Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90 Page 91 Page 92 Page 93 Page 94 Page 95 Page 96 Page 97 Page 98 Page 99 Page 100 Page 101 Page 102 Page 103 Page 104 Page 105 Page 106 Page 107 Page 108 Page 109 Page 110 Page 111 Page 112 Page 113 Page 114 Page 115 Page 116 Page 117 Page 118 Page 119 Page 120 Page 121 Page 122 Page 123 Page 124 Page 125 Page 126 Page 127 Page 128 Page 129 Page 130 Page 131 Page 132 Page 133 Page 134 Page 135 Page 136 Page 137 Page 138 Page 139 Page 140 Page 141 Page 142 Page 143 Page 144 Page 145 Page 146 Page 147 Page 148 Page 149 Page 150 Page 151 Page 152 Page 153 Page 154 Page 155 Page 156 Page 157 Page 158 Page 159 Page 160 Page 161 Page 162 Page 163 Page 164129 129 Note 17: Explanations of major variances Note 17A: Major budget variances for 2015-16 Affected line items (and statement) Explanations of major variances Grants (Statement of Comprehensive Income) Grants (Cash Flow Statement) When compared to Original Budget, an additional $6.928m in grant expenditure was paid in 2015-16. The increase against Original Budget was primarily driven by an increase in High Performance and Participation grants paid to national sporting organisations. These grants were provided through additional funding from the Department of Health received in 2014-15, and used in 2015-16 through an approved increase in the operating loss by the Minister for Finance. Suppliers (Statement of Comprehensive Income) Suppliers (Cash Flow Statement) Supplier expenses were $6.707m higher than budgeted in the Original Budget. The increase was primarily driven by the increase in variable costs associated with increased commercial revenues along with costs carried over from 2014-15. Changes in asset revaluation reserves (Statement of Comprehensive Income) Reserves (Statement of Financial Position) When compared to Original Budget, the asset revaluation reserve has increased by $9.931m due to the 2015-16 revaluation of land and buildings. Revaluation movements were not known at the time of the preparation of the Budget. Land and buildings (Statement of Financial Position) Infrastructure, plant and equipment (Statement of Financial Position) Reserves (Statement of Financial Position) Purchase of property plant and equipment (Cash Flow Statement) Asset revaluation reserve (Statement of Changes in Equity) When compared to Original Budget, total Non financial Assets have increased by $16.974m. This is due to a $9.931m asset revaluation increase, which was not known at the time of the preparation of the Budget and a movement of capital funds approved across years post-budget to replace ASC assets in 2015-16. AUSTRALIAN SPORTS COMMISSION NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS For the year ended 30 June 2016 The following table provides explanations for major variances between the Original Budget as presented in the 2015-16 Portfolio Budget Statements (PBS) to the 2015-16 final outcome as presented in accordance with Australian Accounting Standards. The Budget is not audited. The ASC provides high level commentary of major variances between original budgeted and actual amounts. Major variances are those deemed relevant to the analysis of ASC's performance and are not focussed merely on numerical differences between the Budget and actual amounts.