Our finance The financial result for 2020-21 is a deficit of $2,985,579, compared to a $1,913,349 surplus in the previous year 2019-20. The result is due to: • Contribution of $2.7m received in advance for the first quarter of the 2020-21 financial year from City of Greater Geelong. This was recognised in the 2019-20 accounts. • Loss of income due to the COVID-19 pandemic and the ongoing closures and operating restrictions across the library network. Venue hire income was $224k or 85% below a ‘business as usual’ budget. Branch income decreased 38% on the prior year. • Contributions from Member Councils were restricted by rate capping, and are therefore not sufficient to cover the entire depreciation expense and book value of items written off ($2.2m). These are non-cash items that have not impacted the movement in the cash balance during the financial year.
Cash and cash equivalents have decreased to $2,512,936 in 2020-21 (2019-20: $4,440,182), with net cash used in operating activities at $22,582 (2019-20: net cash provided by operating activities $3,879,960). Cash inflows have been unfavourably impacted by the recognition of the $2.7m Member Council contribution in the prior year accounts. In 2020-21, total income of $12,272,124 (2019-20: $17,592,753) was derived from the following sources: Member Council contributions
79% (2019-20: 84%)
State Government grants
17% (2019-20: 12%)
Fees, charges, disposal of plant and equipment, interest
4% (2019-20: 4%)
In 2020-21, total expenditure of $15,257,703 (2019-20: $15,679,404) was comprised as follows: Employee costs
68% (2019-20: 68%)
Materials and services
17% (2019-20: 17%)
Depreciation
13% (2019-20: 13%)
Other expenses
2% (2019-20: 2%)
Our grants Geelong Regional Library Corporation (GRLC) received the majority of its funding from its four Member Councils: Borough of Queenscliffe, City of Greater Geelong, Golden Plains Shire and Surf Coast Shire. This year they contributed $12,407,673 (2019-20: $12,093,803), of which $2,746,350 was recognised in the 2019-20 accounts. The State Government provides recurrent and capital funding under the Public Library Funding Program and the Premier’s Reading Challenge Program. In 2020-21, the State Government contributed a total of $2,061,401 (2019-20: $2,011,124). Funding partners and sponsors of the Word for Word National Non-Fiction Festival 2020 contributed a total of $63,307 (2019: $87,000).
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GEELONG REGIONAL LIBRARY CORPORATION
GRLC is also grateful for the following grants received in 2020-21: • State Library of Victoria: 2021 Libraries for Health and Wellbeing Innovation Grants program – $33,100 • Apprenticeship Employment Network: Victorian Apprenticeship Recovery Program – $30,000 • Public Record Office Victoria: Local History Grants Program: Significance Assessment Report and Perspectives Plan for Aboriginal & Torres Strait Islander Materials in the Geelong Heritage Centre Archives – $9,500 • Good Things Foundation Ltd: Be Connected Digital Devices Grant – $2,000 • The Royal Society of Victoria: Victorian Seed Grant for National Science Week 2021 – $900
