2012 wintec annual report

WINTEC ANNUAL
REPORT 2012
79
Current Liabilities
Current liabilities amount to $26.7m against budget of $10.6m . The variance is mostly due to revenue in advance of budget variance of
$12.6m . This is because of the way Wintec now presents its student debt and services in advance.
Statement of Cash Flows
Cash balances as at 31 December are negative $65k against a budget of $2.7m. This unfavourable variance can be explained as follows:
- Operating cash inflows increased $2.5m against budget due to increases in tuition fees and other income. These increases are partially
offset by increased expenditure associated with higher revenue streams.
- Investment cash outflows decreased $1.4m against budget due to lower than budgeted purchases of property, plant and equipment and
intangible assets, and proceeds for land sales being lower than expected.
Financing cash outflows were $0.8m higher than budgeted due to the repayment of some borrowings.
23 COUNCILLORS’ FEES
The following fees were earned by members of Council during the year:
Council Member
ACTUAL
2012
$
ACTUAL
2011
$
Income
Baddeley, Clint 16,000 18,073
Cave-Palmer, Mary (Chair)* 28,000 20,134
Chesterman, Gordon (former Chair)** 10,667 32,347
Cooper, Bryce 16,000 16,000
Moana-Tuwhangai, Maxine 16,000 4,710
Rink, Aaron 16,000 16,400
Tucker, Steve*** 17,487 16,400
Yates, Dianne 16,000 16,000
Total Councillors’ Fees 136,153 140,064
* appointed Council Chair effective 01 May 2012
** resigned from Council effective 30 April 2012
*** appointed Council Acting Deputy Chair effective 18 August 2012
FINANCIAL PERFORMANCE
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