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Film Finance Corp found to be sound

THE Australian Film Finance Corporation used good judgement in its financial practices, a review into its cash reserve has found.

Federal Arts Minister Peter McGauran said this was welcome news and reaffirmed the validity of the FFC as the Commonwealth’s principal production investment agency for the Australian film industry.

The review found there were no problems with the FFC’s efficiency, and it’s high end of financial year cash reserve resulted from funds being committed but not drawn down.

“The cash reserve was affected by several projects being bunched together in the last four months of the previous financial year,” Mr McGauran said.

“Added to this contracts for three features films, worth about $10 million, fell through in the last financial year.”

The upwards trend in the cash reserve has stopped – the level at June 30, 2000 was $9.9 million, compared to $26.4 million at June 30, 1999.

“The result of the review is an affirmation of the FFC’s success in adapting to changing industry environment,” he said.

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