Canberra's Exhibition Park $1.2m in the red - ABC Online

Posted October 08, 2013 17:20:06

There is concern about the long-term viability of Exhibition Park in Canberra (EPIC), after the loss of major events and unexpected repairs.

The Exhibition Park Corporation's latest annual report outlines a challenging year, with higher than expected expenditure contributing to a deficit of $1.2 million.

Between 2012-13 there was strong growth in camping, leasing and event operations, boosting total income by 31 per cent compared to the previous year.

But demolition of an old building and the unplanned removal of trees and asbestos were a drain on finances.

The cancellation of several large events last year, including the discontinued use of the federal election tallyroom, has also been a significant financial blow.

Chief executive Liz Clarke says EPIC's financial position will improve over the next 12 months.

"We're seeking additional revenue streams, as well we've still got money in the bank," she said.

"We've had an assessment of our financial situation for the organisation and the advice is that we're in a very stable financial position.

"We get a small amount of funding from government, but we do need to be viable.

"We'll be looking at how we are tracking this year before we go back and have a discussion with government."

The report sets out a plan to expand the venue's business, including attracting new events, upgrading facilities and developing low budget tourist accommodation on-site.

EPIC board chairman John Haskins says he is confident staff will meet the ongoing challenges of addressing the financial pressures.

Topics: states-and-territories, act, canberra-2600