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Budget 2011 Home Page 2011 Tax Expenditure Statement - Budget 2011

4 How the Crown's Balance Sheet has Changed over Time

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

Statement of Financial Position (as at 30 June 2010)
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

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