ANNUAL REPORT 2002 · submit for your information and presentation to Parliament the Annual Report of the Midland ... commitment and ability to surmount all challenges. ... is vital

ANNUAL REPORT2002

Proud history. Exciting future.

Contents

Statement of Compliance 3

Mandate 4

The Midland Redevelopment Area 5

Vision and Objectives 6

Highlights 7

Chairman’s Report 8

Board and Consultative Committee Members 10

Organisational Structure 12

Chief Executive Officer’s Report 14

- Planning and Development 14

- Design and Construction 14

- Economic and Enterprise Development 15

- Commercial Operations and Corporate Support 16

- Other Legislation 17

- Reporting Requirements 18

- Freedom of Information 19

- Statement of Compliance with Public Sector Standards 20

Certification of Performance Indicators 21

Performance Indicators 23

Certification of Financial Statements 27

Financial Statements 29

Publications 47


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Statement of Compliance

Hon. Alannah MacTiernan BA LLB Bjuris JP MLAMinister for Planning and Infrastructure13th Floor, Dumas House2 Havelock StreetWEST PERTH WA 6005

Dear Minister

In accordance with Section 66 of the Financial Administration and Audit Act 1985, we herebysubmit for your information and presentation to Parliament the Annual Report of the MidlandRedevelopment Authority for the year ended 30 June 2002.

This report has been prepared in accordance with the provisions of the above Act.

Yours sincerely

Ian LauranceCHAIRMAN

Charlie GregoriniMEMBER

30 August 2002


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Mandate

The Midland Redevelopment Authority is established under the Midland Redevelopment Act1999 and is responsible to the Minister for Planning and Infrastructure. The Authoritycommenced operations on 1 January 2000.

As provided by the Act, the functions of the Authority are to plan, undertake, promote andcoordinate the development and redevelopment of land in the defined redevelopment area.The Authority is required to prepare and keep under review a Redevelopment Scheme forthe area and to control developments in the area. For these purposes the Act gives theAuthority powers to deal in land and other assets and to undertake works in the area.

The Authority is also subject to the Financial Administration Audit Act 1985 and otherrelevant State legislation not specially provided for under the Act. It must also comply with allaccountability and reporting requirements of the State Government.


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The Midland Redevelopment Area

The Redevelopment Area is defined in Schedule 1 of the Act and covers an area of about256 hectares in two parcels of land.

The northern section, located in West Midland and known as Woodbridge, abuts the SwanRiver and covers the Ray Marshall Park and adjacent areas.

The other land parcel is known as Midland Central and covers part of the existing CBD, theRailway Workshops site, the meat industry saleyards and some WAGRC facilities in thearea.

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Vision and Objectives

The Authority is leading the revitalisation of Midland in the creation of an excellent urbanenvironment in the Midland Redevelopment Area.

Midland will be a vibrant regional centre with a strong sense of identity. Its unique built andcultural heritage and riverside setting will attract new businesses and make it a desirableplace to study, work, live and visit.

The Railway Workshops are central to Midland’s sense of place. They will form a distinctiveprecinct where educational, industrial, cultural and rail heritage facilities and activities coexistand overlap in a unique way that recalls the past and looks to the future.

The guiding objectives for the redevelopment project are to:

• lead the revitalisation of Midland and re-establish it as a strategic regional centre;

• integrate development in central Midland to achieve a coordinated outcome withmaximum benefits for the city and its community;

• contribute to the maintenance and enhancement of environmental, social, heritageand cultural values within and around the redevelopment area; and

• maximise the long-term benefits to the city centre, the region and the State.


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Highlights of the Year

• The Minister, Alannah MacTiernan, formally approved the first part of theMidland Redevelopment Scheme, giving the Authority sole planning controlover two of the redevelopment area’s four precincts (the City Centre Precinctand Clayton Precinct) and enabling key redevelopment projects to go ahead.

• The Premier, Hon Dr Geoff Gallop MLA, officially opening the restored andrefurbished Railway Institute Building.

• Approval and design process completed for the Helena Street rail crossinglinking the workshops site to the city centre.

• Planning completed for the construction of Keane Street from The Crescent toGreat Eastern Highway.

• Improved access to the Workshops, with the construction and landscaping ofYelverton Drive and Centennial Place completed and the extension of ClaytonStreet substantially completed.

• Promotion of the Railway Workshops through events such as the Open Day on9 September (attended by more than 6000 people), the launch of the PerthInternational Arts Festival 2002 program on 1 November, and the Anzac Dayservice attended by more than 400 people, related to the fallen soldierscommemorated on the Peace memorial.

• Public comment invited on plans for the Tuohy Gardens area in the city centre.

• The Midland Central Heritage Strategy completed and submitted to the HeritageCouncil of WA.

• Substantial progress on remediation of the Workshops site, including obtainingenvironmental clearances for the approval of the first part of the MidlandRedevelopment Scheme.

• The first public art works commissioned and exhibited.


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Chairman’s Report

In its second full year of operations, the Midland Redevelopment Authority made significantprogress in promoting the redevelopment to stakeholders and the community generally. It is gratifying to note the growing awareness and understanding of the revitalisation process,and to see Midland starting to take on a new and exciting identity. The Authority receives asteady stream of visitors seeking investment opportunities, auguring well for the future. The Perth International Arts Festival recognised the potential of the Railway Workshops bylaunching its 2002 program in Block 2, and plans future Festival performances there. Otherevents - the annual Open Day, an Audi car launch, the official opening of the restoredRailway Institute Building and the very successful Premier’s Lunch in Block 2, to name just afew - showed how well the heritage grandeur of the Workshops can be adapted tocontemporary uses. Late in the year we reached a major milestone when Planning and Infrastructure MinisterAlannah MacTiernan formally approved the first part of the Midland Redevelopment Scheme.This gave the MRA sole planning control over two of the redevelopment area’s fourprecincts, enabling key redevelopment projects to go ahead. The construction program planned for the year was slower than expected due to majorproject delays. In general, construction programs for all redevelopment projects are subjectto constant disruption by unknown factors as environmental, geo-technical and heritageissues arise that have to be resolved before further progress is possible.

Despite this the Authority made significant progress. Visitors to the Workshops now enter viaa new roundabout and brick entry statement, and attractive landscaping has created a softerand greener environment. Montreal Road East has been renamed Yelverton Drive in honourof legendary engineer C Y O’Connor, whose vision for the workshops was realised whenthey were moved from Fremantle early last century.

The restoration and refurbishment of the 1914 Railway Institute building was completed andjudged WA’s best conservation of a heritage building. Now the Authority’s office, thetwo-storey Federation Free Style building won the prestigious Heritage Council ConservationAward at the Royal Australian Institute of Architects’ State awards. The work on this buildingsets a standard for the site, and shows how the Workshops’ significant heritage buildings canretain their heritage value and still be redeveloped to incorporate new uses and meetcontemporary commercial standards.

The MRA has developed a strong relationship with the WA Heritage Council and is welladvanced in developing heritage and conservation initiatives for the site. Significantresources were committed to the maintenance and upkeep of the MRA’s heritage assets.

Our capital works program is gaining momentum and the early part of 2002/03 will see thecompletion of construction of the Helena Street crossing and the extension of Clayton Streetpast the WA Police Service facility at the Workshops through to Bellevue. Planning for theredevelopment of the Tuohy Gardens sector is well advanced.


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There was also significant progress in the management of the environmental remediationprocess for the site.

In conjunction with the Minister, the MRA established a seven-member ConsultativeCommittee to ensure broad community input into the Authority’s decisions. The Committeeaims to balance economic and social responsibilities and deal with sensitive heritage issuesto achieve a coordinated outcome with maximum benefits for the city and its community.

It is my pleasant duty to thank the Consultative Committee and Board members for theirwisdom, advice and support during the year. My thanks also to the exceptional MRA staff fortheir dedication, commitment and ability to surmount all challenges.

I also pay tribute to our Minister for embracing the work of the Authority and being so readilyavailable for functions to mark our milestone achievements. She has been magnificentlyaided by the Member for Midland, the Premier and other Ministers. Their support,demonstrated by their many visits to us during the year, is vital to our success.

Ian Laurance


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Board The Authority has five Board members, three appointed by the Minister for Planning andInfrastructure and two nominated by the City of Swan. This close connection with the City ofSwan reflects a genuine partnership between the Authority and the City for the revitalisation ofMidland. The members represent a broad spectrum of knowledge and experience in fields appropriate tothe activities of the Authority. Current Board Members are Mr Ian Laurance (Chairman), Cr Charlie Gregorini, Cr David Fardig,Mr Peter Bacich and Ms Elizabeth Brown. Mr Ian Laurance, Company Director Chairman Mr Laurance is a former WA Government Minister whose portfolios included Housing, Lands,Tourism and Regional Development. He went to Queensland in 1987 and was an ExecutiveDirector of the Sea World Property Trust which ran Sea World, Movie World and Sea World NaraResort Hotel. When Warner Bros bought these assets in the early 1990s, Mr Laurance returned to Perth. He isalso Chairman of the WA Sports Centre Trust, which operates the State’s main sporting facilitiesincluding Challenge Stadium, the Midvale International Speed Dome, Arena Joondalup and theKwinana Motorsport Complex. Cr Charlie Gregorini, City of Swan Cr Charlie Gregorini was elected to the Shire of Swan in 1977 and held the office of President for16 years. In 1988 he was awarded the Medal of the Order of Australia (OAM) in recognition ofhis personal contribution to local government. Cr Gregorini became the inaugural Mayor of the City of Swan in April 2000, holding the post untilMay 2001. Cr David Fardig, City of Swan Cr Fardig was elected to Council in 1993. He is a former Chair of the Council’s Policy andPlanning Committee and is deputy Chairman of the Eastern Metropolitan Regional Council. Cr Fardig was employed at the Midland Railway Workshops for 21 years before becoming FieldOperations Supervisor/Site Manager with the Swan River Trust. He has extensive communityknowledge, including practical experience of public housing renewal projects. Mr Peter Bacich Since 1971 Mr Bacich managed his own engineering and construction business, which wasbought by BOS Australia in 1990. He is a former Chairman of two public companies and thecurrent Chairman of the Western Australian Athletics Federation (Athletes West). Ms Elizabeth Brown Ms Brown was born in Midland and grew up in the Swan Valley, retaining community links withthe area throughout her career as a teacher, farmer and business owner.


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Consultative Committee

The Authority’s seven-member Consultative Committee ensures broad community input intoits decisions.

The consultative committee members include MRA Chairman Ian Laurance and servingAuthority Board members and City of Swan councillors David Fardig and Charlie Gregorini.

The other members are Cr Joe Marino (Midland Ward), Sandra Wallis, Executive Director ofthe Swan Chamber of Commerce, community representative Janis Bailey (until December2001), community representative Philippa O’Brien (from January 2002) and Phil Di Masi,Managing Director of Ventura Homes.

The Consultative Committee members represent a broad spectrum of knowledge andexperience in fields appropriate to the Authority’s activities. Cr Joe Marino, City of Swan Cr Marino served as a Shire of Swan Councillor from 1997 to 1999 and was re-elected to theCity of Swan in 2001. He is Chairman of the Eastern Horizons Taskforce and DeputyChairman of the Swan City Youth Service and the Swan Aged Persons’ Homes Trust. Cr Marino is also Treasurer of the Eastern Region Enterprise Centre, Junior Vice Presidentof the Swan Chamber of Commerce and a committee member of the ‘Midland Alive andWorking’ project. Mrs Sandra Wallis, CD Mrs Wallis has been Executive Director of the Swan Chamber of Commerce since April1989. She is also Vice Chair of the Swan Region Business Enterprise Centre and anexecutive member of the ‘Midland Alive and Working’ project. Mr Phil Di Masi Mr Di Masi was born in Midland and completed his secondary education there. He has beeninvolved in the building industry for many years and is the founder and Managing Director ofVentura Homes. He has served on the board of the executive council of the HousingIndustry Association and is a member of the Master Builders Association and the AustralianInstitute of Management. Ms Philippa O’Brien

Philippa O’Brien is a well-known local artist, writer and teacher who has exhibited in Australiaand overseas and has works in many important art collections and public galleries. She hasalso worked extensively as a theatre and film designer. Ms O’Brien brings to the MRA herextensive experience in the arts and as a founding Board member of the Midland EnterpriseCentre.


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Organisational structure

The Chief Executive Officer administers the day-to-day operations of the Authority and hasprescribed delegated authority for particular management decisions. With the exception ofthe Chief Executive Officer, the Authority employs no staff directly; support is provided bystaff seconded from other State Government agencies and by consultants. At 30 June 2000four staff were on secondment to the Authority. The organisation supporting the Authority has been structured to reflect its functionalprograms. The operating sections of the Authority are:

- Planning and Development- Design and Construction- Economic and Project Development- Commercial and Corporate Support Operations.

Below is a diagram of the Authority’s current organisational structure.

Organisation Chart June 2002

MINISTER

BOARD

CHIEF EXECUTIVE OFFICER

MANAGER

BusinessServices

MANAGER

Planning &Development

MANAGER

Business &EconomicDevelopment

PROJECTMANAGER

Design &Construction

CONSULTANT SERVICES

CONSULTATIVECOMMITTEE


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The Chief Executive Officer is Kieran Kinsella. Seconded staff mainly responsible for the operating sections of the Authority are: Manager Business Services Chris Porter Manager Planning & Development Megan Bartle Manager Business & Economic Development Kim Hutchinson Business Support Officer Marina Hodda Customer Service Officer Christine May Key consultants as at 30 June 2002 were:

Project Management Clifton Coney Stevens Heritage Heritage & Conservation Professionals Environment ENV Australia Accounting Services PricewaterhouseCoopers Audit Services Internal Audit – Ernst and Young External Audit – Office of Auditor General Public Relations Turnbull Porter Novelli – until 7 May 2002 Roberts Thorn Consulting) – from 8 May 2002 Information Technology Denver Technology Pty Ltd


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Chief Executive Officer’s Report As well as leading the redevelopment project, the Authority plays an important role as a‘champion’ of Midland and the region. It is satisfying to report a gathering momentum in allactivities of the Authority, resulting in more opportunities to spread the message aboutMidland’s exciting future. The year saw major achievements in all of the Authority’s key result areas - Planning andDevelopment, Design and Construction, Business and Enterprise Development andCommercial Operations and Corporate Support.

• Planning and Development

Substantial progress in 2001/02 included obtaining environmental clearances for theapproval of the first part of the Midland Redevelopment Scheme, comprising two of the fourprecincts (the City Centre Precinct and Clayton Precinct). Part One of the Scheme was thenprepared and released for public comment, along with draft planning policies.

A framework for the development of future design guidelines for the scale, form andappearance of buildings within the redevelopment area was developed and included in thepublic consultation process. The Authority also began work on preliminary subdivision plansfor both precincts.

The redevelopment took a major step forward when the Minister for Planning andInfrastructure, Alannah MacTiernan, formally approved Part One of the RedevelopmentScheme shortly before the end of the year.

The Authority continued to liaise closely with the City of Swan to monitor land uses andchanges within the Midland area (both in the redevelopment area and on adjacent land).

Planning for the Tuohy Gardens sector subdivision, the Authority’s first major project in thecentre of Midland, was well advanced by 30 June. Draft plans for the upgrading werereleased for public comment, and the Authority committed itself to hold an interactivecommunity forum on the landscaping and amenities in the public open space areas.

The Authority established liaison with the WA Government Railways Commission over thefuture use and development of railway land and the upgrading of the Midland RailwayStation.

• Design and Construction

The restoration and refurbishment of the Railway Institute building was a highlight of a busyprogram. The two-storey 1914 building is now the Authority’s office, a showcase example ofhow old buildings can retain their heritage value and still be redeveloped to incorporate newuses and meet contemporary commercial standards.

Access to the Workshops improved vastly, with the construction and landscaping ofYelverton Drive and Centennial Place completed and the extension of Clayton Streetsubstantially completed. Demolition and clearing of Clayton Precinct was also completed,including the dismantling and storage of the Timber Store building pending a decision on itsrelocation.


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Design began of a public park within Clayton Precinct that will add an attractive, greenelement to the future business area.

One of the year’s most significant projects, the Helena Street railway crossing to link theWorkshops with the city centre, gained momentum and the design was completed by the endof the year.

Preliminary design was also completed for another major road project, the extension ofKeane Street through the Tuohy Gardens sector.

• Economic and Enterprise Development

The completion of access roads into the Workshops enabled the Authority to escalate itspromotions to business groups and other organisations. The new roads and associatedlandscaping are examples of the level of finish potential business operators can expectthroughout the redevelopment area. The Authority made several submissions to businessesseeking to relocate from the Peth CBD, and prepared financial and demographic material onoptions to buy land, construct premises or enter into long-term leases.

In partnership with the City of Swan, the Authority promotes Midland and the region,providing businesses with relevant economic and demographic information. The Authorityalso acts as a point of referral to local government and other Government agencies.

One of the Authority’s roles is to be an active member of groups and working parties tofacilitate the revitalisation of central Midland. In particular the Authority works closely with the‘Midland Alive and Working’ group, which comprises representatives of the City of Swan, theSwan Chamber of Commerce and local businesses. The group works to attract businessesand the public into the Midland town centre by improving the streetscape and generalamenity of the area.

During the year, the Authority provided assistance to a tourist railway business that wished toestablish in Midland. It will integrate with the proposed railway heritage precinct.

The Authority held many events and activities at the Railway Workshops during the year inline with its strategy to increase the vibrancy and profile of the site and attract investment.Promotional events demonstrated the potential of the site to media, advertising and eventsorganisers, and the launch of the Perth International Arts Festival highlighted the wonderfulperformance spaces the old buildings offer. Fringe Festival events were held at Workshopsvenues, helping to expose the site to a range of audiences.

The Workshops are increasingly in demand for film and television advertisements and musicand video clips. The Authority encourages these activities, and also makes the site availableto film and media students.


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• Commercial Operations and Corporate Support A standardised property management lease was developed to help the Authority managecurrent and future longer-term tenants on the workshops site. The document has beensuccessfully used with both public and private tenants on the Railway Workshops site. Ashort-term user licence agreement was also prepared to manage risks associated with arange of frequent short-term users of the site’s facilities. After a fire on 31 December 2000, a major project began to refurbish the Railway Institutebuilding on the Workshops site. The project was completed on 31 August 2001, enabling theAuthority to relocate its offices to the building from temporary leased accommodation inMidland. All necessary corporate support services were delivered during the year by a range oforganisations including the key accounting bureau services provided byPricewaterhouseCoopers and internal audit services by Ernst and Young. Informationtechnology support services in the maintenance and enhancement of the Authority’s ITsystems were provided by Denver Technologies. Firms including Skea, Hager and Co,Jackson McDonald, the Crown Solicitor’s Office and Watts and Woodhouse met theAuthority’s requirements for legal services. A comprehensive corporate governance policies and procedures manual was prepared andupdated throughout 2001/2002 to reflect current Government policies.PricewaterhouseCoopers prepared an accounting manual, which was endorsed for operationin 2001/2002. Land acquisition policies and procedures were also developed forconsideration by the Board. It is expected that these new procedures will receiveendorsement in early 2002/2003. A key initiative in 2001/2002 was the completion of a market research study undertaken byMarket Equity to provide the Authority with comprehensive data concerning Midland and itsimmediate region. The research will be used to clarify base information to validate land useprofiles for the commercial land within the redevelopment area, in liaison with MRA’s ProjectManagement team and other consultants. The information will form the basis of businessplanning to provide the correct land use mix, the appropriate lot sizes and annual supply ofdevelopable land.


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Other Legislation In all its programs and their delivery, the Authority recognises the right of access of thecommunity and of individuals to services, opportunities and the Government decision-makingprocess. It is mindful of its community service obligations and takes into consideration theimpact of its programs on all groups, including disadvantaged groups within the community. The Authority is aware of its obligations under such Acts as the Disability Discrimination Act1992 and the WA Disability Services Act (1993). It gives close attention to disabled accessin the design of refurbished and new buildings and in landscaping public areas, and tocurrent transport access code requirements. The financial administration of the Authority has complied with the requirements of theFinancial Administration and Audit Act 1985 and associated Treasurer’s Instructions. In 2001/02 the Authority complied with the following legislation: • Government Employees Superannuation Act 1987• Occupational Health, Safety & Welfare Act 1984• Official Corruption Act 1988 (a nil report was filed for the year)• Principles, procedures and policies of public administration and management were

applied in accordance with the Act and regulations. The Authority has developed a codeof conduct to ensure it operates within the Government’s Code of Ethics

• State Supply Commission Act 1991• Workers Compensation and Rehabilitation Act 1981• Industrial Relations Act 1979.


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Reporting Requirements• Customer Group Outcomes The Authority has a Customer Service Charter that reflects its commitment to ensure theredevelopment has maximum benefits to the city and its community. The Authority has a Disability Services Plan approved by the Disability ServicesCommission. At this stage, specific plans for women, family and domestic violence, equal employmentopportunities and language and cultural diversity are not applicable to the activities of theAuthority. • Advertising and Sponsorship

Expenditure incurred by the Authority during 2001/02 in relation to Section 175ZE of theElectoral Act 1907 was as follows: $ Advertising agencies Nil Market research organisations - Market Equity 51,155 Polling organisations Nil Direct mail organisations Nil Media advertising organisations - Marketforce Productions 17,122 - Media Decisions 2,6904 • Waste paper Recycling

The MRA uses Specialised Security Shredding for waste paper removal. The contractorcollects all grades of paper except cardboard. The collection and destruction of confidentialmaterial is included in this contract.


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Freedom of Information The Authority is subject to the Freedom of Information Act 1992. Chris Porter is appointedFreedom of Information Coordinator and is the initial recipient of requests for informationunder the Act. There were no FOI requests in 2001/02.


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Statement of Compliance with Public Sector Standards 1. In the administration of the Midland Redevelopment Authority, I have complied with

the Public Sector Standards in Human Resource Management and the WesternAustralian Public Sector Code of Ethics.

2. I have put in place procedures designed to ensure such compliance and conducted

appropriate internal checks to satisfy myself that the statement made in (1.) above iscorrect.

3. The applications made for breach of standards review and the corresponding

outcomes for the reporting period are:

• Number lodged: Nil• Number of breaches found, including details of multiple breaches per application: Nil• Number still under review: Nil.

Kieran KinsellaChief Executive Officer

30 August 2002


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Certification of Performance Indicators

We hereby certify that the performance indicators are based on proper records, are relevantand appropriate for assisting users to assess the Midland Redevelopment Authority’sperformance, and fairly represent the performance of the Midland Redevelopment Authorityfor the financial year ended 30 June 2002.

Ian LauranceChairman

Charlie GregoriniMember

30 August 2002


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Performance Indicators

The Midland Redevelopment Authority was set up to rejuvenate the land in theredevelopment area and to improve the strategic development of Midland as an importantregional centre.

The Authority has made significant progress with obtaining the essential approvals from thevarious regulatory authorities including heritage and environmental approvals for certainprecincts. This has resulted in the Authority achieving planning authority over theseprecincts which replaces City of Swan and WA Planning Commission town planning approvalprocesses. However, the detailed investigations involved in obtaining these approvals hasmeant that it is not yet appropriate to commence the measurement of achievements asproposed in some of the Authority’s performance indicators.

In 2001 a baseline survey was undertaken to provide a comparable basis for futuremeasurements in order to quantify the progress of achievements over the life of theredevelopment project. The survey results established the following indicators.

Outcomes

1. The revitalisation of Midland

Indicator –Increase in the number of people living in the area

The planning ‘context area’ for the Midland Redevelopment Authority is the suburbs ofMidland, Midvale, Bellevue and parts of Hazelmere. An important measure of the success ofthe redevelopment is the amount by which the population of the area increases.

The latest Census information shows a 19% increase in the population of the Midland areabetween 1996 and 2001. Breakdown and analysis of this figure will be undertaken whenmore detailed Census information becomes available.

Real Estate Institute of WA statistics indicate a 19.5% increase in median house prices inMidland in the year ending 30 June 2002. This increase was attributed to the presence of theMRA in the area and the public’s desire to relocate in areas undergoing revitalisation.

Indicator – Increase in the number of people working in the area

There were 14,600 people working in the Midland area at March 2001 (Ref. DEWRSB SmallLabour Markets – Australia – March Quarter 2001). It is envisaged that the population willincrease when the area is fully developed, as the Concept Plan for the area indicates thebuilding and development of commercial business.

Indicator – Increase in the number of people visiting the Midland area for leisure andrecreation

The Concept Plan for the redevelopment area indicates a large area of public open space. Itis an objective of the Authority to encourage people to use the extensive natural opportunitiesof the Midland area by opening up these areas and making them more accessible. Thebaseline survey results of this measure in the planning ‘context area’ were:


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Number of people visiting Midland for leisure & recreation.

(Ref. Asset Research – Survey of Residents and Businesses)

2000/01 Local residents using POS 4,3002000/01 Workers using POS 2,5002000/01 Swan Athletics Club Members

locals 150visitors 150

2000/01 Midland Sports Associationlocals 320visitors 80

2. The environmental rehabilitation of the area

Indicator – The environmental rehabilitation of former industrial sites

Documentation of an approved Public Environmental Review (PER) process forenvironmental remediation works for the Railway Workshops is currently being implemented.As the PER is the benchmark for effectively implementing the remediation, work will bemeasured against the approved conditions. Implementation is on target for the delivery of arehabilitated site to the WA Police Service for their Forensic Science building project which iscommencing July 2003. All work has been carried out to the satisfaction of the Departmentof Environmental Protection in accordance with the PER process.

Indicator - Improvement in stormwater and groundwater quality in the redevelopmentarea

A stormwater strategy has been designed for the Railway Workshops in consultation with theEnvironmental Protection Authority. The implementation of the stormwater strategy hasbeen programmed in accord with planned sub-divisional works in this area. These works areprovisionally planned to commence in 2003/2004. The programmed implementation of thestrategy will then form the benchmark date against which improvements in stormwater andgroundwater quality will be measured to Department of Environmental Protectionrequirements.

Indicator – The upgrading of parks, open space and the public realm

The Concept Plan for the redevelopment area has been developed as an indicative plan ofthe improvements that the Authority envisages for the redevelopment area. This planincludes extensive parks and open space in addition to an emphasis on improving the publicrealm.

As detailed design is carried out for each of the precincts indicated in the Concept Plan,these will be established as benchmarks against which the authority can measure theimprovement to parks, open space and the public realm. Future surveys within the planning‘context area’ will also provide a source of opinion as to public perception and use of theseareas.


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3. Expansion of the economic base for the area

Indicator – Expansion of the level and diversity of employment in the area

An objective of the Authority is to diversify the employment opportunities within the Midlandarea. Comparison between the 1996 and 2001 Census information is currently beinganalysed as information comes to hand and will be reported next financial year to enable theimplications to be fully considered.

Indicator – The establishment of Midland as a centre for new and emerging industries

A current business listing of all commercial and government entities within the Midland areaindicates approximately 2,000 listings. This is confirmed by statistics held by the SwanChamber of Commerce.

A survey conducted of the Midland area indicated a profile of industry types as follows:• retail trade;• business services;• manufacturing;• construction;• wholesale trade;• transport and storage; and• personal and other services.

This profile will be used as a benchmark against which to measure the establishment of newand emerging industries within the Midland area.

4. Demonstrated advanced forms of urban development

Indicator – The promotion of high quality, medium density mixed-use development

Mixed use includes a variety of residential, retail, commercial and community uses ratherthan a predominance of single use development. The proximity of the uses in this form ofdevelopment also acts as a catalyst in reducing motor vehicle use.

The record of building licences issued for the Midland area by the City of Swan is as follows:

BUILDING APPROVALSCity of Swan Midland Area

Structure Type 2000# %

2001# %

2002# %

2000# %

2001# %

2002# %

Single Dwelling 649 86 795 78 1237 87 * * 37 63 200 81Grouped Dwelling 7 1 17 2 32 2 * * 3 5 17 7Multiple Dwellings 0 0 2 0 0 0 * * 0 0 0 0Commercial, Business, Factory& Additions

74 10 146 14 116 8 * * 9 15 24 10

Public Buildings 7 1 6 1 5 0 * * 1 2 1 0Other 21 3 52 5 33 2 * * 9 15 4 2

758 100 1018 100 1423 100 * * 59 100 246 100

*MRA was only in operation for six months during the 2000 financial year


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Indicator – A lower level of car ownership and use per capita compared with otherareas

A survey conducted of residents in the planning ‘context area’ showed that there is anaverage of 1.3 vehicles per household. This figure will be a benchmark against which futuresurvey statistics of vehicular ownership in the Midland Area will be compared.

Output indicators

1. Efficiency

Indicator – Comparison of total operating expenses as a percentage of landinventories

Efficiency 1999/00 2000/01 2001/02

*Total operating expenses as apercentage of land inventories 2.1% 2.9% 2.4%

As a measure of the Authority’s efficiency, total operating costs are expressed as apercentage of the values of land inventories held at 30 June 2002.

(* Information sourced from the MRA’s financial records.)


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Certification of Financial Statements

The accompanying financial statements of the Midland Redevelopment Authority

have been prepared in compliance with the provisions of the Financial Administration

and Audit Act 1985 from proper accounts and records to present fairly the financial

transactions for the year ending 30 June 2002 and the financial position at

30 June 2002.

At the date of signing we are not aware of any circumstance that would render the

particulars included in the financial statements misleading or inaccurate.

Ian Laurance

Chairman

Charlie Gregorini

Member

Chris Porter

Principal Accounting Officer

30 August 2002


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Midland Redevelopment Authority

Financial Statements

30 June 2002


Midland Redevelopment AuthorityStatement of Financial PerformanceAs at 30 June 2002

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Note

For the yearended

30 June 2002$

For the yearended

30 June 2001$

REVENUERevenue from ordinary activities

Trading profit 2 - 337,742Interest revenue 75,481 52,582Other revenues from ordinary activities 114,565 259,725

Total revenues from ordinary activities 190,046 650,049

EXPENSESExpenses from ordinary activities

Employee expenses 3 365,190 330,596Supplies and services 4 68,891 40,677Depreciation 5 27,775 35,298Administration expenses 6 146,101 115,365Accommodation expenses 7 35,672 68,780Members allowances 49,641 45,594Loss on disposal of assets 8 28,720 -Other expenses from ordinary activities 9 60,679 75,956

Total expenses from ordinary activities 782,669 712,266

Loss from ordinary activities before grants fromGovernment (592,623) (62,217)

Appropriation 10 300,000 350,000Transfer of land to Authority 10 - 6,035,000

Net profit / (loss) (292,623) 6,322,783

The Statement of Financial Performance should be read in conjunction with the accompanying notes.


Midland Redevelopment AuthorityStatement of Financial PerformanceAs at 30 June 2002

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Note 30 June 2002$

30 June 2001$

CURRENT ASSETSCash assets 11 189,672 4,222,015Receivables 12 103,223 205,580Inventories 13 1,093,065 1,893,610Other assets 14 13,370 17,176

Total Current Assets 1,399,330 6,338,381

NON - CURRENT ASSETSInventories 13 31,607,285 22,478,292Plant and equipment 15 137,173 165,605

Total Non-Current Assets 31,744,458 22,643,897

TOTAL ASSETS 33,143,788 28,982,278

CURRENT LIABILITIESPayables 16 584,264 91,034Provisions 17 55,413 13,228

Total Current Liabilities 639,677 104,262

NON-CURRENT LIABILITIESProvisions 17 43,147 31,865Interest bearing liabilities 18 11,068,436 7,161,000

Total Non-Current Liabilities 11,111,583 7,192,865

TOTAL LIABILITIES 11,751,260 7,297,127

NET ASSETS 21,392,528 21,685,151

EQUITY 21Contributed Equity 14,150,000 14,150,000Retained profits 7,242,528 7,535,151

TOTAL EQUITY 21,392,528 21,685,151

The Statement of Financial Position should be read in conjunction with the accompanying notes.


Midland Redevelopment AuthorityStatement of Cash FlowsFor the year ended 30 June 2002

32

NoteFor the year

ended30 June 2002

$

For the yearended

30 June 2001$

CASH FLOWS FROM OPERATING ACTIVITIESReceipts

Receipts from customers - 2,100,000GST receipts on sales 40,228 4,351GST receipts from taxation authority 777,469 324,351Interest received 75,481 52,582Other receipts 112,232 326,256

PaymentsPayments to suppliers and employees (8,065,171) (6,271,800)Interest paid (314,071) -GST payments on purchases (819,318) (562,595)GST payments to Taxation Authority (18,566) -

Net cash (used in) operating activities 19 (8,211,716) (4,026,855)

CASH FLOWS FROM INVESTING ACTIVITIESPurchase of non current physical assets (40,403) (52,600)Proceeds from the sale of non-currentphysical assets

12,340 -

Payments for purchase of investments (8,814,000) -Proceeds from redemption of investments 8,814,000 -

Net cash provided by / (used in) investing activities (28,063) (52,600)

CASH FLOWS FROM FINANCING ACTIVITIESProceeds of borrowings from WesternAustralian Treasury Corporation 3,907,436 7,161,000

Net cash provided by financing activities 3,907,436 7,161,000

CASH FLOWS FROM GOVERNMENTAppropriations from Government 300,000 350,000

Net cash provided by government 300,000 350,000

Net increase / (decrease) in cash held (4,032,343) 3,431,545

Cash assets at the beginning of the financial year 4,222,015 790,470Cash assets at the end of the financial year 20 189,672 4,222,015

The Statement of Cash Flows should be read in conjunction with the accompanying notes.


33

1. Significant Accounting Policies

The following accounting policies have been adopted in the preparation of the financial statements.Unless otherwise stated the policies are consistent with those adopted in the previous year.

General Statement

The financial statements constitute a general purpose financial report which has been prepared inaccordance with Australian Accounting Standards and UIG Consensus Views as applied by theTreasurer’s Instructions. Several of these are modified by the Treasurer’s Instructions to varyapplication, disclosure, format and wording. The Financial Administration and Audit Act and theTreasurer’s Instructions are legislative provisions governing preparation of financial statements andtake precedence over Australian Accounting Standards and UIG Consensus Views. Themodifications are intended to fulfil the requirements of general application to the public sector,together with the need for greater disclosure and to satisfy accountability requirements.

If any such modification has a material or significant financial effect upon the reported results, detailsof that modification and where practicable, the resulting financial effect are disclosed in individualnotes to these financial statements. The statements have been prepared in the accrual basis ofaccounting using the historical cost convention.

(a) Grants and Other Contributions Revenue

Grants, donations, gifts and other non reciprocal contributions are recognized as revenuewhen the Authority obtains control over the assets comprising the contributions. Control isnormally obtained upon their receipt.

(b) Revenue Recognition

Revenue from the sale of goods and disposal of other assets and the rendering of services isrecognized when the Authority has passed control of the goods or other assets or delivery ofthe service to the customer.

(c) Inventories

Inventories are generally stated at the lower of cost or net realisable value. Other costsincurred in bringing inventories to a saleable condition are stated at cost. This includes costsassociated with the design, development and other costs directly traceable to thedevelopment activities of the Authority.

(d) Receivables

Accounts receivable are recognised at the amounts receivable as they are due for settlementno more than 30 days from the date of recognition. Collectability of receivables is reviewed ona regular basis.


34


(e) Depreciation of non-current assets

All non-current assets having a limited useful life are systematically depreciated over theiruseful lives in a manner which reflects the consumption of their future economic benefits.

Property, plant and equipment, other than freehold land, are depreciated over their usefullives using the straight line method at the following rates which are reviewed annually:

Furniture and equipment 10%Computer equipment 25%Leasehold improvements 20%

(f) Payables

Payables, including accruals not yet billed, are recognised when the Authority becomesobliged to make future payments as a result of a purchase of assets or services. Tradecreditors are generally settled within 30 days.

(g) Employee entitlements

Annual and Long service

Annual and long service leave entitlements are provided at current remuneration rates withlong service leave being calculated on a pro-rata entitlement from commencement of service.The liability for annual and long service leave is measured at the amount unpaid at thereporting date in respect to employees services with the Midland Redevelopment Authority upto that date.

(h) Superannuation

Staff may contribute to the Pension Scheme, a defined benefit pension scheme now closed tonew members, or to the Gold State Superannuation Scheme, a defined benefit lump sumscheme also closed to new members. All staff who do not contribute to either of theseschemes become non-contributory members of the West State Superannuation Scheme, anaccumulation fund complying with the Commonwealth Government’s SuperannuationGuarantee (Administration) Act 1992. All of these schemes are administered by theGovernment Employees Superannuation Board (GESB).

The liabilities for superannuation charges under the Gold State Superannuation Scheme andWest State Superannuation Scheme are extinguished by monthly payment of employercontributions to the Government Employees Superannuation Board.

The note disclosure required by paragraph 51(e) of AAS30 - Accounting for EmployeeEntitlements, (being the difference between the employer’s accrued superannuation benefitsand the attributable net market value of plan assets) has not been provided. State schemedeficiencies are recognised by the State in its whole of government reporting. TheGovernment Employee Superannuation Board’s records are not structured to provide theinformation for the Authority, accordingly, deriving the information for the Authority isimpractical under current arrangements, and thus any benefits to be derived would beexceeded by the cost of obtaining the information.


35


(i) Leases

The Authority has entered into an operating lease arrangement for motor vehicles where thelessor effectively retains all of the risk and benefits incidental to ownership of the items heldunder the operating lease. Equal instalments of the lease payments are charged to theStatement of Financial Performance over the lease term as this is representative of thepattern of benefits to be derived from the leased property.

(j) Accrued Salaries

Accrued salaries represent the amount due to staff but unpaid at the end of the financial year,as the end of the last pay period for that financial year does not coincide with the end of thefinancial year. The Authority considers the carrying amount approximates the net fair value.

(k) Interest Bearing Liabilities

Western Australian Treasury Corporation loans are recorded at an amount equal to the netproceeds received. Borrowing costs are capitalised and recognised on an accrual basis.Borrowing costs relate to the financing of project generally and are capitalised up to the dateof commissioning.

(l) Segment Information

The Authority operates in one segment, in one geographical segment, Australia and in oneindustry segment, urban development. All revenues, costs, assets and liabilities of theAuthority relate to the Authority’s activities in these segments.

(m) Comparatives

Where necessary comparative figures have been adjusted to conform with changes inpresentation in 2002.


36

2. Trading ProfitFor the year

ended30 June 2002

$

For the yearended

30 June 2001$

Sales - 2,100,000Less Cost of goods sold - (1,762,258)

Trading profit - 337,742

Sales represent a progressive payment earned from the transfer of control over the CADCOMsite during the reporting period to the Western Australian Police Service. The Authorityexpects further sales to be earned as the site nears completion.

3. Employee Expenses

Wages and salaries 252,642 266,049Superannuation 42,193 25,009Long service leave 41,598 11,445Annual leave 16,140 5,816Other related expenses 12,617 22,277

365,190 330,596

4. Supplies and Services

Supplies and services 68,891 40,677

68,891 40,677

5. Depreciation

Furniture and equipment 8,209 6,761Computer equipment 16,428 19,996Leasehold & freehold improvements 3,138 8,541

27,775 35,298


37

6. Administration ExpensesFor the year

ended30 June 2002

$

For the yearended

30 June 2001$

Communications 23,259 17,499Consumables 19,973 25,258Maintenance 2,949 2,256Insurance premiums 46,865 37,821Other costs 53,055 32,531

146,101 115,365

7. Accommodation Expenses

Lease rentals 6,857 52,800Utilities 11,888 10,578Cleaning 15,032 5,156Other occupancy costs 1,895 246

35,672 68,780

8. Loss on Disposal of Assets

Furniture & equipment 17,852 -Gross proceeds (7,049) -

10,803 -

Leasehold & freehold improvements 23,208 -Gross proceeds (5,291) -

17,917 -

28,720 -

9. Other expenses from ordinary activities

Advertising, public relations 21,649 44,531Motor vehicles and travel 39,030 31,425

60,679 75,956


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10. Grants from Government30 June 2002

$30 June 2001

$

State Government appropriations 300,000 350,000

Swan Location 14200 - 1,585,000Crown Reserve 28348 - 4,450,000

300,000 6,035,000

The values ascribed for the transfer of Swan Location 14200 and Crown Reserve 28348 havebeen provided by the Valuer General’s Office.

11. Cash Assets

Bank account 189,472 4,221,815Cash on hand 200 200

189,672 4,222,015

12. Receivables

GST Receivable 98,502 203,192Other debtors 4,721 2,388

103,223 205,580

13. InventoriesInventories consist of land held for resale and associated development expenses. The cost ofinventories represents items of planning, design, project management, demolition, leasepurchases, environmental studies and land grants in relation to the project development. Aportion of these costs will be recovered from the development and sale of freehold landtransferred to the Authority from the Government of Western Australia. Developmentexpenses capitalised include all costs directly attributable to the development project.

Current 1,093,065 1,893,610

Non Current 31,607,285 22,478,292

Total Inventories 32,700,350 24,371,902


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13. Inventories (continued)

30 June 2002$

30 June 2001$

Consisting of:Land held for resale:

Land transferred to Authority fromGovernment 20,185,000 20,185,000

Development expenses capitalised(includes payments to other GovernmentAgencies for development costs incurredduring 1999/2001 prior to theestablishment of the Authority)

14,277,608 5,949,160

Allocated to cost of goods sold (1,762,258) (1,762,258)Total 32,700,350 24,371,902

14. Other Assets

Prepayments 13,370 17,176

13,370 17,176

15. Plant and equipmentFurniture and equipment - at cost 94,903 75,972Accumulated depreciation (13,882) (8,264)

81,021 67,708

Computer equipment - at cost 90,311 89,282Accumulated depreciation (40,597) (24,169)

49,714 65,113

Leasehold & freeholdimprovements – at cost 10,099 43,308Accumulated depreciation (3,661) (10,524)

6,438 32,784

Net balance at 30 June 137,173 165,605

ReconciliationsReconciliations of the carrying amounts of plant and equipment at thebeginning and end of the current and previous financial year are set outbelow.


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15. Plant and equipment (continued)

For the year ended 30 June 2002Furniture

andEquipment

ComputerEquipment

Leasehold &Freehold

Improvements

Total

Carrying amount at thestart of the year 67,708 65,113 32,784 165,60

Additions 39,374 1,029 - 40,40Disposals (17,852 - (23,208) (41,06Depreciation (8,209 (16,428 (3,138) (27,77

81,021 49,714 6,438 137,17

For the year ended 30 June 2001Furniture

andEquipment

ComputerEquipment

Leasehold &Freehold

Improvements

Total

Carrying amount atthe start of the year 47,284 58,655 40,861 146,80

Additions 27,185 26,453 464 54,10Depreciation (6,761 (19,995 (8,541) (35,29

67,708 65,113 32,784 165,60

16. Payables30 June 2002

$30 June 2001

$

Trade payables 257,210 47,135Audit fees 18,010 11,000Accrued expenses 309,044 32,899

584,264 91,034

17. Provisions

Current liabilitiesLiability for annual leave 29,367 13,228Liability for long service leave 26,046 -

55,413 13,228


41

17. Provisions (continued)

30 Jun$

30 June$

Non-current liabilitiesLiability for long service leave 43,147 31,865

43,147 31,865

98,560 45,093

18. Interest Bearing Liabilities

Borrowings from Western AustralianTreasury Corporation 11,068,436 7,161,000

19. Reconciliation of net cash used in operating activities to net profit/(loss)For the year

ended30 June 2002

$

For the yearended

30 June 2001$

Net Profit / (Loss) (292,623) 6,322,783

Non-cash items:Depreciation expense 27,775 35,298Government grants (300,000) (350,000)Loss on sale of assets 28,720 -

(Increase)/Decrease in assets:Current receivables (2,333) 66,919Current inventories 800,545 (1,115,994)Current other assets 3,806 (5,537)Non current inventories (9,128,993) (7,919,444)

Increase/(Decrease) in liabilities:Current payables 493,230 (827,145)Current provisions 42,185 (1,223)Non current provisions 11,282 (29,320)

Change in GST receivable 104,690 (203,192)

Net cash used in operating activities (8,211,716) (4,026,855)


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20. Reconciliation of CashFor the purposes of the Statement of Cash Flows, Cash includes cash on hand and in banksand investments. Cash at the end of the financial year as shown in the Statement of CashFlows is reconciled to the related items on the statement of financial position as follows:

30 June 2002 30 June 2001Bank Account 189,472 4,221,815Cash on Hand 200 200

189,672 4,222,015

21. EquityContributed Equity 30 June 2002 30 June 2001Capital Contribution 14,150,000 14,150,000

Retained ProfitsOpening Balance 7,535,151 1,212,368Net Profit (292,623) 6,322,783Closing Balance 7,242,528 7,535,151

22. Financing Facilities

The Authority has a borrowing facility of $63,500,000 through the W.A.Treasury Corporation. At the reporting date the Authority had drawn$11,068,436 on this facility.

23. Commitments for Expenditure

Capital Expenditure CommitmentsThe Authority’s funds at 30 June 2002 were committed to the extent of $2,821,000 (2001 :$513,000) against the outstanding components of various works contracts.

Lease Commitments

Non cancellable operating lease commitments.2001/02

$2000/01

$Not later than one year 19,914 18,088Later than 1 year not later than 5 years 13,330 4,172

33,244 22,260


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24. Financial Instruments(a) Credit risk exposures

The credit risk of financial assets of the Authority which have been recognised on thebalance sheet, is generally the carrying amount.

(b) Interest rate risk exposuresThe Authority’s exposure to interest rate risk and the weighted average interest forfinancial assets is set out below.

Fixed Interest Rate Maturity2002

Financial Assets

Variableinterest

rate

Less than 1Year

1 to 5 Years More Than 5Years

Non-interestbearing

Total

Cash assets 189,672 - - - - 189,672Receivables - - - - 103,223 103,223

189,672 - - - 103,223 292,895Weighted AverageInterest Rate

4.14%

Financial LiabilitiesPayables - - - - 584,264 584,264Interest bearing liabilities - 3,320,531 3,087,533 4,660,372 - 11,068,436

- 3,320,531 3,087,533 4,660,372 584,264 11,652,700Weighted AverageInterest Rate

4.81% 5.77% 6.34%

Net financial assets(liabilities)

189,672 (3,320,531) (3,087,533) (4,660,372) (481,041) (11,359,805)


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24. Financial Instruments (continued)Fixed Interest Rate Maturity

2001

Financial Assets

Variableinterest

rate

Less than 1Year

1 to 5 Years More Than 5Years

Non-interestbearing

Total

Cash assets 4,221,815 - - - 200 4,222,015Receivables - - - 205,580 205,580

4,221,815 - - - 205,780 4,427,595Weighted AverageInterest Rate

4.5%

Financial LiabilitiesPayables 91,034 91,034Interest bearing liabilities - 2,561,114 2,005,080 2,594,806 - 7,161,000

- 2,561,114 2,005,080 2,594,806 91,034 7,252,034Weighted AverageInterest Rate

5.07% 5.87% 6.29%

Net financial assets(liabilities)

4,221,815 (2,561,114) (2,005,080) (2,594,806) 114,746 (2,824,439)

(c) Net Fair Value of Financial Assets and LiabilitiesThe net fair value of financial assets and financial liabilities of the Authority approximatestheir carrying value.

Reconciliation of Net Financial Assets to Net Assets Note 2001/02$

2000/01$

Net financial assets as above (11,359,805) (2,824,439)Non-financial asset and liabilitiesOther Assets 13 13,370 17,176Inventories 12 32,700,350 24,371,902Property, plant, equipment and vehicles 14 137,173 165,605Provisions 16 (98,560) (45,093)Net assets 21,392,528 21,685,151


45

25. Remuneration of Members of the Accountable Authority and Senior Officers

Remuneration of Members of the Accountable AuthorityThe number of members of the Accountable Authority, whose total fees, salaries,superannuation and other benefits for the financial year fall within the following bands are:

2001/02 2000/01

$1 - $9,999 7 4$20,000 - $29,999 1 1

The total remuneration of the Members of theAccountable Authority is: 52,823 45,594

The superannuation included here represents the superannuation expense incurred by theAuthority in respect of members of the Accountable Authority. No members of theAccountable Authority are members of the Pension Scheme.

Remuneration of Senior Officers of the Accountable AuthorityThe total number of Senior Officers other than Senior Officers reported as members of theAccountable Authority, whose total of fees, salaries, superannuation and other benefits for thefinancial year fall within the following bands are:

2001/02 2000/01

$20,000 - $29,999 - 1$30,000 - $39,999 - 1$50,000 - $59,999 - 1$70,000 - $79,999 1 -$80,000 - $89,999 1 1$90,000 - $99,999 1 1$110,000 - $119,999 1 -

The total remuneration of the Senior Officers: 367,143 325,350

The superannuation included here represents the superannuation expense incurred by theAuthority in respect of Senior Officers other than Senior Officers reported as members of theAccountable Authority.

No Senior Officers are members of the Pension Scheme.


46

26. Remuneration of AuditorThe total fees paid or due and payable to the Auditor General for the year ended30 June 2002 is as follows:

For the yearended

30 June 2002$

For the yearended

30 June 2001$

Fees for audit 11,000 11,000

27. Contingent LiabilitiesThere are no known contingent liabilities of the Authority in existence as at30 June 2002.

28. Explanatory Statement

(a) Details of significant variations (10% or $50,000) between actual results and budget for theyear ended 30 June 2002 are as follows:

• Capital works (Budget $17.214 million estimated, Actual $10.163m). Reducedexpenditure due to delays in approvals from various regulatory authorities.

(b) Details of significant variations ($100,000) between 2001/02 and 2000/01 actual results areas follows:

• Trading Profit (2000/2001 $337,742, 2001/2002 Nil). No land sales occurred in2001/2002.

• Other revenue from ordinary activities (2000/2001 $259,725, 2001/2002 $114,564).Revenue from fire insurance recovery received in 2000/2001.

• Loss on Disposal of Assets (2000/2001 Nil, 2001/2002 $28,720). Net cost comprisingmake good in former leased offices less sale of furniture and fittings arising fromrelocation from leased to owned premises in August 2001.

• Payables (2000/2001 $91,034, 2001/2002 $584,264). Comprises retention accounts formajor road works and building contractors and progress payments pending.

• Current Assets – Cash Assets (2000/2001 $4,222,015, 2001/2002 $189,672). Reducedcash assets due to expenditure on Capital Works Program.

• Interest Bearing Liabilities (2000/2001 $7.161 million, 2001/2002 $11.068 million). CapitalWorks Program funded through approved borrowings due to delayed commencement ofland sales program.

• Receivables (2000/2001 $205,580, 2001/2002 $103,223). A large GST receivable existedat 30 June 2001 due to delays in submitting BAS return.

• Inventories (2000/2001 $24.372m, 2001/2002 $32,700m). Capitalisation of capital workscosts of $8.328 million.


47

Publications

The principal publications of the Authority during the year were:

• Part One, Midland Redevelopment Scheme, Midland Central (City Centre Precinctand Clayton Precinct)

• Midland Redevelopment Authority Annual Report 2000/2001 • The Midlander newsletter (summer 2001 and winter 2002)

• Tuohy Gardens Concept Plan (summary paper)

All publications can be downloaded from the Authority’s website www.mra.wa.gov.au.

Documents

ANNUAL REPORT 2002 · submit for your information and presentation to Parliament the Annual Report of the Midland ... commitment and ability to surmount all challenges. ... is vital