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Urban Renewal Authority

Functional responsibility

The Urban Renewal Authority (URA) has responsibility for leading and coordinating urban renewal activity to ensure future housing needs are met through better planned, affordable and vibrant mixed use (residential and commercial) urban developments located near to transport, employment, education and other services.

Note 1 of the financial report explains the objectives of the URA.

The trading name of the URA is Renewal SA.


Financial statistics
Sales: $48 million
Cost of sales: $34 million
Loss before income tax equivalent: $123 million
Borrowings: $519 million
Inventories and investment properties: $555 million
   
Number of FTEs: 299

Significant events and transactions
  • The responsibility for financial, asset management and not for profit community housing sector growth responsibilities under the South Australian Housing Trust Act 1995 transferred from the South Australian Housing Trust to the URA in December 2014. As part of this change, 130 employees transferred from the Department for Communities and Social Inclusion to the URA in January 2015.
  • The values of inventories and investment properties were written down by $97 million as at 30 June 2015.

Financial statement opinion
Unmodified

Financial controls opinion
Modified
Key issues:
  • Finalisation and approval of a number of frameworks, policies and procedures yet to occur
  • Non-compliance with procurement and contract management frameworks in respect of a Tonsley Park Redevelopment project contract
  • No formal business continuity and disaster recovery plans and no formal regular review of system user access profiles
  • No formal review of bona fide reports since November 2014