Alpine Resorts Co-ordinating Council 2003/2004 Annual Report ii Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 1

Contents

2003-2004 In Review Reporting Requirements under the Whistleblowers Protection Act 2001 9 Chairperson’s Report 2 Information Privacy 9 2003-2004 Key Achievements 3 Review of Operations and Financial Conditions 3 Financial Reports Certification of Financial Statements 10 The Council Statement of Financial Performance 10 Establishment and Role 4 Statement of Financial Position as at 30 June 2004 12 Council Mission 4 Statement of Cash Flows for Year Organisational Structure 4 Ended 30 June 2004 12 Undertakings and Services Provided 4 Notes to and forming part of the Council Meetings 5 Financial Report 13 Membership 5 Auditor-General’s Report 22 Disclosure Index 23 Legislative Compliance Freedom of Information 8 This report covers the period 1 July 2003 to 30 June 2004, in accordance with the relevant Reporting Requirements under Part II provisions of the Financial Management Act 1994. of the Freedom of Information Act 1982 8 Reporting Disclosures under the Financial Management Act 1994 8

2 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 3

2003-04 In Review Review of Operations and Financial Conditions Five Year Financial Summary 2003-04 2002-03 2001-02 2000-01 1999-00

Chairperson’s Report At the same time the Minister released the As I was only appointed to the position of 2003-2004 Key Achievements Revenue from Support Payments 298,344 240,599 97,846 90,918 78,055 Alpine Resorts 2020 Draft Strategy for Chairperson of the Council towards the Other Revenue 3,051 67,182 28,809 2,416 41,711 During the report period the Council: The Council continues to provide a forum public consultation. Following a review end of the reporting period I would like • Finalised the culmination of its work Total Revenue 301,395 307,781 126,655 93,334 119,766 for addressing a range of industry wide of submissions the Minister released the to acknowledge that the successes that the to address the problems faced by small issues that face Victorian Alpine Resorts. Government’s approved Alpine Resorts Council has been able to achieve came under Operating Expenses 294,097 229,004 155,514 165,107 78,454 2020 Strategy in June 2004. Council played the leadership of my predecessor, Warick resorts in trying to achieve a viable future; Council played a critical role in addressing an important role in the development of the Leeming. I would particularly like to thank dealt with fundamental structural issues Net Operating Result 7,338 78,777 (28,859) (71,773) 41,312 affecting all resorts; to bring about the end the problems faced by the small resorts Strategy and will now play an important Warick for his work and dedication as Total Assets 956,849 174,485 50,907 59,614 73,800 (, and role in its implementation. inaugural Chairperson during the difficult to the widely-criticised system of support ) in trying to achieve viable and challenging transition from centralised payments from large to small resorts; and, Total Liabilities 4,566 129,540 84,739 64,587 7,000 During the reporting period the Government futures, as well as dealing with fundamental management of Alpine Resorts under the obtained forgiveness of debts incurred introduced legislation to provide for the The Council receives its funding chiefly from contributions by the Boards. In the financial year structural problems affecting all Alpine former Alpine Resorts Commission to the by the former resort management body. formation of a single Board to manage ending 30 June 2004 an amount of $900,000 has been provided by Government as Contributed Resorts. Council was delighted by the management structure that we have today. The announcement by the Minister for Mount Buller and Mount Stirling, to enhance Capital for asset works at Mount Buller/Mount Stirling. Government’s Alpine Resorts Reform Environment, the Hon John Thwaites the Council’s role in strategic planning, to The Council is now entering a new and Detailed financial information about the performance of the Council is contained in the financial Package announced by the Hon John MP, of the Government’s Alpine Resorts implement the Reform Package, and to deal exciting era with the addition of key roles statements contained in this report. Thwaites MP, Minister for Environment, Reform Package in August 2003, which with a number of management issues raised in strategic planning for Victorian Alpine The Council is not aware of any issues that would impact on its future performance. at Falls Creek on 30 August 2003. The also included funding of $900,000 for by the Council and Boards. The legislation Resorts. The achievements over the past Reform Package addresses problems that bridge and entry works at the entrance to came into effect in May 2004. Together these 12 months are the culmination of much hard have been present since the formation of Mount Stirling and $975,000 for visitor • Established an All Season Committee • Jointly brokered the resolution, with the reforms place Alpine Resorts in a strong work and leave the Council well placed to Alpine Resort Management Boards facilities at Lake Mountain, in large measure in January 2004 to provide overall advice Australian Ski Areas Association, Boards position to achieve a viable and sustainable tackle the future. (Boards) in 1998 and incorporates almost followed the recommendations put forward and coordination of projects relating to and Government, of concerns over public future for the benefit of all Victorians. every recommendation made by the Council. in the Council’s Small Resorts Funding four season use of ’s Alpine Resorts liability and insurance waivers. This led to Also in June 2004 new members were Arrangements Report. and their regions. It has commenced the the introduction of legislation amending the appointed to the Council following an • Played an important role in the formulation development of a five year plan to build Fair Trading Act 1999 in October 2003. four season use and strengthen synergies expression of interest process conducted by Andrew Fairley of the Alpine Resort 2020 Strategy through • Continued its watching brief on the land with sub alpine towns and valleys. The Minister Thwaites. I would like to welcome Chairperson the establishment and support of a broad stability risk management programs being Committee convened a successful workshop new members, John Dyson and John Stanley, stakeholder and industry group, the 2020 undertaken by Boards. and thank retiring members, Warick Leeming Working Group, chaired by the Hon in February 2004 to initiate its tasks. • Assisted the Mount Baw Baw Board (Chairperson), Malcolm Calder and Kevin John Button. The 2020 Working Group • Played a key role in the Board of Alpine in its efforts to attract additional private Love, for their contributions. reviewed submissions and reported to Tourism (BART). Council worked with sector investment to the resort, including Minister Thwaites. The Minister released Boards, lift companies and Tourism Victoria the development of a management and the Alpine Resorts 2020 Draft Strategy in establishing strategic directions for joint development agreement and request for for public comment in August 2003 and, marketing and was particularly pleased to proposals package. following review of submissions received, see BART expand its role to encompass all released the approved Alpine Resorts 2020 season marketing of Alpine Resorts. • Provided a forum for discussion of industry Strategy at Mount Buller on 12 June 2004. and resort wide strategic issues. 4 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 5

The Council

Establishment and Role Council Mission Undertakings and Council Meetings Membership on issues involving sustainable tourism and is a current Board member of Ecotourism The Council was established in accordance To facilitate the Boards’ achievement of the Services Provided The Council meets on a bi-monthly basis Section 17 of the Act provides that the and The International Ecotourism with the provisions of the Alpine Resorts Government’s objectives for Alpine Resorts. and held 4 Council meetings during the Council consists of the Chairperson and The Council provides a forum for discussion Society. Andrew is a keen skier. (Management) Act 1997 (the Act) and reports reporting period. In addition members met four members appointed by the Governor in and consultation on issues of broad concern to, and is responsible to, the Minister for on an as required, informal basis to progress Council and the Chairpersons of each ARMB. Malcolm Calder (resigned 14 July 2003) to Alpine Resort stakeholders, an avenue Environment. The statutory functions of the Organisational Structure specific issues. During the reporting period the terms of Malcolm is a former Professor of Botany through which coordinated action can occur Council were significantly expanded as a appointment for some members expired at the University of . He has and a mechanism for consultation with the The Council does not have a separate Audit result of legislative changes that came into Minister for Environment and new appointments were made. Unless extensive knowledge of conservation issues on Minister and through which the Minister Committee; having obtained an exemption effect in May 2004 and are set out in Section otherwise stated, members served on the public land having been a former Chairperson may seek advice and refer matters for from the requirement of Standing Direction 18 of the Act. In summary the Council’s Council for the whole of the reporting period. of the National Parks Advisory Council, a consideration. Recent legislative change 2.2 from the Minister for Finance given the functions are to: member of the former Land Conservation Recreation Branch (DSE Coasts, Alps and Co-ordinating Council Alpine Resorts Management Boards Alpine Resort gives Council a greater a role in strategic size of the Council and the nature of financial The Council membership provides considerable Council and convenor of the Scientific • plan for and facilitate the establishment, planning for Victorian Alpine Resorts. The risks to be managed. These functions are knowledge in relation to business management, Advisory Committee established under the development, promotion, management Council does not provide any services of performed by the Council. legal issues, the alpine tourism industry, resort Flora and Fauna Guarantee Act 1988. He also and use of Alpine Resorts, including an operational nature in Alpine Resorts. management and land management. In January 2004 the Council established the maintains extensive involvement in voluntary liaison with other parties; During the reporting period many of the Four Season Committee to provide overall Warick Leeming bodies involved in nature conservation. • undertake research; matters before Council concerned several advice and co-ordination of projects relating (Chairperson, retired 27 April 2004) Gregory Carlson outstanding issues that have been under to four season use of Victoria’s Alpine Resorts Warick is a chartered accountant with an • review and coordinate implementation Gregory is a wool-grower, farming a family consideration since the introduction of and their regions. The Committee comprises extensive background in corporate finance property near in NE Victoria and of the Alpine Resorts Strategic Plan; ) the new management framework for the the Chairpersons of the Falls Creek, Mount management and reconstruction. He has is the Chairperson of the Lake Mountain • monitor the development and implementation Alpine Resorts. Baw Baw, Mount Buller and held a number of positions as Board member Alpine Resort Management Board. He of Strategic Management Plans for each The Council does not directly employ staff. Boards. The Committee meets bi-monthly or on a diverse range of companies. Warick became associated with Lake Mountain Alpine Resort; Administrative and secretariat support is more frequently if required. was the Chairperson of the Alpine Resorts when appointed as the provided by the Coasts, Alps and Recreation Commission Review Committee and is a • attract investment for the improvement Council representative on the Lake Mountain Branch of the Department of Sustainability former Chairperson of BART. of Alpine Resorts; Committee of Management, when he was and Environment (DSE). Stuart Bowe is the Andrew Fairley the Chairperson of Commissioners for the • coordinate overall promotion of Alpine Council’s Executive Officer. (Chairperson, appointed 8 June 2004) Shire. Gregory is also a councillor of Resorts in conjunction with Tourism Victoria; Operations are managed in accordance Andrew is a former member of the Falls the . • make recommendations to the Minister with DSE procedures and guidelines Creek Alpine Resort Management Board. John Dyson (appointed 9 June 2004) on matters related to the provision of services for expenditure, purchasing, reporting, He is the Chairperson of radio stations Sun John is the Chairperson of both the Mount within the Alpine Resorts; and occupational health and safety, risk FM at Mount Buller, The River at Falls Buller and Mount Stirling Alpine Resort management, employment policies, industrial Creek and 3SR at Shepparton. Andrew • make recommendations to the Minister Management Boards. He is an investment relations, office-based environmental impacts is a practicing equity lawyer, a director of on matters as may be requested by principal of Starfish Ventures, a venture and related issues. Turtle Island in Fiji and Sundowner Motels the Minister. capital fund management company based Group in Australia. He is a frequent lecturer 6 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 7

in Melbourne. John is a former General She has experience in both state and local John Stanley (appointed 8 June 2004) Manager of the Australian arm of a government as a director in the Department John has been involved in applied economic multinational investment firm. He is a member of Sustainability and Environment and as a and social research for many years both in of the Securities Institute of Australia and the past Chief Executive Officer of Surf Coast state government and as a consultant. John Australian Institute of Company Directors. Shire. Diana is a management consultant who is the Executive Director of Bus Association John is an active skier and has a long was the first woman to manage an Antarctic Victoria and has previously chaired Victorian association with Mount Buller. research station at Mawson and maintains an recycling programs. He is a Director of involvement in Antarctic tourism. Diana is an Metlink, the public transport marketing Kevin Love (retired 27 April 2004) active cross country skier and bushwalker. body for Melbourne. John is a keen skier. Kevin is the Deputy Secretary, Land Stewardship and Biodiversity, DSE. In this Geoff Provis Judy Ward capacity Kevin oversees the management Geoff is the Chairperson of the Mount Judy is the Chairperson of the Falls Creek of public land, Alpine Resorts, coastal Management Board. Alpine Resort Management Board and is a areas, historic and recreational areas, as Geoff is a solicitor and has worked in worker’s former partner of PricewaterhouseCoopers. well as biodiversity conservation. Kevin has compensation and insurance litigation. He is She is also a member of the VicForests Board. previously held senior management positions a member of the Law Aid Trust and the Lord Judy, a chartered accountant, has 25 years in the Department of Premier and Cabinet Mayors Charitable Fund. Geoff is a former experience working with major Australian and the Department of Agriculture. President of the Law Institute of Victoria and and multinational corporations and businesses Victorian representative on the Law Council over a wide range of industries. Judy is an Leona Mann of Australia. He is the convenor of the Alpine enthusiastic skier. Leona is the Chairperson of the Mount Advisory Committee, a committee that advises Baw Baw Alpine Resort Management Board. the Minister on matters concerning the Alpine She is the Chief Executive Officer of Central National Park. Geoff is a keen skier. Health Service and has held management positions in Network Health David Pullar and Local Government sectors. Leona is a David is a former Chairperson of the Mount chartered member of the Australian Human Stirling Alpine Resort Management Board. Resources Institute, a member of Australian David is a horticultural and environmental Council of Health Services Executive and a consultant with a background in the apple, Fellow of the Australian Institute of Company pear and stone fruit industries. He currently Directors. Leona is a keen snowboarder. holds board positions in a range of horticultural enterprises. David has a Diana Patterson long association with a number of Victoria’s Diana is a former Chairperson of the Alpine Resorts, and is an active skier and Mount Buller Alpine Resort Management walker in the Victorian mountains. Board. Diana is a current member of the Victorian Catchment Management Council. 8 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 9

Legislative Compliance

Freedom of Information • correspondence files; Details of Shares held in Statutory Authority that may assist in the further development Alpine Resorts 2020 Strategy identifies Disclosures of improper conduct by the or Subsidiary of smaller Victorian Alpine Resorts and actions to implement Indigenous cultural Authority or its employees may be made • minutes of the various meetings The Freedom of Information Act 1982 allows There is no record of any shares of this as part of his professional development. outcomes. Council operates in an environment to the following: held by the Council; and the public a right of access to documents nature being held by Council members ensuring equity in Council’s policy and Consultancies Deidre Egan held by the Council. • technical reports and statistical or relevant officers. strategic processes and participation with There were no consultancies undertaken Protected Disclosure Coordinator information on Council matters all stakeholders. Freedom of Information requests are Publications Produced by the Council during the reporting period. DSE, PO Box 500, made in writing describing the documents Reports and general information related Publications produced during the reporting National Competition Policy East Melbourne Vic 3002. Major Public Relations and Promotional Activities requested and including payment of the to the Council are available for inspection period were: The Council adheres to the principles of the Telephone: (03) 9637 8575 In accordance with an agreement with $20.50 application fee. Further charges may at the Council’s contact address. This National Competition Policy (NCP) to ensure Facsimile: (03) 9637 8129 • Alpine Resorts Co-ordinating Council Tourism Victoria, the Alpine Resort be payable. FOI fees and charges are not literature is also available by mail at a that any business competition with private Email: [email protected] 2002-2003 Annual Report; and Management Boards and Mount Buffalo subject to GST. Requests to the Council are minimal charge. The Council’s annual entities takes place in an environment where Resort, the Council contributed $15,000 The Ombudsman Victoria administered by DSE and should be sent to report and some key policy documents • ARCC Four Season Committee, Summary the Council has no competitive advantages. for conduct of a promotional program for Level 3, 459 Collins Street, Freedom of Information, DSE, PO Box 500 can also be found on the Council’s website of existing research projects, April 2004 Victoria’s Alpine Resorts. This program was Melbourne Vic 3000. East Melbourne Vic 3002. The telephone – www.arcc.vic.gov.au. Any person seeking • ARCC Four Season Committee, Discussion coordinated through BART. Telephone: (03) 9613 6222 contact number is (03) 9637 8575. access to a particular document produced Reporting Requirements Paper, Values of the alpine region and links Toll free: 1800 806 314 by the Council should write to the Council, During the reporting period the Principal Officer: Andrew Fairley to short and long term plans for four season under the Whistleblowers describing in as much detail as possible, the Council established its own website Authorised Officer: Deidre Egan tourism, April 2004 Protection Act 2001 nature of the document required. – www.arcc.vic.gov.au. The website provides Information Privacy In the reporting period no requests for Copies are available from the Council at direct access to information on the activities of The Whistleblowers Protection Act 2001 came information were received. The Information Privacy Act 2000 (Vic) deals its contact address. the Council. into effect on 1 January 2002. The Act is with the manner in which public and private Reporting Disclosures under the designed to protect people who disclose Major External Reviews and Research and A Culturally and Linguistically Diverse Society sector organisations may record, use, store Financial Management Act 1994 information about serious wrongdoing Reporting Requirements Development Activities The Council is committed to policies, and disclose information collected from within the Victorian Public Sector and to Information relevant to Financial Reporting There were no major external reviews programs and strategies aimed at delivering individuals. The Council is committed to under Part II of the provide a framework for the investigation Directions issued by the Minister for or research and development activities culturally and linguistically appropriate upholding and implementing the Privacy of these matters. Freedom of Information Act 1982 Finance and applicable from 1 July 2003 undertaken by the Council during the services to all Victorians. No special initiatives Principles set out in the legislation. The organisational arrangements and is listed below: reporting period. were required to meet the needs of the The Protected Disclosure Coordinator for The full Council acts as a privacy committee. functional responsibilities of the Council Council’s clients and stakeholder groups. DSE acts as an agent for the Council to Declaration of Pecuniary Interests Overseas Visits Undertaken No complaints were handled by the privacy are shown above. The Council’s powers are receive disclosures under the Act, and applies A register of Declarations of Pecuniary One overseas study visit was made during Women, Youth and Indigenous Affairs committee during the reporting period. DSE procedures in managing disclosures. drawn from the Alpine Resorts (Management) Interests for members and the Executive the reporting period by the Executive Officer, The Council is committed to involving Act 1997. The Council held and maintained Officer is maintained by the Council. Stuart Bowe. He visited a number of alpine Victoria’s community, including women, the following categories of documents: resorts in Canada to observe latest trends youth and Indigenous Victorians in the management and enjoyment of Victoria’s Alpine Resorts. The recently released 10 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 11

Financial Reports

Statement by the Alpine Statement of Financial Performance Resorts Co-ordinating For Year Ended 30 June 2004 Note 2004 2003 Council Chairperson and $ $ Accountable Officer Revenue from Ordinary Activities 2 301,395 307,781 We hereby certify that the financial statements of the Alpine Resorts Expenses from Co-ordinating Council, comprising Ordinary activities 3 294,057 229,004 a statement of financial performance, Net Result for the statement of financial position, statement Reporting Period 7,338 78,777 of cash flows and notes to the financial statements have been prepared in Total Changes in accordance with the Directions of the Equity other than Minister for Finance under the Financial those resulting from Management Act 1994 and applicable transactions with the Australian Accounting Standards. Victorian Government as owner 4 7,338 78,777 In our opinion, the financial statements present fairly the financial transactions The above Statement of Financial Performance for the year ended 30 June 2004 and the should be read in conjunction with the accompanying notes. financial position of the Council as at 30 June 2004 and of its operations and its cash flows for the year. At the date of signing, we are not aware of any circumstances which would render any particulars included in the financial statements to be misleading or inaccurate.

Andrew Fairley Stuart Bowe Chairperson Accountable Officer 6 October 2004 12 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 13

Notes to and forming part of the financial report

Statement of Financial Position Statement of Cash Flows Note 1: (d) Support Payments As at 30 June 2004 For Year Ended 30 June 2004 Statement of accounting policies Support payments are made by Mount. Buller, Mount. Hotham and Falls Creek to Note 2004 2003 Note 2004 2003 (a) General offset the operating costs of the Council. $ $ $ $ These financial statements are a general Current Assets Cash Flows from purpose financial report and have been (e) Payables Cash Assets 8 & 15 699,081 47,363 Operating Activities prepared in accordance with the Financial Liabilities are recognised for amounts to Receivables 6 & 15 257,768 127,122 Cash Receipts 211,603 230,113 Management Act 1994 and the Directions be paid in the future for goods or services Cash Payments (462,936) (211,478) issued by the Minister for Finance under Total Current Assets 956,849 174,485 received, whether or not billed to the Interest Received 3,051 2,182 the Act, the Alpine Resorts (Management) Council. The carrying amount of accounts Total Assets 956,849 174,485 Act 1997 and applicable Australian payable approximates net fair value. Net cash inflow accounting standards and other mandatory Creditors are payable within 30 days. Current Liabilities (outflows) from reporting requirements (Urgent Issues Payables 5 & 15 4,566 129,540 Operating Activities 7 (248,282) 20,817 (f) Receivables Group consensus views) Debtors are carried at amounts due. There Total Current Cash Flow from The financial report is compiled on is no interest levied on overdue debts. Liabilities 4,566 129,540 financing activities an accrual basis and a going concern The Council’s stated terms in respect of Proceeds from Total Liabilities 4,566 129,540 basis adopting the principles of amounts receivable are payment in full capital contribution 900,000 - historical cost accounting, except within 30 days. Net Assets 952,283 44,945 Net cash inflow from where otherwise stated. (g) Employee Costs and Entitlements Equity financing activities 900,000 - (b) Recognition of revenue The Alpine Resorts Co-ordinating Council Contributed Capital 900,000 - Net (Decrease) All revenue is brought to account as it does not directly employ staff. All payroll Accumulated Increase in Cash Held 651,718 20,817 is earned and where the services have and associated costs are in respect of Surplus/(Deficit) 52,283 44,945 Cash at Beginning of been provided. Council members sitting fees. There are Total Equity 4 952,283 44,495 Financial Year 47,363 26,546 no employee entitlements accrued. Support payments are recognised The above Statement of Financial Position should Cash at end of as revenues when the Council gains (h) Goods and Services Tax be read in conjunction with the accompanying notes. Financial Year 8 699,081 47,363 control over the assets comprising the Revenues, expenses and assets are contributions. recognised net of the amount of goods The above Statement of Cash Flows should be read and services tax (GST), except where in conjunction with the accompanying notes. (c) Cash Assets the amount of the GST incurred is not For purposes of the statement of cash recoverable from the Australian Tax flows, cash includes short term deposits at Office (ATO). In these circumstances call which are readily convertible to cash the GST is recognised as part of the cost on hand and are subject to an insignificant of acquisition of the asset or as part of an risk of changes in value, net of outstanding item of the expense. bank overdraft. 14 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 15

The net amount of GST recoverable from, comparatives have been amended to Note 2: or payable to, the ATO is included as part of reflect more appropriate disclosure Revenue from Ordinary Activities receivables or payables in the Statement of requirements: 2004 2003 Financial Position. The GST component of a • Notes 5, 6 and 15 – Receivables now $ $ receipt or payment is recognised on a gross reflect the net GST recoverable by basis in the Statement of Cash Flows. Support payments 298,344 240,599 the Council. GST recoverable and (i) Contributed Capital GST payable were previously Climate Change Project - 65,000 Consistent with UIG Abstract 38 disclosed separately as Receivables Interest 3,051 2,182 “Contributions by Owners Made to Wholly and Payables respectively. Owned Public Sector Entities” and Financial Total Revenues from (m) Impacts of adopting AASB equivalents Reporting Direction No. 2 “Contributed Ordinary Activities 301,395 307,781 to IASB standards. Capital”, transfers that are in the nature of For annual reporting periods ending on or contributions or directions have also been after 30 June 2004, AASB 1047 Disclosing designated as contributed capital. Note 3: the Impacts of Adopting AASB Equivalents to Expenses from Ordinary Activities (j) Going Concern Basis International Financial Reporting Standards The Alpine Resorts Co-ordinating Council requires narrative disclosure of how the 2004 2003 is totally dependent on the support of Mt. transition process is being managed and $ $ Buller, Mt. Hotham and Falls Creek Alpine an explanation of the key differences of Sitting Fees 9,210 13,250 Resort Management Boards under the accounting policies that are expected Directions of the Minister for Environment to arise from the transition to AASB Audit fees paid or to ensure that the Council is able to meet equivalents to IASB pronouncements. payable to Victorian its obligations as and when they are due. Auditor General 4,050 4,000 For financial reporting periods beginning Accordingly, the accounts have been on or after 1 January 2005, all Australian Promotion and Publicity 15,000 7,500 prepared on a going concern basis. reporting entities are required to adopt Administration/ (k) Rounding the financial reporting requirements to the Finance Services 247,142 119,236 Unless otherwise stated, amounts in Australian equivalents to International the Report have been rounded to the Financial Reporting Standards (IFRSs). Climate Change Project - 68,000 nearest dollar. Given the nature of the Council’s Insurance 2,814 2,218 (l) Comparatives activities, the adoption of the requirements General Expenses 15,841 14,800 Where practicable, comparative amounts of the Australian equivalents to IFRS is are presented and classified on a basis not anticipated to have a material impact Total Expenses from consistent with the current year. For the on the Council’s financial position and Ordinary Activities 294,057 229,004 year ended 30 June 2004, the following future financial performance. 16 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 17

Note 4: Note 5: Payables Note 7: Equity and Movements in Equity 2004 2003 Reconciliation of results from 2004 2003 $ $ ordinary activities to net cash inflow/ $ $ (outflow) from operating activities Administrative Services - 124,560 (a) Accumulated Surplus/(Deficit) Other 4,566 4,980 2004 2003 Accumulated $ $ Total 4,566 129,540 Surplus/(Deficit) at Net Result 7,338 78,777 the beginning of the Financial Year 44,945 (33,832) Change in operating assets and liabilities Net Result 7,338 78,777 Note 6: Receivables (Increase) Decrease Accumulated in Receivables (130,646) (115,628) Surplus/(Deficit) at 2004 2003 the end of the $ $ Increase (Decrease) in Payables (124,974) 57,668 Financial Year 52,283 44,945 Support Payments 257,400 125,184 (b) Contributed Capital Other 368 1,938 Net Cash Inflow/ (Outflow) from Balance at the beginning Total 257,768 127,122 of the financial year - - Operating Activities (248,282) 20,817 Capital contributions in year 900,000 -

Balance at end of Note 8: Cash Assets financial year 900,000 - Cash at end of the year, as shown in the (c) Movement in Equity Statement of Cash Flows, is reconciled to the Total equity at the related items in the Statement of Financial beginning of the Position as follows: Financial Year 44,945 (33,832) 2004 2003 Total changes in $ $ equity recognised in the statement of Cash at Bank Financial Performance 7,338 78,777 and on Hand 699,081 47,363 Capital Contribution 900,000 - Total equity at end of Financial Year 952,283 44,945 18 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 19

Note 9: Note 11: Note 12 Note 13: Superannuation Note 14: Council Members (continued) (ii) Remuneration The remuneration received or due and Lease Other Contingent The Council contributes in respect of the Council members to the Responsible Persons and Mr G Carlson received by the Responsible Persons in Commitments Commitments Liabilities following superannuation schemes: Related Disclosures (1 July 2003 to 30 June 2004) connection with the management of the As at 30 June 2004 At 30 June 2004 The Council is (i) Responsible Persons Type of Scheme 2004 2003 Mr J Dyson Council during the reporting period was: there were no an amount of unaware of any The names of the persons who were (9 June 2004 to 30 June 2004) operating or financial $900,000 has outstanding liability $ $ responsible persons at any time during the 2004 2003 lease commitments been provided by other than a writ Vic Super Accumulation 58 - financial year were: Mr K Love $ $ (2003: $Nil). Government as that has been issued (1 July 2003 to 27 April 2004) Responsible Minister 9,210 13,250 Contributed Capital against it relating Mount Willows Ms L Mann for asset works to to a skiing accident Superannuation Fund Accumulation 66 200 The Hon John Thwaites MP Note 10: (1 July 2003 to 30 June 2004) The number of Responsible Persons whose be undertaken at Mt. in 1989. Minister for Environment Capital Legal industry remuneration from the Council was within the Buller/Mt. Stirling Ms D Patterson Commitments The Council believes Superannuation Scheme Accumulation 58 - Council Members specified bands are as follows: within the next 12 (1 July 2003 to 30 June 2004) As at 30 June 2004 it has no liability in months (2003: $Nil). Total Contribution to all funds 182 200 Mr W Leeming, Chairperson 2004 2003 there were no capital this case and has Mr G Provis (1 July 2003 to 27 April 2004) No. No. commitments therefore made no There are no unfunded liabilities associated with the (1 July 2003 to 30 June 2004) (2003: $Nil). provision for this above schemes as they are accumulation schemes. Mr A Fairley, Chairperson $0 - $10,000 12 11 Mr D Pullar contingent liability There are no loans from any of the above funds to (8 June 2004 to 30 June 2004) (1 July 2003 to 30 June 2004) (2003: $Nil). the Council as at 30 June 2004 (2003: $Nil). The relevant amounts relating to the Minister Mr M Calder At 30 June 2004 there were no outstanding amounts Mr J Stanley are reported separately in the Financial (1 July 2003 to 14 July 2003) owed to the Superannuation Funds (2003: $Nil). (8 June 2004 to 30 June 2004) Statements of the Department of Premier and Cabinet. Ms J Ward (1 July 2003 to 30 June 2004) The amounts paid to the accountable officer are included in the Financial Statements Accountable Officer of the Department of Sustainability and Mr S Bowe Environment. (iii) Other Transactions Other related party transactions requiring disclosure under the directions of the Minister for Finance have been considered and there are no matters to report. (iv) Executive Remuneration No executive officer received remuneration in excess of $100,000 (2003: $Nil). 20 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 21

Note 15: Financial Instruments a) Interest Rate Risk. (c) Net Fair values of The Council’s Financial Assets Fixed Interest Maturing In exposure to and Liabilities. interest rate risk The net fair Floating Over More Non- and the effective value of the Interest 1 Year 1to 5 than interest weighted average Statement Notes Rate or less years 5 years Bearing Total interest rate for of Financial $ $ $ $ $ $ each class of Position, As 30 at June 2004 financial asets financial assets Cash Assets 8 699,081 - - - - 699,081 and liabilities is and financial Receivables 6 - - - - 257,768 257,768 set out in the table. liabilities are not materially Total 699,081 - - - 257,768 956,849 (b) Credit Risk different to Exposure. the carrying Weighted Average Credit risk value of the Interest Rate represents the financial assets Financial Liabilities loss that would and financial Payables 5 - - - - 4,566 4,566 be recognised if liabilities. counter parties Total - - - - 4,566 4,566 fail to perform Weighted Average as contracted. Interest Rate 3.33% The risk on financial assets As 30 at June 2003 of the Council, Cash Assets 8 47,363 - - - - 47,363 which have been Receivables 6 - - - - 127,122 127,122 recognised on Total 47,363 - - - 127,122 174,485 the Statement of Financial Weighted Average Position, is the Interest Rate 3.00% carrying amount. Financial Liabilities Payables 5 - - - - 129,540 129,540 Total - - - - 129,540 129,540 Weighted Average Interest Rate 22 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 23

Disclosure Index

The Annual Report of the Council is prepared in accordance with Legislation Requirement Page No. all relevant Victorian legislation. This index has been prepared to FRD 22 Details of consultancies under $100,000 na facilitate identification of the Council’s compliance with statutory FRD 12 Disclosure of major contracts na disclosure requirements. FRD 22 Statement of availability of other information 8 Legislation Requirement Page No. FRD 22 Occupational health and safety 4 Ministerial Directions FRD 15 Executive officer disclosures Note 14(iv) Report of Operations FRD 10 Disclosure index 23 Charter and purpose FRD 24 Reporting of office-based FRD 22 Manner of establishment and environmental impacts 4 the relevant Ministers 4 FRD 25 Victorian Industry Participation FRD 22 Objectives, functions, powers and duties 4 Policy disclosures na FRD 22 Nature and range of services provided 4 FRD 8 Budget portfolio outcomes na Management and structure Financial Statements FRD 22 Organisational structure 4 Financial statements required under Part 7 of the FMA SD 4.2(c) Compliance with Australian Financial and other information accounting standards and other FRD 22 Statement of workforce data and authoritative pronouncements Note 1(a) merit and equity 4 SD 4.2(c) Compliance with FRD 22 Summary of the financial results for the year 3 Ministerial Directions Note 1(a) FRD 22 Significant changes in financial SD 4.2(d) Rounding of amounts Note 1(k) position during the year 3 SD 4.2(c) Accountable officer’s declaration 10 FRD 22 Operational and budgetary objectives SD 4.2(f) Model Financial Report na and performance against objectives 3 SD 4.2(b) Statement of financial performance 10 FRD 22 Major changes or factors SD 4.2(b) Statement of financial position 12 affecting performance 3 SD 4.2(b) Statement of cash flows during the year 12 FRD 22 Subsequent events Nil FRD 22 Application and operation of Other disclosures in notes to the financial statements Freedom of Information Act 1982 8 FRD 9 Departmental disclosure of FRD 22 Compliance with building and maintenance administered assets and liabilities na provisions of Building Act 1993 na FRD 11 Disclosure of ex-gratia payments na FRD 13 Disclosure of parliamentary appropriations na FRD 22 Statement on National Competition Policy 9 FRD 21 Responsible person and executive FRD 22 Application and operation of the officer disclosures Note 14 Whistleblowers Protection Act 2001 9 FRD 23 Superannuation liabilities FRD 22 Details of consultancies over $100,000 na and disclosure Note 13 24 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 Alpine Resorts Co-ordinating Council Annual Report 2003/2004 iii

Contact

Alpine Resorts Co-ordinating Council 8 Nicholson Street, PO Box 500, East Melbourne Vic 3002 T (03) 9637 9642 F (03) 9637 8713 E [email protected] www.arcc.vic.gov.au Designed by Blue Boat Design www.arcc.vic.gov.au