Finance

2019 marks the completion of several financial goals set for BMX NSW which include the following -

• The improved funding model for our State Team athletes to support the demands of the National Series and make the team stand-out across all states in Australia.
• Single event finance model to improve revenue sharing between host clubs and the state.
• We continue to make technology and equipment investments with a focus to make life easier for all volunteers.
• We increased the rider contributions for the Test Team to better reflect the costs incurred by BMX NSW.

This has seen the 2019 State’s Balance Sheet improve by $36,192.

2018 V 2019 Financial Highlights –

Income

• Junior Test Team income increased by 42%
• Licensing income increased by 37%
• Other income increased by 28% (LCCBMX)
• Rider Levy income declined by 11%
• State Title income increased by 13%
• Transponder fees declined by 43%

Expenditure

• Confluence was fully funded again
• Accountancy/Bookkeeping fees increased by 24%
• First Aid costs reduced by 16%
• Junior Test Team costs reduced by 18%
• Pro Prize Money reduced by 30%
• Scoring expenses were incurred for the first time
• State Team expenses reduced by 9%
• Training costs declined by 59%

The single biggest change for 2019 was the decision to reduce the number of events in 2019. This had numerous financial impacts and can be summarised as follows –

• Fewer events reduced the rider levies received
• Decreased the First Aid costs over the whole calendar year
• Reduced the amount of Pro Prize Money funded by the clubs throughout the year

The new expense incurred to have live and improved scoring at our events was deemed a success by the board and we have approved the use of Sqorz for the 2020 race season.