and Regional Development Mountain X and Monster BMX. Games – A celebration of sport, and Tourism NSW, exhibiting community and friendship – the at the annual SportAccord Festival of Cycling – Following event was held from 2 to 10 international sports convention, the success of the inaugural July 2006. The Games featured held in Beijing. This was the event in 2005, the Festival of 650 sportspeople competing first time these partners had Cycling was once again held in 11 sports, together with 350 come together at SportAccord in October 2006. The Festival volunteers and performers. to ensure an integrated of Cycling is now a key event approach to promoting NSW, in Sydney Olympic Park’s Home Teams – The following its expertise and its range annual program of festivals. teams proudly played their home of world-class sporting and The event was expanded in games at the Park in 2006–07: major event facilities. 2006 to include mountain • National Rugby League bike events held at the new – Bulldogs, Wests Tigers, The event provided an ideal Monster Mountain X track. Rabbitohs, NSW Blues opportunity for the Authority The Authority’s event partners to communicate to the included Bicycle NSW, Cycling • Netball – Sydney TAB Swifts, international sports community NSW and the Peleton Sports 2006 Commonwealth Bank regarding the successful use Criterion Race, Cycling Australia, undefeated champions and development of Sydney Mountain Bike Australia and Olympic Park post the Sydney NSW Wheelchair Sports. • Australian Football League 2000 Olympic Games. In – Sydney Swans – 2006 addition, the Authority worked Fathers Day 5 – In conjunction AFL Grand Finalists closely with NSW Major with Sporting Spectrum, the Events to pursue prospects for ‘Fathers Day 5’ community fun • National Basketball League future major sporting events run was held for the first time – West Sydney Razorbacks. and sports-related business in 2006. In support of prostate events. There was a great cancer research, the event is a Sports Sponsorship and deal of interest in the Park’s 5-km experience that passes Support – During 2006–07, the development from delegates, through famous sporting venues Authority provided sponsorship, IOC members and the media. including Telstra Stadium marketing and promotional and the Sydney Olympic Park assistance to the following Athletics Centre. Money raised is sporting events and programs:
Making Sydney Olympic Park 11 Education Development In addition, a marketing Education program highlights A three-year Strategic Plan campaign was implemented, for 2006–07 included: for Education was finalised initially targeting 150 providers EnergyAustralia Education in November 2006 following delivering vocational education Centre – EnergyAustralia extensive internal and external and training, or higher sponsorship funds enabled the consultation. The vision for education. Several proposals refurbishment of a heritage education at Sydney Olympic have been initiated as a result of building within the Newington Park is to create a world- this campaign thus far. Details Armory precinct for education class precinct for education are commercial-in-confidence. use and the development of two in sport, health, the arts and Education Programs cutting-edge school excursion environmental management. A key objective of the Strategic programs focusing on renewable energy. Program activities were Sports and Education Plan for Education is to ensure developed through a partnership Campus Precinct the continuation of the Authority’s highly regarded between Sydney Olympic The creation of an education Park Authority and CSIRO. campus at Sydney Olympic Park school education programs on is integral to the Authority’s a financially sustainable basis. Science in the Suburbs – In vision. The education campus The Authority offered 32 September 2006, the Authority will become an integrated curriculum-based programs hosted this Australian Museum component of Sydney Olympic to the school sector in event at Newington Armory Park’s sporting and creative hub, 2006–07, covering a range for the first time. Over 1,200 defining the town’s identity and of key learning areas from primary and high school linking community with industry. kindergarten to senior high students participated in In 2006, 10 sites were identified school. In 2006–07, 20,637 science-related programs and for potential sale by leasehold students participated in these a central expo over two days. title (99 years) to commercial programs, with the majority education and training providers Active Lifestyle Program – The (over 18,600) undertaking – seven sites for educational Active Lifestyle Program (ALP) is a hands-on environmental facilities and three for student suite of offerings that are linked education in the parklands. accommodation. This was later to the Personal Development, This represents a 17% increase increased to a total of 19 sites Health and Physical Education in environmental education following a revision to the (PDHPE) syllabus for primary participation from 2005–06. Master Plan for the precinct. students and PDHPE electives Implementation of the Strategic All sites are in close proximity for secondary students. 2006 Plan also initiated scoping and to the major sporting venues. saw the roll-out of a new development of a range of Building heights will vary from curriculum-based primary commercial and community- four to six storeys, offering a school picnic day concept orientated education programs total of 115,000 m2 of floor space entitled the ‘Get-Active Day’. for the adult sector. for educational facilities and a This unique offering is being further 17,000 m2 for student The Authority has continued delivered in partnership with accommodation. Retail facilities to work closely with the NSW ACPE and attracted considerable will be available on the ground Department of Education and interest as an end-of-term/year floor of most sites. A request for Training and private education event. Further development of detailed proposals closed on bodies to develop and deliver the secondary school elective 21 July 2006. Negotiations have education programs. In 2006, components of the ALP have been ongoing with proponents separate Memorandums of concentrated on Biomechanics and the Authority is confident Understanding were established and Technology in Sport. These that it will secure its first with the Australian College of programs engage students investment commitment to the Physical Education (ACPE) and with practical and theoretical education campus in 2007–08. Sydney Community College learning opportunities to underpin joint program within the sporting facilities provision with the Authority. and infrastructure of Sydney Olympic Park.
12 Making Sydney Olympic Park Nestlé Australia Partnership A prototype was successfully Benefit and Best Practice in (Rhodes) – Financial support trialled with NSW schools Event Management) in SBI’s through Nestlé Australia’s during September 2006 and SportCampus ‘07 in London. This Community Environmental transferred to the Parklands collaboration allowed the ‘SKA Program enabled the Foundation on 30 September Way’ of delivering professional development of demonstrative 2006 for completion and education to be showcased on and interpretive equipment for market implementation. a European stage. In 2008, SKA use in education, showcasing and the Australian Olympic effective water management Key project partners are the NSW Committee (AOC) will host and smart landscape design. Department of Education and the Executive Masters in Sport Large models of the Parramatta Training’s Curriculum Directorate Organisation Management River catchment area were and Centre for Learning at Sydney Olympic Park. 35 also constructed for practical Innovation, the Parramatta international sport executives use in a range of school Diocese of the Catholic will study Human Resource and geography excursions. Education Office, and GIS global Intercultural Management of software company ESRI Australia. Sport at the New South Wales Pfizer Scholarship – Two of Institute of Sport facilities. the Authority’s environmental Sport Knowledge Australia educators were selected and Distance Education Professional Education sponsored by Pfizer Australia In 2006, SKA partnered with During 2006–07, Sport to participate in a ‘Green the world’s largest education Knowledge Australia (SKA) Chemistry’ teacher training publisher, Thomson Education, continued its delivery of high- workshop in Keystone, Colorado, to develop and deliver a range level face-to-face courses in USA over a four-day period in of subjects which focus on International Sport Facility April/May 2007, with 17 other the building blocks of a Sport Management, Major Event science teachers from around Business degree. SKA is the Management, Executive Sport the world. The experience exclusive provider of sport Management, High Performance and knowledge gained has higher education courses Unit Management and Elite been integrated into various for Thomson Education and Sport Coaching, providing well- Sydney Olympic Park Authority preferred supplier of sport established practical experience school excursion programs vocational courses including from the world’s best in sport and professional development Certificate III and IV in Fitness, including Robbie Deans, Andrew workshops for other teachers. Diploma in Sport and Recreation Demetriou and David Gallop. (Events) and higher education The Geography Challenge SKA also ran seminars on courses including Bachelor of – Product development of Genetic Doping, Player Welfare, Business Sport Management The Geography Challenge, an Leveraging Sport Assets, GPS and Events and Facilities interactive education program Tracking, Media & Sponsorship Majors, Bachelor of Sport utilising innovative information and Public Health & Obesity. and communications Management and Master technology, was spearheaded International Collaboration of Sport Management. by the Authority as part of July 2006 marked the start of the legacy from the Sydney SKA’s international educational 2000 Olympic Games. and management programs. SKA delivered its Sport Facility The program targets students Management program in undertaking studies in Guangzhou and Tianjin in Geography and the Environment, China and then in Hyderabad delivering content relevant to in India at the prestigious showcasing the sustainable Indian School of Business. In use and best-practice April 2007, SKA partnered with management of land and SportBusiness International water at Sydney Olympic Park. (SBI), the leading business magazine for international sport, by delivering two streams (Planning & Managing Events for Maximum Commercial
Making Sydney Olympic Park 13 Science Through Sport • work with developers During the year, SKA worked to ensure the effective on a science education project integration of new buildings – Science Through Sport (STS) into the public realm – that presents science concepts as new public spaces through sports scenarios and are created to support examples. The STS project commercial developments involves developing modules • welcome the first of some on scientific concepts, suitable 3,500 Commonwealth Bank for high school students. employees to the precinct The central element within each module is an interactive, • implement enhanced computer-based learning tool public transport services that allows students to collect to and from the site data and perform ‘what-if’ scenarios and check responses. • complete construction Modules include Human Energy of Sydney Olympic Park’s Systems, Game Analysis, Sport new town square, located Search, Biology of Speed, Biology at the eastern end of of Strength, Force, Mass and Olympic Park Station Acceleration, Aerodynamics in Sport, and the Biology of • implement further Exercise, and will be released improvements to for sale in term 4 of 2007 in the parklands. Australia and New Zealand The Park’s future direction from through Blake Education and a place-making perspective will in the UK from January 2008 be driven by the Authority’s through Jan Roscoe Publications. economic development strategy, which seeks to promote Future Challenges economic growth across six and Directions industry sectors, namely: sport; Going forward, Sydney Olympic education; health, leisure Park Authority faces a number and well-being; culture, the of challenges in its place arts, food and entertainment; management and place-making events, and the environment. activities. Of primary importance will be the finalisation of the draft new Master Plan for Sydney Olympic Park, which is expected to be placed on public exhibition in 2008.
During the 2007–08 year, the Authority will also be seeking to:
• secure investment commitment for new property development opportunities including the education campus sites, restaurant facilities, temporary accommodation and office/retail projects
14 Making Sydney Olympic Park Environmental education Skateboarding at Monster, supporting away from the classroom. a potential new Olympic sport.
17% increase in environmental education participation from 2005–06
Making Sydney Olympic Park 15 Managing the Park Sydney Olympic Park Authority maintains, conserves and operates the Park’s natural and built assets. The Authority’s role is to activate and enhance these assets in a sustainable way for present and future generations.
Moving the crowds during major event mode.
16 Managing the Park Sydney Olympic Park is host to sporting, artistic, cultural, educational, recreational and entertainment activities and experiences that promote social, physical, intellectual and emotional well-being for workers and visitors to the Park.
The Authority’s key aim in place management is to maximise visitation and the use of the Park’s venues and assets. It involves developing a rich choice of products and the provision of suitable amenities for visitors, workers and residents while ensuring people movement to, from and within the site is efficient, accessible, comfortable and sustainable. 2
Place Management including major event days, to provide a security The Authority’s key place management function patrol and monitoring regime and to coordinate involves the care, control and management of the management of all site activity including security public domain – including the maintenance of issues, traffic and transport incidents, and asset built assets; the conservation of natural resources; maintenance services. protection of the environment; enlivenment and All security activities are coordinated externally activation of spaces; coordinating traffic and with NSW Police and relevant emergency service transport operations; providing a safe and secure agencies and, internally, a Security Management environment; facilitating a variety of visitor uses Committee handles security matters. During and activities; supporting venue event activities; 2006–07, the Authority updated its Visitor Health and regulating works and services on public land. & Safety Plan and Business Continuity Plan. The place management of Sydney Olympic Park involves the careful balance of competing demands Site Presentation from the diverse range of visitors, to best meet The Authority has responsibility for the the capacity and resilience of the different places maintenance, repair and replacement, as required, and facilities in the Park. A major focus of the place of built and landscape elements within the Park management function in recent times has been including 20 km of roads, 42 km of pathways, to improve the range and quality of experiences five playgrounds including 58 playground on offer at Sydney Olympic Park. Improvements for elements, 219 public facilities, 920 park leisure visitors, event patrons, and local workers furniture items, 40 gross pollutant traps, eight in 2006–07 included allowing visitors to better containment booms, 1,727 drainage pits, 5,105 find their way around; enabling them to efficiently lineal metres of grated drains, 2,296 bollards, move to, from and within the site; allowing them 29 shade umbrellas and 53 public artworks. to do more and different things; and increasing the range of quality spaces and amenities available. The combined landscape maintenance and cleaning activity required to maintain the health, quality Safety and Security and presentation of the Park’s 525-hectares of public domain during 2006–07 involved some During 2006–07, the Authority actively supported 58,770 work hours of landscape maintenance and 114 major event days within the Park by managing 30,131 work hours of cleaning labour. This included crowds, car parking, traffic, and transport services. the planting of approximately 63,400 plants, The Authority’s Operations Centre Security Office operated on a 24/7 basis throughout the year,
Managing the Park 17 the placement of 1,040 cubic • Guns n Roses (attracted Crackers – A spectacular outdoor metres of mulch, irrigation more than 20,000 people) public performance, which was using 336 megalitres of a feature in the 2007 Sydney harvested storm water • ABC Gardening Show Festival program. The event and regular cleaning of (attracted more than was the first major event held the Park’s public amenities, 20,000 people). at Wentworth Common and paved areas, waterways attracted 10,000 people over Sports Events and landscaped gardens. three consecutive nights. In 2006–07, the Park’s world- class sporting venues and Music by Moonlight – A superb Sydney Olympic Park Lodge facilities played host to over range of artists featured at Newington Armory 90 different sporting events. across four Friday nights Opened in February 2006, this Major events included: during February 2007 included 76-bed facility being operated performances by James in partnership with the YMCA of • NRL matches, finals and Morrison, Christine Anu, Opera Sydney achieved over 110 group grand finals (attracted Australia and the Sydney bookings and a total patronage 425,000 people) Symphony Orchestra. This series of 3,465 users up to the end of first-class performances • State of Origin (attracted of June 2007. The majority of attracted 26,000 people. these bookings are regional 77,000 people) Movies in The Overflow – An schools participating in Sydney • Rugby Tests (attracted outdoor cinema experience Olympic Park programs and/or 152,000 people) sport-related carnivals held at held in The Overflow during the Sydney Olympic Park venues. • Australia v Uruguay school holidays in January 2007, Football match (attracted featuring a diverse range of films for the family market. This Events 62,000 people) was the most successful movie During 2006–07, the Authority • Sydney Swans matches season held to date, attracting delivered or supported a (attracted 225,000 people) 41,000 people to the Park. comprehensive suite of major entertainment, sporting, • Medibank International Festival of Cycling – Sydney’s public and arts events that Tennis tournament premiere cycling event, brought over 3.7 million (attracted 73,000 people) held during October 2006, visitors to the Park. bringing 25,000 cyclists • Youth Olympics (attracted of all levels to the Park. Major Events 12,000 people). Kids in the Park – A school Major entertainment events In addition, the Park hosted that brought significantly holiday program for children many other prominent sporting aged 2 to 16 providing a large crowds to the Park events including: the Australian in 2006–07 included: range of entertainment, arts, BMX Championships, World recreation, clinics and activities. Karate Championships, Fencing • Sydney Royal Easter Show This program attracted World Cup, Men’s and Women’s (attracted 877,000 people) approximately 20,000 people. International Water Polo • U2 concerts (attracted Tournament, the Australia v USA Other public events included 209,968 people) ‘Duel in the Pool’, International Australia Day Celebrations (in Wheelchair Tennis Open, 2007 Bicentennial Park); Carols by the • Kylie Minogue (attracted Australian Youth Olympics and Cauldron (The Overflow); and more than 60,000 people) the 2006 Maccabi Australia the monthly Boulevard Markets. International Games. • Big Day Out (attracted 55,000 people) Public Domain Events • Red Hot Chilli Peppers During the year, the Authority (attracted more than produced or facilitated a 50,000 people) number of free public events held in various areas of the • The Great Escape (attracted public domain. These included: almost 20,000 people)
18 Managing the Park Community Cultural also provided a behind-the- • hosting of two international Celebrations scenes look at the Olympic pre-World Championships The Authority continues to Public Art Commissions. Water Polo tournaments for both men and women develop, host and support a • Weather Cranes – Sydney number of major community – these were very successful sculptor Allan Giddy has tournaments which saw cultural events and festivals each created Weather Cranes, a year. In 2006–07 these included: a long overdue return of lighting installation that elite-level international • India-Australia Fair has transformed the former water polo to the venue Navy cranes on Newington • Harmony Day Armory wharf into a kinetic • hosting of the ‘Duel in the sculpture which responds Pool’ swim meet between • Bengali Festival to changes in temperature Australia and the USA and humidity. Visible from immediately after the World • Eid Celebrations. twilight to midnight, the Swimming Championships; new work can be seen from this was a very successful Arts and Culture Blaxland Riverside Park, event, with over 5,500 In 2006–07, the Authority the Parramatta River and patrons attending staged a variety of arts the Silverwater Bridge. performances, exhibitions • the National Water Polo and programs including: Banks Florilegium – The Art of League finals series for Botanical Discovery – Featuring both men and women Acoustica at the Armory 25 prints of botanical specimens were hosted at the centre; – A free outdoor concert collected during Captain the return of this final featuring emerging singer/ Cook’s voyage of 1768–1771 series after some years songwriters. Presented in aboard HM Bark Endeavour. absence was well received association with Contempree Calderazzo Entertainment. Artists at the Armory – An • the establishment of a artist in residence program for new Cardio Theatre and ArtExpress at the Armory visiting and local artists, the associated purchase – An exhibition entitled ‘Gentle program hosted over 30 artists of new equipment for by nature’ at Newington from England, the USA, Holland, the Health Club Armory which featured the Japan, Indonesia, Spain, Thailand artworks of 70 NSW HSC and throughout Australia. • the appointment of catering Visual Arts students. Many and cleaning contractors participating students were for the next two years Sydney Olympic Park Aquatic commencing July 2007 from schools in Sydney’s and Athletic Centres West. ArtExpress 2007 was Sydney Olympic Park Authority • hosting of 28 NSW launched by artist Ben Quilty. resumed control over the Swimming events Sydney Olympic Park Industrial operation of the two centres – an increase from 24 History – Brickpit and Abattoir commencing 1 July 2006. The the previous year – Two exhibitions exploring centres performed very well • the highest-ever the fascinating industrial under the new operating models annual Swim School history of the precinct resulting in a considerable enrolment of 16,124 through a combination of film, reduction in the operating photographs, documents and subsidy (circa $500,000). • health Club membership three-dimensional artifacts. growth from 920 to 1,030 Aquatic Centre Art of the Sydney 2000 Olympic Some of the highlights for the • an increase in overall Games – This exhibition Aquatic Centre included: customer satisfaction with presented the official fine art the level of service provided prints commissioned for the • hosting of the Maccabi Sydney 2000 Olympic Games Australia International (Origins: A Folio of Prints by Games (July 2006) Contemporary Indigenous Australian Artists and The • hosting of the Youth Sydney 2000 Olympic Fine Olympics aquatics Art Collection). The exhibition competitions (January 2007)
Managing the Park 19 • successful training and • the successful establishment centre in response to visitor coaching programs of Athletics NSW as a resident feedback, including: conducted by the NSW tenant within the centre Institute of Sport • a large chessboard • hosting of NSW in the Yulang • conversion to recycled schools representative water for toilet flushing carnivals and events • relocation of picnic facilities and irrigation purposes due to the construction • the successful installation of the Sofitel Hotel • continued reduction in of the new running track utility use and associated at the Warm Up Arena • new picnic facilities at the expenditure (water, Abattoir heritage precinct gas, electricity) • two very successful community fairs – The India • social basketball facilities • continuing staff training to Australia Friendship Fair outside the Sports Halls maintain high levels of public and the Bengali Festival • bike parking facilities on the safety and a safe workplace • an expansion of the perimeter of The Overflow • maintenance of world Athletic Centre user base on Grand Parade, Olympic best practice in relation to productively utilise the Boulevard and the Yulang to water quality. centre’s facilities when not and at Monster Skatepark being used for Athletics • purchase of mobile bike Athletic Centre racks for installation at Highlights included: • conversion to recycled water for toilet flushing events and programs and irrigation purposes • hosting events for • a campfire facility in the Maccabi Australia • continued reduction in Newington Armory International Games (near The Lodge) (July 2006) utility use and associated expenditure (water, • upgrading of picnic facilities gas, electricity) • the successful hosting of outside the Sydney Olympic the Australian All Schools Park Sports Centre Carnival (December 2006) • continuing staff training to maintain high levels of public • installation of a disc golf safety and a safe workplace. • a very well attended and course in Newington Armory successful Telstra A series event in January 2007, in Asset Enhancement • replacement of the Brickpit excess of 6,000 spectators During 2006–07, a number boundary fence adjacent attended this event which of incremental enhancement to Australia Avenue attracted both local and projects were undertaken overseas elite-level athletes in the parklands and town
Bikies welcome: home of the Festival of Cycling.
20 Managing the Park • irrigation installed in the grow; the risk of environmental enjoyment from the different Abattoir heritage precinct impacts will increase; the rates places and spaces and of depreciation will increase; and offering more opportunities • part replacement of the complexity of operations for leisure activities the irrigation system will increase in line with loss in Bicentennial Park to of precinct flexibility. The more • continuing to ensure there improve turf standards significant challenges for is no significant harm place management in future to the environment as • replacement or upgrading years will be different for the increasing visitation levels of numerous areas of new township compared to place pressure on the Park’s landscaping to improve the existing parklands. natural environment site presentation In the new township, key • maintaining the currently • upgrading of the Athletics challenges will include: high levels of landscape Centre irrigation system presentation – as more • balancing the needs people use the spaces and • introduction of a new system of existing sports and facilities more often and of office and public domain entertainment venues and more intensely, and the Park waste management that public events against the experiences fewer low- has increased the average expectations of incoming use periods providing for amount of waste recycled to commercial and residential rest, repair or renovation 60% (previously around 20%). owners and tenants • managing growing Future Challenges • managing effective community demand and Directions car parking, traffic and for consultation or Over the next few years, the pedestrian flows during engagement in respect development of a modern new busier peak hours in light parklands activities. township, expansion of the of the increased number The Authority will incrementally major events calendar, and the of major venue events refine and strengthen the continued promotion of the and major event days measures already in place to parklands as local and regional • managing a more complex ensure that Sydney Olympic Park public open space, will create a site with more demands retains its high standards of busier, more complex precinct and greater expectation public domain presentation and with a significantly more diverse from stakeholders. builds its operating capacity to range of uses and activities. support future workers, residents In the existing parklands, key The new township and growing and event patrons at the Park. challenges will include: parklands will see extensive physical change in the place: • facilitating enhanced the types and levels of use will levels of visitor access and
Managing the Park 21 Marketing the Park Sydney Olympic Park Authority’s marketing goals are to promote the Park’s natural and built assets, programs, events and activities; to increase brand awareness, and increase visitation; and to provide an enriching experience for all who visit the Park.
The Park continues to attract record numbers of visitors – on track to achieve 10 million by 2010. Visitation The number of visitors to Sydney Olympic Park in 8.2 mil 2006 was 8.2 million, up 6.6% compared with 2005.
*2003–04 includes Rugby World Cup
7.9 mil
6.8 mil 6.8 mil
5.5 mil
2006–07 2005–06 2004–05 2003–04* 2002–03
22 Marketing the Park Sydney Olympic Park Authority’s role is to promote the Park’s natural and built assets, programs, events and activities and provide an enriching experience for all who visit or work there.
In 2006–07, the Authority continued to promote the Park to a broad range of target audiences. Marketing and communications activity was focused around building visitation and awareness of the Park as a destination for leisure, business events, commercial property, school education and tourism. 3
Leisure Marketing from 21,500 in 2005–06. The focus has been During 2006–07, the Authority continued to to build the database and retain current encourage Sydneysiders to visit the Park to subscribers, while activating people to visit. enjoy a range of community-based events, to Key to the direct marketing campaign has watch and participate in sporting activities and been the use of radio promotions, which have to take advantage of the Park’s unique range demonstrated an overall, ‘unprompted awareness’ of leisure pursuits. In addition to developing increase from 27% to 42% year-on-year. and implementing a range of marketing communications campaigns for on-site events, Sydney Weekender significant leisure marketing initiatives in 2006–07 Another key element of Sydney Olympic Park’s included the following three key initiatives. 2006–07 leisure campaign was the continuation Outdoor Advertising of the sponsorship of Channel Seven’s Sydney Weekender program, to promote the Park to the A series of vibrant bus and billboard advertisements Sydney family market. The program was sponsored were used to promote the Park as Sydney’s premier for a 14-week period from January to May 2007 cycling and leisure destination. The advertisements and involved integrated content, branding, feature targeted high-traffic areas, roads and major stories, weekly ‘What’s On?’ listings and the bus routes. The adverts were viewed by over screening of a TV commercial during the show. two million Sydneysiders and aimed to increase both awareness and visitation to the Park. Once again, the 2006–07 consumer benchmark study has recorded a significant increase in The consumer benchmark research conducted unprompted awareness, from 56% to 75%, amongst in 2007 recorded strong, unprompted awareness Sydney television viewers – the Park’s primary of both the bus and billboard advertisements audience – during the period under review. at 10%. Overall, the increased awareness level of the Authority’s outdoor advertising has grown from 11% in 2005–06 to 30% in 2006–07. Business Events In 2006–07, the Authority continued to work Direct Marketing closely with Sydney Olympic Park venues Speaking directly to our current and potential and industry bodies to target domestic visitors has been a focus for the Authority this and international meetings, incentives, year. Our ‘What’s On?’ consumer database conventions, exhibitions and trade shows. currently has 31,000 subscribers, an increase
Marketing the Park 23 Business events highlights and 90 function spaces. The and the website was enhanced for 2006–07 included: Authority has capitalised to enable teachers to select on the one-stop-shop sales programs that best matched • secured Bajaj Auto unit by cross selling business their students’ needs. Incentive event 2007 (600 events to clients seeking to hire delegates from India) sites within Sydney Olympic School Sports Park for outdoor activities. • officially launched the new During 2006–07, approximately ‘Team Building and Leisure’ 370,000 school students brochure to the corporate School Education Programs participated in sports at Sydney Olympic Park venues, in a range market in July 2006 In 2006–07, the Authority of activities including swimming achieved 17% growth in and athletics carnivals and • hosted four major venue student participation in its weekly school sports. showcases attracting a environmental education total of 100 new potential programs as a result of the clients to the Park. strategic promotion to teachers. Tourism Overall, the Business Events unit Across four terms, approximately The Authority continued to work has reported excellent results 21,000 students participated closely with industry partners in 2006–07. The total number in curriculum-based programs, such as Tourism New South of leads received through the with the majority of students Wales, the Sydney Convention & Authority’s Business Events unit coming from Years 7–12. School Visitors Bureau, the Australian was 1,207, of which 168 were education programs delivered in Tourism Export Council and converted into new business 2006–07 covered a range of key on-site venues to capitalise on for the Park. More importantly, learning areas including Human future growth and opportunities new domestic business secured Society and Its Environment, in leisure and business tourism. for the Park was valued at Science and Technology, During 2006–07, the Authority: $2.309 million compared to Personal Development, Health and Physical Education $1.8 million achieved in 2005–06, • reviewed existing tourism (PDHPE), Visual Art, Geography, representing a continued products to deliver Science and Biology, with impressive 28% growth. substantial cost savings environmental education This success can be attributed principles themed throughout • marketed tours in foreign to the increasing corporate all field-based programs. languages for the first time market confidence in the Park’s facilities and venues, School education materials were • developed strategies to the service provided by the mailed to every Government, increase revenue from centralised booking service, Catholic and Independent tourist visitors, for example, and the cooperative branding School in NSW and the ACT. through increased sales approach applied across Sydney Advertisements were placed in in the Visitor Centre Olympic Park’s nine venues leading education publications
Overall the increased awareness level of the Authority’s outdoor advertising has grown from 11% in 2005–06 to 30% in 2006–07.
24 Marketing the Park • attended all major trade media. A number of media ‘Park News’ publication, events including ATE launches were held at the increasing its distribution base. & ATEC Symposium Park, including the opening of Blaxland Riverside Park and the An ongoing program of industry • increased revenue from co- opening of the 2007 Sydney seminars and media-contact operative marketing activities Royal Easter Show (the 10th since events is scheduled for 2007–08. the event relocated to Sydney • hosted a number of foreign Olympic Park). Media articles delegations including Community Relations on the Park ranged from event- one from the head of the Collaboration with Community, specific PR campaigns through Chinese Tourism Bureau Industry and Government to reporting on the progress Strong relationships with the • continued the made at the Park since the community, business and implementation of a Sydney 2000 Olympic Games. government are critical to the three-year strategic The Authority continues ongoing success and growth plan for tourism to produce the quarterly of Sydney Olympic Park. It is • developed plans for an 12-page magazine ‘Park News’, through these relationships that expression of interest which has a distribution of the Authority communicates process to seek new approximately 2,400 copies key messages, identifies and tourism product ideas. across media, government resolves potential issues, and Park stakeholders. and develops and achieves mutually beneficial objectives. Sponsorship In 2006–07, the Authority Promoting the Park as a The Authority is continuing to conducted sponsorship Development Destination strengthen its key relationships acquisition activities and To capitalise on growing with the residential and strategies resulting in an interest in Sydney Olympic business community and increase in the number of key Park as an attractive location with Government. During sponsors for Park programs for commercial, educational 2006–07, the Authority: and events, achieving and residential development, sponsorship revenue in excess communication to the property- • appointed a full-time of $207,000 and value in-kind development and general- Community Relations sponsorship of over $271,000. business communities increased Manager to provide a during 2006–07. As part of this focal point for relationship process ‘Development News’, building with key Media and Corporate stakeholders of the Authority Communications the publication designed for key property stakeholders • met regularly with During 2006–07, the Park and potential investors, was representatives from nearby received extensive positive consolidated into the popular media coverage across local, residential communities national and international of Newington, Homebush
Outdoor advertising viewed by more than 2 million Sydneysiders.
Overall the increased awareness level of the Authority’s outdoor advertising has grown from 11% in 2005–06 to 30% in 2006–07.
Marketing the Park 25 Bay West and Rhodes, to Bureau. The Authority is also a • 76% of Greater Sydney consult with local residents member of the International residents surveyed on a range of issues and also Federation of Parks and visited at least once in inform these communities Recreation Administration and 2006–07 (70% in 2005) of the Authority’s activities the Authority’s General Manager, Operations and Sustainability, • the Park is strongly • worked closely with Mr David Young, sits on the associated with good both Auburn Council Board of the Parks Forum Ltd, accessibility and a diversity and Parramatta City an industry-based best-practice of entertainment events. Council to develop mutual park management organisation. objectives and to support Future Challenges greater collaboration The Authority works closely and Direction on development plans with the Sydney Olympic Park A key challenge in promoting to enhance current Business Association, which Sydney Olympic Park is to infrastructure and amenities is the key representative body continue to expand annual for the business community visitation and establish the • worked closely with key State within Sydney Olympic Park. The Park as a national centre for Government organisations, Authority is represented on the health, leisure and well-being including the Local Member Board of the Sydney Olympic and a desirable destination for Auburn, the Office for Park Business Association by for sport and recreation. This the Minister of Western Mr Brian Newman, Chief will be achieved by adding to Sydney, and the Office for Executive Officer, and Mr the activities and events on the Minister of Planning, Mark Rosenberg, General offer and effectively promoting to both seek and provide Manager – Marketing, Sales major sports events and sports information and advice and Communications. relating to the Authority participation and education, school education programs, Kids • participated as a sponsor of Customer Service, Research in the Park, the annual calendar the Western Sydney Business and Brand Development of events, cultural events, and Connection; sponsored and In order to effectively promote the use of facilities for artists, judged the Auburn Council the Park and continually cycling and the use of the 2006 Auburn Local Business improve its performance, the Monster Action Sports facilities. Awards; participated in the Authority conducts annual Western Sydney Business customer research to better In 2006–07, the Authority Awards as a joint Gold understand the wants and will further develop its ‘one- Sponsor of the Excellence in needs of its customers. This stop-shop’ concept to improve Innovation award category research includes an annual efficiency and customer with Parramatta City Council consumer benchmark survey, a service and to drive visitation new business-to-business brand and revenue. Plans include • maintained membership health survey, a parklands user streamlined booking procedures of, and played an active survey and ongoing customer for site hire, business events, role in, the Healthy Parks, satisfaction surveys. In addition, education and tourism bookings, Healthy People initiative in 2006–07 a survey of the and cross-selling of programs. of the Sydney Urban Parks Sydney Olympic Park workforce A price review of site hire is also Education and Research was conducted to gain a better planned and training programs (SUPER) Group to encourage understanding of the transport are in place to facilitate the greater participation and needs of the Park’s population. changes, which aim to increase visitation to Sydney’s revenue from site hire and public parks and gardens. This year, the Park’s annual education and produce savings consumer benchmark due to cooperative marketing. The Authority is a member of survey was conducted the Parramatta Chamber of online for the first time. Its Commerce and the Authority’s key findings included: CEO Brian Newman is also on the Boards of the Greater • 79% of Sydneysiders surveyed Western Sydney Economic visited the Park at least once Development Board and the in 2006–07 (73% in 2005) Sydney Convention and Visitors
26 Marketing the Park How are Venues Perceived?
VS
VS
1. A great place for major 9. Has a welcoming atmosphere sporting events 10. Has a reputation for 2. Offers a range of environmental excellence recreational activities 11. Vibrant 3. Has great restaurants 12. Fun and cafes 13. Holds a diverse range of 4. Provides a place to relax entertainment events 5. Is easily accessible with good 14. Is changing the way it looks parking and public transport 15. * Is a venue I am happy to 6. A place to go with my family visit or attend an event at 7. Has world-class 16. * Is a destination in sports facilities its own right 8. A place to go to 17. * Is a place I associate with my friends with a major event
* New questions for 2007
Dive school at Sydney Olympic Park Aquatic Centre.
Marketing the Park 27 Return on Investment
Generating Returns on Government Investment During the year, the Authority reached an investment milestone with over $1 billion of private sector investment in the Park since the Sydney 2000 Olympic Games.
Car Parking Revenue Growth Increased visitation to Sydney Olympic Park has resulted in increased revenue from car parking.
$9,576,000 $9,136,000 $8,225,000 2007 $7,868,000 $5,207,000 2006 2005 2004 2003
28 Return on Investment Sydney Olympic Park Authority continues to generate economic activity and returns for the NSW Government and for the people of NSW.
In addition to contributing to 46% of its annual operating cash expenses (excluding depreciation) during 2006–07 through revenue from operations, the Authority has paid $20.01 million to NSW Treasury from proceeds of land sales during the year. 4
Sydney Olympic Park Authority is generating Total Expenses returns on Government investment through: Sydney Olympic Park Authority has reduced its total expenditure from $112 million in 2003 • economic development – contributing to $110 million inclusive of depreciation. approximately $200 million in proceeds from land development and around $2 billion Current expenditure covers: from private sector investment by 2015 • Sydney Olympic Park operations including • increasing visitation to the Park to maintenance of the parklands and 10 million people by 2010, which will parklands education programs improve economic and social returns to NSW and revenue to the Authority • funding the operation of government- owned sports venues including the Aquatic • playing a vital role in hosting iconic and Athletic Centres, the Hockey Centre sporting and entertainment events and and the indoor Sports Centre and Halls attracting major national and international events to be held at the Park • property and asset management including maintenance of pavements, heritage buildings, • generating increased revenue to reduce cost community facility buildings, public spaces, roads, to government of maintaining the precinct. landscape maintenance, lighting and public art
Financial Returns to Reduce • event management and support, Costs to Government including event security and safety Although the majority of its funding still comes • environmental services including recycled from the NSW Government, the Authority is water, leachate treatment of remediated contributing to an increasing proportion of its land and environmental monitoring annual expenses from self-generated revenue. • promoting business events, leisure tourism Since 2003, the total financial contribution from and the Sydney Olympic Park brand government including operating and capital expenditure less proceeds from property sales • urban design and town planning has reduced to approximately $30 million. including building approvals, transport and traffic planning.
Return on Investment 29 It should be noted that Commercial Leases Aquatic and Athletic Centres depreciation accounts for over and Contracts Sydney Olympic Park Authority’s one third of total expenses Sydney Olympic Park Authority first year as owner and operator and the Authority continues generated $8.5 million in of the Aquatic and Athletic to review assumptions of the rental and recurrent lease- Centres (2006–07) has been estimated useful life of assets related income. This included successful, with some major to ensure that the depreciation revenue from the following improvements made to the expense is indicative of asset tenants and venues: presentation of the venues servicing profiles. The Authority and the achievement of a has a detailed management • Telstra Stadium much improved financial plan to assist plans for future result for the centres. asset replacement and renewal. • Acer Arena Aquatic and Athletic Centre In 2006–07, the Authority • Accor Hotels Operating Subsidy invested $13.1 million of Treasury • Royal Agricultural Society funding for capital works A new Cardio Theatre was built during the year which including improvements to • Sydney Olympic Park overlooks the pool deck. This the 425-hectare parklands, Tennis Centre including additional landscaping has been a popular addition and park facilities. As a result, • Sydney Olympic for members and has resulted visitors, artists and workers Park Golf Centre in additional memberships at the Park are able to enjoy being sold during the year. award-winning amenities such • Australian Paralympics New cleaning and catering as the Brickpit Ring Walk, newly Committee contracts commenced on 1 July 2007, which has resulted opened parklands, Newington • Sport Knowledge Australia Armory artist studios, and in noticeable improvements in the presentation of the world-class cycling and Action • Various arts and venue and in a higher standard Sports facilities. Record numbers community associations of people are visiting the and more affordable food parklands for health, recreation, • Various commercial and beverage offering. leisure and tourism and the property groups Office Accommodation precinct has also attracted the • Australia Ramp Design attention of major corporations The Authority relocated its Place Management Centre from such as the Commonwealth • Venues of Australia Edwin Flack Drive to 7 Figtree Bank of Australia. Properties Drive. The Authority recently • NSW Police. licensed part of the Edwin Flack Drive premises to NSW Police, generating additional revenue of approximately $400,000 per annum.
Car Parking Car parking continues to provide a major source of revenue, despite increasing numbers of visitors using public transport to travel to and from the Park. Around 1.2 million paid vehicles parked on-site in 2006–07 and parking revenue peaked at $9.5 million (up 5% from $9.1 million in 2005–06). 9EAR
Recurrent appropriation from 2003 to 2007
30 Return on Investment Sydney Olympic Park Aquatic and Athletic Centres have flourished under the Authority’s management.
Future Challenges and Direction During 2007–08, the Authority will continue its focus on increasing revenue from property rents and commercial hiring, estate levies, sponsorship arrangements and car parking revenue, thus contributing further to the self-funding of operations. Over the next 10 years, it is anticipated that an estimated additional $200 million in proceeds will be generated from land sales, with further distributions paid to Treasury and investment allocated to income-producing assets. In driving our income sources harder and targeting incremental reductions in Treasury funding, the Authority aims to demonstrate long-term improvement in business performance and sustainability.
Aquatic and Athletic Centre Operating Subsidy
$3.6 mil $3.5 mil $3 mil
2004–05 2005–06 2006–07
Return on Investment 31 Total NSW Government $70.4 mil contributions to Sydney 2003 Olympic Park from 2003 to 2007.
$34 mil 2004 $ 31.2 mil $30.8 mil 2006 2005 $30.6 mil 2007
32 Return on Investment Financial Statements
Total NSW Government contributions to Sydney Olympic Park from 2003 to 2007.
Financial Statements 33 34 Financial Statements Sydney Olympic Park Authority Directors’ Declaration
SYDNEY OLYMPIC PARK AUTHORITY Financial Statements for the Year Ended 30 June 2007
Pursuant to Section 41C(1B) and (1C) of the Public Finance and Audit Act 1983, we declare that in our opinion:
1. The accompanying financial statements exhibit a true and fair view of the Authority’s financial position as at 30 June 2007 and transactions for the year then ended.
2. The statements have been prepared in accordance with the provisions of the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2005, the Treasurer’s Direction and the directives of the Financial Reporting Code.
Further, we are not aware of any circumstances which would render any particulars included in the financial statements to be misleading or inaccurate.
M Knight AO B Newman Chairman Chief Executive Officer
5 October 2007 5 October 2007
Financial Statements 35 Sydney Olympic Park Authority
36 Financial Statements Sydney Olympic Park Authority Operating Statement For the year ending 30 June 2007
Consolidated Authority Actual Budget Actual Actual Actual 2007 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000 $’000
Expenses Excluding Losses Operating expenses Employee related 2(a) 19,751 14,865 13,533 0 0 Personnel Services 2(b) 832 289 799 20,027 14,244 Other operating expenses 2(c) 48,765 40,075 40,186 48,486 40,181 Depreciation and amortisation 2(d) 41,129 33,604 41,295 41,129 41,295 Grants and subsidies 2(e) 800 5,088 4,947 2,000 5,122 Finance costs 0 226 0 0 0 Total Expenses Excluding Losses 111,277 94,147 100,760 111,642 100,842 Less: Revenue Sale of goods and services 3(a) 27,967 18,574 19,579 27,967 19,579 Investment revenue 3(b) 3,842 3,560 4,124 3,736 4,123 Retained taxes, fees and fines 3(c) 597 300 557 597 557 Grants and contributions 3(d) 2,556 832 2,847 2,556 1,433 Other revenue 3(e) 2,724 1,206 1,283 3,450 1,873 Total Revenue 37,686 24,472 28,390 38,306 27,565 Gain/(loss) On Disposal 4 1,963 6,713 2,733 1,963 2,733 Other Gains/(losses) 5 20,002 14,830 19,573 20,002 19,573 Net Cost of Services 25 51,626 48,132 50,064 51,371 50,971
Government Contributions Recurrent appropriation 6(a) 36,860 36,871 37,027 36,860 37,027 Capital appropriation 6(b) 13,111 13,111 12,611 13,111 12,611 (Asset sale proceeds transferred to the Crown Entity) (20,077) (21,387) (19,020) (20,077) (19,020) Acceptance by the Crown Entity of employee benefits and other liabilities 7 726 880 590 0 0 Total Government Contributions 30,620 29,475 31,208 29,894 30,618 DEFICIT FOR THE YEAR 21 (21,006) (18,657) (18,856) (21,477) (20,353)
The accompanying notes form part of these statements.
Financial Statements 37 Sydney Olympic Park Authority Statement of Recognised Income and Expenses For the year ending 30 June 2007
Consolidated Authority Actual Budget Actual Actual Actual 2007 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000 $’000 Net increase/(decrease) in asset revaluation reserve 21 0 0 550 0 550 TOTAL INCOME AND EXPENSE RECOGNISED DIRECTLY IN EQUITY 0 0 550 0 550 Deficit for the year 21 (21,006) (18,657) (18,856) (21,477) (20,353) TOTAL INCOME AND EXPENSE RECOGNISED FOR THE YEAR (21,006) (18,657) (18,306) (21,477) (19,803)
EFFECT OF CHANGES IN ACCOUNTING POLICIES AND CORRECTION OF ERRORS Accumulated funds 0 0 (550) 0 (550) (21,006) (18,657) (18,856) (21,477) (20,353)
The accompanying notes form part of these statements.
38 Financial Statements Sydney Olympic Park Authority Balance Sheet As at 30 June 2007
Consolidated Authority Actual Budget Actual Actual Actual 2007 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000 $’000
ASSETS Current Assets Cash and cash equivalents 9 38,693 30,581 33,573 35,614 32,082 Receivables 10(a) 27,833 24,558 23,781 28,787 23,772 Inventories 11(a) 102 143 143 102 143 Prepayments 16(a) 6,781 6,781 6,781 6,781 6,781 Total Current Assets 73,409 62,063 64,278 71,284 62,778
Non Current Assets Receivables 10(b) 0 0 18,000 0 18,000 Inventories 11(b) 2,256 2,204 2,204 2,256 2,204 Prepayments 16(a) 153,161 159,942 159,942 153,161 159,942 Other Financial Assets 12 0 0 0 0 0 Property,Plant and Equipment Land and buildings 790,130 797,705 791,546 790,130 791,546 Plant and equipment 42,526 41,989 45,621 42,526 45,621 Infrastructure systems 354,051 356,564 370,121 354,051 370,121 Total property, plant and equipment 13 1,186,707 1,196,258 1,207,288 1,186,707 1,207,288 Investment in associates 15 47 1,625 637 47 637 Right to Receive 16(b) 146,932 141,463 125,146 146,932 125,146 Total Non Current Assets 1,489,103 1,501,492 1,513,217 1,489,103 1,513,217 Total Assets 1,562,512 1,563,555 1,577,495 1,560,387 1,575,995
LIABILITIES Current Liabilities Payables 18 8,431 6,367 6,250 8,304 6,247 Borrowings 0 3,069 0 0 0 Provisions 19 5,910 5,588 5,589 5,880 5,589 Other 20(a) 2,929 2,556 3,031 2,929 3,031 Total Current Liabilities 17,270 17,580 14,870 17,113 14,867
Non Current Liabilities Borrowings 0 2,007 0 0 0 Provisions 19 251 221 221 251 221 Other 20(b) 33,066 29,473 29,473 33,066 29,473 Total Non Current Liabilities 33,317 31,701 29,694 33,317 29,694 Total Liabilities 50,587 49,281 44,564 50,430 44,561 Net Assets 1,511,925 1,514,274 1,532,931 1,509,957 1,531,434
EQUITY Reserves 21 283,130 283,130 283,130 283,130 283,130 Accumulated funds 21 1,228,795 1,231,144 1,249,801 1,226,827 1,248,304 Total Equity 1,511,925 1,514,274 1,532,931 1,509,957 1,531,434
The accompanying notes form part of these statements.
Financial Statements 39 Sydney Olympic Park Authority Cash Flow Statement For the year ending 30 June 2007
Consolidated Authority Actual Budget Actual Actual Actual 2007 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000 $’000
CASH FLOWS FROM OPERATING ACTIVITIES Payments Employee related (19,073) (14,275) (13,461) 0 0 Grants and subsidies (800) (5,088) (4,947) (2,000) (5,122) Finance costs 0 (226) 0 0 0 Other (58,185) (49,072) (53,006) (77,540) (66,958) Total Payments (78,058) (68,661) (71,414) (79,540) (72,080)
Receipts Sale of goods and services 26,426 18,746 19,845 26,426 19,845 Retained taxes, fees and fines 597 300 557 597 557 Interest received 2,506 3,574 1,845 2,400 1,844 Other 18,282 14,313 15,372 18,282 14,548 Total Receipts 47,811 36,933 37,619 47,705 36,794
Cash Flows From Government Recurrent appropriation 6(a) 36,860 36,871 37,027 36,860 37,027 Capital appropriation 6(b) 13,111 13,111 12,611 13,111 12,611 Asset sale proceeds transferred to the Crown Entity (20,077) (21,387) (19,020) (20,077) (19,020) Net Cash Flows From Government 29,894 28,595 30,618 29,894 30,618 NET CASH FLOWS FROM OPERATING ACTIVITIES 25 (353) (3,133) (3,177) (1,941) (4,668)
CASH FLOWS FROM INVESTING ACTIVITIES Purchases of land and buildings, plant and equipment and infrastructure systems (13,539) (23,947) (14,033) (13,539) (14,033) Other 19,012 19,012 19,020 19,012 19,020 NET CASH FLOWS FROM INVESTING ACTIVITIES 5,473 (4,935) 4,987 5,473 4,987
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from borrowings and advances 0 10,000 0 0 0 Repayment of borrowings and advances 0 (4,924) 0 0 0 NET CASH FLOWS FROM FINANCING ACTIVITIES 0 5,076 0 0 0 NET INCREASE/(DECREASE) IN CASH 5,120 (2,992) 1,810 3,532 319 Opening cash and cash equivalents 33,573 33,573 31,763 32,082 31,763 CLOSING CASH AND CASH EQUIVALENTS 9 38,693 30,581 33,573 35,614 32,082
The accompanying notes form part of these statements.
40 Financial Statements Sydney Olympic Park Authority Summary of Compliance with Financial Directives Supplementary Financial Statements for the year ending 30 June 2007
2007 2006 Expenditure Expenditure Expenditure Expenditure Net Claim on Net Claim on Net Claim on Net Claim on Recurrent Consolidated Capital Consolidated Recurrent Consolidated Capital Consolidated Appropriation Fund Appropriation Fund Appropriation Fund Appropriation Fund $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 ORIGINAL BUDGET APPROPRIATION/ EXPENDITURE Appropriation Act 36,871 36,860 13,111 13,111 37,027 37,027 12,611 12,611 Additional Appropriations 0 0 0 0 0 0 0 0 Transfers 0 0 0 0 0 0 0 0 Total 36,871 36,860 13,111 13,111 37,027 37,027 12,611 12,611 OTHER APPROPRIATIONS/ EXPENDITURE Treasurer’s Advance 0 0 0 0 0 0 0 0 Total 0 0 0 0 0 0 0 0 Total Appropriations/ Expenditure (includes transfer payments) 36,871 36,860 13,111 13,111 37,027 37,027 12,611 12,611 Amount Drawn Down Against Appropriation 36,860 13,111 37,027 12,611 Liability to Consolidated Fund 0 0 0 0
The Summary of Compliance is based on the assumption that Consolidated Fund moneys are spent first (except where otherwise identified or prescribed).
Financial Statements 41 Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
1. SUMMARY OF SIGNIFICANT · the Financial Reporting It is expected that the impact of the ACCOUNTING POLICIES Directions published in the application of the new Standards Financial Reporting Code for on the Authority’s financial report (a) Reporting Entity Budget Dependent General in the period of initial application Sydney Olympic Park Authority Government Sector Agencies or (2007/08) will not be significant. (the Authority) was established in issued by the Treasurer under 2001 and took over the previous section 9(2)(n) of the Act. Property, plant and equipment responsibilities of the Olympic are measured at fair value. Other Co-ordination Authority (OCA). As mandated by the Treasurer, the financial statements items are Authority has not early-adopted the prepared in accordance with the The Authority, as a reporting entity, following new/revised Accounting historical cost convention. comprises all the entities under Standards/Interpretations: its control, including the Parklands Judgements, key assumptions and Foundation Limited, the Office of · AASB 7 & AASB 2005- estimations made by management the Sydney Olympic Park Authority 10 regarding financial are disclosed in the relevant and Sydney Olympic Park Authority, instrument disclosures notes to the financial report. Sydney Olympic Park Aquatic and Athletic Centres Division. · AASB 8 & AASB 2007-3 All amounts are rounded to the In the process of preparing the regarding operating segments nearest one thousand dollars and consolidated financial report for the expressed in Australian currency. economic entity consisting of the · AASB 101 (Oct 2006) controlling and controlled entities, regarding presentation of (c) Statement of Compliance all inter-entity transactions and financial statements The consolidated and Authority financial statements and balances have been eliminated. · AASB 123 (June 2007) and notes comply with Australian AASB 2007-6 regarding As at 1 July 2006 the Authority Accounting Standards, which borrowing costs took over the operations of the include AEIFRS. A statement of Sydney Olympic Park Aquatic · AASB 1049 regarding the compliance with International and Athletic Centres. general government sector Accounting Standards cannot be made due to the Authority The Authority is consolidated and GFS/GAAP convergence applying the not-for-profit sector as part of the NSW Total · AASB 2007-4 regarding requirements contained in AEIFRS. State Sector Accounts. Australian additions to and The Authority is a not-for-profit deletions from IFRSs (d) Income Recognition Income is measured at the fair value entity with no cash generating units. · AASB 2007-5 regarding of the consideration or contribution inventories held for distribution These consolidated financial received or receivable. Additional by not-for-profit entities statements have been comments regarding the accounting authorised for issue by the Audit · Interpretation 4 (Feb 2007) policies for the recognition of Committee on 5 October 2007. regarding determining whether income are discussed below. an arrangement contains a lease (b) Basis of Preparation (i) Parliamentary Appropriations and The Authority’s financial · Interpretation 10 regarding Contributions from Other Bodies statements are a general purpose interim financial reporting Parliamentary appropriations and financial report which has been contributions from other bodies prepared in accordance with: · Interpretation 11 & AASB (including grants and donations) 2007-1 regarding group and are generally recognised as income · applicable Australian treasury share transactions when the Authority obtains controls Accounting Standards, which over the assets comprising the · Interpretation 12 & AASB include Australian Equivalents appropriations / contributions. 2007-2 regarding service to International Financial Control over appropriations and concession arrangements Reporting Standards (AEIFRS) contributions is normally obtained upon the receipt of cash. · the requirements of the · Interpretation 129 (Feb Public Finance and Audit 2007) regarding service Act and Regulation concession disclosures.
42 Financial Statements Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
An exception to the above is future will be greater than the of a past event; it is probable that when appropriations are unspent benefits accrued in the future. an outflow of resources will be at year end. In this case, the required to settle the obligation; authority to spend the money The outstanding amounts of and a reliable estimate can be made lapses and generally the unspent payroll tax, workers’ compensation of the amount of the obligation. amount must be repaid to the insurance premiums and Consolidated Fund in the following fringe benefits tax, which are (f) Borrowing Costs financial year. As a result, unspent consequential to employment, Borrowing costs are recognised as appropriations are accounted for are recognised as liabilities and expenses in the period in which as liabilities rather than revenue. expenses where the employee they are incurred, in accordance benefits to which they relate with Treasury’s mandate to general (ii) Sale of Goods have been recognised. government sector agencies. Revenue from the sale of goods is recognised as revenue when (ii) Long Service Leave (g) Insurance and Superannuation the Authority transfers the The Authority’s insurance activities The Authority’s liabilities for long significant risks and rewards are primarily conducted through service leave and defined benefit of ownership of the assets. the NSW Treasury Managed Fund superannuation are assumed by Scheme (TMF) of self-insurance Rental revenue is recognised the Crown Entity. The Authority for Government agencies. The in accordance with AASB accounts for the liability as having expense (premium) is determined 117 Leases on a straight-line been extinguished resulting in the by the Fund Manager based basis over the lease term. amount assumed being shown as on past claims experience. part of the non-monetary revenue (iii) Rendering of Services item described as ‘Acceptance There are also minor commercial Revenue is recognised when the by the Crown Entity of Employee insurance arrangements in place service is provided or by reference Benefits and Other Liabilities’. for risks that, for commercial to the stage of completion (based reasons, the Authority has had to Long service leave is measured at on labour hours incurred to date). accept but for which the TMF is present value in accordance with unable to provide protection. (iv) Investment Income AASB 119 Employee Benefits. This is Interest revenue is recognised based on the application of certain (h) Accounting for the Goods using the effective interest factors (specified in NSWTC 07/04) and Services Tax (GST) method as set out in AASB to employees with five or more years Revenues, expenses and assets 139 Financial Instruments: of service, using current rates of are recognised net of the Recognition and Measurement. pay. These factors were determined amount of GST except where: based on an actuarial review to (e) Employee Benefits approximate present value. · the amount of GST incurred by and Other Provisions the Authority as a purchaser The superannuation expense for (i) Salaries and Wages, Annual that is not recoverable from the the financial year is determined by Leave, Sick Leave and On-Costs Australian Taxation Office is using the formula specified in the Liabilities for salaries and wages recognised as part of the cost Treasurer’s Directions. The expense (including non-monetary benefits), of acquisition of an asset or as for certain superannuation schemes annual leave and paid sick leave part of an item of expense that fall due wholly within 12 (i.e. Basic Benefit and First State months of the reporting date Super) is calculated as a percentage · receivables and payables are recognised and measured in of the employees’ salaries. For are stated with the amount respect of employees’ services other superannuation schemes (i.e. of GST included. up to the reporting date at State Superannuation Scheme and undiscounted amounts based on State Authorities Superannuation (i) Acquisitions of Assets the amounts expected to be paid Scheme), the expense is calculated The cost method of accounting is when the liabilities are settled. as a multiple of the employees’ used for the initial recording of all superannuation contributions. acquisitions of assets controlled by Unused non-vesting sick leave the Authority. Cost is the amount does not give rise to a liability (iii) Other Provisions of cash or cash equivalents paid as it is not considered probable Other provisions exist when: the or the fair value of the other that sick leave taken in the Authority has a present legal or consideration given to acquire the constructive obligation as a result asset at the time of its acqusition
Financial Statements 43 Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
or construction or, where applicable, price, the best indicator of which Revaluation decrements are the amount attributed to that is depreciated replacement cost. recognised immediately as asset when initially recognised expenses in the Operating in accordance with the specific The Authority revalues each class Statement, except that, to the requirements of other Australian of property, plant and equipment extent that a credit balance exists Accounting Standards. at least every five years and with in the asset revaluation reserve sufficient regularity to ensure in respect of the same class of Assets acquired at no cost, or that the carrying amount of each assets, they are debited directly for nominal consideration, are asset in the class does not differ to the asset revaluation reserve. initially recognised as assets materially from its fair value at and revenues at their fair value reporting date. The last revaluation As a not-for-profit entity, revaluation at the date of acquisition. (See for land and buildings and plant increments and decrements also assets transferred as a and equipment was completed on are offset against one another result of an administrative 1 July 2003 by the State Valuation within a class of non current restructure). Refer Note 1(v). Office and the last valuation assets, but not otherwise. for infrastructure systems was Fair value is the amount for which completed on 1 July 2004 by the Where an asset that has previously an asset could be exchanged Department of Commerce, based been revalued is disposed of, any between knowledgeable, on an independent assessment. balance remaining in the asset willing parties in an arm’s revaluation reserve in respect length transaction. Non-specialised assets with of that asset is transferred short useful lives are measured to accumulated funds. (j) Capitalisation Thresholds at depreciated historical cost Property, plant and equipment as a surrogate for fair value. (l) Impairment of Property, assets costing $5,000 and above Plant and Equipment individually are capitalised. When revaluing non current As a not-for-profit entity with assets by reference to current no cash generating units, the (k) Revaluation of Property, prices for assets newer than Authority is effectively exempted Plant and Equipment those being revalued (adjusted from AASB 136 Impairment of Physical non current assets are to reflect the present condition Assets and impairment testing. valued in accordance with the of the assets), the gross amount This is because AASB 136 modifies Treasury Policy and Guidelines and the related accumulated the recoverable amount test Paper TPP 07-1 Valuation of depreciation is separately restated. to the higher of fair value less Physical Non Current Assets at For other assets, any balances costs to sell and depreciated Fair Value. This policy adopts fair of accumulated depreciation replacement cost. Therefore, for value in accordance with AASB 116 existing at the revaluation date an asset already measured at fair Property, Plant and Equipment. in respect of those assets are value, impairment can only arise if credited to the asset accounts to selling costs are material. Selling Property, plant and equipment costs are regarded as immaterial. is measured on an existing use which they relate. The net asset accounts are then increased or basis where there are no feasible (m) Depreciation of Property, decreased by the revaluation alternative uses in the existing Plant and Equipment increments or decrements. natural, legal, financial and socio- Depreciation is provided for political environment. However, in Revaluation increments are credited on a straight-line basis for all the limited circumstances where directly to the asset revaluation depreciable assets so as to write there are feasible alternative reserve, except that, to the extent off the depreciable amount of uses, assets are valued at that an increment reverses a each asset as it is consumed over their highest and best use. revaluation decrement in respect its useful life to the Authority. of that class of asset previously Fair value of property, plant and All material separately identifiable equipment is determined based on recognised as an expense in the Operating Statement, the increment component assets are recognised the best available market evidence, and depreciated over their shorter including current market selling is recognised immediately as revenue in the Operating Statement. useful lives, including those prices for the same or similar assets. components that in effect represent Where there is no available market major periodic maintenance. evidence, the asset’s fair value is measured at its market buying
44 Financial Statements Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Land is not a depreciable asset. Any changes are accounted for in (s) Other Financial Assets the Operating Statement when Other financial assets are Depreciation rates for these impaired, derecognised or through generally recognised at cost. asset categories are: the amortisation process. Short- term receivables with no stated (t) Major Repairs Funds Buildings 2%–20% per interest rate are measured at the Under the terms of the lease including annum original invoice amount where the between the Authority and the facilities and effect of discounting is immaterial. Royal Agricultural Society of New sporting venues South Wales (RAS), the Authority Computer 25% per annum An allowance for impairment of is required to maintain a Major equipment receivables is established when Repairs Fund (MRF). The MRF there is objective evidence that the Office 20% per annum is to be used for major repairs entity will not be able to collect all equipment undertaken to preserve and amounts due. The amount of the prolong the useful, economic life Leasehold Period of lease allowance is the difference between span of the Royal Agricultural improvements the asset’s carrying amount and Showground during the lease term. Infrastructure 2%–33% per the present value of estimated annum future cash flows, discounted at NSW Treasury provides the Authority the effective interest rate. Bad Other plant and 2%–20% per with funding for major repairs of debts are written off as incurred. equipment annum the Sydney Olympic Park Aquatic and Athletic Centres (SOPAAC). (q) Inventories (n) Maintenance This MRF is to be used for major Inventories held for distribution Day-to-day servicing costs or repairs undertaken to preserve and are stated at the lower of cost maintenance costs are charged as prolong the useful, economic life and current replacement cost. expenses as incurred except where span of the Sydney Olympic Park Inventories (other than those held they relate to the replacement Aquatic and Athletic Centres. for distribution) are stated at the of a component of an asset, lower of cost and net realisable The MRFs at reporting date in which case the costs are value. Cost is calculated using the are treated as restricted capitalised and depreciated. weighted average cost method. assets. Refer Note 17.
(o) Leased Assets The cost of inventories acquired at (u) Privately Financed Projects A distinction is made between no cost or for nominal consideration In respect of the Telstra Stadium finance leases which effectively is the current replacement cost and Acer Arena facilities which transfer from the lessor to the as at the date of acquisition. were funded, developed and initially lessee all the substantially Current replacement cost is the managed by the private sector, the risks and benefits incidental to cost the Authority would incur to Authority has adopted Treasury ownership of the leased assets, acquire the asset. Net realisable Policy and Guidelines Paper TPP 06- and operating leases under which value is the estimated selling 8 Accounting for Privately Financed the lessor effectively retains price in the ordinary course of Projects. Practical completion dates all such risks and benefits. business less the estimated costs of the Telstra Stadium and Acer of completion and the estimated Operating lease payments Arena occurred on 1 March 1999 and costs necessary to make the sale. are charged to the Operating 30 August 1999 respectively. Both Statement in the periods in venues will revert to the Authority Non current inventories on expiry of the lease in 2031. which they are incurred. include land inventory. The Authority’s share of the (p) Loans and Receivables (r) Investments reversionary interest in the Loans and receivables, other than Investment in controlled entities Telstra Stadium and Acer Arena is those outlined in Note 1(u) Privately are measured at cost. Equity recognised as revenue and a non- Financed Projects, are recognised accounting principles are applied current asset whose value emerges initially at fair value, usually based in accounting for the Authority’s during the lease period. The value on the transaction cost or face investment in associates in is allocated during the lease value. Subsequent measurement is the consolidated accounts. period as if it were the compound at amortised cost using the effective value of an annuity discounted at interest method, less an allowance the NSW government bond rate for any impairment of receivables.
Financial Statements 45 Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
applicable to the Authority at the (w) Payables commencement of the lease period. These amounts represent liabilities for goods and services provided to During the lease period, the the Authority and other amounts, fair value of the right to receive including interest. Interest is increases or decreases, the accrued over the period it becomes movement is recognised in due. Payables are recognised initially accordance with AASB 116 Property, at fair value, usually based on the Plant and Equipment as if the transaction cost or face value. right is an item of property to Subsequent measurement is at which that standard applies. amortised cost using the effective interest method. Short-term (v) Equity Transfers payables with no stated interest The transfer of net assets rate are measured at the original between agencies as a result of invoice amount where the effect an administrative restructure, of discounting is immaterial. transfer of programs/functions and parts thereof between NSW Public (x) Budgeted Amounts Sector agencies are designated The budgeted amounts are drawn as a contribution by owners in from the budgets as formulated at accordance with Treasury Policy the beginning of the financial year and Guidelines Paper TPP 06-7 and with any adjustments for the Contributions by Owners made effects of additional appropriations to wholly-owned Public Sector under s 21A, s 24, and/or s 26 of the entities and are recognised as Public Finance and Audit Act 1983. an adjustment to ‘Accumulated Funds’. This treatment is consistent The budgeted amounts in the with Urgent Issues Group Operating Statement and the Interpretation 1038 Contributions Cash Flow Statement are generally by Owners Made to Wholly based on the amounts disclosed Owned Public Sector Entities. in the NSW Budget Papers (as adjusted above). However, in the Transfers arising from an Balance Sheet, the amounts vary administrative restructure between from the Budget Papers, as the government departments are opening balances of the budgeted recognised at the amount at amounts are based on carried which the asset was recognised forward actual amounts, i.e. per the by the transferor government audited financial statements (rather department immediately prior to than carried forward estimates). the restructure. In most instances this will approximate fair value. (y) Comparative Information All other equity transfers are Where necessary, comparative recognised at fair value. figures have been adjusted to conform with changes in presentation in the current year.
46 Financial Statements Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Consolidated Authority Notes 2007 2006 2007 2006 $’000 $’000 $’000 $’000
2. EXPENSES EXCLUDING LOSSES (a) Employee Related Expenses Salaries and wages (including recreation leave) 16,321 11,154 0 0 Superannuation – defined benefit plans 7 321 285 0 0 Superannuation – defined contribution plans 1,199 759 0 0 Long service leave 7 386 288 0 0 Workers’ compensation insurance 287 165 0 0 Payroll tax and fringe benefit tax 1,237 882 0 0 19,751 13,533 0 0
(b) Personnel Services Contractors and temporary agency staff 832 799 818 799 Personnel services (including capitalisation) 0 0 19,209 13,445 832 799 20,027 14,244 An amount of $331,000 in personnel services have been capitalised in fixed asset accounts and therefore excluded from the above ($318,000 in 2006).
(c) Other Operating Expenses Auditors’ remuneration – audit of the financial reports 75 101 75 101 Insurance 846 841 843 841 Asset management 3,611 3,079 3,611 3,079 Operating lease rental expense – minimum lease payments 1,370 1,647 1,328 1,647 Administration 4,498 2,366 4,412 2,361 Advertising and promotion 2,904 3,215 2,864 3,215 Activity and entertainment 1,997 1,846 1,997 1,846 Maintenance 16,104 14,103 16,104 14,103 Site services 11,098 8,679 11,051 8,679 Utilities 2,953 1,319 2,953 1,319 Information technology 1,107 522 1,050 522 Other 2,202 2,468 2,198 2,468 48,765 40,186 48,486 40,181
Maintenance Reconciliation: Maintenance expenses, as above 16,104 14,103 16,104 14,103 Maintenance related employee expenses included in Note 2(a) 1,263 367 0 0 17,367 14,470 16,104 14,103
(d) Depreciation and Amortisation Expenses Depreciation Land and buildings 7,474 8,350 7,474 8,350 Plant and equipment 3,843 3,696 3,843 3,696 Infrastructure systems 23,031 22,468 23,031 22,468 13 34,348 34,514 34,348 34,514 Amortisation Amortisation – Prepayments 6,781 6,781 6,781 6,781 41,129 41,295 41,129 41,295
Financial Statements 47 Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Consolidated Authority 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000
2. EXPENSES EXCLUDING LOSSES (continued) (e) Grants and Subsidies Sydney Olympic Park Aquatic and Athletic Centres 0 4,147 0 4,147 Sydney Olympic Park State Sports Centre 800 800 800 800 Parklands Foundation Limited 0 0 1,200 175 800 4,947 2,000 5,122
3. REVENUE (a) Sale of Goods and Services Estate levies 3,726 3,271 3,726 3,271 Car parking 9,601 9,136 9,601 9,136 Sydney Olympic Park Aquatic and Athletic Centres 6,418 0 6,418 0 Rents and leases 5,052 5,044 5,052 5,044 Other 3,170 2,128 3,170 2,128 27,967 19,579 27,967 19,579
(b) Investment Revenue Interest on bank 1,403 958 1,297 957 Interest on advances 1,026 2,193 1,026 2,193 Interest on TCorp-Hour Glass cash facility 1,413 973 1,413 973 3,842 4,124 3,736 4,123
(c) Retained Taxes, Fees and Fines Parking infringements 597 557 597 557 597 557 597 557
(d) Grants and Contributions Department of Education and Training 0 1,414 0 0 Environment and Heritage – Solar Cities 0 50 0 50 Tennis NSW 421 421 421 421 Developer contributions 2,135 962 2,135 962 2,556 2,847 2,556 1,433 The Authority has entered into land development agreements on the condition that a component of proceeds will be attributed to the provision of public infrastructure. The nature of this infrastructure is detailed in the Authority Developer Contribution Plan.
(e) Other Revenue Resources free of charge 7 0 0 726 590 Sponsorships and Contributions 450 338 450 338 Other 2,274 945 2,274 945 2,724 1,283 3,450 1,873
48 Financial Statements Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Consolidated Authority 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000
4. GAIN/(LOSS) ON DISPOSAL Gain/(loss) on disposal of receivable on asset sold Proceeds from disposal 19,012 19,020 19,012 19,020 Carrying value of assets disposed (17,049) (16,153) (17,049) (16,153) Net gain/(loss) on disposal of receivable on asset sold 1,963 2,867 1,963 2,867
Gain/(loss) on disposal of infrastructure systems Written down value of assets disposed 13 0 (134) 0 (134) Net gain/(loss) on disposal of infrastructure systems 0 (134) 0 (134) Gain/(Loss) On Disposal 1,963 2,733 1,963 2,733 The Authority has entered into contracts for the sale and long- term lease for residential and commercial sites. Sale is however conditional on certain pre-sales and pre-commitments being achieved.
5. OTHER GAIN/(LOSS) Right to receive 16(b) 21,786 20,558 21,786 20,558 Impairment of receivables (1,194) (634) (1,194) (634) Share of net profit/(loss) of associate 15 (590) (351) (590) (351) 20,002 19,573 20,002 19,573
6. APPROPRIATIONS (a) Recurrent Appropriations Total recurrent drawdowns from NSW Treasury (per Summary of Compliance) 36,860 37,027 36,860 37,027 36,860 37,027 36,860 37,027
(b) Capital Appropriations Total capital drawdowns from NSW Treasury (per Summary of Compliance) 13,111 12,611 13,111 12,611 13,111 12,611 13,111 12,611
7. ACCEPTANCE BY THE CROWN ENTITY OF EMPLOYEE BENEFITS AND OTHER LIABILITIES The following liabilities and/or expenses have been assumed by the Crown Entity: Superannuation – Defined benefit 2(a) 321 285 0 0 Long service leave 2(a) 386 288 0 0 Payroll tax on superannuation 19 17 0 0 3(e) 726 590 0 0
Financial Statements 49 Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Consolidated Authority 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000
8. PROGRAMS/ACTIVITIES OF THE AUTHORITY (a) Program – Administration Program Objective: Sydney Olympic Park Authority aims to generate returns on Government’s investment in Sydney Olympic Park; deliver a “healthy and liveable” community; and achieve best practice sustainable urban development outcomes.
Program Description: Promote, develop, manage and maintain Sydney Olympic Park for the benefit of the New South Wales community.
(b) Program Statement – Expenses and Revenues The Authority operates as a single program. The expenses and revenues of this program are as reflected in the Operating Statement.
9. CURRENT ASSETS – CASH AND CASH EQUIVALENTS Cash and cash equivalent assets recognised in the Balance Sheet are reconciled at the end of the financial year to the Cash Flow Statement as follows: Cash at bank and on hand 13,173 15,818 10,094 14,327 TCorp Hour-Glass cash facility 25 (d) 25,520 17,755 25,520 17,755 Cash and Cash Equivalents (Per Balance Sheet) 38,693 33,573 35,614 32,082 Closing Cash and Cash Equivalents (Per Cash Flow Statement) 38,693 33,573 35,614 32,082
10. CURRENT/NON CURRENT ASSETS – RECEIVABLES (a) Current Receivables Receivable from sale of land 18,000 17,049 18,000 17,049 Trade debtors 2,805 565 2,805 565 Interest receivable 819 510 819 510 GST receivable 1,387 1,063 1,381 1,054 Prepayments 1,594 1,820 2,554 1,820 Accrued Income 2,934 2,281 2,934 2,281 Other 476 508 476 508 Less: Provision for doubtful debt (182) (15) (182) (15) 27,833 23,781 28,787 23,772
(b) Non Current Receivables Receivable from sale of land 0 18,000 0 18,000 0 18,000 0 18,000
50 Financial Statements Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Consolidated Authority 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000
11. CURRENT/NON CURRENT ASSETS – INVENTORIES (a) Current Inventories Visitor Centre stock 97 143 97 143 Other 5 0 5 0 102 143 102 143
(b) Non Current Inventories Land inventory held for sale 2,256 15,529 2,256 15,529 Reclassifications to property, plant and equipment 13 0 (13,325) 0 (13,325) 2,256 2,204 2,256 2,204 Prior to 2006/07, the Authority classified certain development sites as non-current land inventory where the development expected to result in a long-term lease with an upfront lease premium payment. The Authority has reviewed the classification of these assets in accordance with the disclosure criteria of AASB 5 Non-current Assets Held for Sale and Discountinued Operations and has reclassified these development sites as property, plant and equipment (land).
12. NON CURRENT ASSETS – OTHER FINANCIAL ASSETS Advances receivable 12,000 12,000 12,000 12,000 Interest on advances 8,407 7,381 8,407 7,381 Less: Provision for doubtful debts (20,407) (19,381) (20,407) (19,381) 0 0 0 0
Financial Statements 51 Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
13. NON CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT 2007 2006 $’000 $’000
(a) Year ended 30 June 2007 Land and Buildings Gross carrying amount 888,491 882,433 Accumulated depreciation (98,361) (90,887) Net Carrying Amount at Fair Value 790,130 791,546
Plant and Equipment Gross carrying amount 83,099 82,351 Accumulated depreciation (40,573) (36,730) Net Carrying Amount at Fair Value 42,526 45,621
Infrastructure Systems Gross carrying amount 537,506 530,545 Accumulated depreciation (183,455) (160,424) Net Carrying Amount at Fair Value 354,051 370,121 Total Gross carrying amount 1,509,096 1,495,329 Accumulated depreciation (322,389) (288,041) Net Carrying Amount at Fair Value 1,186,707 1,207,288
Reconciliation A reconciliation of the carrying amounts of each class of property, plant and equipment at the beginning and the end of the current reporting period is set out below.
Land and Plant and Infrastructure Total Notes Buildings Equipment Systems $’000 $’000 $’000 $’000 Carrying amount at 1 July 2006 791,546 45,621 370,121 1,207,288 Additions 6,058 6,961 16,961 13,767 Disposals 4 0 0 0 0 Depreciation expense 2(d) (7,474) (3,843) (23,031) (34,348) Net Carrying Amount at 30 June 2007 790,130 42,526 354,051 1,186,707
52 Financial Statements Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
13. NON CURRENT ASSETS – PROPERTY, PLANT AND EQUIPMENT (continued) 2006 2005 $’000 $’000
(b) Year ended 30 June 2006 Land and Buildings Gross carrying amount 882,433 834,747 Accumulated depreciation (90,887) (80,360) Net Carrying Amount at Fair Value 791,546 754,387
Plant and Equipment Gross carrying amount 82,351 80,027 Accumulated depreciation (36,730) (32,698) Net Carrying Amount at Fair Value 45,621 47,329
Infrastructure Systems Gross carrying amount 530,545 530,064 Accumulated depreciation (160,424) (137,956) Net Carrying Amount at Fair Value 370,121 392,108
Total Gross carrying amount 1,495,329 1,444,838 Accumulated depreciation (288,041) (251,014) Net Carrying Amount at Fair Value 1,207,288 1,193,824
Reconciliation A reconciliation of the carrying amounts of each class of property, plant and equipment at the beginning and the end of the current reporting period is set out below.
Land and Plant and Infrastructure Total Notes Buildings Equipment Systems $’000 $’000 $’000 $’000 Carrying amount at 1 July 2005 754,387 47,329 392,108 1,193,824 Reclassifications – Investment Property 14 21,434 503 50 21,987 Reclassifications – Land Inventory 11(b) 13,325 0 0 13,325 Additions 10,750 1,485 565 12,800 Disposals 4 0 0 (134) (134) Depreciation expense 2(d) (8,350) (3,696) (22,468) (34,514) Net Carrying Amount at 30 June 2006 791,546 45,621 370,121 1,207,288
Financial Statements 53 Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Consolidated Authority Notes 2007 2006 2007 2006 $’000 $’000 $’000 $’000
14. INVESTMENT PROPERTY Property interests held under operating leases: Opening balance as at 1 July 0 21,425 0 21,425 Net gain from fair value adjustment 0 550 0 550 Reclassifications from property, plant and equipment 0 12 0 12 Reclassifications to property, plant and equipment 13 0 (21,987) 0 (21,987) Closing Balance as at 30 June 0 0 0 0 The Authority has reviewed its classification of these assets relating to the disclosure of investment property by not-for-profit entities. Given that a number of these properties are held to meet service delivery objectives as well as to earn rental, and the Authority’s not-for-profit status, the Authority has decided to reclassify investment property back to property, plant and equipment. As a result of this change and in accordance with AASB 108 Accounting Policies, Changes in Accounting Estimates and Errors, the Authority has written back $12.3 million recognised for increases in the fair value of these assets from accumulated funds to asset revaluation reserve.
15. INVESTMENT IN ASSOCIATES Carrying amount as at 1 July 637 988 637 988 Share of net profits/(loss) for the year (590) (351) (590) (351) Carrying Amount as at 30 June 47 637 47 637 The Authority, the University of Sydney and the University of Technology, Sydney were the successful consortium for the establishment of an International Centre of Excellence for Sports Science and Management (Sport Knowledge Australia) in 2005. The investment in Sport Knowledge Australia is an equal share to each of the three parties. Retained Profit – Opening balance 637 988 637 988 Profit/(loss) from ordinary activities 5 (590) (351) (590) (351) Retained Profit – Closing Balance 47 637 47 637
16. PRIVATELY FINANCED PROJECTS (a) Prepayments – Telstra Stadium and Acer Arena Prepayments (current) 6,781 6,781 6,781 6,781 Prepayments (non current) 153,161 159,942 153,161 159,942 1(u) 159,942 166,723 159,942 166,723
(b) Right To Receive – Telstra Stadium and Acer Arena Carrying amount at 1 July 125,146 104,588 125,146 104,588 Gain/(loss) for the year 5 21,786 20,558 21,786 20,558 Carrying Amount at 30 June 1(u) 146,932 125,146 146,932 125,146
54 Financial Statements Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Consolidated Authority Notes 2007 2006 2007 2006 $’000 $’000 $’000 $’000
17. RESTRICTED ASSETS Major repairs fund – RAS 12,592 9,951 12,592 9,951 Major repairs fund – SOPAAC 2,769 2,526 2,769 2,526 Developer contributions and proceeds of development right 7,284 2,685 7,284 2,685 Parklands Foundation Limited 3,079 1,491 0 0 25,724 16,653 22,645 15,162
18. CURRENT LIABILITIES – PAYABLES Creditors and accrued expenses 7,521 5,823 7,412 5,823 Accrued salaries, wages and on-costs 19(a) 910 427 0 0 Personnel services 0 0 892 424 8,431 6,250 8,304 6,247
19. CURRENT/NON CURRENT LIABILITIES – PROVISIONS Employee Benefits and Related On-Costs Annual leave 1,313 1,204 0 0 Other 435 328 0 0 1,748 1,532 0 0
Other Provisions Major repairs fund – RAS 4,413 3,785 4,413 3,785 Asset management and relocation 0 493 0 493 Personnel services 0 0 1,718 1,532 4,413 4,278 6,131 5,810 Total Provisions 6,161 5,810 6,131 5,810
(a) Aggregate Employee Benefits and Related On-Costs Provisions – current 1,497 1,311 1,150 1,311 Provisions – non current 251 221 251 221 Accrued salaries, wages and on-costs 18 910 427 0 0 Personnel services 0 0 892 424 2,658 1,959 2,293 1,956
20. CURRENT/NON CURRENT LIABILITIES – OTHER (a) Current Liabilities – Other Security deposits 553 776 553 776 Deferred long term lease income 339 339 339 339 Other 2,037 1,916 2,037 1,916 2,929 3,031 2,929 3,031
(b) Non Current Liabilities – Other Deferred long term lease income 33,066 29,473 33,066 29,473 33,066 29,473 33,066 29,473
Financial Statements 55 Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Accumulated Asset Revaluation Total Equity Funds Reserve 2007 2006 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000 $’000 $’000
21. CHANGES IN EQUITY (a) Consolidated Balance at the beginning of the financial year 1,249,801 1,280,383 283,130 270,854 1,532,931 1,551,237 Changes in accounting policy 14 0 (11,726) 0 11,726 0 0 Total 1,249,801 1,268,657 283,130 282,580 1,532,931 1,551,237
Changes in Equity – Other Than Transactions with Owners as Owners Deficit for the year (21,006) (18,856) 0 0 (21,006) (18,856) Increment/(Decrement) On Revaluation of: Land and buildings 14 0 0 0 550 0 550 Total (21,006) (18,856) 0 550 (21,006) (18,306) Balance at the End of the Financial Year 1,228,795 1,249,801 283,130 283,130 1,511,925 1,532,931
(b) Authority Balance at the beginning of the financial year 1,248,304 1,280,383 283,130 270,854 1,531,434 1,551,237 Changes in accounting policy 14 0 (11,726) 0 11,726 0 0 Total 1,248,304 1,268,657 283,130 282,580 1,531,434 1,551,237
Changes in Equity – Other Than Transactions with Owners as Owners Deficit for the year (21,477) (20,353) 0 0 (21,477) (20,353) Increment/(Decrement) On Revaluation of: Land and buildings 14 0 0 0 550 0 550 Total (21,477) (20,353) 0 550 (21,477) (19,803) Balance at the End of the Financial Year 1,226,827 1,248,304 283,130 283,130 1,509,957 1,531,434
56 Financial Statements Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Consolidated Authority 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000
22. COMMITMENTS FOR INCOME/EXPENDITURE (a) Operating Lease Commitments – Receivable Future non-cancellable operating lease rentals not accounted for and receivable: Not later than one year 3,666 2,083 3,666 2,083 Later than one year and not later than 5 years 8,724 4,739 8,724 4,739 Later than 5 years 43,724 38,166 43,724 38,166 Total (Including GST) 56,114 44,988 56,114 44,988 The Authority’s operating leases relate to commercial and residential properties. The total income commitments above include output tax credits of $5.1 million ($4.1 million in 2006) which are expected to be payable to the Australian Taxation Office.
(b) Capital Expenditure Commitments Aggregate capital expenditure for the acquisition of property development services contracted for at balance date and not provided for: Not later than one year 127 285 127 285 Total (Including GST) 127 285 127 285 Aggregate capital expenditure for the acquisition of other construction contracted for at balance date and not provided for: Not later than one year 13,316 6,744 3,316 6,744 Total (Including GST) 13,316 6,744 3,316 6,744
(c) Other Expenditure Commitments Aggregate other expenditure contracted for at balance date and not provided for: Not later than one year 1,025 3,495 1,025 3,495 Total (Including GST) 1,025 3,495 1,025 3,495
(d) Operating Lease Commitments – Payable Future non-cancellable operating lease rentals not provided for and payable: Not later than one year 1,448 1,359 1,448 1,359 Later than one year and not later than 5 years 3,191 4,058 3,191 4,058 Total (including GST) 4,639 5,417 4,639 5,417 The Authority’s operating leases relate to property and motor vehicles. The total expenditure commitments above include input tax credits of $1,737,000 ($645,000 in 2006) which are expected to be recovered from the Australian Taxation Office. 23. CONTINGENT LIABILITIES (a) Contingent Liabilities The Authority was unsuccessful in seeking compensation for defective works in relation to construction of the Aquatic Centre at Sydney Olympic Park. The Authority has grounds to appeal the decision. The issue of costs cannot be reliably measured at this stage.
Financial Statements 57 Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
24. BUDGET REVIEW · the reduction in the gain · the increase in the right to (a) Net Cost of Services in disposals mainly from receive of $5.5 million (non- the change in treatment of cash) resulting from the The actual net cost of services was previously budgeted asset adjustment in the calculation $3.5 million higher than budget. sale income of $4.8 million of the Authority’s reversionary The material variances are: for long-term leases. Prior right for Telstra Stadium and · an increase in employee-related to AASB 117 Leases, the total Acer Arena as explained above. costs of $4.9 million mostly value of up-front receipts Total Liabilities were above relating to the recognition for long-term leases were budget by $1.3 million. The of the Sydney Olympic Park treated as asset sales, with material variances are: Aquatic and Athletic Centres this standard these receipts · the Authority did not incur (SOPAAC) employee costs. are treated as a prepayment any costs for the underground Prior to the Authority taking and amortised on a straight car park in 2006/07 and control of these venues, the line basis over the term of the therefore did not need to net expenditure of SOPAAC lease as an operating lease was funded and budgeted borrow funds during the year · the increase in other gains through “grant payments”. · increased accrual levels of mainly resulting from the These costs and revenues are $2.1 million within payables adjustment in the calculation now recognised individually of the reversionary right for · the increase in other non-current within their appropriate areas Telstra Stadium and Acer Arena liabilities is from the recognition · higher other expenditure with the Authority’s adoption of of deferred long-term leases of payments of $8.7 million, Treasury Policy and Guidelines $3.6 million as explained above. reflected by the recognition Paper TPP 06-8 Accounting for of SOPAAC costs as explained Privately Financed Projects. This (c) Cash Flows above and higher overall has resulted in an additional Net Cash Flows from operating maintenance costs $5.5 million (non-cash) activities are $2.8 million below · the increase in depreciation revenue recognised within budget. The material variances are: and amortisation costs, mostly other gains and an increase in · an increase in employee related attributable to the amortisation recognition of these assets. costs of $4.8 million from the of the Governments up-front recognition of SOPAAC employee contributions to construct (b) Assets and Liabilities costs as explained above Telstra Stadium and the Acer Total Assets were $1.0 million below · the reduction in grant Arena. Adoption of Treasury budget. The material variances are: payments of $4.3 million due Policy and Guidelines Paper TPP · higher cash balances to the Parklands Foundation 06-8 Accounting for Privately of $8.1 million mainly in and SOPAAC now included Funded Projects has resulted in restricted cash items within individual expenditure the Authority amortising the · higher receivables of $3.3 and income items up-front contributions over the million are within trade · higher other expenditure life of the lease ($6.8 million) debtors and revenue accruals payments of $9.1 million, · the reduction in grant · reduction in prepaid expenses reflected by the recognition payments of $4.3 million due of $6.8 million reflecting of SOPAAC costs as explained to the Parklands Foundation the amortisation of the up above and higher overall and SOPAAC now included front contributions made maintenance costs within individual expenditure to Telstra Stadium and Acer · higher sale of goods and services and income items Arena as explained above of $7.7 million from additional · higher sale of goods and services · lower land and building costs of car parking revenue and the of $9.4 million from additional $7.6 million predominately for recognition of SOPAAC revenue car parking revenue and the the budgeted underground car · higher other revenue of $4 recognition of SOPAAC revenue park. The Authority will account million mainly resulting for the underground car park in from additional developer 2007/08, when these cost are contribution income of able to be reliably measured $1.7 million and higher GST to meet the definition of an recoveries from the ATO. asset as defined by AASB 116 Property, Plant and Equipment
58 Financial Statements Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Consolidated Authority 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000
25. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO NET COST OF SERVICES Net Cash Used on Operating Activities (353) (3,177) (1,941) (4,668) Cash flows from Government/Appropriations 6 (49,971) (49,638) (49,971) (49,638) Asset sale proceeds transferred to the Crown Entity 20,077 19,020 20,077 19,020 Acceptance by the Crown Entity of employee benefits and other liabilities 7 (726) (590) 0 0 Depreciation and amortisation 2(d) (41,129) (41,295) (41,129) (41,295) Impairment of receivables 5 1,194 634 1,194 634 Net gain/(loss) on disposal 4 1,963 2,733 1,963 2,733 Other gains/(losses) 5 20,002 19,573 20,002 19,573 Increase/(decrease) in receivables 3,056 2,859 4,020 2,852 Decrease/(increase) in payables (1,914) 2,182 (1,790) 2,183 Decrease/(increase) in employee provisions (891) 33 (861) 33 Decrease/(increase) in other current liabilities 660 (2,737) 659 (2,737) Decrease/(increase) in prepaid long term lease (3,594) 339 (3,594) 339 Net Cost of Services (51,626) (50,064) (51,371) (50,971)
26. FINANCIAL INSTRUMENTS (a) Financial Assets Category Cash and cash equivalents 9 38,693 33,573 35,614 32,082 Loans and receivables 12 20,407 19,381 20,407 19,381 Less: Provision for doubtful debts 12 (20,407) (19,381) (20,407) (19,381) 38,693 33,573 35,614 32,082
(b) Cash Cash comprises cash on hand and bank balances within the Treasury Banking System. Interest is earned on daily bank balances at the monthly average NSW Treasury Corporation (TCorp) 11.00am unofficial cash rate adjusted for a management fee to Treasury. (c) Receivables All trade debtors are recognised as amounts receivable at balance date. Collectability of trade debtors is reviewed on an ongoing basis. Debts which are known to be uncollectible are written off. An allowance for impairment is raised when there is objective evidence that the entity will not be able to collect all amounts due. The credit risk is the carrying amount (net of any allowance for impairment). No interest is earned on trade debtors. The carrying amount approximates fair value. Sales are made on COD terms.
Financial Statements 59 Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
Consolidated Authority 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000
(d) Hour-Glass Investment Facilities The Authority has investments in TCorp’s Hour-Glass cash facility. The Authority’s investments are represented by a number of units within the facilities. Each facility has different investment horizons and comprises a mix of asset classes appropriate to that investment horizon. TCorp appoints and monitors fund managers and establishes and monitors the application of appropriate investment guidelines. The Authority’s investments are: Hour-Glass cash facility 9 25,520 17,755 25,520 17,755 25,520 17,755 25,520 17,755 These investments are generally able to be redeemed with up to one business day’s notice. The value of the investments held can decrease or increase depending upon market conditions. The value that best represents the maximum credit risk is the net fair value. The value of the above investments represents the Authority’s share of the value of the underlying assets of the facility and is stated at net fair value. (e) Bank Overdraft The Authority does not have a bank overdraft facility. (f) Trade Creditors and Accruals The liabilities are recognised for amounts due to be paid in the future for goods and services received, whether or not invoiced. Amounts owing to suppliers (which are unsecured) are settled in accordance with the policy set out in Treasurer’s Direction 219.01. If trade terms are not specified, payment is made no later than the end of the month following the month in which an invoice or a statement is received. 27. SYDNEY OLYMPIC PARK AQUATIC AND ATHLETIC CENTRES EQUITY TRANSFER As at 1 July 2006 the following assets and liabilities of the Sydney Olympic Park Aquatic and Athletic Centres were transferred to the Authority: 2007 $’000
ASSETS Cash 840 Receivables 966 Inventories 5 Plant and Equipment 36 Non-Current Receivables 64 1,911
LIABILITIES Payables 1,595 Provisions 270 Non-Current Provisions 46 1,911 NET ASSETS/EQUITY 0
End of Audited Financial Statements
60 Financial Statements Office of Sydney Olympic Park Authority Directors’ Declaration Directors’ Declaration
OFFICE OF THE SYDNEY OLYMPIC PARK AUTHORITY Financial Statements for the Year Ended 30 June 2007
Pursuant to Section 41C(1B) and (1C) of the Public Finance and Audit Act 1983, we declare that in our opinion:
1. The accompanying financial statements exhibit a true and fair view of the Office’s financial position as at 30 June 2007 and transactions for the year then ended.
2. The statements have been prepared in accordance with the provisions of the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2005, the Treasurer’s Direction and the directives of the Financial Reporting Code.
Further, we are not aware of any circumstances which would render any particulars included in the financial statements to be misleading or inaccurate.
B Newman N Hubble Chief Executive Officer General Manager, Commercial and Corporate
5 October 2007 5 October 2007
Financial Statements 61 Office of Sydney Olympic Park Authority Financial Statements
62 Financial Statements Office of Sydney Olympic Park Authority Operating Statement For the year ending 30 June 2007
2007 2006 Notes $’000 $’000
Expenses Employee related 2 14,460 13,763 Total Expenses 14,460 13,763 Less: Revenue Personnel Services 13,744 13,173 Total Revenue 13,744 13,173 Net Cost of Services 7 716 590
Government Contributions Acceptance by the Crown Entity of employee benefits and other liabilities 3 716 590 Total Government Contributions 716 590 SURPLUS/(DEFICIT) FOR THE YEAR FROM ORDINARY ACTIVITIES 9 0 0
The accompanying notes form part of these statements.
Statement of Recognised Income and Expense For the year ending 30 June 2007
2007 2006 Notes $’000 $’000 Surplus/(deficit) for the year 0 0 TOTAL INCOME AND EXPENSE RECOGNISED FOR THE YEAR 9 0 0
The accompanying notes form part of these statements.
Financial Statements 63 Office of Sydney Olympic Park Authority Balance Sheet As at 30 June 2007
2007 2006 Notes $’000 $’000
ASSETS Current Assets Receivables 4(a) 1,993 1,771 Total Current Assets 1,993 1,771
Non Current Assets Receivables 4(b) 244 221 Total Non Current Assets 244 221 Total Assets 2,237 1,992
LIABILITIES Current Liabilities Payables 5 849 460 Provisions 6 1,144 1,311 Total Current Liabilities 1,993 1,771
Non Current Liabilities Provisions 6 244 221 Total Non Current Liabilities 244 221 Total Liabilities 2,237 1,992 Net Assets 0 0
EQUITY Accumulated funds 0 0 Total Equity 0 0
The accompanying notes form part of these statements.
64 Financial Statements Office of Sydney Olympic Park Authority Cash Flow Statement For the year ending 30 June 2007
2007 2006 Notes $’000 $’000
CASH FLOWS FROM OPERATING ACTIVITIES Payments Employee related (13,499) (12,895) Total Payments (13,499) (12,895)
Receipts Personnel services 13,499 12,895 Total Receipts 13,499 12,895 NET CASH FLOWS FROM OPERATING ACTIVITIES 7 0 0 NET INCREASE/(DECREASE) IN CASH 0 0 Opening cash and cash equivalents 0 0 CLOSING CASH AND CASH EQUIVALENTS 0 0
The accompanying notes form part of these statements.
Financial Statements 65 Office of Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
1. SUMMARY OF SIGNIFICANT All amounts are rounded to the receivable is derecognised is also ACCOUNTING POLICIES nearest one thousand dollars and recognised in the income statement. are expressed in Australian currency. (a) Reporting Entity (f) Payables The Office of Sydney Olympic Park (c) Comparative Information Payables include accrued Authority (the Office) is a Division of Where necessary, comparative wages, salaries, and related the Government Service, established figures have been adjusted on-costs (such as payroll tax, pursuant to Part 1 of Schedule 1 to conform with changes in fringe benefits tax and workers’ to the Public Sector Employment presentation in the current year. compensation insurance) where and Management Act 2002. It is there is certainty as to the amount a not-for-profit entity as profit (d) Income Recognition and timing of settlement. is not its principal objective. It is Income is measured at the fair consolidated as part of the NSW value of the consideration received A payable is recognised when Total State Sector Accounts. It or receivable. Revenue from the a present obligation arises is domiciled in Australia and its rendering of personnel services under a contract or otherwise. principal office is at 7 Figtree Drive, is recognised when the service is It is derecognised when the Sydney Olympic Park NSW 2127. provided and only to the extent obligation expires or is discharged, cancelled or substituted. The Office’s objective is to that the associated recoverable expenses are recognised. provide personnel services to A short-term payable with no Sydney Olympic Park Authority. stated interest rate is measured (e) Receivables at historical cost if the effect The Office commenced operations A receivable is recognised when of discounting is immaterial. in 2001 when it assumed it is probable that the future cash responsibility for the employees inflows associated with it will be (e) Employee Benefit and employee-related liabilities realised and it has a value that Provisions and Expenses of the Olympic Co-Ordination can be measured reliably. It is Authority. The assumed liabilities derecognised when the contractual (i) Salaries and Wages, Annual were recognised in 2001 together or other rights to future cash flows Leave, Sick Leave and On-Costs Liabilities for salaries and wages with an offsetting receivable from it expire or are transferred. representing the related funding (including non-monetary benefits), due from the former employer. A receivable is measured initially annual leave and paid sick leave at fair value and subsequently at that fall due wholly within 12 The financial report was authorised amortised cost using the effective months of the reporting date for issue by the Chief Executive interest rate method, less any are recognised and measured in Officer on 5 October 2007. allowance for doubtful debts. A respect of employees’ services short-term receivable with no up to the reporting date at (b) Basis of Preparation stated interest rate is measured undiscounted amounts based on This is a general purpose financial at the original invoice amount the amounts expected to be paid report prepared in accordance with where the effect of discounting when the liabilities are settled. the requirements of Australian is immaterial. An invoiced Unused non-vesting sick leave equivalents to International receivable is due for settlement does not give rise to a liability Financial Reporting Standards, within 30 days of invoicing. the Public Finance and Audit Act as it is not considered probable 1983, the Public Finance and Audit If there is objective evidence at that sick leave taken in the Regulation 2005, and specific year end that a receivable may future will be greater than the directions issued by the Treasurer. not be collectable, its carrying benefits accrued in the future. amount is reduced by means of an The outstanding amounts of The accrual basis of accounting has allowance for doubtful debts and payroll tax, workers’ compensation been adopted in the preparation the resulting loss is recognised in insurance premiums and of the financial report, except the income statement. Receivables fringe benefits tax, which are for cash flow information. are monitored during the year and consequential to employment, bad debts are written off against are recognised as liabilities and Management’s judgements, key the allowance when they are expenses where the employee assumptions and estimations determined to be irrecoverable. Any benefits to which they relate are disclosed in the relevant other loss or gain arising when a notes to the financial report. have been recognised.
66 Financial Statements Office of Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
1. SUMMARY OF item described as ‘Acceptance The superannuation expense for SIGNIFICANT ACCOUNTING by the Crown Entity of Employee the financial year is determined by POLICIES (continued) Benefits and Other Liabilities’. using the formula specified in the Treasurer’s Directions. The expense (ii) Long Service Leave Long service leave is measured at for certain superannuation schemes and Superannuation present value in accordance with (i.e. Basic Benefit and First State The Office’s liabilities for long AASB 119 Employee Benefits. This is Super) is calculated as a percentage service leave and defined benefit based on the application of certain of the employees’ salaries. For superannuation are assumed factors (specified in NSWTC 07/04) other superannuation schemes (i.e. by the Crown Entity. The Office to employees with five or more years State Superannuation Scheme and accounts for the liability as having of service, using current rates of State Authorities Superannuation been extinguished resulting in the pay. These factors were determined Scheme), the expense is calculated amount assumed being shown as based on an actuarial review to as a multiple of the employees’ part of the non-monetary revenue approximate present value. superannuation contributions.
2007 2006 Notes $’000 $’000
2. EXPENSES Employee Related Expenses Salaries and wages (including recreation leave) 11,898 11,393 Superannuation – defined benefit plans 3 321 285 Superannuation – defined contribution plans 748 756 Long service leave 3 376 288 Workers’ compensation insurance 224 165 Payroll tax and fringe benefit tax 893 876 14,460 13,763
3. ACCEPTANCE BY THE CROWN ENTITY OF EMPLOYEE BENEFITS AND OTHER LIABILITIES The following liabilities and/or expenses have been assumed by the Crown Entity: Superannuation 2 321 285 Long service leave 2 376 288 Payroll tax on superannuation 19 17 7 716 590
4. CURRENT/NON CURRENT ASSETS – RECEIVABLES (a) Current Receivables Sydney Olympic Park Authority 1,993 1,771 1,993 1,771
(b) Non Current Receivables Sydney Olympic Park Authority 244 221 244 221
5. CURRENT LIABILITIES – PAYABLES Accrued salaries, wages and on-costs 6 849 460 849 460
Financial Statements 67 Office of Sydney Olympic Park Authority Notes to the Financial Statements For the year ending 30 June 2007
2007 2006 Notes $’000 $’000
6. CURRENT/NON CURRENT LIABILITIES – PROVISIONS Employee Benefits and Related On-costs Annual leave 1,046 1,204 Other 342 328 Total Provisions 1,388 1,532
Aggregate Employee Benefits and Related On-Costs Provisions – current 1,144 1,311 Provisions – non current 244 221 Accrued salaries, wages and on-costs 5 849 460 2,237 1,992
7. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO NET COST OF SERVICES Net Cash Used on Operating Activities 0 0 Acceptance by the Crown Entity of employee benefits and other liabilities 3 (716) (590) Increase/(decrease) in receivables 245 (278) Decrease/(increase) in payables (388) 311 Decrease/(increase) in employee provisions 143 (33) Net Cost of Services (716) (590)
8. FINANCIAL INSTRUMENTS Cash The Office does not have a separate bank facility but uses the bank facility of Sydney Olympic Park Authority. Receivables The amounts receivable from Sydney Olympic Park Authority are recognised at balance date. The carrying amount approximates to fair value. Bank Overdraft The Office does not have a bank overdraft facility. Trade Creditors and Accruals The liabilities are recognised for amounts due to be paid in the future for goods and services received, whether or not invoiced. 9. CHANGES IN EQUITY Balance at the beginning of the financial year 0 0 Total 0 0
Changes in Equity Surplus/(deficit) for the year 0 0 Balance at the End of Financial Year 0 0
End of Audited Financial Statements
68 Financial Statements Parklands Foundation Limited ABN 26 114 290 498 Parklands Foundation Limited Director’s Report (c) provide information and education, or notes thereto, that has arisen since The Director’s present their report and support research, about the the end of the financial year, that has together with the financial report of parklands and their environmental, significantly affected the operations, Parklands Foundation Limited and the recreational, historical, scientific, or the state of the entity in future consolidated financial report of the educational and cultural values financial years. consolidated entity being the Parklands (d) establish and maintain a public fund Foundation Limited for the financial year to be called the Parklands Fund for Future Developments ended 30 June 2007 the specific purpose of supporting In the opinion of the Directors there are These reports are presented in the environmental objects of the no likely developments in the operations compliance with the Corporations Foundation of the entity, which will adversely Act 2001. (e) encourage and promote charitable, affect the results of the entity in future educational and cultural purposes financial years. Directors and to assist any public hospital and The names and particulars of Parklands any medical or scientific research Indemnification of Officers and Auditors Foundation Limited Directors during or (f) assist the underprivileged and since the end of the financial year are: disadvantaged Parklands Foundation Limited pays a premium in respect of a contract (g) assist any community service Name Particulars insuring the Directors of the Foundation purpose. Lucio Di Chairman and executive officers of the Foundation Bartolomeo (appointed 17 against liabilities incurred as a Director April 2007) Independence Declaration by Auditor or executive officer to the extent Non-Executive The auditor’s independence declaration permitted by the Corporations Act 2001. Peter J. Duncan Previous Chairman is attached. The contract of insurance prohibits (appointed 16 disclosure of the liability and the May 2005) Review of Result of Operations amount of the premium. Penelope Director (appointed The consolidated revenue for the Figgis AO 16 May 2005) financial year was $2,226,000. The Foundation has not otherwise, Non-Executive during or since the financial year, David T. Director (appointed Net Surplus indemnified or agreed to indemnify an Richmond AO 16 May 2005) The consolidated net surplus was officer or auditor of the Foundation, or Non-Executive $1,431,000. of any related body corporate against Andrew Beatty Director (appointed a liability incurred as such an officer or 27 June 2005) Changes in State of Affairs auditor. Non-Executive There was no change in the state of Signed in accordance with a resolution of Hon Michael Director (appointed affairs for the financial year. the Directors made pursuant to Section S. Knight AO 17 August 2007) 298 (2) of the Corporations Act 2001. Non-Executive Meeting of Directors The number of Directors’ meetings On behalf of the Directors Principal Activities held during the year and the number The principal activities of Parklands of meetings attended by each Director Foundation Limited (‘the Foundation’) during the year were: and its controlled entities, during the Number Number year consisted of: Board Eligible attended (a) help protect and enhance the Lucio Di 2 2 diversity of distinctly Australian and Lucio Di Bartolomeo Bartolomeo Present Chairman natural settings forming the natural Peter J. Duncan 6 6 Sydney, 9 October 2007 environment of the 432 hectares of Penelope J. 6 6 pristine woodlands, rare saltmarshes Figgis AO and mangroves, of Aboriginal David T. 6 4 significance and of historic naval Richmond, AO importance, forming the parklands Andrew R. 1 1 at Sydney Olympic Park Beatty (b) help protect, maintain and improve Peter J. Duncan the parklands and promote their Events Subsequent to Balance Date Previous Chairman environmental, recreational, There have been no matter or (during 2006-2007 Financial Year) historical, scientific, educational and circumstance other than that referred Sydney, 9 October 2007 cultural value to above or in the financial statements
Financial Statements 69 Parklands Foundation Limited Directors’ Declaration
The Directors declare that :
(a) the attached financial statements and notes thereto comply with Accounting Standards and Corporations Regulations 2001; and
(b) the attached financial statements and notes thereto give a true and fair view of the financial position as at 30 June 2007 and performance for the period ended on that date of the Parklands Foundation; and
(c) in the directors’ opinion, the attached financial statements and notes thereto are in accordance with the Corporations Act 2001, the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation and the Treasurer’s directions; and
(d) in the directors’ opinion, there are reasonable grounds to believe that the Parklands Foundation will be able to pay its debts as and when they become due and payable; and
(e) as at the date of this Declaration, we are not aware of any circumstances that would render any particulars included in the financial report misleading or inaccurate.
Signed in accordance with a resolution of the Directors made pursuant to Section 295 (5) of the Corporations Act 2001.
On behalf of the Directors
Lucio Di Bartolomeo Hon Michael Knight AO Penelope Figgis Chairman Director Director
Sydney, 9 October 2007 Sydney, 9 October 2007 Sydney, 9 October 2007
Peter Duncan Andrew Beatty Previous Chairman Director (during 2006–2007 Financial Year)
Sydney, 9 October 2007 Sydney, 3 October 2007
70 Financial Statements Parklands Foundation Limited Financial Statements
Financial Statements 71 Parklands Foundation Limited Operating Statement For the year ending 30 June 2007
16/05/2005 to 2007 30/6/06 Notes $’000 $’000
Expenses Excluding Losses Operating expenses Employee related 2(a) 556 87 Other operating expenses 2(b) 279 7 Total Expenses Excluding Losses 835 94 Less: Revenue Investment revenue 3(a) 106 1 Grants and contributions 3(b) 2,160 1,590 Total Revenue 2,266 1,591 Net Cost of Services 8 (1,431) (1,497) SURPLUS/(DEFICIT) FOR THE YEAR FROM ORDINARY ACTIVITIES 10 1,431 1,497
The accompanying notes form part of these statements.
Statement of Recognised Income and Expense For the year ending 30 June 2007
16/05/2005 to 2007 30/6/06 Notes $’000 $’000 Surplus/(deficit) for the year 1,431 1,497 TOTAL INCOME AND EXPENSE RECOGNISED FOR THE YEAR 10 1,431 1,497
The accompanying notes form part of these statements.
72 Financial Statements Parklands Foundation Limited Balance Sheet As at 30 June 2007
16/05/2005 to 2007 30/6/2006 Notes $’000 $’000
ASSETS Current Assets Cash and cash equivalents 4 3,079 1,491 Receivables 5 6 9 Total Assets 3,085 1,500
LIABILITIES Current Liabilities Payables 6 127 3 Provisions 7 30 0 Total Liabilities 157 3 Net Assets 2,928 1,497
EQUITY Accumulated funds 10 2,928 1,497 Total Equity 2,928 1,497
The accompanying notes form part of these statements.
Cash Flow Statement For the year ended as at 30 June 2007
16/05/2005 to 2007 30/6/06 Notes $’000 $’000
CASH FLOWS FROM OPERATING ACTIVITIES Payments Employee related (509) (84) Other (169) (16) Total Payments (678) (100)
Receipts Interest received 106 1 Other 2,160 1,590 Total Receipts 2,266 1,591 NET CASH FLOWS FROM OPERATING ACTIVITIES 8 1,588 1,491 NET INCREASE/(DECREASE) IN CASH 1,588 1,491 Opening Cash and Cash Equivalents 1,491 – CLOSING CASH AND CASH EQUIVALENTS 4 3,079 1,491
The accompanying notes form part of these statements.
Financial Statements 73 Parklands Foundation Limited Notes to the Financial Statements For the year ending 30 June 2007
1. SUMMARY OF SIGNIFICANT · AASB 1049 regarding the annual leave and paid sick leave ACCOUNTING POLICIES general government sector that fall due wholly within 12 and GFS/GAAP convergence months of the reporting date (a) Reporting Entity are recognised and measured in Parklands Foundation Limited · AASB 2007-4 regarding respect of employees’ services (the Foundation), a public Australian additions to and up to the reporting date at company limited by guarantee, deletions from IFRSs undiscounted amounts based on was incorporated in New South · AASB 2007-5 regarding the amounts expected to be paid Wales under the Corporations inventories held for distribution when the liabilities are settled. Act 2001 on 16 May 2005. Sydney by not-for-profit entities Unused non-vesting sick leave Olympic Park Authority is the only · Interpretation 4 (Feb 2007) does not give rise to a liability member of the Foundation. regarding determining whether as it is not considered probable The financial statements have been an arrangement contains a lease that sick leave taken in the authorised for issue by the Board · Interpretation 10 regarding future will be greater than the of Directors on 9 October 2007. interim financial reporting benefits accrued in the future. · Interpretation 11 & AASB (b) Parklands Fund The outstanding amounts of 2007-1 regarding group and Parklands Fund (the Fund) was payroll tax, workers’ compensation treasury share transactions established with the objective of insurance premiums and supporting the environmental · Interpretation 12 & AASB fringe benefits tax, which are objects of the Foundation and 2007-2 regarding service consequential to employment, to invite and receive all gifts of concession arrangements are recognised as liabilities and money or property to the Fund · Interpretation 129 (Feb expenses where the employee for the environmental objects of 2007) regarding service benefits to which they relate the Foundation. The Fund must concession disclosures. have been recognised. be operated on a not-for-profit It is expected that the impact of the (ii) Long Service Leave basis. There were no transactions application of the new Standards Long service leave is measured at for the Fund for the year. on the Authority’s financial report present value in accordance with in the period of initial application AASB 119 Employee Benefits. This is (c) Basis 0f Preparation (2007/08) will not be significant. based on the application of certain This is a general purpose financial The accrual basis of accounting has factors (specified in NSWTC 07/04) report prepared in accordance with been adopted in the preparation to employees with five or more years the requirements of Australian of the financial report, except of service, using current rates of equivalents to International for cash flow information. pay. These factors were determined Financial Reporting Standards, based on an actuarial review to the Public Finance and Audit Act Management’s judgements, key approximate present value. 1983, the Public Finance and Audit assumptions and estimations Regulation 2005, and specific are disclosed in the relevant (iii) Superannuation directions issued by the Treasurer. notes to the financial report. The defined superannuation All amounts are rounded to the As mandated by the Treasurer, expense for the financial year nearest one thousand dollars and the Foundation has not is the defined contribution are expressed in Australian currency. early-adopted the following superannuation, calculated new/revised Accounting (d) Income Recognition as a percentage of the Standards/Interpretations employees’ salaries. Income is measured at the fair · AASB 7 & AASB 2005- value of the consideration or 10 regarding financial (f) Accounting for the Goods contribution received or receivable. instrument disclosures and Services Tax (GST) Interest revenue is recognised as Revenues, expenses and assets · AASB 8 & AASB 2007-3 interest accrues, taking into account are recognised net of the regarding operating segments the yield on the financial asset. amount of GST except where: · AASB 101 (Oct 2006) regarding presentation of (e) Employee Benefits · the amount of GST incurred by financial statements (i) Salaries and Wages, Annual the Foundation as a purchaser that is not recoverable from the · AASB 123 (June 2007) and Leave, Sick Leave and On-Costs Australian Taxation Office is AASB 2007-6 regarding Liabilities for salaries and wages recognised as part of the cost borrowing costs (including non-monetary benefits),
74 Financial Statements Parklands Foundation Limited Notes to the Financial Statements For the year ending 30 June 2007
of acquisition of an asset or as accrued over the period it becomes (h) Comparative Information part of an item of expense due. Payables are recognised initially Where necessary, comparative · receivables and payables at fair value, usually based on the figures have been adjusted are stated with the amount transaction cost or face value. to conform with changes in of GST included. Subsequent measurement is at presentation in the current amortised cost using the effective financial year. The 2006 (g) Payables interest method. Short-term comparitives are for the period 16 These amounts represent liabilities payables with no stated interest May 2005 to 30 June 2006. for goods and services provided to rate are measured at the original the Foundation and other amounts, invoice amount where the effect including interest. Interest is of discounting is immaterial.
16/05/2005 to 2007 30/6/2006 Notes $’000 $’000
2. EXPENSES EXCLUDING LOSSES (a) Employee Related Expenses Salaries and wages (including recreation leave) 502 79 Superannuation – defined contribution plans 21 3 Payroll tax and fringe benefit tax 33 5 556 87
(b) Other Operating Expenses Insurance 2 0 Operating lease rental expense – minimum lease payments 42 0 Administration 128 7 Advertising and promotion 40 0 Consultancies 6 0 Information technology 57 0 Other 4 0 279 7
3. REVENUE (a) Investment Revenue Interest on bank 106 1 106 1
(b) Grants and Contributions Sydney Olympic Park Authority 2,160 175 Department of Education and Training 0 1,415 2,160 1,590
4. CURRENT ASSETS – CASH AND CASH EQUIVALENTS Cash at bank and on hand 3,079 1,491 3,079 1,491 Cash and cash equivalent assets recognised in the Balance Sheet are reconciled at the end of the financial year to the Cash Flow Statement as follows: Cash and cash equivalents (per Balance Sheet) 3,079 1,491 Closing Cash And Cash Equivalents (Per Cash Flow Statement) 3,079 1,491
Financial Statements 75 Parklands Foundation Limited Notes to the Financial Statements For the year ending 30 June 2007
16/05/2005 to 2007 30/6/2006 Notes $’000 $’000
5. CURRENT ASSETS – RECEIVABLES GST receivable 6 9 6 9
6. CURRENT LIABILITIES – PAYABLES Accrued salaries, wages and on-costs 20 3 Accrued expenses 107 0 127 3
7. CURRENT LIABILITIES – PROVISIONS Employee Benefits and Related On-costs Annual leave 28 0 Other 2 0 30 0
Aggregate Employee Benefits and Related On-Costs Provisions – current 30 0 Accrued salaries, wages and on-costs 20 3 50 3
8. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO NET COST OF SERVICES Net Cash Used on Operating Activities 1,588 1,491 Increase/(decrease) in receivables (3) 9 Decrease/(increase) in payables (124) (3) Decrease/(increase) in employee provisions (30) 0 Net Cost of Services 1,431 1,497
9. FINANCIAL INSTRUMENTS Financial Assets Category Cash and cash equivalents 4 3,079 1,491 3,079 1,491
Cash Cash comprises cash on hand and bank balances. Interest is earned on daily bank balances. 10. CHANGES IN EQUITY Balance at the beginning of the financial year 1,497 0 Total 1,497 0
Changes in Equity Surplus/(deficit) for the year 1,431 1,497 Balance at the End of Financial Year 2,928 1,497
End of Audited Financial Statements
76 Financial Statements Sydney Olympic Park Aquatic and Athletic Centres Division Directors’ Declaration
SYDNEY OLYMPIC PARK AUTHORITY SYDNEY OLYMPIC PARK AQUATIC AND ATHLETIC CENTRES DIVISION Financial Statements for the Year Ended 30 June 2007
Pursuant to Section 41C(1B) and (1C) of the Public Finance and Audit Act 1983, we declare that in our opinion:
1. The accompanying financial statements exhibit a true and fair view of the Division’s financial position as at 30 June 2007 and transactions for the year then ended.
2. The statements have been prepared in accordance with the provisions of the Public Finance and Audit Act 1983, the Public Finance and Audit Regulation 2005, the Treasurer’s Direction and the directives of the Financial Reporting Code.
Further, we are not aware of any circumstances which would render any particulars included in the financial statements to be misleading or inaccurate.
B Newman N Hubble Chief Executive Officer General Manager, Commercial and Corporate
5 October 2007 5 October 2007
Financial Statements 77 Sydney Olympic Park Aquatic and Athletic Centres Division
78 Financial Statements Sydney Olympic Park Aquatic and Athletic Centres Division Operating Statement For the year ending 30 June 2007
2007 Notes $’000
Expenses Employee related 2 5,081 Total Expenses 5,081 Less: Revenue Personnel Services 5,071 Total Revenue 5,071 Net Cost of Services 7 10
Government Contributions Acceptance by the Crown Entity of employee benefits and other liabilities 3 10 Total Government Contributions 10 SURPLUS/(DEFICIT) FOR THE YEAR FROM ORDINARY ACTIVITIES 9 0
The accompanying notes form part of these statements.
Statement in Recognised Income and Expense For the year ending 30 June 2007
2007 Notes $’000 Surplus/(deficit) for the year 0 TOTAL INCOME AND EXPENSE RECOGNISED FOR THE YEAR 9 0
The accompanying notes form part of these statements.
Financial Statements 79 Sydney Olympic Park Aquatic and Athletic Centres Division Balance Sheet As at 30 June 2007
2007 Notes $’000
ASSETS Current Assets Receivables 4(a) 486 Total Current Assets 486 Non Current Assets Receivables 4(b) 6 Total Non Current Assets 6 Total Assets 492 LIABILITIES Current Liabilities Payables 5 164 Provisions 6 322 Total Current Liabilities 486 Non Current Liabilities Provisions 6 6 Total Non Current Liabilities 6 Total Liabilities 492 Net Assets 0 EQUITY Accumulated funds 0 Total Equity 0
The accompanying notes form part of these statements.
Cash Flow Statement For the year ending 30 June 2007
2007 Notes $’000
CASH FLOWS FROM OPERATING ACTIVITIES Payments Employee related (4,551) Total Payments (4,551)
Receipts Personnel services 4,551 Total Receipts 4,551 NET CASH FLOWS FROM OPERATING ACTIVITIES 7 0 NET INCREASE/(DECREASE) IN CASH 0 Opening Cash and Cash Equivalents 0 CLOSING CASH AND CASH EQUIVALENTS 0 The accompanying notes form part of these statements.
80 Financial Statements Sydney Olympic Park Aquatic and Athletic Centres Division Notes to the Financial Statements For the year ending 30 June 2007
1. SUMMARY OF SIGNIFICANT Management’s judgements, key (f) Payables ACCOUNTING POLICIES assumptions and estimations Payables include accrued are disclosed in the relevant (a) Reporting Entity wages, salaries, and related notes to the financial report. The Sydney Olympic Park Authority on-costs (such as payroll tax, fringe benefits tax and workers’ Aquatic and Athletic Centres All amounts are rounded to the compensation insurance) where Division (the Division) is a Division nearest one thousand dollars and there is certainty as to the amount of the Government Service, are expressed in Australian currency. established pursuant to Part 3 of and timing of settlement. Schedule 1 to the Public Sector (d) Income Recognition A payable is recognised when Employment and Management Income is measured at the fair a present obligation arises Act 2002. It is a not-for-profit value of the consideration received under a contract or otherwise. entity as profit is not its principal or receivable. Revenue from the It is derecognised when the objective. It is consolidated as rendering of personnel services obligation expires or is discharged, part of the NSW Total State is recognised when the service is cancelled or substituted. Sector Accounts. It is domiciled provided and only to the extent in Australia and its principal that the associated recoverable A short-term payable with no office is at Olympic Boulevard, expenses are recognised. stated interest rate is measured Sydney Olympic Park NSW 2127. at historical cost if the effect (e) Receivables of discounting is immaterial. The Division’s objective is to provide A receivable is recognised when personnel services to the Sydney it is probable that the future cash (e) Employee Benefit Olympic Park Authority for the inflows associated with it will be Provisions and Expenses management of the operations realised and it has a value that (i) Salaries and Wages, Annual of the Sydney Olympic Park can be measured reliably. It is Leave, Sick Leave and On-Costs Aquatic and Athletic Centres. derecognised when the contractual Liabilities for salaries and wages The Division commenced operation or other rights to future cash flows (including non-monetary benefits), on and from 1 July 2006 when it from it expire or are transferred. annual leave and paid sick leave assumed responsibility for the that fall due wholly within 12 A receivable is measured initially employees and employee-related months of the reporting date at fair value and subsequently at liabilities of the Sydney Olympic are recognised and measured in amortised cost using the effective Park Aquatic and Athletic Centres. respect of employees’ services interest rate method, less any up to the reporting date at The financial report was authorised allowance for doubtful debts. A undiscounted amounts based on for issue by the Chief Executive short-term receivable with no the amounts expected to be paid Officer on 5 October 2007. stated interest rate is measured when the liabilities are settled. at the original invoice amount (b) Basis of Preparation where the effect of discounting Unused non-vesting sick leave This is a general purpose financial is immaterial. An invoiced does not give rise to a liability report prepared in accordance with receivable is due for settlement as it is not considered probable the requirements of Australian within 30 days of invoicing. that sick leave taken in the equivalents to International future will be greater than the If there is objective evidence at Financial Reporting Standards, benefits accrued in the future. year end that a receivable may the Public Finance and Audit Act not be collectable, its carrying The outstanding amounts of 1983, the Public Finance and Audit amount is reduced by means of an payroll tax, workers’ compensation Regulation 2005, and specific allowance for doubtful debts and insurance premiums and directions issued by the Treasurer. the resulting loss is recognised in fringe benefits tax, which are The accrual basis of accounting has the income statement. Receivables consequential to employment, been adopted in the preparation are monitored during the year and are recognised as liabilities and of the financial report, except bad debts are written off against expenses where the employee for cash flow information. the allowance when they are benefits to which they relate determined to be irrecoverable. Any have been recognised. other loss or gain arising when a receivable is derecognised is also recognised in the income statement.
Financial Statements 81 Sydney Olympic Park Aquatic and Athletic Centres Division Notes to the Financial Statements For the year ending 30 June 2007
1. SUMMARY OF by the Crown Entity of Employee The superannuation expense for SIGNIFICANT ACCOUNTING Benefits and Other Liabilities’. the financial year is determined by POLICIES (continued) using the formula specified in the Long service leave is measured at Treasurer’s Directions. The expense (ii) Long Service Leave present value in accordance with for certain superannuation schemes and Superannuation AASB 119 Employee Benefits. This is (i.e. Basic Benefit and First State The Division’s liabilities for long based on the application of certain Super) is calculated as a percentage service leave and defined benefit factors (specified in NSWTC 07/04) of the employees’ salaries. For superannuation are assumed to employees with five or more years other superannuation schemes (i.e. by the Crown Entity. The Office of service, using current rates of State Superannuation Scheme and accounts for the liability as having pay. These factors were determined State Authorities Superannuation been extinguished resulting in the based on an actuarial review to Scheme), the expense is calculated amount assumed being shown as approximate present value. as a multiple of the employees’ part of the non-monetary revenue superannuation contributions. item described as ‘Acceptance
2007 Notes $’000
2. EXPENSES Employee Related Expenses Salaries and wages (including recreation leave) 4,268 Superannuation – defined benefit plans 0 Superannuation – defined contribution plans 430 Long service leave 10 Workers’ compensation insurance 62 Payroll tax and fringe benefit tax 311 5,081
3. ACCEPTANCE BY THE CROWN ENTITY OF EMPLOYEE BENEFITS AND OTHER LIABILITIES The following liabilities and/or expenses have been assumed by the Crown Entity: Long service leave 10 10
4. CURRENT/NON CURRENT ASSETS – RECEIVABLES (a) Current Receivables Sydney Olympic Park Authority 486 486
(b) Non Current Receivables Sydney Olympic Park Authority 6 6
5. CURRENT LIABILITIES – PAYABLES Accrued salaries, wages and on-costs 6 164 164
82 Financial Statements Sydney Olympic Park Aquatic and Athletic Centres Division Notes to the Financial Statements For the year ending 30 June 2007
2007 Notes $’000
6. CURRENT/NON CURRENT LIABILITIES – PROVISIONS Employee Benefits and Related On-costs Annual leave 239 Other 89 Total Provisions 328
Aggregate Employee Benefits and Related On-Costs Provisions – current 322 Provisions – non current 6 Accrued salaries, wages and on-costs 5 164 492
7. RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO NET COST OF SERVICES Net Cash Used on Operating Activities 0 Acceptance by the Crown Entity of employee benefits and other liabilities 3 (10) Increase/(decrease) in receivables 492 Decrease/(increase) in payables (164) Decrease/(increase) in employee provisions (328) Net Cost of Services (10)
8. FINANCIAL INSTRUMENTS Cash The Division does not have a separate bank facility but uses the bank facility of Sydney Olympic Park Authority.
Receivables The amounts receivable from Sydney Olympic Park Authority are recognised at balance date. The carrying amount approximates to fair value.
Bank Overdraft The Division does not have a bank overdraft facility.
Trade Creditors and Accruals The liabilities are recognised for amounts due to be paid in the future for goods and services received, whether or not invoiced.
9. CHANGES IN EQUITY Balance at the beginning of the financial year 0 Total 0
Changes in Equity Surplus/(deficit) for the year 0 Balance at the end of financial year 0
End of Audited Financial Statements
Financial Statements 83 Appendices Appendix A – Financial Economic or Other Factors A reasonable commercial office market has helped the Park Funds Granted to Non-Government Affecting Achievement of secure a significant tenant for the Community Organisations Operational Objectives town centre commercial sites. During the 2006–07 year, funds There were no significant economic were granted to The Northcott or other factors affecting the Disclosure of Controlled Entities Society ($1,722.72), Information and achievement of operational Controlled entities held by Sydney Cultural Exchange Inc ($7,000.00) objectives during the reporting Olympic Park Authority during and Ryde Rotary ($950.00) year. The local market for residential development remains flat, which the reporting year include the will delay commencement Parklands Foundation, Office of of residential development Sydney Olympic Park Authority and at Sydney Olympic Park. Sydney Olympic Park Authority, Sydney Olympic Park Aquatic and Athletic Centres Division.
Payment Performance Indicators Trade Creditors Age Analysis at the End of Each Quarter Current Less than Between Between More than (within Due 30 Days 31 and 60 Days 61 and 90 Days 90 Days Date) Overdue Overdue Overdue Overdue Quarter Ended $ $ $ $ $ At 30 September 2006 243,548 201,697 6,517 199 (456) At 31 December 2006 14,797 8,916 (3,159) 8,381 0 At 31 March 2007 424,116 116,152 64,291 0 49,910 At 30 June 2007 3,571 (38,882) 12,043 (2,016) (568)
Trade Creditors’ Accounts Paid on Time within Each Quarter Accounts Paid Accounts Paid on Time on Time Amount Paid Total Target Actual on Time Amount Paid Quarter Ended % % $’000 $’000 At 30 September 2006 95 95 20,847 21,858 At 31 December 2006 95 92 24,640 25,654 At 31 March 2007 95 87 18,646 19,838 At 30 June 2007 95 93 51,982 54,756
No suppliers requested or were reasonably entitled to penalty interest for the year.
Risk Management received some 17 liability incident The claim has been passed on Risk Management Policy reports and some 15 incidents of to TMF which has confirmed and Procedures damage to Authority property. that it will indemnify Sydney The Authority’s Business Continuity The majority of these incidents Olympic Park Authority for any Plan was reviewed during 2006–07. are minor but there were several damages and costs. Solicitors The revised document has been which are worthy of comment: have been appointed and circulated to stakeholders and have recommended that TMF · on 14 June 2007, the Authority made available electronically. reserve $500,000 against this was served with a Statement claim as a worst case scenario New Incidents/Claims and of Claim from a cyclist who had Subsequent Action struck a fence in the parklands · the opening of Blaxland The Authority proactively on 6 June 2004. Although the Riverside Park in March manages its risks, but incidents incident had been reported 2007 brought about some do occur from time to time at the time, there had been unforeseen issues related to and the Authority responds absolutely no communication the heritage rail tracks. Sydney positively and promptly to them. from the cyclist or her solicitor Olympic Park Authority has During 2006–07 the Authority during the intervening period. experienced several instances
84 Appendices Appendices of cyclists slipping on train visitor services, events and Planning and Development tracks and getting their wheels new commercial proposals. Committee jammed between tracks. This The committee reviewed and is thought to be largely as a The Operations and Sustainability evaluated strategic and planning result of unfamiliarity with the Division’s risk management initiatives and development risk of riding in the vicinity of program continues to be proposals for Sydney Olympic Park. developed and refined. the tracks. Assets which have David Richmond (Chair) heritage value present some Following the successful launch Gabrielle Kibble complications, since the extent of the Monster Skatepark and to which they can be made John Coates Monster Mountain Cross track safe must be balanced with Jack Cowin in 2005, Sydney Olympic Park the desire to maintain their Authority is developing an Brian Newman. heritage value. A compressible international standard BMX infill has been used between track at the same location as the Millennium Parklands rails in some areas to reduce trip Mountain Cross track. BMX and Advisory Committee hazards, but this has not proven The committee made Mountain Cross are action sports to be completely successful and recommendations to the and present potential safety risks. cannot be used in areas adjacent CEO regarding care, control to points’ switches. Steps have Track design has taken into account and management of the been taken to implement safety issues raised following Millennium Parklands. signage warning cyclists of the a serious accident in country Penelope Figgis (Chair) heritage nature and risks related NSW and a full risk assessment David Richmond to train tracks in the vicinity and using the AS4360 approach was Brian Newman imploring them to ride safely conducted which attempts to strike a balance between providing Catherine Bull · vandalism and graffiti incidents access to the target user group Peter Duncan (represented continue to increase and a and maximising user safety. by Sarah Dining) number of claims have been Tony Fleming (represented lodged with the TMF. Treasury Managed Fund Changes by Gary Dunnett) The deposit premium to the Risk Management Issues Treasury Managed Fund (self- Leigh Martin The Risk Manager continues insurance arrangement) for Sydney Irene Simms to advise other divisions of the Olympic Park Authority, including Christine Burton Authority on risk issues and to the Aquatic and Athletics Centres, assist in the conduct of Risk Professor Tony Veal. was $1,158,930 for 2007–08, a 7.4% Assessments in accordance with increase on the previous year. the Australian/New Zealand Risk Access Advisory Committee Management Standard AS4360. The committee advised Sydney Appendix B – Statutory Reports Olympic Park Authority on the assessment and management Sydney Olympic Park Authority uses Legal Changes the KnowRisk risk management As a consequence of amendments of access to Sydney Olympic Park software application which is to the Public Sector Employment by people with a disability. designed around the Standard. Legislation Amendment Act 2006, Jean Halcrow (Chair) Twenty user licences have been amendments were made to the Ann Gibson purchased for this application Sydney Olympic Park Authority Act Glenn Redmayne and Operations and Sustainability in relation to employment powers. Division staff have received Ebru Sumaktas training in the identification Significant Committees Digby Hughes and management of risks Audit and Compliance Committee Kath Brewster using this valuable tool. The committee addressed financial Bryan Hardman. accounting, reporting and internal In excess of 20 risk assessments controls and compliance issues. have been carried out in areas such as asbestos removal, contractor Gabrielle Kibble (Chair) induction, landscape management, David Richmond storm water systems, energy Chris Christodoulou and recycled water, Armory train John Coates. maintenance and operations,
Appendices 85 Appendices Education Reference Panel Equal Employment Opportunity committee also served as a The panel provided independent The Authority consultative mechanism to conceptual and strategic advice Equal Employment Opportunity ensure employee issues arising to the CEO and assisted the (EEO) achievements in out of the relocation of staff Authority in achieving its business 2006–07 included: were understood and addressed objectives for education. · a senior manager was allocated · a bi-monthly internal Human Warren Grimshaw (Chair) to discuss employment issues Resource (HR) Management David Mazitelli arising out of the organisational Bulletin was circulated to all Kate Gunn realignment, on a one-to-one staff providing information Graeme Watts basis, with staff. This ensured on effective HR practices. The purpose of the Bulletin Ross Milbourne that all staff had ready access to an appropriately was to promote discussion Mary Lynne Pidcock senior manager to discuss amongst staff and managers Brian Bagshaw. the impact/effect of the with a view to improving realignment on their position the workplace for all staff Design Review Panel The panel provided independent · access to international · flexible working arrangements review and advice to the CEO management literature were approved, including regarding design proposals and the was made available to staff part-time work, working design process to achieve a cohesive, to enhance performance from home and a variety of safe and legible public domain. and career development arrangements for family reasons Peter Mould (Chair) · access issues were successfully · the Access Advisory Committee Catherine Bull incorporated into the comprising representatives from Philip Thalis relocation of all Sydney Sydney Olympic Park Authority Petulia Samios Olympic Park Authority staff and peak disability groups into a corporate office operated during the year Darlene van der Breggan James Weirick · an independent audit of Sydney · exit questionnaires were Helen Lochhead (departed Olympic Park Authority’s undertaken and provided December 2006) performance management staff with the opportunity to confirmed consistency of give feedback on a range of Bill Tsakalos application and compliance organisational issues including Roderick Simpson. with Sydney Olympic Park equity, career progression, Authority’s requirements communication etc Arts Development Advisory Committee · a cost-free, 24/7 Employee · various committees were The committee advised the CEO in Assistance Program was made established with EEO ensuring that arts and culture play available for all staff (and group representation a key role in the development of members of their immediate · literature and posters were the town by providing independent families). The service provides displayed to promote diversity, and expert strategic advice. access to confidential counseling access and equity issues. Lex Marinos (Chair) to assist in working through issues impacting on staff at Angelo Loukakis Aquatic and Athletic Centres work and in their personal life Julian Knowles Equal Employment Opportunity Dick Letts · internal employment achievements in 2006–07 included: opportunities were circulated Fergus Linehan · work plans containing to staff, through an expression Christine Burton measurable KPI targets were of interest process Leon Parossien introduced for all permanent staff members. The work Tiffany Lee-Shoy · support continued for the Staff Wellbeing Committee, plans are used in conjunction Kim Spinks which progressed a Staff with generic expectations in Ross Gibson. Recognition and Rewards conducting staff performance Scheme, and improved access reviews. This will ensure to information for staff. The
86 Appendices Appendices greater consistency in sessions for managers · continued implementation of performance evaluation and supervisors the Human Resources Policy requiring the mainstreaming · the transfer of operational · alignment of recruitment and of employment for people management to Sydney Olympic selection procedures with those with disabilities. Park Authority has provided the of Sydney Olympic Park Authority. centres’ staff (and members of NSW Action Plan for Women their immediate families) with Disability Action Plan The following actions have been access to the cost-free, 24/7 The Department of Ageing, taken in relation to the objectives Employee Assistance Program. Disability and Home Care requires in the Action Plan for Women: The service provides access all Government agencies to prepare to confidential counselling a Disability Action Plan that meets The Authority to assist in working through the requirements of Section 9 of · the Authority facilitated issues impacting on staff at the Disability Services Act 1993. the attendance of women work and in their personal life at the NSW Public Sector At Sydney Olympic Park the Women’s Employment and · all employment opportunities Authority seeks to ensure that Development Strategy Forum were circulated internally to staff all people can participate in activities with dignity and equity. · the Authority hosted a table · SOPAAC has a representative The current Disability Action Plan at the ‘Gear up Girl’ women’s on the Sydney Olympic 2006–08 (DAP) was prepared by breakfast, which was aimed at Park Authority Staff the Authority and was endorsed encouraging women to utilise Wellbeing Committee by its Access Advisory Committee bikes as a means of achieving in March 2006. It identifies physical activity and well-being · literature and posters were measurable actions in a range displayed to promote diversity, of areas considered to have the · the Authority sponsored a access and equity issues. greatest potential to improve table and was represented by access in the provision of public women at the United Nations Initiatives for 2007–08 services at the Park. It recognises Development Fund for Women The Authority the need for an organisation-wide Breakfast on International · implementation of the Staff approach to effectively working Women’s Day in March Recognition and Rewards towards achieving an accessible Scheme, which has been · an international female student environment for visitors, residents endorsed by management (from France) was provided and workers at Sydney Olympic with a three-month internship Park. The Disability Action Plan · implementation of to complete a workplace-based is managed by the Operations enhanced and flexible project as part of her studies working arrangements and Sustainability business unit, which coordinates its promotion, · a female employee was selected · twice yearly briefings for all dissemination, monitoring, for the Earthwatch Fellowship staff on organisational progress measurement and evaluation. Program, which provides an against corporate initiatives opportunity for field research As well as coordinating the DAP, in a conservation project · review of the operation of the in 2006–07 the Authority: Employee Assistance Program · women received more · sponsored the International than 50% of the financial · review of corporate policies Day of People with a assistance provided to in relation to the application Disability, Special Children’s staff for tertiary study of equity principles. Christmas Party and the 2007 NRMA Sydney International · A number of flexible working Aquatic and Athletic Centres Wheelchair Tennis Open arrangements were approved · expansion of the Staff to assist women in balancing Recognition and Rewards · commenced an extensive review family and work responsibilities Scheme to have a staff of the Sydney Olympic Park member of the month as Authority Access Guidelines · Respective areas of the well as annual winners organisation were represented · reviewed and endorsed by spokeswomen · thrice yearly planning and new Sydney Olympic professional development Park developments
Appendices 87 Appendices · representation of women · the Authority in conjunction · the Authority worked with on major committees and with a local language college, Macquarie University to provide working groups continued supported a Harmony a placement opportunity for Day celebration featuring an overseas student from · work experience opportunities cultural song and dance France, through a three- across a range of areas were month internship program provided for female tertiary · Sydney Olympic Park hosted and school students. part of the Maccabi Australian · the Authority worked with the International Games in July ethnic media on awareness Aquatic and Athletic Centres 2006, which featured a campaigns to ensure the · women from SOPAAC number of competitors from broad community had access staff were included in the overseas countries. A Memorial to information and products initiatives taken by Sydney Ceremony for athletes and offered at Sydney Olympic Park Olympic Park Authority officials who died at the Munich Olympics was also held · the Park hosted a monthly · all interview panels were Boulevard Market showcasing required to be gender balanced · the opening of Blaxland multicultural food, art Riverside Park featured dance and craft. The monthly · a number of flexible working performances from the markets are promoted arrangements were approved local ethnic community widely in the ethnic press to assist women in balancing family and work responsibilities · the Park hosted ‘Crackers’, an · the Authority ensures that local international pyrotechnics communities are informed · investigations were initiated performance as a feature about leisure, sporting, and into the feasibility/need event of the Sydney Festival cultural activities/events at for establishing a Women’s Sydney Olympic Park through the Only evening at the Sydney · Movies in The Overlow ‘What’s On’ publication, which Olympic Park Aquatic Centre. included the ‘Short Soup’ has a subscription database International Film Festival Ethnic Affairs Priority Statement of around 25,000 people The Authority · the Park hosted Accoustica at · Sydney Olympic Park Authority’s Sydney Olympic Park Authority the Armory, which featured workforce reflects the general attaches a high priority to the world music performances diversity within the community. promotion of cultural diversity. Initiatives undertaken in this · Carols by the Cauldron for Aquatic and Athletic Centres area during 2006–07 were: Christmas 2006 incorporated · SOPAAC staff worked a strong multicultural focus collaboratively with community · Sydney Olympic Park Authority groups in staging the · the Park hosted an International worked collaboratively with Bangladeshi New Year and Youth Media Summit at the Auburn Council in staging the India-Australia Friendship Armory. The summit brought Australia Day 2007 Celebrations, Fair at the Athletics Centre which included an outdoor together 40 film makers from Citizenship Ceremony. The Australia and overseas from · SOPAAC worked proactively celebrations featured food, ethnically diverse backgrounds to provide catering for music and performance different hire groups, schools · working space was provided contributions from a number and carnivals that reflected at the Armory for a number of cultural groups the cultural needs and of international artists, and requirements of specific groups · the Park hosted and supported Australian artists from multi- a number of cultural events/ cultural backgrounds · SOPAAC embraced its celebrations including culture of some of our more · Taikoz commenced, offering Bangladeshi New Year, the India- prominent user groups classes in Japanese Taiko Australia Friendship Fair, and by celebrating significant drumming at Newington Armory Eid and Ramadan celebrations. events such as Chinese/Lunar These events strengthened the · the Authority maintained a New Year and Christmas Park’s position as a major centre strong relationship with the · SOPAAC provided support for cultural festivities Auburn Migrant Resource Centre and training expertise in the initiative to train Muslim life guards.
88 Appendices Appendices Initiatives for 2007/2008 Occupational Health and Safety staff and management on The Authority The Authority staff welfare, amenity and · the Authority will continue · no significant injuries were general well-being issues. to seek and support the recorded during the year, and no staging of major ethnic formal return to work program Aquatic and Athletic Centres community events, festivals and was required to be developed · an independent OH&S celebrations within the Park Audit was undertaken on · an Employee Assistance Program the centres. The audit found · world music performances is in place to provide staff and that arrangements met will be staged at various members of their immediate all essential criteria and locations around the Park families with access to a no- identified opportunities cost confidential counselling for further strengthening · a world music night will service on a 24 hour/7 day basis current arrangements be added to the Music by Moonlight program · the Authority arranged for on- · the internal audit identified in February 2008 site influenza vaccinations for several areas where activities all staff expressing an interest could be further enhanced · the Authority plans to establish in receiving the vaccination. and improved, including a ‘live site’ during the Rugby The vaccination program was improvements in the level of World Cup as a community focal viewed as a preventive strategy documentation of effective point for this major world event to protect employee health and existing practices and a more minimise disruptions to the coordinated ‘whole of venue’ · engagement of the local and workplace through absenteeism approach to both training ethnic community and use of and incident recording the ethnic media will continue · Tetanus and Hepatitis B immunisation and skin cancer · the centres have an OH&S · an Australia Day 2008 event will checks were provided for Committee that meets regularly be staged in partnership with those employees in higher and identifies OH&S issues for Auburn Council celebrating the risk occupational categories resolution. Regular workplace diversity of the local community safety inspections are conducted · the Authority’s Occupational · theatrical production will and issues identified are dealt Health and Safety Committee be developed and staged with in a timely manner. and Occupational Health at the Armory with a and Safety Management multicultural focus Guarantee of Service Coordination Committee Sydney Olympic Park Authority · provision of Mandarin and met on a bi-monthly basis aims for consistent excellence Cantonese-speaking tour guides. during the year and addressed in the provision of information a range of matters and customer services based on Aquatic and Athletic Centres integrity, professionalism, respect, · a number of lunchtime health · more activities will be timeliness and openness. introduced, acknowledging forums delivered by health significant celebrations of the experts were provided for staff different cultures (significant · regular meetings of First Aid users of the centres) Officers were held to discuss · SOPAAC will continue to seek issues impacting on the delivery and support the staging of of first aid within the Authority major ethnic community events, · the Authority’s Staff Wellbeing festivals and celebrations within Committee (comprising staff the Aquatic and Athletic Centres representatives from each · SOPAAC will trial a Women’s Only area of the organisation) met evening at the Aquatic Centre. regularly during the year. The Committee is a vehicle for seeking employees’ views and facilitating feedback between
Appendices 89 Appendices Appendix C – Capital Works and Environmental Compliance Major Capital Works During 2006–07, key capital works projects were undertaken throughout the Park. These delivered an important program of asset creation and replacement and resulted in significant improvements to the amenity of the parklands and key areas of infrastructure in the town centre.
Capital Works Program 2006–07 Project Description Completion date Cost Master Planning and Preparation of Master Plan 2025 and June 2007 $560,000 Property Development works to facilitate major new property developments at Sydney Olympic Park Visitor Improvements Construction of a significant shade structure November 2007 $230,000 in the playground in The Overflow Parklands · Completion of the first stage June 2007 $7,035,000 of Blaxland Riverside Park · Development of an adventure playground in Wentworth Common · Construction of Newington Armory Wharf pontoon · Parkland improvements generally such as signage, planting and furniture Asset Replacement Planned replacement or renewal of elements June 2007 $2,500,000 of major assets owned by the Authority including Aquatic, Athletic and Sports Centres Minor Works Other projects which support the achievement June 2007 $650,000 of the Authority’s corporate objectives, including a number of water conservation projects Total Capital Works $10,975,000 Program for 2006–07
Other significant initiatives · reconstruction of major Revaluation of Investment during 2006–07 with section of the Parramatta Properties separate funding were: River seawall ($0.75 million). Revaluation of the Authority’s investment properties · commencement of the re- In its role as a Treasury accredited valued at $21.987 million was development of Jacaranda Contribution Agency, Sydney completed during 2006–07. Square ($2.6 million) Olympic Park Authority provided project management services in Land Disposal · relocation of the red amenities 2006–07 to other NSW Government There were no land disposal building from the Formule 1 agencies for projects valued activities in 2006–07. development site ($0.8 million) at approximately $10 million, generating fee income of about · commencement of BMX Bike $300,000. Major projects included Course adjacent to P5 car park Western Sydney Parklands (27 km and the existing Mountain of pathways) for the Department Bike Course ($0.7 million) of Planning and Lane Cove National · design work for the upgrading Park (building and landscape of the Australia Avenue works) for the Department of and Herb Elliott Avenue Environment and Conservation. intersection ($1.3 million)
90 Appendices Appendices Appendix D – Staffing Overview Aquatic and Athletic Centres Life-guarding, Water Testing, The transition from operation Security Accreditation and Health Code of Conduct under the Sydney Cricket and and Fitness training courses. Sydney Olympic Park Authority Sports Ground Trust to the Sydney and its staff are bound by the Olympic Park Authority was Industrial Relations requirements of the Public Sector very successful. HR issues were The Authority Employment and Management dealt with proactively, resulting There were no industrial Act 2002, Sydney Olympic Park in a seamless transition. disputes during the year. Authority’s Code of Conduct and other relevant legislation A staff recognition program The Authority maintains a applying to public employment. operates effectively within the positive relationship and open centres and staff members communication channels with the Human Resources participate enthusiastically in Public Service Association (PSA). For Staff working within the recognising the contribution the period of the Easter Show each Authority are employed by the and efforts of colleagues. year, normal working arrangements, Office of Sydney Olympic Park for a small number of people, Authority. Staff working within Recruitment and Training are suspended and replaced by the Sydney Olympic Park Aquatic The Authority a seven-day cycle of rostered and Athletic Centres (SOPAAC) Recruitment continued to be a shifts. Industrial arrangements are employed by the Sydney significant activity in aligning agreed with the PSA provided Olympic Park Authority Aquatic the Authority’s structure with the Authority with the required and Athletic Centres Division. emerging and evolving needs, with flexibility to meet the extraordinary 16 positions advertised in the year. demands of the Show period and The Authority ensured that all affected staff were The Authority implemented an Staff attended a variety of training appropriately compensated for organisational realignment in May courses, seminars and conferences these changed arrangements. 2007, resulting in a reduction of during the year, reflecting the business units from seven to three. occupational and functional The Authority consulted with the The realignment consolidates diversity within the organisation. PSA on a major organisational professional skills and better realignment and related matters. positions the Authority to meet Assistance was also provided to the challenges of the next phase staff undertaking tertiary study. Assistance was provided to of the Authority’s evolution. SOPAAC in negotiations with One employee was selected to the Australian Workers’ Union, An independent audit of participate in the Earthwatch and the development of a the Authority’s performance Fellowship Program, which provided new Industrial Award. management system confirmed an opportunity to undertake a a high degree of compliance field research project involving A review of the Sydney Olympic across the organisation. koala populations on St Bees Island Park Paid Parking (State) Award, off Queensland. Earthwatch is in consultation with the Liquor, A bi-monthly Human Resource a global environmental, not-for- Hospitality and Miscellaneous Management Bulletin was profit, organisation that supports Union, commenced, which produced and circulated sustainable conservation research. is expected to lead to the through the organisation. making of a new Award. Aquatic and Athletic Centres A Staff Recognition and Reward Recruitment activities are Salary Award increases in the Scheme was developed by the ongoing due to the nature and year were in line with the Authority’s Wellbeing Committee seasonality of the leisure industry. Crown Employees (Public Sector and endorsed by the executive. Recruitment procedures have – Salaries 2007) Award. been brought into line with the Sydney Olympic Park Authority policy and procedures utilised by Aquatic and Athletic Centres provided HR management Sydney Olympic Park Authority. There were no industrial services to the start-up of the disputes throughout the year. Parklands Foundation Limited Staff attended numerous – a subsidiary company of training courses including OH&S, Management has a positive, Sydney Olympic Park Authority. First Aid, Fire Warden training, transparent and cooperative Armed Hold-up training, Venue working relationship with the Management courses, IT training, Australian Workers Union.
Appendices 91 Appendices The new Award, reflecting Centre within the Authority display of the industrial history Sydney Olympic Park Authority was implemented, with of the Brickpit and Abattoir operation of the centres, was resultant savings of $500,000 negotiated and applied. · the development and · a range of development options implementation of a ‘Customer Performance of Executive Officers were progressed, involving Experience Quality Plan’ to Mr Brian Newman commercial/retail space, serviced address significant visitor Chief Executive Officer apartments, a private hospital, experience issues/elements. This Chief Executive Service, Level 7 and a primary/secondary initiative was complemented Period in Position: Full Year college, with a combined by the review and streamlining value of around $180 million of procedures and bookings The Minister and Chairman reported for business events, site hire that Mr Newman performed · a range of issues were resolved and tourism bookings to a high level in 2006–07. associated with the relocation of sections of the Commonwealth · a program of Signature Events The Chief Executive Officer Bank’s workforce to Sydney was developed and delivered. oversaw and progressed a Olympic Park in 2007–08 These included Kids in the number of initiatives, actions Park; Short Soup International and strategies in keeping with · progression of the Sydney Film Festival; Carols by the the Park’s emergence as a major Olympic Park Master Plan, Cauldron; Movies in the urban centre and the focus on and associated strategies, to Overflow; Music by Moonlight; sustainable urban development ensure full economic value and Australia Day celebrations and parklands enhancement. is obtained from future development, and that the · a program of significant These actions and strategies Park reflects best practice in capital works was completed extended across a range of sustainable urban development within budget, including disciplines and activities, including Blaxland Riverside Park and urban and parklands planning, · the opening of Blaxland Newington Armory Wharf design and delivery, property Riverside Park in March pontoon, commencement development, place management, provided the community with of the Jacaranda Square business development, a new waterfront, open-space redevelopment, Wentworth marketing and communications, recreation area. The Armory Common Playground visitor services, and event Wharf Café also opened in and the Parramatta River development and delivery. March to provide visitors seawall upgrade with a suitable food outlet Significant outcomes/achievements · visitation levels to Sydney during the year included: · implementation of the Olympic Park increased to more Education Business Strategy, than 8.2 million, up from 7.75 · a major organisational which consolidated Sydney million in the previous year realignment was implemented Olympic Park Authority’s which consolidated the education programs into a · Business Events sales Authority’s structure around single unit with responsibility grew by 22% three key business activities, and for product development, which facilitated a reduction sales, marketing and delivery · the consolidated and in resource levels required, of programs, all within a strengthened business and through a more effective sustainable business framework working relationships with Park use of professional skills stakeholders including venue · the Arts and Culture program operators, the Sydney Olympic · the effectively managed was consolidated, including the Park Business Association, $1.6 billion of assets and hosting of artists in residence, local, state and federal the Authority’s operating and the successful hosting of governments, sporting bodies, budget of $68.7 million. A events and exhibitions such environmental organisations, targeted increase in revenue as Art Express, ‘Accoustica at and education providers. as a percentage of operating the Armory’, ‘Crackers’ as a expenditure was also achieved feature event of the Sydney Mr Terry Martin Festival, The Great Escape Executive Director, Property · the operational management of music festival, and a visual arts Senior Executive Service, Level 5 the Sydney Olympic Park Aquatic
92 Appendices Appendices Period in Position: 1 July and therapeutic rehabilitation, development of a public 2006 to 22 June 2007 with a value of $45 million hotel and entertainment venue in the town centre. The Chief Executive Officer reported · progression to negotiation that Mr Martin performed to a very phase of two separate sites for Mr Martin was also involved competent level in 2006–07 and commercial/retail development in negotiations on contractual progressed a number of significant with a combined space of 23,500 and other matters relating to initiatives in relation to property m2 and value of $90 million sites purchased by Colonial development and property planning, First State Property, and the integral to the future development · progression to preferred relocation of significant numbers of Sydney Olympic Park. proponent stage of a $25 million, of Commonwealth Bank 156-room serviced-apartments staff to Sydney Olympic Park, These included a number of development, incorporating commencing in 2007–08. ‘Requests for Detailed Proposals’ ground floor retail development processes for land development He also provided high-level within the town centre. · nomination of preferred strategic development input In particular: proponent for development of to inform the Sydney Olympic a private school, incorporating Park Master Plan, particularly · the exchange of contracts for both primary and secondary in relation to land economics the development of a private students, with a focus on sport and infrastructure funding, hospital specialising in sports and strategic implementation- · securing of a development injury orthopaedic surgery phase management. application approval for
SES Staffing Profile Males as at Females as at Vacant as at SES Level 30/6/07 30/6/07 30/6/07 Level 7 1 – – Level 5 – – – Level 4 3 – Level 3 – – – Total 4 – –
Official Overseas Visits Undertaken by Sydney Olympic Park Authority Employees Duration Employee Destination Purpose 27/01/07 – 2/02/07 B. Newman London Living Legacy 2007 Conference 23/04/07 – 27/04/07 T. Houlias Beijing SportAccord Annual International Sports Convention M. Rosenberg 13/06/07 – 14/06/07 B. Newman Prague Olympic-related Conference 26/06/07 – 29/06/07 D. Young Auckland Czech Olympic Committee Invitation
Staff Numbers by Employment Basis People People from Whose Racial, Ethnic, Language People with Aboriginal Ethno- First Spoken a Disability People and Religious as a Child Requiring Total Torres Strait Minority was not People with Work-related Employment Basis Staff Respondents Men Women Islanders Groups English a Disability Adjustment Permanent Full-time 105 75 60 45 0 9 11 2 0 Permanent Part-time 6 3 0 6 0 0 0 0 0 Temporary Full-time 14 14 6 8 1 1 2 0 0 Temporary Part-time 5 5 1 4 0 1 1 0 0 Contract – SES 3 1 3 0 0 0 0 0 0 Contract – Non-SES 0 0 0 0 0 0 0 0 Training Positions 0 0 0 0 0 0 0 0 Retained Staff 0 0 0 0 0 0 0 0 Casual 18 4 5 13 0 0 0 0 0 TOTAL 151 102 75 76 1 11 14 2 0
Appendices 93 Appendices Trends in the Representation of Equal Employment Opportunity (EEO) Groups % of Total Staff Benchmark EEO Group or Target 2004 2005 2006 2007 Women 50.0% 49.0% 48.0% 46.0% 47.0% Aboriginal people and Torres Strait Islanders 2.0% 0.0% 0.0% 0.8% 0.9% People whose first language was not English 20.0% 12.0% 14.0% 12.0% 14.0% People with a disability 12.0% 6.0% 4.0% 4.0% 2.0% People with a disability requiring work-related adjustment 7.0% 1.5% 1.5% 1.6% 0.0%
Trends in the Distribution of EEO Groups Distribution Index Benchmark EEO Group or Target 2004 2005 2006 2007 Women 100 83 84 84 78 Aboriginal people and Torres Strait Islanders 100 n/a n/a n/a n/a People whose first language was not English 100 n/a n/a n/a n/a People with a disability 100 n/a n/a n/a n/a People with a disability requiring work-related adjustment 100 n/a n/a n/a n/a
Notes: 1. Staff numbers are as at 30 June. 2. Excludes casual staff. 3. A Distribution Index of 100 indicates that the centre of the distribution of the EEO group across salary levels is equivalent to that of other staff. Values less than 100 mean that the EEO group tends to be more concentrated at lower salary levels than is the case for other staff. The more pronounced this tendency is, the lower the index will be. In some cases the index may be more than 100, indicating that the EEO group is less concentrated at lower salary levels. The Distribution Index is automatically calculated by the software provided by ODEOPE. 4. The Distribution Index is not calculated where EEO group or non-EEO group numbers are less than 20.
Credit Card Certification 7 July 2006 11 July 2006 Credit card use within the The applicant requested documents An application was received through Authority has been in accordance that outline costs to Sydney Olympic the Department of Commerce with the Premier’s Memoranda Park Authority for the period 1 concerning airfare costs booked and Treasurer’s Directions. July 2003 to 30 June 2006 for: by Government agencies.
(1) Office renovations Information released. Appendix E – Freedom of Information (2) Hosting at Telstra Stadium 4 August 2006 Freedom of Information The applicant requested documents (3) Community/Campaign For the period 1 July 2006 to that provided information advertising. 30 June 2007, Sydney Olympic Park concerning costs and guests at events hosted by Sydney Olympic Authority received five requests Access was provided to Park Authority at Telstra Stadium. under the Freedom of Information relevant information. Act (FOI Act). These were: Access not provided as a request for processing costs was not met.
94 Appendices Appendices 06 October 2006 Privacy Management Records Activities The applicant requested documents In accordance with the Privacy The Records Management and held by Sydney Olympic Park Information Protection Act 1998, the Corporate Information Unit Authority relating to a proposed Authority has developed a Privacy registered 6,912 items in financial V8 Supercar race at Homebush Bay Management Plan; the Authority’s year 2006–07. Of these items, 2,449 and/or in the surrounding area. Privacy Management Plan has been were electronic documents and submitted to Privacy NSW. The 1,173 were emails registered directly Determined as exempt. plan sets out the core business and from GroupWise. These figures in functions of the Authority and refers electronic registration demonstrate 08 December 2006 to information protection principles a continued acceptance within The applicant requested Treasury and procedures for internal review. the organisation of accurate to provide the number of It includes a table documenting capturing of email correspondence employees that have taken stress the Authority’s processes for the rather than a reliance of using or psychological leave over the past handling of personal information. GroupWise to store information. four financial years. Sydney Olympic Park Authority provided a nil return. No applications for review were The annual disposal of appraised received during 2006–07. records was completed on time. There was one request for internal review during 2006–07. On Protected Disclosures The Vital Records program has 22 November 2006, an internal The Protected Disclosures Act captured nominated contractual review application was received offers protection to public documents in electronic format to for documents concerning the officials who make disclosures aid disaster recovery and real-time proposed V8 Supercar race at which concern corrupt conduct, access of identified vital records. Homebush. Access was provided maladministration and serious or to relevant documentation with Training was provided for relevant substantial waste of public money. the exemption of one paper. staff in the functions of TRIM Within Sydney Olympic including electronic capture of In the preceding financial Park Authority disclosures emails and electronic registration year (2005–06) five FOI can be made to: of documents and accessing applications were received. electronic documents and images. · The Chief Executive Officer Applications under the FOI Act must be made in writing and · General Manager, Commercial accompanied by an application and Corporate fee of $30.00. Enquiries and applications should be referred to: · The officer’s supervisor.
Manager, Records and No disclosures were reported Corporate Information during the year. Sydney Olympic Park Authority 7 Figtree Drive Sydney Olympic Park NSW 2127
Telephone: 02 9714 7157 Facsimile: 02 9714 7151
Appendices 95 Appendices Appendix F – Consultancy Services Engaged Consultancy Services Engaged by Sydney Olympic Park Authority Number of Total Expenditure Consultant consultants $ Total number of consultants over $30,000 and expenditure 0 0 Total number of consultants under $30,000 and expenditure 20 111.984 Total consultants 111.984
Appendix G – Research Total Cost Marketing, Visitor Experience and Parklands Research $ Consumer benchmark research study 35,000 What’s On subscriber database research 24,000 Levels of the amphibian chytrid fungus (Batrachochytrium dendrobatidis) in populations of the Green and Golden Bell Frog (Litoria aurea) and sympatric amphibian species at Sydney Olympic Park in 2006–07 – University of Newcastle 5,000 Total 64,000
Appendix H – Publications Publication Type Publication Name Purpose of Publication Reports Annual Report Report to the Minister on Sydney Olympic Park Authority 2006–07 operations and achievements for 2006–07 State of Environment Report on the environmental status and 2006–07 activities at the Park for 2006–07 Newsletters Park News Quarterly newsletter distributed to key stakeholders, local businesses and Government Corporate Brochures Living Legacy Third update of corporate brochure outlining the transition of the Park from the Sydney 2000 Olympic Games to today Business Development Business Events Additional collateral to support the Authority’s Brochures Overview, Site Hire business events sales activity and Corporate Team Building Major Events Collateral to support the Authority’s major event’s activity Prospectus Artist Studios Brochure and poster to promote the availability of Artist studio programs and facilities at Newington Armory Tourism ‘Must See’ Updated brochure to support the Authority’s tourism programs and tours Tourism Product Tourism industry brochure outlining Sydney Manual Olympic Park Authority tourism product Consumer Brochures Monster Skatepark Brochure to promote the new Monster Skatepark venue at the Park and Flyers ‘What’s On’ Quarterly brochures outlining upcoming events at Sydney Olympic Park Specific event flyers Ad hoc flyers to promote upcoming events at Sydney Olympic Park including Boulevard Markets, Movies in The Overflow, ArtExpress, Music by Moonlight, Acoustica at the Armory and Festival of Cycling Bike Safari Guide Update of fold-out map and guide to cycling loops at Sydney Olympic Park Kids in the Park Quarterly brochures outlining ‘Kids in the Park’ events and activities Education Brochures Specific Key Learning Flyers targeted at specific education markets and Flyers Area flyers Exciting Brochure to support sale by long-term (99-year) lease Opportunities of properties in the Sports and Education Precinct in Education
96 Appendices Appendices Appendix I – Glossary of Terms, NRL – National Rugby League Abbreviations and Acronyms NSWTC – New South Wales Treasury Circular ACPE – Australian College of Physical Education ODEOPE – Office of the Director of Equal ALP – Active Lifestyle Program Opportunity in Public Employment
AOC – Australian Olympic Committee PASS – Physical Activity and Sport Studies
ATC – Australian Tourism Exchange PDHPE – Personal Development, ATEC – Australian Tourism Export Council Health and Physical Education
AYOF – Australian Youth Olympic Festival PSA – Public Service Association
CADD – Computer Aided Design and Drafting RAS – Royal Agricultural Showground
CLE – Center for Learning Innovation SES – Senior Executive Service
DAP – Disability Action Plan SKA – Sport Knowledge Australia
DET – Department of Education and Training SOPA – Sydney Olympic Park Authority
EEO – Equal Employment Opportunity SOPAAC – Sydney Olympic Park Aquatic and Athletic Centers ESRI – Environmental Systems Research Institute SOPAC – Sydney Olympic Park Aquatic Center GFS – Government Finance Statistics SSO – Sydney Symphony Orchestra GIS – Geographic Information System STS – Science Through Sport GPS – Global Positioning System SUPER – Sydney Urban Parks Education GST – Goods and Services Tax and Research group
HR – Human Resources TMF – Treasury Managed Fund
HSIE – Human Society and its Environment TPP – Treasury Policy and Guidelines Paper
ICT – Information Communications Technology TRIM – Total Records and Information Management
IFRS – International Financial Reporting Standards UIG – Urgent Issues Group
IOC – International Olympic Committee UNSW – University of New South Wales
IPAA – Institute of Public Administration UTS – University of Technology, Sydney
IT&T – Information Technology WET – Wetland Education and Training and Telecommunications WRAMS – Water Reclamation and Management Scheme IUCN – International Union for the Conservation of Nature and Natural Resources YMCA – Young Men’s Christian Association
MEA – Meetings Industry Association of Australia
Appendices 97 Appendices Appendix J – Index
page page Accessing Sydney Olympic Park Authority 97 Glossary of Terms, Abbreviations and Acronyms 95 Annual Report Costs 97 Guarantee of Service 87 Appendices 96 Human Resources 89 At a Glance vi Industrial Relations 89 Capital Works Program 88 Land Disposal 88 CEO’s Report iii Legal Changes 83 Chairman’s Report ii Letter to the Minister i Charter i Management and Activities Code of Conduct 89 Making the Park 8 Committees 83 Managing the Park 16 Consultancy Services Engaged 94 Marketing the Park 22 Contents viii Return on Investment 28 How Are Venues Perceived? 27 Mission 1 Corporate Governance and Board 2 NSW Action Plan for Women 85 Terms of Office 2 NSW State Plan 5 Pecuniary Interests 2 Occupational Health and Safety 87 Interaction with Management 2 Organisational Structure 6 Board Meeting Attendance 2 Our Act 1 Board Member Profiles 3 Our Values 1 Corporate Planning Framework 4 Official Overseas Vists 91 Credit Card Certification 92 Parklands Foundation 7 Disability Action Plan 85 Payment Performance Indicators 82 Disclosure of Controlled Entities 82 Performance of Executive Officers 89 Economic or Other Factors Affecting Privacy Management 93 92 Achievement of Operational Objectives Protected Disclosures 93 Electronic Access 97 Publications 94 Equal Employment Opportunity 84 Records and Corporate 93 Ethnic Affairs Priorities Statement 86 Information Management Executive Summary iii Recruitment and Training 89 Financial Statements Research 94 Sydney Olympic Park Authority Risk Management 82 33 Financial Statements Senior Executive Services Staffing Profile 91 Office of the Sydney Olympic Park Serving the Public 1 59 Authority Financial Statements State of the Environment 4 Office of the Sydney Olympic Staff Numbers by Employment Basis 91 Park Aquatic and Athletic Centres 75 Treasury Managed Funds Changes 83 Division Financial Statements Trends in Representation and 92 Parklands Foundation Financial Statements 66 Distribution of EEO Groups Freedom of Information Requests 92 Vision 1 Funds Granted to Non-Government 82 Community Organisations
98 Appendices
Annual Report 2006–07 Report Annual Sydney Olympic Park Authority Park Olympic Sydney
Sydney Olympic Park Authority 2006–07 Report Annual