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Financial Statements

Forecast Statement of Financial Performance for the years ending 30 June
	Note	2012 Actual $m	2013 Previous Budget $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m	2017 Forecast $m
Revenue
Taxation revenue	1	54,665	57,663	57,839	61,773	65,394	68,903	71,982
Other sovereign revenue	1	5,130	5,446	5,126	5,296	5,435	5,379	5,531
Revenue contingency for ACC levy reductions		-	-	-	-	(300)	(1,000)	(1,000)
Total revenue levied through the Crown's sovereign power		59,795	63,109	62,965	67,069	70,529	73,282	76,513
Sales of goods and services		16,785	16,337	16,809	17,080	17,963	18,586	19,085
Interest revenue and dividends	2	2,763	3,376	3,051	3,588	4,031	4,330	5,064
Other revenue		4,140	3,481	3,638	3,867	3,683	3,766	3,832
Total revenue earned through the Crown's operations		23,688	23,194	23,498	24,535	25,677	26,682	27,981
Total revenue (excluding gains)		83,483	86,303	86,463	91,604	96,206	99,964	104,494
Expenses
Transfer payments and subsidies	3	22,354	23,218	22,918	23,485	24,010	24,685	25,408
Personnel expenses	4	19,475	19,676	20,156	20,172	20,406	20,719	20,894
Depreciation and amortisation	5	6,350	4,687	4,858	4,640	4,792	4,871	4,952
Other operating expenses	5	35,678	38,929	37,628	37,608	37,005	37,329	37,438
Interest expenses	6	4,290	4,663	4,301	4,516	4,934	5,031	5,595
Insurance expenses	7	4,576	3,289	3,165	3,215	3,710	4,215	4,141
Forecast new operating spending	8	-	348	42	461	1,324	2,347	3,408
Top-down expense adjustment	8	-	(700)	(330)	(600)	(250)	(300)	(300)
Total expenses (excluding losses)		92,723	94,110	92,738	93,497	95,931	98,897	101,536
Forgone profits from Government share offers		-	(90)	(10)	(140)	(200)	(270)	(340)
Operating balance before gains/(losses)		(9,240)	(7,897)	(6,285)	(2,033)	75	797	2,618
Net gains/(losses) on financial instruments	9	692	1,735	5,859	1,748	1,869	1,988	2,126
Net gains/(losses) on non-financial instruments	10	(6,526)	201	2,088	443	558	488	457
Total gains/(losses)		(5,834)	1,936	7,947	2,191	2,427	2,476	2,583
Net surplus from associates and joint ventures		233	262	256	200	213	213	212
Attributable to minority interest		(56)	-	-	-	-	-	-
Operating balance	11	(14,897)	(5,699)	1,918	358	2,715	3,486	5,413

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

Forecast Statement of Financial Performance (continued) - Functional Expense Analysis for the years ending 30 June
Total Crown expenses	2012 Actual $m	2013 Previous Budget $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m	2017 Forecast $m
By functional classification
Social security and welfare	25,457	26,912	26,439	27,510	28,293	29,281	29,801
GSF pension expenses	197	340	287	283	315	357	390
Health	13,650	14,013	13,895	14,351	14,237	14,210	14,075
Education	12,407	13,164	13,119	13,186	13,266	13,380	13,455
Core government services	5,305	6,459	5,537	4,588	4,216	4,219	4,142
Law and order	3,592	3,779	3,732	3,804	3,703	3,769	3,754
Defence	1,693	1,973	1,780	1,893	1,859	1,912	1,817
Transport and communications	10,259	8,801	8,805	8,596	8,930	9,121	9,485
Economic and industrial services	10,018	7,900	8,634	8,058	8,585	8,808	9,157
Primary services	1,588	1,830	1,732	1,962	1,897	1,873	1,847
Heritage, culture and recreation¹	2,446	2,309	2,514	2,572	2,611	2,670	2,738
Housing and community development	627	1,115	1,098	1,116	1,130	1,098	1,061
Environmental protection¹	769	713	496	473	404	417	407
Other	425	491	657	728	477	704	704
Finance costs	4,290	4,663	4,301	4,516	4,934	5,031	5,595
Forecast new operating spending	-	348	42	461	1,324	2,347	3,408
Top-down expense adjustment	-	(700)	(330)	(600)	(250)	(300)	(300)
Total Crown expenses excluding losses	92,723	94,110	92,738	93,497	95,931	98,897	101,536

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 SOEs.

Analysis of core Crown expenses by functional classification
Core Crown expenses	2012 Actual $m	2013 Previous Budget $m	2013 Forecast $m	2014 Forecast $m	2015 Forecast $m	2016 Forecast $m	2017 Forecast $m
By functional classification
Social security and welfare	22,028	23,239	22,893	23,595	24,110	24,534	25,246
GSF pension expenses	192	329	278	274	306	347	380
Health	14,160	14,745	14,526	14,950	14,880	14,910	14,888
Education	11,654	12,387	12,355	12,389	12,462	12,556	12,610
Core government services	5,428	6,537	5,572	4,637	4,277	4,278	4,203
Law and order	3,403	3,558	3,511	3,561	3,450	3,508	3,481
Defence	1,736	2,016	1,822	1,933	1,900	1,952	1,857
Transport and communications	2,232	2,174	2,352	2,162	2,219	2,147	2,218
Economic and industrial services	2,073	2,134	2,052	2,152	2,093	2,112	2,125
Primary services	648	832	684	818	725	698	669
Heritage, culture and recreation¹	863	835	842	854	808	801	799
Housing and community development	(46)	328	317	335	320	261	200
Environmental protection¹	769	713	519	496	428	440	430
Other	425	491	657	728	477	704	704
Finance costs	3,511	3,766	3,557	3,622	3,928	3,883	4,273
Forecast new operating spending	-	348	42	461	1,324	2,347	3,408
Top-down expense adjustment	-	(700)	(330)	(600)	(250)	(300)	(300)
Total core Crown expenses excluding losses	69,076	73,732	71,649	72,367	73,457	75,178	77,191

Previously environmental protection expenses were included within the heritage, culture and recreation classification. These expenses have been reclassified to the new environmental protection functional classification.

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

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By functional classification