2011-2012 Annual Report - Full Version - PDF - Palmerston North ...

Financial ResultsActivity Operational Results: Economic DevelopmentRevenueActual Budget Variance Actual Note2012 2012 2012 2011$000 $000 $000 $000Business and Job Promotion - - - -City Marketing and Branding 180 67 113 106 1.Convention Centre 792 951 (159) 725 2.Total Revenue 972 1,018 (46) 831ExpensesBusiness and Job Promotion 746 746 - 691 3.City Marketing and Branding 2,270 2,310 40 2,062 4.Convention Centre 1,592 1,648 56 1,454 2.Total Expenses 4,608 4,704 96 4,207Net Operating CosT OF ACTiviTY (3,636) (3,686) 50 (3,376)EconomicDevelopmentWhat the Council DoesNote1. Recovery of expenditure relating to the Rugby WorldCup.2. Lower number of events held than budgeted dueto the economic climate with part offset by lowerexpenses.Significant Activity Capital Projects: Economic Development3. Grants and professional services occurred asexpected.4. Lower grants incurred including for cancelled event.Actual Budget Variance Actual Note2012 2012 2012 2011$000 $000 $000 $000Capital RenewalConvention Centre equipment 34 32 (2) a.Total Capital Renewal 34 32 (2) 32Capital NeWConvention Centre new equipment 31 34 3 b.Total Capital NeW 31 34 3 69Total Capital Projects 65 66 1 101Significant acquisitions and explanation of variances from Annual Plana. Replacement of equipment.b. New equipment purchased as required.62 Palmerston North City Council Annual Report 2011/12