Notes to the Forecast Financial Statements (continued)
|
2011 Actual $m |
2012 Previous Budget $m |
2012 Forecast $m |
2013 Forecast $m |
2014 Forecast $m |
2015 Forecast $m |
2016 Forecast $m |
|
|---|---|---|---|---|---|---|---|
Core Crown operating cash flows |
|||||||
| Tax receipts | 51,454 | 55,084 | 53,953 | 57,762 | 62,751 | 66,791 | 70,641 |
| Other sovereign receipts | 646 | 645 | 664 | 653 | 663 | 673 | 683 |
| Interest, profits and dividends | 1,817 | 1,469 | 1,469 | 1,676 | 1,648 | 1,796 | 1,743 |
| Sale of goods and services and other receipts | 2,094 | 2,496 | 2,735 | 2,506 | 2,156 | 1,994 | 1,990 |
| Transfer payments and subsidies | (22,226) | (23,448) | (23,062) | (23,334) | (23,874) | (24,593) | (25,567) |
| Personnel and operating costs | (40,433) | (42,107) | (40,960) | (42,411) | (41,062) | (40,341) | (40,028) |
| Finance costs | (2,637) | (3,493) | (3,398) | (3,918) | (3,877) | (4,407) | (4,246) |
| Forecast for future new operating spending | - | (463) | (87) | (348) | (1,141) | (2,370) | (3,567) |
| Top-down expense adjustment | - | 310 | 450 | 700 | 150 | 150 | 150 |
| Net core Crown operating cash flows | (9,285) | (9,507) | (8,236) | (6,714) | (2,586) | (307) | 1,799 |
Core Crown capital cash flows |
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| Net purchase of physical assets | (1,524) | (1,863) | (1,631) | (1,999) | (1,627) | (1,576) | (1,433) |
| Net increase in advances | (1,242) | (879) | (1,080) | (926) | (760) | (1,187) | (710) |
| Net purchase of investments | (1,292) | (1,261) | (1,334) | 62 | 360 | 201 | (4) |
| Forecast for future new capital spending | - | (242) | (88) | (194) | (571) | (811) | (850) |
| Balance sheet funding of new capital spending | - | 100 | - | - | - | - | - |
| Top-down capital adjustment | - | 170 | 250 | 100 | - | - | - |
| Net Core Crown capital cash flows | (4,058) | (3,975) | (3,883) | (2,957) | (2,598) | (3,373) | (2,997) |
| Residual cash deficit | (13,343) | (13,482) | (12,119) | (9,671) | (5,184) | (3,680) | (1,198) |
The residual cash deficit is funded as follows: |
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Debt programme cash flows |
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| Market: | |||||||
| Issue of government bonds | 19,468 | 13,635 | 17,012 | 14,122 | 9,933 | 7,711 | 2,840 |
| Repayment of government bonds | - | (7,602) | (7,602) | (9,982) | - | (10,985) | (1,871) |
| Net issue/(repayment) of short-term borrowing1 | (422) | 1,534 | 1,342 | (3,701) | - | - | - |
| Total market debt cash flows | 19,046 | 7,567 | 10,752 | 439 | 9,933 | (3,274) | 969 |
| Non market: | |||||||
| Issue of government bonds | 270 | 187 | - | - | - | - | - |
| Repayment of government bonds | (803) | (1,113) | (1,501) | (499) | (1,450) | - | - |
| Net issue/(repayment) of short-term borrowing | (125) | - | (50) | - | - | - | - |
| (658) | (926) | (1,551) | (499) | (1,450) | - | - | |
| Total debt programme cash flows | 18,388 | 6,641 | 9,201 | (60) | 8,483 | (3,274) | 969 |
| Other borrowing cash flows | |||||||
| Net (repayment)/issue of other New Zealand dollar borrowing | (1,096) | 7,261 | 8,641 | 741 | 945 | 1,524 | 1,260 |
| Net (repayment)/issue of foreign currency borrowing | 1,469 | (7,371) | (8,406) | (620) | (676) | (1,254) | (1,117) |
| Total other borrowing cash flows | 373 | (110) | 235 | 121 | 269 | 270 | 143 |
Investing cash flows |
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| Other net sale/(purchase) of marketable securities and deposits | (4,791) | 6,733 | 6,360 | 9,465 | (3,708) | 6,539 | (63) |
| Issues of circulating currency | 234 | 219 | 306 | 144 | 141 | 145 | 150 |
| Decrease/(increase) in cash | (861) | (1) | (3,983) | 1 | (1) | - | (1) |
| Total investing cash flows | (5,418) | 6,951 | 2,683 | 9,610 | (3,568) | 6,684 | 86 |
| Residual cash deficit funding | 13,343 | 13,482 | 12,119 | 9,671 | 5,184 | 3,680 | 1,198 |
1: Short-term borrowing consists of Treasury Bills and may include Euro-Commercial Paper.
