NOTE 22: Reconciliation of core Crown operating cash flows to residual core Crown cash

NOTE 22: Reconciliation of core Crown operating cash flows to residual core Crown cash
	2010 Actual $m	2011 Previous Budget $m	2011 Forecast $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m
Core Crown cash flows from operations
Total tax receipts	50,631	53,348	51,076	55,084	59,471	64,063	68,062
Total other sovereign receipts	566	582	645	645	640	670	695
Interest, profits and dividends	1,897	1,572	1,810	1,469	1,791	1,910	2,161
Sale of goods and services and other receipts	2,658	2,214	2,141	2,496	2,131	2,075	2,091
Transfer payments and subsidies	(21,605)	(22,726)	(22,480)	(23,448)	(23,712)	(24,323)	(25,300)
Personnel and operating costs	(37,157)	(40,498)	(41,435)	(42,107)	(40,624)	(39,545)	(39,633)
Finance costs	(1,981)	(2,847)	(2,558)	(3,493)	(4,166)	(4,351)	(5,035)
Forecast for future new operating spending	-	(394)	-	(463)	(1,040)	(1,815)	(3,007)
Top-down expense adjustment	-	410	250	310	50	50	50
Net cash flows from core Crown operations	(4,991)	(8,339)	(10,551)	(9,507)	(5,459)	(1,266)	84
Net purchase of physical assets	(1,778)	(2,258)	(1,886)	(1,863)	(1,439)	(2,014)	(1,634)
Net increase in advances	(926)	(905)	(1,334)	(879)	(940)	(897)	(679)
Net purchase of investments	(1,055)	(1,843)	(1,280)	(1,261)	(1,109)	(1,215)	(1,822)
Contribution to NZS Fund	(250)	-	-	-	-	-	-
Forecast for future new capital spending	-	(282)	-	(242)	(454)	(651)	(800)
Balance sheet funding of new capital spending	-	-	-	100	450	650	800
Top-down capital adjustment	-	300	100	170	-	-	-
Residual cash	(9,000)	(13,327)	(14,951)	(13,482)	(8,951)	(5,393)	(4,051)
Financed by:
Other net sale/(purchase) of marketable securities and deposits	2,002	(286)	(5,883)	6,733	6,983	(4,595)	6,032
Total operating and investing activities	(6,998)	(13,613)	(20,834)	(6,749)	(1,968)	(9,988)	1,981
Used in:
Net (repayment)/issue of other New Zealand dollar borrowing	(3,938)	5,815	1,679	8,295	478	964	1,606
Net (repayment)/issue of foreign currency borrowing	3,368	(5,320)	(1,734)	(6,871)	(573)	(872)	(1,523)
Issues of circulating currency	15	104	359	219	230	241	253
Decrease/(increase) in cash	(817)	14	551	(1)	1	-	1
	(1,372)	613	855	1,642	136	333	337
Net cash inflow/(outflow) to be offset by domestic bonds	(8,370)	(13,000)	(19,979)	(5,107)	(1,832)	(9,655)	2,318
Gross cash proceeds from domestic bonds
Domestic bonds (market)	12,424	12,776	20,760	13,635	11,721	9,548	7,556
Domestic bonds (non-market)	799	224	372	187	504	247	365
Total gross cash proceeds from domestic bonds	13,223	13,000	21,132	13,822	12,225	9,795	7,921
Repayment of domestic bonds (market)	(4,197)	-	-	(7,602)	(9,992)	-	(9,984)
Repayment of domestic bonds (non-market)	(656)	-	(1,153)	(1,113)	(401)	(140)	(255)
Net cash proceeds from domestic bonds	8,370	13,000	19,979	5,107	1,832	9,655	(2,318)

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NOTE 22: Reconciliation of core Crown operating cash flows to residual core Crown cash

Core Crown cash flows from operations

Financed by:

Used in:

Gross cash proceeds from domestic bonds