4 How the Crown's Balance Sheet has Changed over Time
The Investment Statement provided a discussion of recent balance sheet trends, focusing on changes in the strength of the balance sheet, and highlighted the movements of three fiscal indicators over the past 15 years - net debt, net worth and net worth excluding social assets. This Supplement complements this by providing a stronger focus on the compositional changes of the balance sheet between portfolios - social, financial and commercial - over the same period, and on the main causes of these changes.
A copy of the actual balance sheet (Statement of Financial Position) as presented in the Financial Statements of the Government of New Zealand is included for reference. The supporting notes in this document are an integral part of the Crown balance sheet and can be found at http://www.treasury.govt.nz/government/financialstatements/yearend/jun10
| Forecast | Actual | |||
|---|---|---|---|---|
| Original Budget $m |
Estimated Actuals $m |
30 June 2010 $m |
30 June 2009 $m |
|
Assets |
||||
| 5,042 | 6,143 | Cash and cash equivalents | 7,774 | 6,268 |
| 14,093 | 13,813 | Receivables | 13,884 | 14,619 |
| 49,683 | 45,465 | Marketable securities, deposits and derivatives in gain | 43,687 | 45,708 |
| 11,867 | 15,675 | Share investments | 12,179 | 11,160 |
| 17,268 | 17,967 | Advances | 18,447 | 15,604 |
| 1,165 | 1,177 | Inventory | 1,160 | 1,082 |
| 1,836 | 1,518 | Other assets | 1,661 | 1,630 |
| 110,251 | 113,634 | Property, plant and equipment | 113,330 | 110,135 |
| 9,197 | 8,925 | Equity accounted investments | 9,049 | 8,777 |
| 2,133 | 2,320 | Intangible assets and goodwill | 2,184 | 2,168 |
| 72 | - | Forecast for new capital spending | - | - |
| (375) | (125) | Top-down capital adjustment | - | - |
| 222,232 | 226,512 | Total assets | 223,355 | 217,151 |
Liabilities |
||||
| 4,220 | 4,147 | Issued currency | 4,020 | 4,005 |
| 10,296 | 8,950 | Payables | 9,931 | 9,139 |
| 1,213 | 1,331 | Deferred revenue | 1,628 | 1,426 |
| 76,423 | 73,643 | Borrowings | 69,733 | 61,953 |
| 25,345 | 27,305 | Insurance liabilities | 27,131 | 26,567 |
| 10,307 | 9,158 | Retirement plan liabilities | 9,940 | 8,993 |
| 4,479 | 5,499 | Provisions | 5,984 | 5,553 |
| 132,283 | 130,033 | Total liabilities | 128,367 | 117,636 |
| 89,949 | 96,479 | Total assets less total liabilities | 94,988 | 99,515 |
Net worth |
||||
| 31,803 | 34,027 | Taxpayer funds | 31,087 | 36,382 |
| 57,723 | 62,110 | Property, plant and equipment revaluation reserve | 63,593 | 62,612 |
| 41 | (105) | Other reserves | (94) | 74 |
| 89,567 | 96,032 | Total net worth attributable to the Crown | 94,586 | 99,068 |
| 382 | 447 | Net worth attributable to minority interest in Air New Zealand | 402 | 447 |
| 89,949 | 96,479 | Total net worth | 94,988 | 99,515 |
Source: The Treasury
