REPORT 2013

22 FRCA SIX MONTHS REPORT 2013
The Finance Section is responsible for managing the financial affairs of the Authority.
OPERATING RESULTS
The Authority experienced a net surplus of $2.75million for the six-month period ending 30 June 2013 compared to a net
surplus of $2.84million for the same period last year. The slight decrease in the surplus amount is due to the following:
1. Increased employee cost by 14.52 %;
2. Increased property expense by 10.67%;
3. Decrease in other operating costs by 48.56%; and
4. Increase on operating grant income by 6.77%.
Due to all the above factors the net surplus decrease by 3.17% compared to the same period in 2012.
CAPITAL EXPENDITURE
Additions to Property, plant and equipment has decreased by $403,203 excluding the Work In Progress (WIP) or by 65.97%
compared to the same period in 2012.
A number of capital projects are reflected as Work In Progress ($9.3m). These projects will be closed off as and when each
project is completed. There was a increase in WIP by $220,672.
NET ASSETS
Net assets as at 30 June 2013 amounted to $40.28million, an increase of 16.32% compared to the same period last year.
STATEMENT OF FINANCIAL PERFORMANCE FOR THE SIX-MONTH
PERIOD ENDING 30 JUNE 2013
June 30, 2013
($ 000’s)
June 30, 2012
($ 000’s)
REVENUE
Grants from government 17,173,913 16,086,957
Fees and charges 3,580,460 3,601,253
Rental Income 196,590 161,621
Other income 672,282 734,826
TOTAL REVENUE 21,623,245 20,584,657
EXPENSES
Employee costs 14,263,464 12,183,801
Administrative 931,356 1,202,941
Other operating 768,401 1,493,708
Property 2,076,395 1,876,174
Depreciation 832,830 986,782
TOTAL EXPENSES 18,872,446 17,743,406
NET SURPLUS 2,750,799 2,841,251