ADAVB 2018/2019 Annual Report

A D A V B A N N U A L R E P O R T 2 0 1 8 / 1 9 | 1 3 Committee Reports Finance Risk and Audit Committee ADAVB management achieved an excellent performance for the financial year 2018/19, reporting a surplus result of $170,000, exceeding the budget target. The ADAVB’s investment policy has remained a notable standout performer, where despite the current challenge in achieving returns, interest on investments has remained significantly above budget and helped balance areas of increased cost. The trend from the previous 12 months predicted significant pressures on the budget with specific concerns regarding income from memberships, CPD and advertising. Despite this, membership numbers appear more stable and the CPD unit, particularly through the ADAVB Convention in 2018, has maintained support from members in the face of increasing competition. Variations in cost of the IT redevelopment have been monitored carefully while this project that spans several financial years it is now seeing positive results for members. ADAVB Council supported a budget for the coming year with only a two per cent increase to the ADAVB membership rate for 2019/20, with the goal of a net neutral budget. Income from memberships continues to make up just over half of total revenue. There is a strong focus to increase non-membership revenue to ensure that rates are kept low for members. This income comes from several sources, including referral fees, event registrations, investment returns, sponsorship, advertising and rent. Key processes were reviewed by the committee this year, including the creation of an Occupational Health and Safety Committee, and continuing maintenance and review of the strategic risk and organisational risk profiles. Dr Mark Bowman Chair