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Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June
	Note	2011 Actual $m	2012 Previous Budget $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m
Revenue
Taxation revenue	1	51,128	54,690	54,331	57,663	62,370	66,341	70,297
Other sovereign revenue	1	5,281	5,808	5,112	5,446	5,679	5,872	6,221
Total revenue levied through the Crown's sovereign power		56,409	60,498	59,443	63,109	68,049	72,213	76,518
Sales of goods and services		15,084	16,078	16,380	16,337	16,975	17,939	18,590
Interest revenue and dividends	2	2,570	3,051	2,824	3,376	3,644	4,245	4,617
Other revenue		7,500	3,106	3,928	3,481	3,580	3,774	3,865
Total revenue earned through the Crown's operations		25,154	22,235	23,132	23,194	24,199	25,958	27,072
Total revenue (excluding gains)		81,563	82,733	82,575	86,303	92,248	98,171	103,590
Expenses
Transfer payments and subsidies	3	22,172	22,926	22,534	23,218	23,742	24,459	25,442
Personnel expenses	4	19,088	19,149	19,315	19,676	19,811	20,055	20,301
Depreciation and amortisation	5	4,682	4,631	4,520	4,687	4,819	4,915	5,010
Other operating expenses	5	35,829	37,792	36,386	38,929	36,235	36,568	37,113
Interest expenses	6	3,596	4,685	4,173	4,663	5,019	5,636	5,781
Insurance expenses	7	14,592	3,138	4,451	3,289	3,464	3,851	4,063
Forecast new operating spending	8	-	463	87	348	1,141	2,370	3,568
Top-down expense adjustment	8	-	(310)	(450)	(700)	(150)	(150)	(150)
Total expenses (excluding losses)		99,959	92,474	91,016	94,110	94,081	97,704	101,128
Forgone profits from partial share sales		-	-	-	(90)	(180)	(270)	(360)
Operating balance before gains/(losses)		(18,396)	(9,741)	(8,441)	(7,897)	(2,013)	197	2,102
Net gains/(losses) on financial instruments	9	4,619	1,973	917	1,735	1,932	2,082	2,256
Net gains/(losses) on non-financial instruments	10	79	172	(3,371)	201	176	183	186
Total gains/(losses)		4,698	2,145	(2,454)	1,936	2,108	2,265	2,442
Net surplus from associates and joint ventures		237	303	253	262	271	273	270
Attributable to minority interest		101	-	-	-	-	-	-
Operating balance	11	(13,360)	(7,293)	(10,642)	(5,699)	366	2,735	4,814

Forecast Statement of Financial Performance (continued) - Functional Expense Analysis for the years ending 30 June
	2011 Actual $m	2012 Previous Budget $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m
Total Crown expenses
By functional classification
Social security and welfare	25,324	26,353	25,772	26,912	27,662	28,474	29,682
GSF pension expenses	311	311	200	340	369	426	467
Health	13,068	13,787	13,471	14,013	13,800	13,780	13,749
Education	12,406	13,005	12,690	13,164	13,068	13,183	13,335
Core government services	5,515	5,440	4,791	6,459	4,583	4,204	4,245
Law and order	3,567	3,745	3,679	3,779	3,677	3,675	3,754
Defence	1,778	1,872	1,776	1,973	1,834	1,831	1,827
Transport and communications	8,402	8,584	8,829	8,801	9,032	9,416	9,702
Economic and industrial services	18,818	7,758	9,560	7,900	7,670	8,245	8,401
Primary services	1,603	1,700	1,650	1,830	1,743	1,744	1,719
Heritage, culture and recreation	3,437	3,327	3,421	3,022	2,998	3,217	3,423
Housing and community development	1,655	1,119	878	1,115	1,103	1,123	1,094
Other	479	635	489	491	532	530	531
Finance costs	3,596	4,685	4,173	4,663	5,019	5,636	5,781
Forecast new operating spending	-	463	87	348	1,141	2,370	3,568
Top-down expense adjustment	-	(310)	(450)	(700)	(150)	(150)	(150)
Total Crown expenses excluding losses	99,959	92,474	91,016	94,110	94,081	97,704	101,128

Below is an analysis of core Crown expenses by functional classification. Core Crown expenses include expenses incurred by Ministers, Departments, Offices of Parliament, the NZS Fund and the Reserve Bank, but not Crown entities and State-owned enterprises.

Forecast Statement of Financial Performance (continued) - Functional Expense Analysis for the years ending 30 June
	2011 Actual $m	2012 Previous Budget $m	2012 Forecast $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m
Core Crown expenses
By functional classification
Social security and welfare	22,005	22,935	22,236	23,239	23,794	24,365	25,307
GSF pension expenses	305	302	190	329	356	413	453
Health	13,753	14,353	14,130	14,745	14,630	14,611	14,583
Education	11,650	12,257	11,883	12,387	12,213	12,289	12,420
Core government services	5,563	5,564	4,943	6,537	4,649	4,298	4,339
Law and order	3,382	3,555	3,494	3,558	3,448	3,436	3,505
Defence	1,809	1,911	1,818	2,016	1,877	1,875	1,871
Transport and communications	2,281	2,378	2,366	2,174	2,041	2,107	1,992
Economic and industrial services	2,609	2,235	2,099	2,134	1,910	1,844	1,862
Primary services	706	755	677	832	731	726	695
Heritage, culture and recreation	1,966	1,947	2,015	1,548	1,452	1,625	1,800
Housing and community development	876	333	103	328	307	307	256
Other	479	635	489	491	532	530	531
Finance costs	3,066	3,714	3,553	3,766	3,971	4,266	4,224
Forecast new operating spending	-	463	87	348	1,141	2,370	3,568
Top-down expense adjustment	-	(310)	(450)	(700)	(150)	(150)	(150)
Total core Crown expenses excluding losses	70,450	73,027	69,633	73,732	72,902	74,912	77,256

The accompanying notes and accounting policies are an integral part of these Statements.

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By functional classification

Core Crown expenses

By functional classification