100 100 AUSTRALIAN SPORTS COMMISSION ANNUAL REPORT 2016–17 FINANCIAL PERFORMANCE Summary of financial outcomes The ASC incurred an operating loss of $7.150 million in 2016–17. The key factors contributing to this loss were: > > An unfunded depreciation expense as a result of revaluations to land, buildings, property, plants and equipment since 2010. > > An increase in contributions from Government entities to partially maintain grant funding levels. Table 13 compares the 2016–17 results to 2016–17 and to Original Budget estimates, and 2015‑16 Actuals. Key elements to the financial statement results are primarily associated with revenue and grants. The increase in revenue across years is primarily driven by a one-off agreement with the Department of Health to contribute to the ASC maintaining grant funding levels to NSOs. The overall increase in grant funding was in-part due to additional dAIS athlete funding supported by contributions from the Commonwealth Games Association, as well as additional participation grants. The overall ASC performance against the Original Budget position is detailed in Note 11 of the financial statements. Table 13: Comparison of actual results for 2016–17 with the 2016–17 Original Budget and actual results for 2015–16 Actual 2016–17 $m Actual 2015–16 $m Variance Actual 2016–17 $m Original Budget 2016–17 $m Variance $m Income 289.0 282.0 7.0 289.0 273.6 15.4 Expenses 296.1 297.2 1.1 296.1 279.6 16.5 Surplus/(Deficit) (7.1) (15.2) 8.1 (7.1) (6.0) (1.1) Note: Budget figures are based on the 2016–17 Portfolio Budget Statements.