2020 has been a tumultuous year, with COVID-19 creating a great deal of uncertainty in the Australian community and within our community housing sector. CHIA Vic has not been immune to the challenges arising from the global pandemic and, from a financial perspective, this was most evident with the necessary cancelling of the biennial housing conference scheduled for May 2020. The conference is always well supported and generates a significant surplus and provides an opportunity for CHIA Vic to re-invest in member services.
Notwithstanding the disappointment of a cancelled conference, the Board is proud to report that CHIA Vic generated an almost break-even result for the year, and this was achieved in an environment where additional resources were employed to support and advocate on behalf of the sector in these unprecedented times.
Revenue for the year was $1,109,212. Whilst it was 17 per cent lower than the record levels achieved in 2019, the reduction was purely a reflection of the exceptional amount of project funding secured in the prior year. Excluding project funding, revenue increased by $53,639 (8 per cent) year-on-year. Of the increase, $17,347 was delivered through the ongoing strength of our training and professional development calendar, and $34,835 secured from COVID-related government assistance payments.
Total expenditure for the 2020 financial year was $1,111,300; this, consistent with the fall in revenue, was also 17 per cent lower than the prior year. Excluding the variable project, training and seminar expenditure, costs increased by $52,877 compared to 2019. Of this, $48,113 related to increased staffing expenditure, allowing a greater investment in membership and advocacy services. Whilst our staffing cost has increased from last year, it is worth noting that over the last five years, as a percentage of revenue, it has fallen from 52 per cent to 44 per cent.
As indicated in my introduction, the result for the year was a small deficit of $2,088 that was only $10,881 lower than the prior year surplus of $8,793. Considering all that occurred over the second half of the financial year, the Board was extremely pleased with this outcome.