Page 3993 - Week 14 - Tuesday, 23 October 1990

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CHIEF MINISTER FOR THE AUSTRALIAN CAPITAL TERRITORY

LEGISLATIVE ASSEMBLY QUESTION

ACTAID Pty Ltd

Question No. 262

MR WOOD - To ask the Chief Minister - What income has been derived from the operation of ACTAID Pty Ltd in TAPE for 1988-89 and 1989-90.

CHIEF MINISTER - The answer to the Members question is as follows:

ACTAID Pty Ltd was formed by the ACT Institute of TAFE.on 4 January 1989 and its first formal accounting period under the Companies Code ended on 30 June 1990. As an exempt proprietary company, audited financial statements are not statutorily required. However, in accordance with best public sector practice, the Institute is arranging for the appointment of the ACT AuditorGeneral to audit the accounts and records of ACTAID Pty Ltd.

In anticipation of these audited statements the institute advises that there are three ways in which ACT TAFE can derive benefits from the company.

First by dividend out of profits of the Company. -To date no dividends have been declared. However, for information, the unaudited net profit of ACTAID Pty Ltd in respect of 1988/89 and 1989/90 was $3,850 and $901 respectively;

Second, by charges for TAFE owned facilities, services and goods which might not otherwise be utilised. Institute receipts in 1988/89 and 1989/90 were $5,876 and $39,652 respectively; and

Third, by intangible and in kind means, including making TAFE services more widely available to the ACT community, by working with staff and students of the institute and by undertaking activities complementary to mainstream vocational education and training. No quantification of this benefit is available.

3993

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