NSW Audit Office - Financial Reports – 2007 - Volume 4 - Overview of Rail Services

ƒƒƒƒƒOverview of Rail Services RAIL SERVICES The following Government entities provide rail services: State Owned Corporations Statutory Authority Rail Corporation New South Wales (RailCorp) State Rail Authority of New South Wales (SRA) Rail Infrastructure Corporation (RIC) Transport Infrastructure Development Corporation (TIDC) Separate commentary on the above entities appears later in this Report. AUDIT OPINIONS The audits of the above entities’ financial reports for the year ended 30 June 2007 resulted in unqualified Independent Auditor’s Reports. KEY ISSUES Restructure of Rail Services In 2003 the Minister for Transport Services began restructuring rail services. With the closure of the SRA at 30 June 2007, the restructure is complete although the State Rail Authority Residual Holding Corporation will hold cross border rolling stock leases and RIC will continue to operate the Career Transition Centre (CTC) to manage displaced employees resulting from the arrangements with the Australian Rail Track Corporation (ARTC). During the four years of the rail restructure, $11.4 billion of net assets and 11,446 employees were transferred from RIC and SRA to RailCorp. In the first three years from 2003-04 to 2005-06 this involved: the creation of RailCorp from 1 January 2004 transferring $11.7 billion of assets from RIC and SRA to RailCorp, mainly comprising the metropolitan rail network, rolling stock and ...