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Budget 2007 Home Page Budget Economic and Fiscal Update [2007]

Forecast Statement of Financial Performance for the years ending 30 June

Forecast Statement of Financial Performance for the years ending 30 June
  Note Old GAAP
 Old GAAP
 Old GAAP
 New GAAP
 New GAAP
 New GAAP
 New GAAP
 New GAAP
($ million)   2006
Actual		 2007
Previous
Budget		 2007
Forecast		 2007
Forecast		 2008
Forecast		 2009
Forecast		 2010
Forecast		 2011
Forecast
($ million)   2006
 2007
 2007
 2007
 2008
 2009
 2010
 2011
Revenue
Taxation revenue [1a] 51,973 50,669 51,539 51,658 54,173 55,691 58,269 61,351
Other sovereign revenue [1a] 3,411 3,179 3,508 3,691 3,693 3,757 3,846 3,931
Total Revenue Levied through the Crown's Sovereign Power 55,384 53,848 55,047 55,349 57,866 59,448 62,115 65,282
Sales of goods and services [2] 13,337 12,715 13,111 12,563 13,253 13,870 14,431 14,790
Interest revenue and dividends [3] 5,828 3,687 5,807 3,072 3,366 3,585 3,636 3,756
Other revenue [4] 2,032 2,361 2,238 2,406 2,387 2,673 2,996 2,991
Total Revenue Earned through the Crown’s Operations 21,197 18,763 21,156 18,041 19,006 20,128 21,063 21,537
Total Revenue (excluding gains) 76,581 72,611 76,203 73,390 76,872 79,576 83,178 86,819
Expenses
Social assistance and official development assistance [5] 16,688 18,257 18,275 18,300 19,908 20,975 22,095 23,190
Personnel expenses [6] 15,395 15,118 15,673 15,084 15,657 15,787 15,950 16,006
Depreciation and amortisation [7] 2,708 2,918 3,099 3,023 3,296 3,417 3,579 3,696
Other operating expenses [8] 26,731 26,835 28,254 28,132 28,997 29,471 30,030 30,408
Interest expenses [9] 2,241 2,854 3,063 2,780 2,748 2,705 2,643 2,766
Insurance expenses 1,321 674 1,743 954 994 1,027 1,115 1,160
New operating spending up to Budget 2008 [10] ..  ..  80 80 314 329 398 460
Forecast for future new spending [10] ..  320 ..  ..  ..  1,908 3,838 5,786
Top-down expense adjustment [10] ..  ..  (500) (500) ..  ..  ..  .. 
Total Expenses (excluding losses) 65,084 66,976 69,687 67,853 71,914 75,619 79,648 83,472
Operating Balance before gains/(losses) 11,497 5,635 6,516 5,537 4,958 3,957 3,530 3,347
Net gains/(losses) on financial instruments ..  ..  ..  1,644 1,377 1,516 1,684 1,922
Net gains/(losses) on non-financial instruments [11] ..  ..  ..  (947) ..  ..  ..  .. 
Total Gains/(Losses) ..  ..  ..  697 1,377 1,516 1,684 1,922
Net surplus/(deficit) from associates and joint ventures 54 133 52 96 96 96 96 97
Operating Balance from continuing activities 11,551 5,768 6,568 6,330 6,431 5,569 5,310 5,366
Gain/(loss) from discontinued operations ..  ..  ..  (3) ..  ..  ..  .. 
Operating Balance (including minority interest) 11,551 5,768 6,568 6,327 6,431 5,569 5,310 5,366
Attributable to minority interest in Air NZ (78) ..  ..  ..  ..  ..  ..  .. 
Operating Balance 11,473 5,768 6,568 6,327 6,431 5,569 5,310 5,366

The revenues and expenses are GST exclusive.

The accompanying Notes and Accounting policies are an integral part of these Statements.

Forecast Statement of Financial Performance (continued) for the years ending 30 June
Old GAAP Old GAAP Old GAAP New GAAP New GAAP New GAAP New GAAP New GAAP
($ million) 2006
Actual		 2007
Previous
Budget		 2007
Forecast		 2007
Forecast		 2008
Forecast		 2009
Forecast		 2010
Forecast		 2011
Forecast
($million) 2006 2007 2007 2007 2008 2009 2010 2011
Total Crown expenses by functional classification
Social security and welfare 18,969 19,706 21,468 20,142 21,271 22,025 22,888 23,768
GSF pension expenses 1,671 1,051 1,471 645 629 587 549 525
Health  9,262 10,305 10,037 10,658 11,699 11,987 12,290 12,287
Education 10,430 9,892 9,636 10,204 10,321 10,460 10,561 10,671
Core government services 2,046 2,031 2,810 2,982 2,132 2,158 2,236 2,501
Law and order 2,420 2,604 2,872 2,800 3,076 3,055 3,088 3,084
Defence 1,339 1,405 1,456 1,489 1,597 1,641 1,729 1,838
Transport and communications 5,986 6,853 7,240 7,150 7,671 7,759 7,841 7,782
Economic and industrial services 6,334 5,896 5,684 4,994 5,879 6,468 7,022 7,375
Primary services 1,219 1,198 1,365 1,316 1,319 1,314 1,314 1,316
Heritage, culture and recreation 2,361 1,900 1,995 2,091 2,218 2,174 2,207 2,240
Housing and community development 758 851 913 908 961 972 977 958
Other 48 110 98 113 79 77 66 73
Finance costs 2,652 2,854 3,023 2,781 2,748 2,705 2,644 2,808
Net foreign-exchange (gains)/losses (411) ..  39 ..  ..  ..  ..  .. 
New operating spending up to Budget 2008 ..  ..  80 80 314 329 398 460
Forecast for future new spending ..  320 ..  ..  ..  1,908 3,838 5,786
Top-down expense adjustment ..  ..  (500) (500) ..  ..  ..  .. 
Total Crown Expenses 65,084 66,976 69,687 67,853 71,914 75,619 79,648 83,472
Total Crown other gains and losses by functional classification
Social security and welfare ..  ..  ..  (724) 282 271 262 279
GSF pension expenses ..  ..  ..  (30) ..  ..  ..  .. 
Education ..  ..  ..  (5) 5 5 5 5
Core government services ..  ..  ..  1,176 754 917 1,088 1,286
Transport and communications ..  ..  ..  55 64 61 75 58
Economic and industrial services ..  ..  ..  (86) 151 169 184 203
Primary services ..  ..  ..  63 (26) (27) (26) (26)
Heritage, culture and recreation ..  ..  ..  92 ..  ..  ..  .. 
Housing and community development ..  ..  ..  (16) 20 18 14 14
Finance costs ..  ..  ..  172 127 102 82 103
Total Crown Other Gains and Losses ..  ..  ..  697 1,377 1,516 1,684 1,922
Core Crown expenses by functional classification
Social security and welfare 15,598 16,956 17,325 16,891 17,698 18,172 18,788 19,437
GSF pension expenses 1,671 1,051 1,471 645 629 587 549 525
Health  9,547 10,732 10,492 10,486 11,613 11,634 11,665 11,662
Education 9,914 9,068 9,125 9,622 9,719 9,835 9,912 9,998
Core government services 2,169 2,301 3,083 3,237 2,479 2,506 2,556 2,672
Law and order 2,235 2,393 2,658 2,581 2,836 2,818 2,836 2,829
Defence 1,383 1,457 1,508 1,533 1,641 1,686 1,773 1,883
Transport and communications 1,818 2,524 2,549 2,505 2,792 2,796 2,566 2,476
Economic and industrial services 1,592 1,721 1,605 1,681 2,276 2,651 3,001 3,239
Primary services 467 441 584 477 494 484 477 472
Heritage, culture and recreation 1,194 812 778 884 977 867 870 868
Housing and community development 202 278 277 279 304 286 270 268
Other 49 110 97 112 80 80 80 80
Finance costs 2,356 2,090 2,553 2,270 2,244 2,180 2,098 2,243
Net foreign-exchange (gains)/losses (295) ..  90 ..  ..  ..  ..  .. 
New operating spending up to Budget 2008 ..  ..  80 80 314 329 398 460
Forecast for future new spending ..  320 ..  ..  ..  1,908 3,838 5,786
Top-down expense adjustment ..  ..  (500) (500) ..  ..  ..  .. 
Total Core Crown Expenses 49,900 52,254 53,775 52,783 56,096 58,819 61,677 64,898
Total Core Crown other gains and losses by functional classification  
Social security and welfare ..  ..  ..  ..  ..  ..  ..  .. 
GSF pension expenses ..  ..  ..  (30) ..  ..  ..  .. 
Core government services ..  ..  ..  1,176 756 920 1,092 1,288
Heritage, culture and recreation ..  ..  ..  96 ..  ..  ..  .. 
Finance costs ..  ..  ..  336 399 392 388 396
Total Core Crown Other Gains and Losses ..  ..  ..  1,578 1,155 1,312 1,480 1,684

The accompanying Notes and Accounting policies are an integral part of these Statements.

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