Objectives
CIT Solutions Pty Ltd is a commercial Registered Training Organisation (RTO) focussed on providing customised training, education and consultancy services in the ACT, Australia and internationally since 1988. With experience and depth of knowledge to help organisations find the right solutions for both employees and employers, CIT Solutions draws on the expertise of the academic staff of CIT, as well as carefully selected contractors and consultants from industry and academia.
CIT Solutions delivers training locally, nationally, overseas and via the Internet. Training facilities in Canberra include traditional classrooms, specialised laboratories and workshops.
Where appropriate, multimedia and computer-based techniques are used in both local and distance learning packages.
CIT Solutions offers training programmes in more than 80 discipline areas and aims to:
 provide nationally accredited qualifications, short accredited programmes, and personal development and leisure programmes on a commercial basis;
 provide customised solutions sensitive to client needs at competitive prices;
 provide consultancy services to clients in Australia and overseas;
 be an international education provider of choice; and
 extend and multiply CIT’s capability to respond to the individual needs of industry, commerce, Government and the community.
2003-04 Highlights
Strategic and operational issues to be pursued in 2003-04 include:
 expanding the company’s product base and program delivery;
 introducing new, comprehensive and auditable management systems;
 expanding management training capability;
 accessing additional student accommodation for domestic and international students;
 improving quality assurance processes, policies and procedures; and
 achieving targeted project outcomes and profit margins.
2003-04 Budget Paper No.4 461 CIT Solutions

CIT Solutions
Statement of Financial Performance
2002-03
Budget
$'000
Revenue
6 681 User Charges - Non ACT
Government
1 411 User Charges - ACT
Government
46 Interest
8 138 Total Ordinary Revenue
2002-03 2003-04
Est.Outcome Budget Var
2004-05
Estimate
2005-06
Estimate
2006-07
Estimate
$'000 $'000 % $'000 $'000 $'000
6 386 6 646 4 6 809 6 977 7 149
1 733
48
8 167
1 776
75
8 497
2
56
4
1 821
93
8 723
1 866
118
8 961
1 913
133
9 195
Expenses
3 146 Employee Expenses
323 Superannuation Expenses
4 041 Supplies and Services
179 Depreciation and Amortisation
192 Other Expenses
7 881 Total Ordinary Expenses
257 Operating Result
3 129
442
3 952
178
222
7 923
244
3 369
455
4 051
182
228
8 285
212
8
3
3
2
3
5
-13
3 446
467
4 152
170
234
8 469
254
3 526
478
4 256
174
240
8 674
287
3 608
488
4 362
178
246
8 882
313
1 602 Total Equity From Start of
Period
-213 Dividend Declared
1 646 Total Equity At The End of
Period
1 708
-400
1 552
1 552
-218
1 546
-9
46
..
1 546
-218
1 582
1 582
-218
1 651
1 651
-218
1 746
2003-04 Budget Paper No.4 462 CIT Solutions

Budget as at 30/6/03
$'000
Current Assets
608 Cash
1 204 Receivables
360 Investments
92 Other
2 264 Total Current Assets
CIT Solutions
Statement of Financial Position
Est.Outcome Planned Planned Planned Planned as at 30/6/03 as at 30/6/04 Var as at 30/6/05 as at 30/6/06 as at 30/6/07
$'000 $'000 % $'000 $'000 $'000
83
1 468
956
50
2 557
120
1 468
1 037
50
2 675
45
-
8
-
5
183
1 468
1 124
50
2 825
190
1 468
1 305
50
3 013
327
1 468
1 386
50
3 231
445
53
498
3 055
359
38
397
3 072
-19
-28
-20
1
285
23
308
3 133
207
8
215
3 228
118
0
118
3 349
Non Current Assets
388 Property, Plant and Equipment
52 Intangibles
440 Total Non Current Assets
2 704 TOTAL ASSETS
Current Liabilities
316 Payables
245 Employee Benefits
311 Other
872 Total Current Liabilities
Non Current Liabilities
186 Employee Benefits
186 Total Non Current Liabilities
1 058 TOTAL LIABILITIES
1 646 NET ASSETS
REPRESENTED BY FUNDS
EMPLOYED
1 626 Accumulated Funds
20 Reserves
1 646 TOTAL FUNDS
EMPLOYED
188
393
868
1 449
54
54
1 503
1 552
1 532
20
1 552
188
393
868
1 449
77
77
1 526
1 546
1 526
20
1 546
-
-
-
-
43
43
2
..
..
-
..
188
393
868
1 449
102
102
1 551
1 582
1 562
20
1 582
188
393
868
1 449
128
128
1 577
1 651
1 631
20
1 651
188
393
868
1 449
154
154
1 603
1 746
1 726
20
1 746
2003-04 Budget Paper No.4 463 CIT Solutions

CIT Solutions
Statement of Cashflows
2002-03
Budget
$'000
CASH FLOWS FROM
OPERATING ACTIVITIES
2002-03 2003-04
Est.Outcome Budget Var
2004-05
Estimate
2005-06
Estimate
2006-07
Estimate
$'000 $'000 % $'000 $'000 $'000
Receipts
8 092 User Charges
46 Interest Received
8 138 Operating Receipts
8 119
48
8 167
8 422
75
8 497
4
56
4
8 630
93
8 723
8 843
118
8 961
9 062
133
9 195
Payments
3 447 Related to Employees
4 041 Related to Supplies and
Services
192 Other
7 680 Operating Payments
458 NET CASH
INFLOW/(OUTFLOW)
FROM OPERATING
ACTIVITIES
CASH FLOWS FROM
INVESTING ACTIVITIES
Receipts
0 Proceeds from Sale/Maturities of Investments
0 Investing Receipts
Payments
121 Purchase of Property, Plant and Equipment
50 Purchase of Investments
171 Investing Payments
-171 NET CASH
INFLOW/(OUTFLOW)
FROM INVESTING
ACTIVITIES
CASH FLOWS FROM
FINANCING ACTIVITIES
Payments
213 Dividends to Government
213 Financing Payments
-213 NET CASH
INFLOW/(OUTFLOW)
FROM FINANCING
ACTIVITIES
74 NET
INCREASE/(DECREASE)
IN CASH HELD
534 CASH AT BEGINNING OF
REPORTING PERIOD
608 CASH AT THE END OF
THE REPORTING
PERIOD
3 549
3 952
222
7 723
444
300
300
121
943
1 064
-764
400
400
-400
-720
803
83
3 801
4 051
228
8 080
417
194
194
81
275
356
-162
218
218
-218
37
83
120
-35
-35
-33
-71
-67
79
-46
-46
46
3
5
-6
7
3
105
-90
45
3 888
4 152
234
8 274
449
194
194
81
281
362
-168
218
218
-218
63
120
183
3 978
4 256
240
8 474
487
194
194
81
375
456
-262
218
218
-218
7
183
190
4 070
4 362
246
8 678
517
218
218
-218
137
190
327
294
294
81
375
456
-162
2003-04 Budget Paper No.4 464 CIT Solutions

Notes to the Budget Statements
Significant variations are as follows:
Statement of Financial Performance
 user charges - non ACT Government: the decrease of $0.295m in the 2002-03 estimated outcome from the original budget is due to a larger than expected concentration of work performed for other ACT Government agencies rather than external clients. The increase of $0.260m in the 2003-04 Budget from the 2002-03 estimated outcome is mainly due to an expected increase in the level of contracts;
 user charges – ACT Government: the increase of $0.322m in the 2002-03 estimated outcome from the original budget is primarily due to increased training courses for ACT
Government agencies;
 employee and superannuation expenses: the increase of $0.102m in the 2002-03 estimated outcome from the original budget is due to wage increases. The estimated outcome also reflects a correction to the estimates moving $0.119m from employee expenses to superannuation expenses. The increase of $0.253m in the 2003-04 Budget from the 2002-03 estimated outcome is also due to wage increases; and
 dividend declared: the increase of $0.187m in the 2002-03 estimated outcome from the original budget is due to the increase in the dividend declared by CIT Solutions Pty Ltd based on the operating result for the 2002 calendar year. Since then, the wage increases have had an offsetting impact on the 2002-03 estimated outcome.
Statement of Financial Position
 total assets: the increase of $0.351m in the 2002-03 estimated outcome from the original budget is mainly due to large invoices expected to be raised towards the end of the financial year; and
 total liabilities: the increase of $0.445m in the 2002-03 estimated outcome from the original budget is due to increased revenue received in advance for certain projects commencing early in 2003-04, offset by a decease in the level of creditors held at year end, reflecting the company policy of clearing debts within agreed payment periods.
2003-04 Budget Paper No.4 465 CIT Solutions