Finance Directors Report 2017

BMXNSW Director

Annual Report

Position Profile

BMXNSW Finance Directors Report – 2017

The 2017 BMX season has seen the State grow its total income from $253,606.36 to $272,287.73 (7.37%). Our total expenses increased from $259,496.35 to $267,767.75 (3.19%) enabling us to achieve a surplus ‘Net Income’ of $4,519.98.

This has seen the State’s Balance Sheet grow from $185,613.62 to $190,133.60.

2016 V 2017 Financial Highlights –

Income

2017 was the first full year that the State managed all Pro-Prizemoney payments, seeing a substantial increase in income and expense on the P&L
Junior Test Team income increased by 42%
Licencing income was down 26%
Rider Levy income increased by 11%
State Title income increased by 7%

Expenditure

Confluence was rolled out
Bookkeeping fee remained steady
First Aid costs reduced by 15%
Junior Test Team costs reduced by 15%
State Team expenses increased by 54%
The State Branded equipment trailer was purchased
Officiating expenses (mainly course related) increased by 90%

Confluence is enabling the State to build a comprehensive Finance library, this will provide greater transparency for the current and future boards. This information will also improve our ability to forecast and budget for the future needs of the sport.

The financial focus for the State will be on controlling costs. We will also use the financial information on Confluence to help us apply for grants and source sponsorship opportunities, to diversify our income.

Income Summary

Expenditure Summary

Please refer to the Confluence Finance page; 2017 End of Year Financial Snapshot and the November 2016 to October 2017 Analysis for more details. Confluence link included below -

https://bmxnsw.atlassian.net/wiki/spaces/FNC/pages/169902083/2017+End+of+Year+Financial+Snapshot+November+2016+to+October+2017+Analysis

Regards,

Michael Craig