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- Approximately10,000 miles since engine overhaul and transmission reseal- Interior re-upholstered- New windshield- Power steering and brakes- Rechromed bumpersTo be sold at the Seattle... More
1941 Packard 120 Club Coupe, Older restoration with original interior and banjo steering wheel. Complete dash with plastic knobs, ash tray, radio, and clock. Under... More
1941 Packard Henney Ambulance. All original, never repainted. Great restoration project, have all original parts. Stored in garage for last 15 years. You'll be... More
1929 Packard Model 633 Sport Pheaton. Second owner since new, in family for 60 years. Car is original; authentic and correct. Superb running powerfull... More
1933 Packard Eight 1001 Coupe Roadster. This car was acquired by its current owner in 2006 and then a full body off frame restoration begun,... More
This machine is for the person who knows the difference between a car show and a concours. A Packard was a sign of... More
1952 Packard Henney Pro street hearse. nut and bolt restoration, frame off. newly finished and professionally built by priest/mechanic. motor just rebuilt by big... More
1953 Packard Caribbean With a limited production run of only 750, the exclusive Caribbean was Packard's "halo vehicle." Introduced in November 1952, with the rest... More
1947 Packard Clipper 4 DSD, This is a daily driver, and a real head turner. A great parade or a Friday night cruse car.... More
1939 Packard V-12, 7-Passenger Sedan 1708. Sharp, near mint original interior. Everyaccessory. Driver, no problem, on Classic Car Club of American caravan. Concour candidate for Best... More
This 1941 Packard 110 Coupe Coupe features a STOCK 6cyl Gasoline engine. It is equipped with a 3 Speed Manual transmission. The vehicle is... More
1928 Packard 7-passenger Touring Series 533 - Six-cylinder, brown body, black fenders, thick corduroy upholstery, and white-wall tires, including a spare-tire mounted above a... More
1936 Packard 120 Straight Eight One Twenty Business CoupeAccording to many people the introduction of the Packard 120 was Packard's savior in the '30's... More
1952 Packard 200 A unique vehicle, a marvelous example of America's most prominent classic cars. For the enthusiast, this Packard is a rare... More
1949 Packard Super De Luxe Club Sedan 2DThis car just came in.More information and additional pictures will follow as soon as possible.For more information... More


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People Pets
Jen & Norman Through the YearsA look back at Jennifer Aniston's most beloved Welsh corgi-terrier
Credit: INF
Updated: Monday May 16, 2011 | 05:00 PM EDT
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subset: commoncrawl


text:
An improved missile guidance system is provided which automatically compensates for jitter motion of the optical sight of a video tracker. The invention is adapted to receive video data input from an infrared detector or conventional camera. The invention includes circuits for filtering, gating, and digitalizing the incoming data as well as a formatter for directing successive frames into memory. Two memories are provided; the contents of which are sampled by matching logic as the second memory is being loaded. The matching logic thereby compares one frame of data to another at plurality of positions and provides a signal to an address latch when the best match is obtained. The format circuitry provides the position information to the address latch where it is stored for further processing. The output of the address latch is filtered to eliminate any signals representative of intentional tracking motion. The filtered output thus provides the jitter correction to the missile guidance system where missile guidance signals are compensated by the jitter correction.
1. In a missile guidance system including tracking means and means for providing first signals for guiding a missile to a target, an improvement comprising:
means for providing successive frames of data corresponding to at least a portion of a video scene as viewed by said tracking means;
means for analyzing said frames of data and providing second signals indicative of jitter motion of said tracking means relative to said video scene; and
means for compensating said first signals as a function of said second signals to provide signals for effectively guiding said missile notwithstanding any jitter motion of said tracking means.
2. The missile guidance system of claim 1 wherein said means for providing successive frames of data corresponding to a video scene includes detector means for detecting optical energy and providing a corresponding electrical output and means for storing said successive frames of data.
3. The missile guidance system of claim 1 or 2 wherein said means for analyzing successive frames of data includes means for correlating successive frames of data and means for storing an electrical signal representative of incremental motion of said tracking means when successive frames correlate.
4. The missile guidance system of claim 1 or 3 wherein said means for compensating said first signals includes means for discriminating between jitter noise and tracking signals.
5. The missile guidance system of claim 4 wherein said means for discriminating between jitter noise and tracking signals includes means for averaging the output of said means for storing an electrical signal representative of incremental motion of said tracking motion means and means for subtracting said average from the instantaneous output of said means for storing electrical signal representative of the incremental motion of said tracking means.
6. A missile guidance system comprising:
means for detecting optical energy and providing video data;
first filter means for differentiating said video data to provide filtered output signals;
gating means for selecting predetermined filtered output signals to provide a gated output;
converter means for transforming said gated output to digital signals;
means for formating said digital signals to provide successive frames of video data;
means for storing said successive frames of video data;
means for comparing said successive frames of video data at a plurality of relative positions to provide an electrical signal indicative of the position at which said frames provide a maximum correlation;
means for storing said electrical signal corresponding to the position at which said frames provide a maximum correlation to provide an electrical signal indicative of the incremental motion of said means for detecting optical energy;
means for processing said electrical signal corresponding to incremental motion of said means for detecting optical energy to discriminate between signals corresponding to jitter motion and signals corresponding to tracking motion; and
means for compensating missile guidance signals to correct for noise resulting from jitter motion of said means for detecting optical energy.
1. Field of the Invention
This invention relates to missile guidance systems. More specifically, this invention relates to improvements in the guidance of line-of-sight commanded missiles.
While the present invention is described herein with reference to particular embodiments and applications, it is to be understood that the invention is not limited thereto. Modifications may be made within the teachings of this invention without departing from the true spirit and scope thereof.
2. Description of the Prior Art
A typical line-of-sight guided missile system includes a launcher and a guided missile. The launcher typically includes a gunner's optical sight and an electronic guidance computer which automatically sends steering commands to the missile in flight. After launch, a beacon in the tail of the missile is activated and subsequently detected by a sensor on the launcher. The sensor is bore sighted with the gunner's telescope, and allows the operator to track the missile along its flight path. The sensor and associated processing circuitry measures the angle between the flight direction of the missile and the gunner's line-of-sight. These displacements are transformed by a computer into guidance commands which are sent to the missile over the command link. The gunner need only keep the crosshairs of the sight on the target during missile flight.
Unfortunately, in an actual hostile operational environment, the operator may experience nervous jitters which would tend to impair his ability to maintain the cross-hairs on the center of the target's most vulnerable aim point. If the operator jitters the sensor line-of-sight, the missile tracker would measure a corresponding apparent missile off-set. As it corrected the nonexistant off-set, it would create perturbations which would appear as noise in the missile guidance signals. This would detract from the hit-accuracy of the guidance and tracking system.
The present invention provides means for improving the performance of line-of-sight commanded missile guidance systems.
The present invention utilizes a video sensor for providing successive frames of data corresponding to at least a portion of a video scene as viewed by the operator through an optical sight. Signal processing circuitry is provided for analyzing the frames of data to provide electrical signals indicative of the jitter motion of the optical sight relative to stationary objects in the video scene.
More specifically, the present invention includes means for converting information representative of the video scene into a train of discrete signals. Successive frames of discrete data are then compared on a pixel by pixel basis until a best match is obtained. (A "pixel" is an individual picture element.) The address at which the best match is obtained provides information indicative of the jitter motion of the tracking system. (The "address" is the reference in number of rows and columns in each frame.) Data must be successively displaced to achieve the best match to a prior frame's reference (or address) This information is then utilized to off-set the jitter motion effect on the missile guidance signals.
FIG. 1 is a diagrammatic representation of a preferred embodiment of the invention.
FIG. 2 is representative of the processing of a first frame of video data by the system of the present invention.
FIG. 3 is representative of the processing of a second frame of video data by the system of the present invention.
FIG. 4 illustrates the method by which successive frames of data are compared by the system of the present invention.
This invention substantially eliminates the effect of gunner jitter by initially tracking arbitrary portions of the background of a video scene remote from the target. The basis for estimating the gunner jitter is the apparent motion of the stationary scene. By measuring how elements of the scene, remote from the target, appear to be moving, gunner jitter may be estimated. The estimation is represented by electrical signals which are subtracted from the missile guidance signals so that the normally occurring gunner jitter is suppressed.
FIG. 1 shows a block diagram representing of a digital system designed to suppress gunner jitter. It should be noted that while a digital system is disclosed, the principals of the present invention may be realized through equivalent analog circuitry. The gunner jitter suppression circuit is shown at 10 in FIG. 1. The suppression system 10 is adapted to receive video data from a video sensor 12. The video sensor 12 may be a forward looking infrared (FLIR) sensor or an electronic T.V. camera. The video sensor block would also include a display and/or an optical sight through which the operator may view the video scene. The video output of sensor 12 appears on line 14 and is input to the bandpass filter 16. The bandpass filter 16 is effective as a differentiator to transform the video data so that subsequent correlations may be more easily measured and identified. The effect of differentiation is to delineate scene boundaries. The processing scheme of the present invention utilizes boundary change information to estimate gunner jitter.
The output of the bandpass filter 16 provides one input to a multiplexer 20 via line 18. The second input to the multiplexer 20 is provided by the gate generator 22 via line 24. The multiplexer 20 and gate generator 22 operate on the analog video output of the filter in such a way as to pass data representing portions of the video scene remote from the center of the field of view. Thus, gated video appears at the output of multiplexer 20 on line 26 and is input to an analog-to-digital (A/D) converter 28.
The A/D converter 28 thresholds the video data to produce a mosaic of 1's and 0's. See FIGS. 2 and 3. This stream of binary video is input to a formatter 32 via line 30. The formater 32 directs video data into a first memory 36 via line 34 until a first frame of gated video is stored. Similarly, video data is subsequently formatted into a second memory 40 via line 38.
FIGS. 2 and 3 illustrate the processing of the data up to this point. FIG. 2a shows that the first frame of data appears at the output of video sensor 12 as raw video. The upper portion of the figure illustrates a portion of a typical video scene with the background clutter represented as a shaded area. The filtered video for the corresponding line of data is represented in the lower portion of the figure as a pulse two units wide.
FIG. 2b is illustrative of the same video bandpassed by filter 16. The upper portion of the figure now shows the boundaries as shaded areas while the lower portion of the figure is representative of the derivative of the pulse in FIG. 2a.
FIG. 2c shows the same portion of the video scene at the output of the analog-to-digital converter 28. Shaded portions are represented by 1's; the remaining portions are represented by 0's. FIG. 2c is thus a mosaic of 1's and 0's. Formater 32 provides the formatted video of frame 1 to memory 36 in a format typified in FIG. 2d.
FIG. 3 illustrates that the second frame of data corresponds to a jitter motion effective to displace the sensor one element to the left. Note that the raw video of FIG. 2a is now moved to the right by one unit as illustrated in FIG. 3a. Subsequent filtering, digitalizing, and formating, in the manner described above, yields a displacement of one unit to the right of the 1's in the data stream associated with line 3 of FIG. 3d.
Video detector 12, bandpass filter 16, multiplexer 20, gate generator 22, analog-to-digital converter 28, and formattor 32 thus provide successive frames of video data for processing in the manner described below.
Returning now to FIG. 1, the information stored in memories 36 and 40 is compared by matching logic 42. The matching logic may be provided by a computer or other digital or analog circuitry.
After frame 1 is loaded in memory 36, matching logic 42 samples frame 2 as it is being formatted into memory. The data in memory 40 is sampled and compared at every step or pixel. The location which gives the best overall match is referenced to the last frame's location in order to compute incremental motion. The process is illustrated in FIG. 4.
FIG. 4a shows that at position N-1 there are 21 pixels which match and 4 pixels which do not match. The X's indicate "don't cares". FIG. 4b illustrates that the data has marched one position in time to where the number of matches is 25. FIG. 4b thus illustrates position N. FIG. 4c illustrates position N+1 where the number of matches is once again 21. Position N therefore provides the best match and indicates the displacement of the scene due to gunner jitter to be one pixel to the left.
When matching logic detects the best match, it signals address latch 46 via line 44. At that point the address latch interrogates the formatter 32 to determine and store the position at which the best match is obtained. This information appears on line 48. The address latch 46 thus provides on line 50 information containing the jitter for say the ith sample or Ji.
Memories 36 and 40, matching logic 42, and address latch 46 thus provide means for analyzing successive frames of video data to provide signals indicative of jitter motion of the tracker relative to the video scene.
What remains is to determine whether the incremental motion is in fact jitter motion or tracking motion. That is, scene stabilization must be selective. It must reduce effects of operator jitter while permitting accurate tracking of moving targets. Low-pass filter 52 and subtractor 56 serve to provide this function. The solution to this problem as afforded by the low-pass filter 52 and the subtractor 56 is best illustrated by Equation 1. ##EQU1##
Where Ci is the ith correction corresponding to the ith frame and Ji is the ith jitter sample. Equation 1 illustrates that the jitter correction C for a given frame i is equal to the difference between the incremental jitter sample J; and the average of the previous n jitter samples ##EQU2##
Address latch 46 provides Ji to low-pass filter 52 via line 50 and to subtractor 56 via line 51. Lowpass filter 52 provides the average of the previous jitter samples to the subtractor on line 54. The output of the subtractor on line 58 is the correction C for a frame i.
Equation 1 can be verified functionally when one considers that in a situation where the gunner is in fact causing the tracker to undergo jitter, the effect of the jitter may be sinusoidal in nature. As a result, its average would be zero and the correction would equal the ith jitter sample. However, when the operator is tracking a target, the tracker position does not vary as a sinusoid but more as a ramp. The average behavior of a filtered ramp is another ramp delayed in time. Thus the corresponding correction would be the jitter which rides on the ramp. The filtered ramp is subtracted from this to leave a small value relative to the missile guidance signals.
It should be noted here that the solution to the jitter/tracking ambiguity of FIG. 1 is illustrative of but one of several possible approaches to the problem. Another approach would be to utilize a high-pass filter to simply filter out the signals corresponding to the low frequency tracking motion of the tracker. Yet another approach would be to utilize an algorithm implemented by a microprocessor such as that which may be provided by the missile guidance system 60. The use of the low-pass filter and subtraction technique is preferred in so far as low-pass filters appear to function better as integrators than high-pass filters function as differentiators.
The correction signal C is ultimately provided to the missile guidance system 60 via line 58 where it is subtracted from the missile guidance commands appearing on line 62 and 64.
Thus, the low-pass filter 52, subtractor 56 and the missile guidance system provides means for compensating the missile guidance signals as a function of the jitter correction signals to provide signals for effectively guiding the missile not withstanding jitter motion of the tracker.
The present invention has been described with reference to a particular embodiment and a particular application. It is contemplated that modifications may be made by those having ordinary skill in the art and access to the teachings disclosed herein which are encompassed within the principles of this invention. For example, systems which include image intensifiers, scan converters, or vidicons can be adapted to use this same correction technique for image-motion compensation. It is thus contemplated by the appended claims to cover any and all such modifications and applications.
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Intel DC S3500 480GB Enterprise SSD Review
Intel's launch of the 6Gb/s DC S3500 bolsters their existing SSD product stack with an MLC mainstream enterprise SSD. Featuring Intel's third-generation PC29AS21CA0 (an 8-Channel ASIC) in concert with 20nm MLC NAND provides the DC S3500 with up to 75,000/11,500 random read/write IOPS and 500/450 MB/s of sustained sequential read/write speed.
The mainstream SSD market is booming and many administrators are choosing to deploy mainstream SSDs to address performance challenges in read-centric and mixed workload environments. The high performance envelope of enterprise SSDs boosts system performance up front, and the long-term advantages of radically lower power consumption, space reduction, and cooling costs drive TCO down even further.
One of the most pressing needs in today's datacenters is optimization of the compute layer. Performance is often hamstrung by I/O bound systems, leading to servers that operate with much lower CPU utilization than possible. The explosion of virtualization and the resulting 'I/O Blender' of sporadic highly random workloads require storage solutions with consistently high performance and low latency. Boosting the efficiency of the storage subsystem feeds the CPU with enough data to operate efficiently, creating more production and density per server.
The Intel DC S3500 (codename Wolfsville) is designed to provide a more cost-friendly alternative for those in need of acceleration with enterprise-class features at a lower price point. The DC S3500 (DC for Datacenter and S for SATA) provides a mainstream alternative to the Intel DC S3700, yet retains many similar characteristics.
The DC S3500 aligns itself to replace the Intel 320 customer base, offering seven times the endurance and 85% improved random read performance over the 320 Series. The 320 arrived in early 2011 and a replacement for the 3Gb/s 320 series is overdue. Intel's goal is to replace the 320 with an SSD with similar characteristics to the DC S3700.
The primary differentiator between the S3500 and the S3700 is the NAND employed. The DC S3500 utilizes 20nm MLC NAND in contrast to the 25nm HET-MLC NAND onboard the DC S3700. This provides a lower endurance threshold that is more suitable to read-centric and mixed workloads. The DC S3500 features a maximum of 450 TB Written for an 800GB capacity drive, and we expect endurance to scale with the various capacity points. The DC S3700, in contrast, offers up to 14.6PB of endurance for the 800GB model.
The DC S3500, with the same controller as the DC S3700, also focuses on performance consistency. Performance variability can rob applications of performance. Individual 'hangs' and lags from outlying I/O can significantly affect application performance simply because applications are forced into waiting for the next I/O to complete. The DC S3500 does not have quite the robust write latency specifications of the DC S3700, focusing more on read latency performance. The DC S3500 guarantees a maximum read latency of 500ms 99.9% of the time during a 4k random workload, and 50/65uS typical read/write latency.
Many administrators have experimented with utilizing standard client SSDs in enterprise environments and have suffered the consequences of inconsistent performance. The DC S3500 will rival client-side offerings with a price of roughly $1.22 per GB at launch. Delivering performance consistency and reliable performance at this price range will provide Intel a solid entrant into the booming value/mainstream SSD market.
Providing solid performance with a host of enterprise features such as end-to-end data path protection, 256-bit AES encryption, ECC protected memory, power loss protection, and a five year limited warranty rounds out the impressive feature set of the DC S3500.
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Friday, May 29, 2015
These are the newest travel startups from Angel List vying for travelers' interest and investors' attention.
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We couldn't agree more.
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2011 Kenworth T660
Gulfport, MS
2016 Freightliner BUSINESS CLASS M2 106
Somerville, NJ
1995 Chevrolet 3500HD
New Hampton, IA
2013 Dodge RAM 3500
Jacksonville, FL
2007 International 9400i
Lake Butler, FL
2009 Freightliner CL120
Des Moines , IA
Trailer for 2016 Dorsey 60 Ton Steel Drop Decks
Voorhees, NJ
2012 Freightliner CA12564DC - CASCADIA
Healdsburg, CA
2010 Volvo VNM64T670
Ocala, FL
2012 Peterbilt 587
French Camp (Stockton), CA
Description: double frame, NEW 16'Bibeau BFL Smooth Dump, cab protector, apron, boards, electric tarp, rear plate, 22,600#emptyMore Information
Description: engine apart, needs cam shaft. Steel box, 1 steerable axle, 1 rigid pusherMore Information
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AMBOY, CA, USA - APRIL 8: Legendary Roy's Motel and Cafe in Amboy, CA on April 8, 2001. Roy's Motel and Cafe was a classic stop for gasoline or rest in the Mojave desert on historic Highway Route 66.
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A rite of passage may help people to make a new start. Polly Toynbee argues for a new approach to
Thursday 09 November 1995
Is that all there is to it? Nothing more? This week Christina Stark got divorced in church, to mark the occasion. Her United Reform church minister in Sheffield created a new 45-minute service concentrating on all the good things that came from the marriage. (Her former husband was not there.) They sang All Things Bright and Beautiful, which many of the same 50 guests had sung at her marriage 20 years before. Her 17-year-old son Duncan stood beside her, and some of the congregation cried, just like at a wedding.
The point, Ms Stark said, was to celebrate a new beginning. It is something that a growing number of people are asking their churches for, a new rite of passage to mark something that can be far more traumatic than a death. In most divorces there is a leaver and a left. However bad the marriage, to be left is piercingly, horribly, humiliatingly painful. People often take years to recover, even if in the end they come to acknowledge that a new life, or a even a life alone, is better than life inside a bad marriage.
Although the new divorce law will finally remove the last vestiges of the concept of blame from the statute books, shame, blame, guilt and white rage will still surround divorce. It may be common - one in three marriages ends before death - but that doesn't make it easier. Perversely, the worse the marriage, the more insufferable being deserted can be: "How dare he/she, after all I've put up with?"
Bitterness spills over into negotiations about access to the children and money. Lord Mackay's new mediation process may help in some cases, but some people need to fight. Deep down, they want their day in court, telling the judge what a bastard/bitch their spouse was. Often people are outraged to find that nowadays they are deprived of it by a mere quickie rubber stamp - irretrievable break-down - and the judge couldn't care less who did what to whom on Christmas Eve of 1987. Maybe the mediator can replace the judge, giving a chance to air and lay to rest all that grievance, grudge and rage.
It is easy to see why people might feel the need for something ceremonial to mark the moment, anything, even a rather odd church service, if church is their thing. But if not church, what instead?
I know of people who have been bold enough to hold divorce parties, as a comfort for the deserted. It can be a time to gather your friends around you and count their numbers for security. (It may be a wicked way of telling them they belong to you and not to him/her). Since it takes a certain flamboyance when too many of the abandoned feel humiliated and drained of self-confidence, it should be organised by best friends.
We live in odd times. The model is marriage and yet fewer people get or stay married. Eternity rings, white dresses and morning coats still dominate the imagery. The reality is darker and more uncomfortable. Absurdly romantic aspirations give way to horribly bitter divorces, because people still expect too much of their own ability to tolerate someone else for ever. Marriage was never easy, but it used to be compulsory. Now, mercifully, it isn't. While a ceremony for divorce may be useful to some, a different text for the marriage service itself might be better still. No more "till death us do part", but a less daunting "for as long as ye both can bear one another".
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Marina Evans to Play at 2015 Event
With clever lyricism and unusual melodies, [her full-length album] Unbound deftly combines various styles, genres, and instrumentation — from sweet ballads to folk anthems to straight up rock and roll…
Vermont Music Fest thrives on creativity and collaboration — add your own color to this year's event, and help VMF continue building its unique, positive, fun-filled, all-inclusive vibe. Continue reading
We look forward to a great party on August 8, 2015 so bring your phone, watch or camera and send any photos or videos you want to share to this site after the… Continue reading
2014 Line Up was a hit! The Fifth Annual Vermont Music Fest featured: Locos Por Juana Afri-VT Drum & Dance Steady Betty Michelle Sarah Band Joe Driscoll & Sekou Kouyate Johnny Rawls &… Continue reading
With clever lyricism and unusual melodies, [her full-length album] Unbound deftly combines various styles, genres, and instrumentation — from sweet ballads to folk anthems to straight up rock and roll…
Main Street Syndicate is a rock, psychedelica group based in Warren, VT with mostly original arrangements. Founded in 2014, the band includes: Jim Hamel, Bass and Vocals; Phil Eriksen, Keys and Synths; Tim… Continue reading
PO BOYZ is the best party in town and they're coming to the VT Muisc Fest! A soulful gumbo of sounds, fearless souls and spirits their sure-fire high energy songs, with tinges of… Continue reading
Embracing a genre caught somewhere between Spaghetti Western, Ameri-folka, glimpses of Bizarro World (Yes, we swear), and some whistles from the West, this atypical songwriter brings you his solo-crafted collection of jams driven… Continue reading
Featured in Relix magazine as up and coming artists, Gridline has been nationally recognized as something of a rarity amongst today's music scene. In a recent interview, Break Through Radio calls Gridline "[a… Continue reading
Long time members of the Trey Anastasio Band (TAB) create instrumental, exploratory organ-driven funk. Soule Monde is a deep funk avant outfit that features Russ Lawton and Ray Paczkowski. The duo draws notably… Continue reading
Since 1971, Jon Gailmor has been performing in schools, colleges, resorts, restaurants and folk clubs throughout the country, serenading at child care and senior centers, singing at prisons, hospitals, corporate and private parties,… Continue reading
Major sponsors for the 2015 VT Music Fest will be announced in May!
Self portraits were so popular in 2014 they are back! Stay tuned for the next frame.
Hot Box Honey spices up the Vermont music scene every time they play! Led by jazz vocalist Jane Evans and guitarist Gregory Evans, Hot Box Honey showcases an upbeat eclectic mix of swing,… Continue reading


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List all words ending with issei
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When Did These KUWTK Scenes Film? Keeping Up With the Kontinuity Errors
In a conversation on Sunday night's episode of Keeping Up With the Kardashians, eldest sister Kourtney brought up her stepfather Bruce Jenner's announcement that he is transgender and planning to transition. A totally normal topic, given that she ostensibly just learned about this in last week's episode—except the… »


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Alameda County
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Wimbledon 1997: Old boom, new broom
Decision day draws nearer for ex-champion Becker: Andrew Longmore fears the career of a born competitor is winding down
Sunday 29 June 1997
The decision will be influenced most by Noah, Becker's three-year-old son, who will reach school age next year. But the desire to win one more Wimbledon title will doubtless play its part in the timing of any decision to embrace a new life.
"I still have as much motivation and hunger as when I first started," he said. "I am a born competitor, no matter what field I'm in. I like to play and practise still, it's not really hard work, and I still feel I have one more Wimbledon left inside me. The pressure on me will come when Noah goes to school and we have to have a permanent home. Then it will become difficult because he wouldn't be able to travel and I would miss him."
No one who has watched Becker the father at close hand could doubt those sentiments, nor question the new tranquillity which seems to have soothed a once troubled soul. On a happiness scale of 1 to 10, Becker once put himself at nine to nine and a half, but on court another of his phrases - "tennis years are dog years" - has rung more true in recent years. At times, he has made tennis look like a desperately hard day at the office.
Some close to Becker believe that a fourth Wimbledon would prompt an instant farewell, a grand gesture which would fit Becker's sense of theatre. The circle would only be perfectly completed by one final afternoon of triumph on the stage where his career began 12 years ago.
Becker's long and often painful journey can be measured in Wimbledons, in titles, haircuts, moods, opinions and millions. Somewhere along the line, the gauche "Boom Boom" of the mid-1980s who sat in his borrowed dinner jacket and ate takeaway pizza after the Champions' Ball, turned into Boris, the elder statesman in the sharp suit who stood on Court One last week in the company of the greatest Wimbledon champions and was humbled by the mass of grand slam titles around him.
"Some of these people have won 50 titles, I have only seven," he said later. Over lunch with Margaret Court and Rod Laver, he listened to stories of old Wimbledon, of wooden rackets and long rallies with the awe of a novice. During the ceremony, Becker was the epitome of solemnity, clutching his celebratory silver salver as if he would never let it go. Becker has always been transfixed by the traditions of Wimbledon; now he is as much part of them as the ivy-clad walls and the royal box.
Yet the rebel in Becker, the one who supported the street people of Hamburg and sewed a Greenpeace patch on his shirt, has never allowed for a smooth relationship with the All England Club. For a long time, he felt the Club - particularly its order of play committee - had a vendetta against him. He was once thrown off the courts for hitting with his coach, who was not a member. The Club later apologised. But, in 1991, after losing to Michael Stich in the final, he complained about the scheduling throughout the tournament.
This year has been little different. Becker would have raised a slight smile when the parade on the new Court One turned into exile on Court Two for his first-round match against Marcos Aurelio Gorriz. It barely mattered. Though desperately short of matchplay, Becker was able to rummage through the rudiments of his grasscourt game knowing that the Spaniard's name was much grander than his game. A big serve here, a backhand pass there, a volley or two, the odd bead of sweat, Becker wore what looked like a cardigan and only needed slippers, armchair and pipe to make himself feel completely at home. At courtside, his coach, Mike DePalmer, sat impassively alongside Walde the physio, Ulli the racket stringer and Barbara. Noah had been left with the bodyguard and the childminder.
The rest of the wettest week on record revived echoes from the past. Scheduled last on Court One for Thursday, he made it on to the order of play for his beloved Centre Court for Friday, but only as last match. You would have thought, after losing Stefan Edberg so carelessly on a miserable Court One last year, they would handle their remaining champions with more care.
Thirty in November, Becker is planning for the future, though a personal fortune of pounds 60m is a healthy pension fund. A junior squad, Team Mercedes, will be unveiled next month with Becker as its self-appointed guru. But with Steffi Graf expected to retire soon, too, the centre of power is shifting imperceptibly away from Germany. "We have been playing a long time now and it starts to take its toll," Becker said.
Wimbledon might yet keep the mind and body in aspic for a year or two - he reached the third round yesterday with a straight sets win over Sweden's Thomas Johansson. There are, says Mrs Becker, only three seasons in her husband's year: before Wimbledon, Wimbledon, and after Wimbledon. Sooner or later, Wimbledon will have to contemplate life after Boris and the sorrow on parting will not all be one-sided.
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TIGA urges game dev tax breaks
UK game developer's friend TIGA have said that the business could decline by up to five percent every year unless the British government offer up tax breaks to aid struggling firms.
If the government do submit to giving game makers a break, then conversely, the organisation believes the industry could actually grow by up to four percent a year. The UK is under increasing pressure, given the tax breaks offered in places like France, Canada and Ireland.
"The UK games industry is still successful and world leading. However, because most of our key competitors benefit from a tax break for games production, our industry is at a competitive disadvantage," offers Gareth Edmondson, TIGA vice chairman.
The exec believes the industry will stop shrinking next year if the government offer tax breaks soon, and Edmondson also urges that this move would create more jobs for young people. More soon.
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Comments about 'Investigation: More fatal rock falls likely in Rockville'
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Those are big rocks.
- 12:48 p.m. April 3, 2014
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Earthquakes are a sign of the times.
- 1:29 p.m. April 3, 2014
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I hope the residents and the City of Rockville follow the advice of the UGS. If the town and residents of Oso, WA had followed the advice of the geologic report prepared almost 20 years ago, the recent mudslide would have been a big mess, but not a horrible disaster. Please please please--listen and follow this advice. It may not happen next week or next year, but it will happen. Please move out of the way of the rockfall, and please, City of Rockville and State of Utah, help those that have homes in the danger area move to safety. Don't make them be trapped in a dangerous home that can't be sold, but that money is owed on. Banks holding those mortgages--please cooperate! Hopefully things can be transferred from this dangerous property to property in safety. Don't sentence these people to death by tons of crushing rock because of greed and bureaucracy.
- 2:30 p.m. April 3, 2014
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See . . . more proof that we need to outlaw rocks.
- 5:46 p.m. April 3, 2014
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Some pricey real estate close to the entrance of Zion's National Park.
Hope those folks can figure out how to be compensated for their property.
No one wants to be the recipient of what happened previously there in Rockville.
- 5:55 p.m. April 3, 2014
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For decades Rockville has been beset with problems, including pioneer families being flooded out time after time by the Virgin River. I wish there were more zoning studies done so building was prohibited in such disaster-prone areas. There have been mudslides along the Wasatch Front which have damaged or destroyed homes built on steep slopes. How come no building restrictions were in place in those places - makes you wonder who's in charge??
- 1:24 a.m. April 4, 2014
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VIEWS: 2 PAGES: 22 POSTED ON: 11/2/2012 Public Domain
CHAPTER 8: PUBLIC TRADING ENTERPRISES Profitability is expected to increase over the forward estimates period reaching $8 billion by 2013-14, mainly due to higher returns in the commercial public trading enterprise sector. Commercial PTE sector profitability is largely due to the network electricity and water businesses and is driven by independent regulator-determined returns on a large and growing asset base. Net debt in the PTE sector is forecast to increase to $42.6 billion in June 2014. Borrowings by the electricity and water sectors form the bulk of the increase, with most of the remainder being higher transport sector borrowings. Following a period of significant growth in capital expenditure, PTE spending over the next four years is expected to level off at around $9 billion per year. Reflecting the increased profitability, contributions to the Budget from commercial PTEs in the form of dividends and income tax equivalent payments are estimated to increase from $1.8 billion in 2009-10 to $2.6 billion in 2013-14. The gearing level of commercial PTEs will increase from 50 per cent in June 2010 to 58 per cent in June 2014. This remains within commercially prudent levels. 8.1 INTRODUCTION The public trading enterprise (PTE) sector comprises a range of government businesses providing major economic services. This includes State owned corporations governed by the State Owned Corporations Act 1989. Commercial PTEs receive most of their income from customers. They are able to finance their operations and capital expenditure from own-source revenue and borrowings. Commercial PTEs cover government businesses in sectors including electricity, water, ports and property. Non-commercial PTEs receive Budget funding to meet policy objectives agreed with the Government when revenue is insufficient to meet operating expenses or capital expenditure. Non-commercial PTEs include government businesses in transport (excluding ports) and social housing. Budget Statement 2010-11 8-1 The Government represents the people of New South Wales as shareholder of commercial PTE businesses and so, expects an appropriate return on its investment. This return is used to fund core government services. The book value of the Government's equity investment in the commercial PTE sector is estimated at $24.9 billion in June 2010 and is forecast to grow to $27.8 billion by June 2014. 8.2 RECENT DEVELOPMENTS The major developments affecting the PTE sector since the 2009-10 Budget include the: release of the Metropolitan Transport Plan: Connecting the City of Cities housing stock transfer to community housing providers State's response to and recovery from the global financial crisis transfer of New South Wales Lotteries Corporation and business asset transactions and the Energy Reform Strategy. The largest commercial PTEs are the regulated infrastructure providers in the water and electricity sectors. These businesses were less exposed to the global financial crisis than businesses in more cyclical industries, such as the port corporations and Forests NSW. In line with normal budget practice, the 2010-11 Budget and forward estimates do not include the impact of business asset transactions, including transactions under the Energy Reform Strategy, which are not yet complete. The New South Wales Lotteries Corporation transfer, which was completed in 2009-10, is reflected in the 2010-11 Budget and forward estimates. BUSINESS ASSET TRANSACTIONS In November 2008, the Government announced it was investigating the potential sale of New South Wales Lotteries Corporation, the Superannuation Administration Corporation (trading as Pillar) and WSN Environmental Solutions. These businesses operate in increasingly competitive markets and continued provision of these services is no longer a core role for government. 8-2 Budget Statement 2010-11 New South Wales Lotteries Corporation The State granted a licence to operate lotteries and transferred ownership of New South Wales Lotteries Corporation to the Tatts Group. The operator licence and product licences are for a 40-year period starting 1 April 2010. The transaction attracted a strong pool of Australian and foreign bidders and delivered more than $1 billion for the State. This comprised $850 million in an up-front payment and $160 million in cash and other assets transferred to the State. Among the key terms of the transaction are: special protections to newsagents as distribution agents including a five-year freeze on the introduction of new types of agents and an automatic extension of agreements expiring during the five-year period special protections to New South Wales Lotteries Corporation employees including a three-year employment guarantee and a transfer payment, or the option to remain within the NSW public sector the Government retaining the right to either resume ownership of key intellectual property at the end of the 40-year licence period, or re-tender it to the private sector and retention of Government duties currently worth over $300 million per year and are expected to grow. WSN Environmental Solutions (WSN) The Government's investigation into WSN recommended transferring the business to the private sector and setting up the Waste Assets Management Corporation, a statutory corporation to manage sites retained by the Government. The Waste Recycling and Processing Corporation (Authorised Transaction) Act 2010 was assented to on 23 March 2010. The transaction process was launched on 3 May 2010 through a request for expressions of interest, and the Government expects to complete the transaction by the end of 2010. Superannuation Administration Corporation (Pillar) The Government's investigation into Pillar recommended that the corporation focus on enhancing its business value. In response, Pillar is currently implementing business marketing and continuous improvement strategies to expand its clientele and further improve its efficiency and productivity. These strategies have clear operating and financial performance benchmarks and NSW Treasury is monitoring their implementation. Budget Statement 2010-11 8-3 ENERGY REFORM STRATEGY In November 2008, the Government announced its Energy Reform Strategy. The Government's objectives are to: ensure NSW homes and businesses continue to be supplied with reliable electricity deliver a competitive retail and wholesale electricity market in NSW to increase the potential for the sector to respond dynamically and innovatively to market forces and opportunities create an industry and commercial framework to encourage private investment into the NSW electricity sector reducing the need for future public sector investment in retail and generation and place NSW in a stronger financial position by optimising the sale value of public assets, reducing the Government's exposure to electricity market risk, and reducing the State's public sector debt. In September 2009, the Government issued a call for expressions of interest from interested parties to participate in the Government's energy reform transactions. In December 2009, in response to strong expressions of interest, the Government invited qualified parties to proceed to the transaction phase of the reform process. The data rooms for the sale of the retail businesses and gentrader contracts will be open on 1 July 2010. These transactions include: the sale of the Government's electricity retailing businesses EnergyAustralia, Integral Energy and Country Energy, new generation development sites and the contracting out of the trading function of state owned generation businesses (commonly referred to as the gentrader model). The Government expects to execute the electricity reform transactions in 2010. 8-4 Budget Statement 2010-11 8.3 OPERATING PERFORMANCE PTEs' financial performance is assessed on the basis of the net operating surplus before interest, tax, depreciation and amortisation (EBITDA) and capital grants revenue (referred to as the adjusted net operating surplus). Analysis of private sector performance commonly uses EBITDA to enable comparisons of a business cash profits, independent of its capital structure. EBITDA also provides an effective measure to compare the performance of businesses within and across industries, in cases where businesses have a large amount of fixed and intangible assets and a significant amount of debt financing. In analysing the PTE sector's performance it is also appropriate to exclude Budget-funded capital grants revenue, which is largely provided to fund capital programs in non-commercial sectors such as housing and transport. Chart 8.1 shows the adjusted net operating surplus for the PTE sector over the period 2004-05 to 2013-14. Chart 8.1: Adjusted Net Operating Surplus The PTE sector's adjusted net operating surplus is projected to be $5.1 billion in 2009-10 and $4 billion in 2010-11. This reduction is largely due to the NSW Land and Housing Corporation's one-off, non-cash transfer of housing stock to the Aboriginal Housing Office and community housing providers (worth $1.4 billion) and the Government's revised transport priorities that re-phases funding to other major transport infrastructure. For the PTE sector, this includes substantial spending on additional rail projects over the forward estimate period. Budget Statement 2010-11 8-5 Profitability of the total PTE sector is expected to increase over the Budget and forward estimates period, reaching $8 billion by 2013-14. The electricity and water sectors are forecasting the largest increases driven by regulator-determined returns on a large and growing asset base. COMMERCIAL PTE SECTOR PERFORMANCE The commercial PTE sector is forecast to experience strong earnings growth, particularly from 2011-12 to 2013-14. The adjusted net operating surplus is projected to decrease from $5.4 billion in 2009-10 to $5.2 billion in 2010-11. This impact is partly due to New South Wales Lotteries Corporation which will no longer be included from 2010-11. The net operating surplus is forecast to increase to $7.6 billion in 2013-14. A large proportion of this growth will come from the network electricity businesses and water sector. Strong commercial PTE sector earnings growth is reflected in: return on total assets improving from 6.0 per cent in 2009-10 to 6.5 per cent in 2013-14. Return on assets is defined as the net operating surplus before interest and taxes (EBIT), divided by total assets, and dividend and income tax equivalent payments increasing from $1.8 billion in 2009-10 to $2.6 billion in 2013-14. NON-COMMERCIAL PTE SECTOR PERFORMANCE The adjusted net operating results for the non-commercial PTE sector are expected to be deficits of $255 million in 2009-10, $1,280 million in 2010-11 and $247 million in 2011-12. The sector is not expected to return to a surplus operating result until 2012-13. The transfer of housing stock by the NSW Land and Housing Corporation distorted overall sector results from 2009-10 to 2011-12. 8.4 CAPITAL EXPENDITURE Current and projected levels of PTE spending over the next four years are expected to level off at around $9 billion per year. This follows a period of significant growth in capital expenditure. Between 2010-11 and 2013-14, PTE capital expenditure is expected to total $36.4 billion, compared to $29.1 billion over the previous four-year period. The PTE capital program represents around 58 per cent of total State capital expenditure over the next four years. Chart 8.2 shows PTE capital expenditure from 2004-05 to 2013-14. 8-6 Budget Statement 2010-11 Total PTE sector capital expenditure in 2010-11 is expected to be $8.9 billion, down from $9.2 billion in 2009-10, mainly due to decreases in the social housing sector as part of the wind down of the Australian Government's Nation Building - Economic Stimulus Plan. Expenditure is expected to then increase to $9.4 billion in 2011-12 before declining to around $9 billion for the remainder of the forward estimates period. Chart 8.2: PTE Sector Capital Expenditure The Australian Government's Nation Building - Economic Stimulus Plan continues to boost the non-commercial PTE sector, with funding to the NSW Land and Housing Corporation. The majority of the funding is being provided in 2009-10 and will be completed in 2011-12. COMMERCIAL PTE SECTOR CAPITAL EXPENDITURE Commercial PTE capital expenditure is expected to increase by 3.4 per cent in 2010-11 to $5.6 billion. The small increase in expenditure is the net outcome of a decrease in Sydney Water Corporation's capital expenditure, following completion of the Desalination Project, offset by increases in the electricity sector. The network-related agencies of the electricity sector have the greatest increases, mainly due to investments to meet new load and replace end of life assets. Capital expenditure peaks in the commercial PTE sector in 2011-12 at $6.4 billion before declining to $5.5 billion in 2013-14. The decline is due to the completion of some large projects in the ports and electricity sectors. Projects such as the third container terminal and second bulk liquids berth at Port Botany, and the new passenger cruise terminal are expected to be completed in 2012-13. Projects in the electricity sector such as Delta Electricity's western rail upgrade, TransGrid's new Rookwood Road substation and 330kV connector lines to Holroyd are also expected to be largely completed in 2012-13. Budget Statement 2010-11 8-7 NON-COMMERCIAL PTE CAPITAL EXPENDITURE Capital expenditure in the non-commercial PTE sector is forecast to decrease from $3.8 billion in 2009-10 to $3.3 billion in 2010-11 and $3 billion in 2011-12. The decrease is due to reduced social housing expenditure as the Australian Government's Nation Building – Economic Stimulus funding starts to wind down. From 2011-12 to 2013-14, the social housing sector is forecast to return to longer term trend levels. Transport sector capital expenditure is expected to increase to $3 billion in 2013-14 reflecting project activity associated with the re-phasing of transport capital under the Metropolitan Transport Plan. Table 8.1 provides details of PTE capital expenditure by sector for 2009-10, the Budget year and forward estimates period. Table 8.1: PTE Capital Expenditure by Sector Total (a) 2009-10 2010-11 2011-12 2012-13 2013-14 2010-11 to Sector Revised Budget Forward estimates 2013-14 $m $m $m $m $m $m Commercial PTEs Electricity 3,355 3,912 4,717 4,673 4,169 17,472 Water 1,443 1,064 1,317 1,159 1,191 4,731 Ports 427 346 193 107 57 702 Property 75 136 143 115 49 444 Other 78 101 60 44 58 262 Total Commercial PTEs 5,378 5,560 6,429 6,098 5,525 23,611 Non-Commercial PTEs Transport 2,023 2,221 2,465 2,536 3,035 10,257 (b) Social Housing 1,785 1,119 546 433 401 2,499 Total Non-Commercial PTEs 3,808 3,341 3,011 2,969 3,435 12,756 Total 9,186 8,901 9,440 9,066 8,960 36,367 (a) PTEs have been classified according to their predominant activity. This differs from Budget Paper No. 4 Infrastructure Statement where capital expenditures by PTEs are classified according to policy areas, based on the Australian Bureau of Statistics categories. For example, Sydney Water Corporation's sewerage-related capital expenditure is classified under Environment Protection, rather than water expenditure, further details on PTE capital expenditure, see Budget Paper No. 4 Infrastructure Statement. (b) This includes the NSW Land and Housing Corporation, City West Housing Pty Limited and the Teacher Housing Authority. 8-8 Budget Statement 2010-11 FINANCING OF CAPITAL EXPENDITURE Commercial PTEs fund their capital programs from a combination of debt and internally generated cash. Non-commercial PTEs rely on a combination of debt and capital grants from the State Budget to finance their capital programs. Given the lesser capacity of non-commercial PTEs to carry debt, much of their capital programs is funded by the Budget. Net debt in the PTE sector is forecast to rise, an increase of $17.4 billion from $25.3 billion in June 2010 to $42.6 billion in June 2014. Borrowings by commercial PTEs account for $13.8 billion of the increase, with most of the remainder being higher transport sector borrowings. Commercial PTE net debt increases from $24.8 billion in June 2010 to $38.7 billion in June 2014. The electricity sector has the largest increase in borrowings of $10.2 billion. Water sector borrowings are expected to increase by $3.1 billion. The combined increase in net debt for these two sectors will partially fund $22.2 billion in capital expenditure. Non-commercial sector PTE net debt increases significantly from $449 million in June 2010 to an expected $3,976 million in June 2014. The majority of this increase reflects the recognition of finance leases linked to Rail Corporation New South Wales' Rolling Stock Public Private Partnership. In addition, Rail Corporation will borrow to finance enabling works which support the new rail cars and some Rail Clearways project expenditure. Consistent with this increase in net debt, the combined gearing level for commercial PTEs is projected to increase from 50 per cent in June 2010 to 58 per cent in June 2014. Gearing is defined as the ratio of net debt to net debt plus equity. While the increase in gearing is significant, it remains within commercially prudent levels. In setting prices for the electricity network and water businesses, independent regulators allow for a commercial rate of return on efficient capital expenditures. Chart 8.3 shows gearing ratios and capital expenditure in the commercial PTE sector over the period 2004-05 to 2013-14. Budget Statement 2010-11 8-9 Chart 8.3: Commercial PTE Capital Expenditure and Gearing Increased gearing levels and declines in the interest coverage ratio are consistent with the Government's Capital Structure Policy, which allows for borrowings (and resulting debt servicing capacity) to move within a prudent range over the investment cycle. During periods of high debt-funded capital expenditure, it is expected that growth in interest expense will outstrip growth in earnings in the short to medium-term. However, with capital expenditures expected to generate returns above the cost of borrowings, overall shareholder returns will continue to increase over the forward estimates period. See chapter 3 for further consideration of the PTE sector's net debt and its implications for the Government's fiscal strategy. 8.5 MAJOR SECTORS This section presents a broad overview of the key PTE sectors, including an outline of their strategic directions and expected capital expenditure programs over the Budget and forward estimate years. ELECTRICITY The State owns the major NSW electricity businesses which comprise: three generators Delta Electricity, Eraring Energy and Macquarie Generation the high voltage transmission network business TransGrid, and three distribution network and retail businesses EnergyAustralia, Integral Energy and Country Energy. 8 - 10 Budget Statement 2010-11 In total, State owned generators have approximately 12,600 megawatts of installed capacity, generating around 70 million megawatt hours per year. New South Wales distributors have approximately three million network customers. The State also owns a 58 per cent share in the hydro-electricity generator, Snowy Hydro Limited, which has a capacity of 3,750 megawatts and generates around four million megawatt hours per year. Strategic Directions The Energy Reform Strategy's objective is to optimise conditions that ensure private sector investment in generation capacity in New South Wales is adequate, economic and timely. To create this environment, the Government is implementing a strategy that: maintains public ownership of the existing power stations contracts the electricity trading rights of the Government-owned power stations to the private sector sells the retail arms of EnergyAustralia, Integral Energy and Country Energy sells the power station development sites around the State, and maintains public ownership of the transmission network of TransGrid and the distribution networks (the poles and wires) of EnergyAustralia, Integral Energy and Country Energy. Capital Expenditure Capital expenditure by the electricity sector is expected to total $17.5 billion over the Budget and forward estimates period. The key drivers for network capital expenditure over the Budget year and forward estimates period are customer growth, increasing summer peak demand and the replacement and renewal of assets that reach the end of their useful life. Capital expenditure by network businesses is forecast to grow from $3.6 billion in 2010-11 to $3.8 billion in 2013-14, totalling around $15.7 billion over the four years. This capital expenditure supports the State Plan target for average electricity reliability of at least 99.98 per cent by 2016. The capital expenditure of network businesses over the four years 2010-11 to 2013-14 will increase their asset base by over 50 per cent. As the asset base grows, earnings of the network businesses will increase because the regulated revenue includes a return on assets. Budget Statement 2010-11 8 - 11 Revenue of the transmission and distribution network businesses is determined by the Australian Energy Regulator (AER). Retail electricity prices will continue to be regulated by Independent Pricing and Regulatory Tribunal (IPART). The AER follows a transparent consultative regulatory process which is defined in the National Electricity Law and the National Electricity Rules. In April 2009 the AER made its final determination for these businesses for the five years starting 1 July 2009. This AER determination was later modified as a result of an Australian Competition Tribunal decision on 26 November 2009. The generators will undertake $346 million of capital expenditure in 2010-11 which includes works programs at Mount Piper and Wallerawang power stations near Lithgow, at Vales Point power station on the Central Coast and at Eraring power station at Lake Macquarie. A total of $1.8 billion has been allowed for generation in the Budget and forward estimates period. However, under the Government's Energy Reform Strategy, much of this investment will be transferred to the private sector. The poles, wires and generators will remain in public ownership. Financing Capital Expenditure Capital expenditure programs of the network businesses are funded through a mix of operating surpluses and debt. Net debt in network businesses rises from $14 billion in June 2010 to $24.1 billion in June 2014. Gearing is expected to increase from 70 per cent to 76 per cent over the same period. This gearing is sustainable during this period of high network investment because the networks have a regulated revenue stream and the assets typically have long lives. Operating Performance The adjusted annual net operating surplus of the electricity sector is expected to increase by 10 per cent per annum, growing from $3.8 billion in 2009-10 to $5.5 billion in 2013-14. Earnings from the network businesses are forecast to rise over the forward estimates period largely because the capital expenditure allowed by the AER increases the regulatory asset base from which a large proportion of the regulated revenue is derived. 8 - 12 Budget Statement 2010-11 WATER The State owns four commercial water businesses that provide water services to urban and regional customers: Sydney Water Corporation, Sydney Catchment Authority, Hunter Water Corporation and the State Water Corporation. Local water utilities are responsible for providing water and wastewater services outside Sydney, the Illawarra and the Lower Hunter. Strategic Directions Activities of the State's water businesses follow the State Plan, which commits the Government to providing a secure and sustainable water supply for all users. Key directions adopted by businesses in meeting this priority include: providing clean, safe drinking water maintaining water-efficient urban areas minimising environmental impacts from operations protecting and maintaining water assets with increasing efficiency and providing services that meet customer needs. Sydney Water Corporation and Sydney Catchment Authority also operate within the context of the 2006 Metropolitan Water Plan and the 2010 Metropolitan Water Plan which will be released soon. The plan seeks to secure a sustainable water supply for the people of greater Sydney through four major components: dams, recycling, desalination and water efficiency. Operating Performance The adjusted net operating surplus of the water sector is expected to increase significantly from $1.3 billion in 2009-10 to $1.8 billion in 2013-14. Strong earnings growth is largely driven by Sydney Water Corporation and Hunter Water Corporation and reflects the recovery, through consumer prices, of capital and debt servicing costs of their capital programs. The price assumptions underpinning agency forecasts are consistent with IPART's approach adopted when determining regulated prices for consumers. Budget Statement 2010-11 8 - 13 Capital Expenditure Capital expenditure in the water sector, while remaining significant, is expected to decrease from $1.4 billion in 2009-10 to $1.2 billion by 2013-14. This reduction is mainly due to Sydney Water Corporation's completed Desalination Project in 2009-10. Over the Budget and forward estimate period, capital expenditure is estimated to total over $4.7 billion. This expenditure is mainly driven by: water, wastewater and storage asset renewals by Sydney Water Corporation, Hunter Water Corporation and Sydney Catchment Authority to maintain water quality and service delivery new infrastructure to service a growing population in Sydney and the lower Hunter government initiatives and Metropolitan Water Plan projects, including recycled water schemes and environmental flow programs and dam safety program expenditure by the State Water Corporation to meet modern day safety requirements for extreme events. Financing Capital Expenditure The $4.7 billion capital program in the water sector is being financed by a mix of retained earnings and debt finance. Net debt is expected to rise from $7.9 billion in June 2010 to $11.1 billion in June 2014. Gearing in the sector is expected to increase moderately from 49 per cent to 53 per cent over the same period. PORTS The major NSW ports are Sydney Harbour, Port Botany, Newcastle and Port Kembla. These are managed by three port corporations: Sydney Ports Corporation, Newcastle Port Corporation and Port Kembla Port Corporation. The minor ports of Yamba and Eden are managed by the Maritime Authority of New South Wales. 8 - 14 Budget Statement 2010-11 Strategic Directions The three port corporations have been operating within the direction set by the 2003 NSW Ports Growth Plan. Amendments to the Ports and Maritime Administration Act 1995 in 2008 have also broadened the corporations' focus from being port managers and landlords to coordinating logistics, enhancing landside efficiency and creating better supply chain linkages with the ports. These port corporations are carrying out strategies to ensure their port infrastructure is capable of meeting both short-term and long-term growth in sea trade. These strategies include: Sydney Ports Corporation is working to expand Port Botany's capacity to meet the forecast growth in trade, through: developing a third container terminal developing an intermodal logistics centre at Enfield, which will connect to the dedicated freight line to Port Botany and expanding the bulk liquids capacity. Newcastle Port Corporation under the recently agreed Hunter Coal Export Framework, is facilitating the growth of private coal loading facilities which includes the expansion of existing terminals and the construction of a new terminal. This will help increase substantially coal exports from the Hunter Valley to Asian markets. Newcastle is also the nominated site for container terminal expansion when Port Botany reaches its capacity. Port Kembla Port Corporation is focusing on the development of new port assets at its Outer Harbour. The rate of development will depend on trade growth and business projects to underpin this expansion. Operating Performance The adjusted net operating surplus of the port sector is expected to increase from $143 million in 2009-10 to $206 million in 2013-14. With Australia's economy performing relatively well, and its commodity exports to Asia still robust, recent trade volumes across the three ports have been better than expected. Forecast growth in trade volumes over the forward estimates period underpins the growth in operating surpluses of the port corporations. Newcastle Port Corporation is forecasting particularly strong growth in the volume of coal exports as the expanded capacity of private coal loading terminals comes into service. Budget Statement 2010-11 8 - 15 Capital Expenditure Capital expenditure for the port sector is expected to total $702 million over the Budget and forward estimates period. Sydney Ports Corporation's capital expenditure of $522 million includes major projects such as the Port Botany third container terminal, the Enfield Intermodal Logistics Centre, a second bulk liquids berth at Port Botany, and a new passenger cruise terminal at White Bay. Newcastle Port Corporation's capital expenditure of $41 million includes replacing a pilot vessel, building a pilot station port centre, channel dredging and refurbishing berths. Port Kembla Port Corporation's capital expenditure of $139 million focuses on developing Outer Harbour as well as building a new tug fleet base. Financing Capital Expenditure All three of the port corporations will use internal cash reserves and borrowings to fund their ongoing capital programs. Net debt is expected to rise from $500 million in June 2010 to $826 million in June 2014. Gearing in the sector is expected to increase from 26 per cent to 33 per cent over the same period. TRANSPORT The transport sector incorporates: rail services – Rail Corporation New South Wales (RailCorp), responsible for passenger rail operations, including CityRail and CountryLink services; Rail Infrastructure Corporation, which manages the country regional network; and the Transport Infrastructure Development Corporation (TIDC), a construction authority managing major rail and other infrastructure projects bus services – State Transit Authority (STA), providing passenger bus services in metropolitan Sydney and Newcastle ferry services – Sydney Ferries, providing passenger services on Sydney Harbour and the Parramatta River, and STA, providing ferry services in Newcastle and the Public Transport Ticketing Corporation (PTTC), responsible for delivering an integrated electronic public transport ticketing system for Sydney. 8 - 16 Budget Statement 2010-11 Strategic Directions New South Wales has the largest public transport system in Australia. Approximately two million trips are made on rail, bus and ferry services across New South Wales on an average weekday. With the expected growth in Sydney's population and activity, it is vital to take a long-term approach to transport services and infrastructure. The Metropolitan Transport Plan: Connecting the City of Cities released in February 2010 sets out a 10-year fully funded package of transport infrastructure for the Sydney metropolitan area. The Plan will also benefit the Illawarra, Central Coast and Hunter areas. The Plan will: reduce travel times for western Sydney commuters by introducing a Western Express CityRail service with a new 5 kilometre priority tunnel to channel western line services into the CBD build the North West and South West rail links expand the light rail system build more commuter car parks and provide new rail carriages, new air conditioned buses and new ferries. The State Plan sets out the Government's strategic goals for an effective transport system. Key priorities are: increasing public transport's share of peak hour commuter trips to and from the Sydney CBD and to and from regional business centres, and increasing public transport's proportion of total journeys to work in the Sydney metropolitan areas. Operating Performance The transport sector is forecasting an adjusted net operating deficit of $164 million in 2009-10 and returning to a surplus of $106 million in 2010-11. Surpluses are forecast for the remainder of the forward estimates period. Transport's modest results from 2010-11 largely flow from providing public transport services to commuters at well below the cost of delivering those services. Transport fares for rail, bus and ferry services are regulated by IPART. Budget Statement 2010-11 8 - 17 Capital Expenditure The capital program for the transport sector is expected to total $10.3 billion over the Budget and forward estimates period, ranging from $2.2 billion in 2010-11 to $3 billion in 2013-14. The rail program includes substantial spending to deliver the Metropolitan Transport Plan. Highlights over the forward estimates period include: starting work on a new $4.5 billion Western Express service, which will allow Western line trains to use a new priority tunnel to avoid a bottleneck before reaching the CBD. This will shorten journey times for Western Sydney commuters substantial completion of the $2.1 billion South West Rail Link, connecting new growth areas from Glenfield to Leppington, via Edmondson Park. The Glenfield Transport Interchange, is currently underway and is scheduled to finish in 2013, with the new rail line due for completion in 2016 major upgrades to the Tangara rail fleet and further new outer suburban rail carriages and steel resleepering, bridge renewals, signalling and train control improvements by Rail Infrastructure Corporation for the country regional network to improve system safety and meet operational needs. The STA's capital program is estimated at $133.7 million over the Budget and forward estimates period, including $42.5 million in 2010-11. Key projects include: a new depot in Western Sydney, and the on-going development of Ryde and Tempe depots to cater for the expanding fleet and improve bus operating network efficiency, and new safety and security measures on buses to protect both passengers and drivers. The Metropolitan Transport Plan will deliver 1,000 additional buses for both STA and private bus operators over 10 years. The STA will acquire 187 new buses in 2010-11 to meet anticipated growth in passenger demand. These costs are met through the Department of Transport and Infrastructure's capital program, so are not in the PTE capital program. 8 - 18 Budget Statement 2010-11 The Sydney Ferries fleet will be upgraded by replacing six vessels, as part of the Metropolitan Transport Plan. The Sydney Ferries capital program is estimated at $106.7 million over the Budget and forward estimates period, including $25.6 million in 2010-11 to start replacing vessels and to improve safety and reliability of services. Funding and Financing Capital Expenditure The transport sector relies heavily on Budget support to finance operating and capital expenditures. Unlike other public trading enterprises which receive the majority of their income from user charges, fares by rail, bus and ferry commuters are insufficient to meet operating expenses and cannot therefore fund capital expenditure. Table 8.2 summarises Budget support to transport PTEs. The table also shows the proportion of fare revenue, relative to operating expenditures, recovered from commuters. For rail services in particular, the level of cost recovery is low, despite increases in the overall level of fare income. The modest decline in Budget grants in 2010-11 from 2009-10 reflects the Government's decision to stop work on the Sydney Metro project and redirect funding to other infrastructure projects included in the Metropolitan Transport Plan. Table 8.2: Budget Support for the PTE Transport Sector 2006-07 2007-08 2008-09 2009-10 2010-11 Actual Actual Actual Revised Budget $m $m $m $m $m Rail Services Operating grants 1,551 1,549 1,719 1,769 1,809 Capital grants 818 796 1,239 1,484 1,384 Debt reduction payment 960 390 … … Sub-total – Rail Services 3,329 2,735 2,958 3,253 3,193 Bus and Ferry Services Operating grants/contract payments 332 349 372 379 396 Capital grants ... ... … 95 2 Sub-total – Bus and Ferry Services 332 349 372 474 398 Total Net Budget Funding: Transport (a) 3,661 3,084 3,330 3,727 3,591 (b) Fare revenue/operating costs% Rail services 24.7 24.4 23.3 22.9 22.4 Bus services 47.8 49.5 47.2 46.1 44.6 Ferry services 38.8 37.3 34.2 27.3 32.2 (a) The Budget also supports borrowings by transport agencies to fund capital works. Operating grants also include fare concessions for pensioners and students. From 2007-08, grants for acquisition of new buses by the STA are reflected through the Department of Transport and Infrastructure capital program. (b) Based on information provided by Rail Corporation New South Wales, State Transit Authority, and Sydney Ferries. Budget Statement 2010-11 8 - 19 SOCIAL HOUSING Housing NSW is responsible for social housing policy. It is a division of the Department of Human Services. Services are delivered through the NSW Land and Housing Corporation ('the Corporation'). The Corporation is the largest provider of social housing in Australia. In addition to being a housing provider, the Corporation funds and supports the community housing sector and helps people acquire and maintain tenancies in the private rental market. Strategic Directions Housing NSW is helping to build stronger communities through providing housing solutions for those most in need. This covers the spectrum of housing needs, including homeless people, and people with disabilities and complex health needs. For more details on Housing NSW see Budget Paper No. 3 Budget Estimates under the Department of Human Services. The NSW Homelessness Action Plan 2009-2014 was launched in August 2009. This Plan sets the direction for state-wide reform of the homelessness service system. It outlines how the Government will re-align existing effort and sharpen the focus on prevention, long-term accommodation and support. In 2010-11 Housing NSW will help over 4,000 homeless people or people at risk of homelessness, to find housing or sustain their tenancies. Priorities will be working with other agencies to ensure tenancies are supported, and to reduce Indigenous homelessness. Partnering with the Australian Government, the Corporation is delivering one of the largest social housing programs in New South Wales, with around 8,000 new social housing dwellings to be delivered over 2010-11 to 2013-14. Planning for the Future: new directions for Community Housing 2007 – 2012 sets a target to increase community housing from 13,000 to 30,000 homes over the next 10 years. To help meet this target, the majority of new dwellings delivered under the Australian Government's Nation Building – Economic Stimulus Plan will be transferred to community housing providers. In addition, the title of 500 existing Corporation properties will be transferred to community housing providers. This will provide an asset base on which the not-for-profit sector will be able to leverage finance to further increase the supply of affordable housing. This sector will grow further through the National Rental Affordability Scheme and State-funded affordable housing initiatives. In addition, 325 properties built under the Australian Government's Nation Building – Economic Stimulus Plan will be transferred to the Aboriginal Housing Office. 8 - 20 Budget Statement 2010-11 The Corporation is partnering with the community housing sector to implement a 'no wrong door' approach to the way clients apply for and access housing assistance through the Housing Pathways system. The new system commenced in April 2010 and will continue to be a priority in the coming year. Operating Performance The Corporation's adjusted net operating result is expected to increase from a deficit of $1,396 million in 2010-11 to a surplus of $73 million in 2013-14. The overall recurrent expenditure in 2010-11 is estimated to be $2.8 billion. The deficit in 2010-11 is largely due to the transfer of housing stock estimated to be worth: $69 million to the Aboriginal Housing Office and $1,324 million to community housing providers. Social housing is provided to people whose eligibility is based on an assessment of those with highest needs. Some 90 per cent of clients cannot afford market rents so their rent is adjusted, based on total household assessable income. The difference between market rent and rent charged to social housing tenants in 2010-11 is estimated to be $773.5 million. Capital Expenditure Capital expenditure for the Corporation is expected to total $2.4 billion over the Budget and forward estimates period, including $1.1 billion in 2010-11. This expenditure will be largely driven by the Corporation's plans to upgrade and reconfigure social housing stock to ensure it meets future demand. Key drivers of the capital program in 2010-11 and the forward estimate years include: spending $565.1 million under the Australian Government's Nation Building – Economic Stimulus Plan, to increase the supply of social housing through building new homes and converting existing bed-sitter accommodation maintenance spending in the social housing sector to improve standards of existing housing an additional 2,800 homes for older people, through continued roll out of the Social Housing for Older People strategy over five years Budget Statement 2010-11 8 - 21 reducing concentrations of social disadvantaged people and fostering more diverse communities by continued infrastructure investment in West Dubbo Transformation program, the Living Communities Program at Bonnyrigg and Minto, and the Building Stronger Communities Program and improving environmental safety through implementing actions and targets under Environmental Sustainability in Housing NSW 2008-09 – 2013-14. Funding and Financing the Housing Sector Budget funding provided through the Housing Policy and Assistance Program facilitates sub-programs delivered by the Corporation, such as housing supply, asset management and other assistance programs. The Corporation will receive a $872.2 million grant from the 2010-11 Budget. This comprises $722.4 million from the Australian Government and $149.8 million from the NSW Government. The Corporation will also contribute funding from internal sources to meet its operating and capital expenditure requirements. 8 - 22 Budget Statement 2010-11
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